Do You Know How Much You're Really Spending on Day-to-Day Expenses?

By Marisa Torrieri

This post originally appeared on LearnVest as Can You Predict How Much You Spend Each Week?

You can't predict stock prices or how much you'll end up with in your IRA when it's time for you to retire. But could you predict how much money you spend on small day-to-day expenses and household costs each week those little expenditures like groceries, gas, movie tickets and drugstore runs?

Considering how variable these expenses can be, we decided to launch an experiment: We asked three people to channel their psychic powers and estimate how much they spent on food, entertainment and similar non-fixed costs each week. Then we had our psychics track how much they actually shelled out. Here's who had decent cash ESP and who failed at reading the tea leaves.

Ben Rogers, 37, Highland, Utah

As a father of five, much of this traveling technology consultant's income goes to keeping his kids fed and entertained. "Food is always an uncertain variable, he jokes. Some weeks we eat out three times and sometimes not at all. Something as seemingly low-budget as going to the movies or filling the minivan with gas can constitute a major expenditure that isn't easy to plan for.

The Prediction: $350

Eating out: $90

Gas: $160

Miscellaneous/Entertainment: $100

The Reality: $255

Eating out: $19

Gas: $107

Entertainment: $97

Groceries: $32

Ben says: Gas must still be cheap enough that I actually overestimated how much I would spend on an overnight drive from Madison, Wisconsin, to Atlanta, Georgia, says Ben, who chalks up his overestimation on his personality. I'm fundamentally pessimistic about my ability to budget usually my pessimism is justified.

Entertaining his large brood proved to be more costly than he thought, but he found a way to cut back. Taking myself, three kids and some nieces to [a movie] is expensive, even with kids' priced tickets I saved my budget by being the mean dad who didnt buy anyone popcorn.

Amanda Griffith, 39, Norton, Massachusetts

I'm part of a dual-income family with three young children and a dog," says Amanda. "I have more debt than I would like, and since my children are a little older, I'm working as a media relations and content creation consultant full-time." Going back to work means daycare and after-school care costs, which are high. "We are also spending more as our children get busier," she says. "From travel ice hockey costs to two daughters starting the orthodontist process, life is only getting more expensive.

The Prediction: $1,030

Daycare: $180

Babysitter: $200

Groceries: $200

Household goods: $150

Eating out/Gas: $300

The Reality: $1,573

Daycare: $180

Babysitter: $275

Groceries: $279

Household goods: $357

Eating out/Gas: $54

Kids clothes: $143

Veterinarian: $143

Drugstore: $21

Nail care: $40

Gifts: $25

Date night: $56

Amanda says: Having three kids during a particularly stressful week threw her numbers way off. Add to that an unexpected vet bill because our golden retriever clearly ate some treat he shouldn't have, and this week got expensive, says Amanda. I guess I'm not good at budgeting or predicting.

Amanda says her not-so-great money psychic abilities showed her that she needs to keep closer tabs on unnecessary spending. It's hard, but I'm saying no more to my children when they want random snacks or toys," she says. "This is helping me get a better handle on my finances and teaching my children to better appreciate things. Ultimately, I'd like to keep finding ways to recoup or save money so that I can get out of debt and then start an emergency fund .

RELATED: 5 Tricks This Mom Uses to Save Big Money on Kid Essentials

Sarah Kennedy, 26, New York, New York

As a recent graduate of NYU's School of Social Work, Sarah works with adults with disabilities and moonlights as a babysitter once or twice a week to earn extra spending money.

The majority of my spending goes toward eating out, drinks with friends, thrift-store shopping and the occasional museum, though there are many free events in the city. One of the most challenging aspects of life in the Big Apple is managing her temptation to eat out all the time or order food every night, which gets pricey.

The Prediction: $500

Eating out/Drinks: $200

Clothing: $200

Miscellaneous: $100

The Reality: $291

Eating out/Drinks: $100

Clothing: $155

Miscellaneous: $4

Drugstore: $7

Household goods: $25

Sarah says: She underestimated her expenses because she was traveling to Oregon to visit family and spent less than she would have in New York City. I ate meals with my relatives and ate in more than I usually do, says Sarah. Also, Oregon has no sales tax. That was a nice change compared to New York states tax upwards of 8%.

Sarah says that overall, playing psychic definitely made her more mindful of where she spends money. I wouldnt say I've curbed my weekly spending, but it did make me consider cost-of-living expenses and the cost of shopping and eating out in a city other than New York and seeing how my dollar could go further in Portland.

RELATED: Tempted to Move Abroad? Five Things You Need to Know First

As our three psychics can attest, it's not easy to calculate day-to-day spending. But since these costs account for a sizable part of your budget, knowing how much you lay out and where it goes is all part of smart budgeting. One way to get a handle on it is to know your flex spending number, which is a component of the one-number budgeting strategy , a LearnVest financial principle.

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LearnVest is a simple plan for your money. Read our helpful personal finance articles , use our budgeting tools and talk with one of our financial planners to help start making progress toward your financial goals .

LearnVest Planning Services is a registered investment adviser and subsidiary of LearnVest, Inc. that provides financial plans for its clients. Information shown is for illustrative purposes only and is not intended as investment advice. Please consult a financial adviser for advice specific to your financial situation. LearnVest Planning Services and any third-parties listed, discussed, identified or otherwise appearing herein are separate and unaffiliated and are not responsible for each others products, services or policies. LearnVest, Inc. is wholly owned by NM Planning, LLC, a subsidiary of The Northwestern Mutual Life Insurance Company.