Tag Archives: expense

Net Worth December 2017 Update : $14,323.32 (-$1,284.53 -8.23%)

This is my net worth update for December 2017

Assets Mar-17 Dec-17 Monthly Change
Checking $1,621.78 $752.76 -53.58%
Saving $2,908.35 $0.42 -99.99%
TSFA Investment $911.03 $403.69 -55.69%
RRSP Investment $0.00 $0.00 0.00%
House $215,000.00 $215,000.00 0.00%
Car $12,113.00 $12,113.00 0.00%
Liability      
Mortgage $201,795.37 $196,691.16 -2.53%
Car loan at 0% $11,014.06 $8,056.21 -26.86%
Credit Card $4,136.88 $9,199.18 122.37%
NET WORTH $15,607.85 $14,323.32 -8.23%

This is my first net worth update since march 2017. My financial got worst than ever in this time. For the first time, it got down. We had too much spending for the revenue we have. But we are going back on the positive side of personal finance.  We booked a trip that cost a little more then supposed and also I have taken some bad turn and spending for coffee every morning and sometimes two times a day.

Income

My income got stable in between March and December. I used most of my sick day this year so I’ve lost a little bit of salary but nothing more. These sick days were paid at the beginning of the year but I’ve not put that money aside to use it when I take these sick days.

Expense

Between March and December, we did a trip to Disney world. This cost us a little more than what I’ve excepted. Also, my wife chooses to open another business at home so we had to invest to change a room of our house.

Saving

Saving got down because we used it to pay some debt. I will try to put some more in the saving account to make sure we have something.

In the next weeks, I will pay back my credit card and also I will make more blog post here. I will try to write one blog post per week and bring more content here.

Net Worth Jan 2017 Update : $16,856.53 (+$3,635.14 +27.49%)

Assets Nov-16 Jan-17 Monthly Change
Checking $185.62 $1,124.48 505.80%
Saving $943.55 $8.35 -99.12%
TSFA Investment $503.28 $590.00 17.23%
RRSP Investment $0.00 $0.00 0.00%
House $215,000.00 $215,000.00 0.00%
Car $15,000.00 $15,000.00 0.00%
Liability
Mortgage $203,839.93 $202,819.97 -0.50%
Car loan at 0% $12,328.66 $11,671.36 -5.33%
Credit Card $2,242.47 $374.97 -83.28%
NET WORTH $13,221.39 $16,856.53 27.49%

One of my goal for 2017 is to do monthly update of my net worth so let’s start with this one.

My net worth is going up again but next month it look like it will go down a little bit. Some big expense are coming like buying the small business Turbotax, which is around 100$ and paying my municipal tax, which are 600$ and the car license, which are around 200$. On the plus side my wife will make a little bit more next month since she found one new client (kid). We’ve made the choice that she will stay home for our baby since we think it’s the best for him, but this choice will bring home less money than before.

In January, I paid my credit card before the end of the month since I had the money and to start back budgeting. I found that was easier to start with 0$ on my credit card.

In January, our expense were  4059.62$ and our income were 5177.67$. Which make a surplus of 1118.05$. I had a boost in my income since my job pay my 10 sick day in the beginning of the year. Also, I invested in some washable diaper for my kid to save on the long term. This will be a subject of a post when I will finish crunching some number.

It look like I don’t have any saving at all, but since I’m using Tangerine for my account, I got all my money out of my saving account to my check account and I’m waiting until they have a new promotion with new deposit.

Readers : How was your January month ?

Have you thought about everything before buying your first house ?

Before stopping renting your place, have you thought about everything before buying your first house? We all know the closing fee of becoming an owner, the insurance cost that will be higher and the mortgage payment.  But they are not the only expenses of your first house.

First, you have to think that you need to keep your house in shape. You need to work on it and that cost some money. If you do it yourself you will need new tools to do it and parts or if you don’t do it you will pay someone to do it. Depending on the size of the house you need to do each room every couple year.

Second, you will need some basic utility like lawn mower, shovel for winter and summer.

Third, the emergency funds need to be bigger since a problem can happen in the house and you need to repair it NOW.

Fourth, don’t think you have seen everything at the visit and the inspection. There are some kinds of stuff like the floor you though was OK, but it‘s scratched. You will see all the little problems and big one once you own it. Some will bother you, but nobody will see them.

These are some of the things I thought before buying my house, but I didn’t thought they will be so high expense. For some person, the mortgage payment, will be the same as the rent, but the other fee will not permit them to live in a house. So sometime, renting is not throwing away your money. It can permit you to continue to live well and save some money.

Readers : have you had some unexpected expenses you didn’t think with your first home ?

Wasting your money on drinking and eating out

BeerAfter reading Blonde on budget post on this subject, I’ve got the idea to share my story on my personal experience on wasting my money on drinking. While I was younger, every weekend I was going out to eat and drink with friends. These weekend cost me between 150 to 300$ each.  All this money was going to pay for beer and something to eat. I was living at my parents’ house and I was freshly out of school and working full time. I was putting money on a saving account to pay my car loan and I was spending all on these weekend and computers.

The money spent on computers was around 1500$ years and after using some of the stupid thing I bought like a gaming wheel at 350$, I sold them on kijiji. But the 150 to 300$ wasted on these weekend is lost forever.

What I wish I did back then ?

I wish I had put more money in a saving account or invested it. I don’t say I should not  did that, but I could have spent around 75$ for these weekend instead of 300$. With 75$ I could have enough fun while drinking a beer or two without getting drunk.  That would have made me 225$ by week in saving or 11700$ by year. I did that for about 3 years, so I wasted around 35100$. This money wasting was around 8 years ago.  Today with a 7% return per years, I would have around 60308$. This would have made a great down payment for my house or a great portfolio.

I wish I had taken this in consideration before wasting all this money, but I can’t go back there so the only thing I can do is share my experience on that subject.

Readers : We all made error while we were younger, what was yours ?