Tag Archives: saving money

Net Worth March 2017 Update : $15,607.85 (+$1,425.775 +10.05%)

This is my net worth update for March 2017

Assets Feb-17 Mar-17 Monthly Change
Checking $1,500.59 $1,621.78 8.08%
Saving $8.35 $2,908.35 34730.54%
TSFA Investment $637.90 $911.03 42.82%
RRSP Investment $0.00 $0.00 0.00%
House $215,000.00 $215,000.00 0.00%
Car $12,547.00 $12,113.00 -3.46%
Liability
Mortgage $202,308.25 $201,795.37 -0.25%
Car loan at 0% $11,342.71 $11,014.06 -2.90%
Credit Card $1,860.80 $4,136.88 122.32%
NETWORTH $14,182.08 $15,607.85 10.05%

Again another net worth update. This month it’s a good one, it’s in the positive. In February, we had a bad month with all the tax and another annual bill, but this month it was a normal month.

I’ve saved way more than last month in my TSFA. The saving account is higher because my wife transferred me some money to pay for our Disney trip and I only have to pay the trip in August.

Income

This month was short and I’ve got 5 pay and I’ve also taken two sick days which were paid full last January.  These days were for me this time since I was too sick to get out of bed. I’ve got 4084.12$ in income last month. This includes my tax return for 2016.

Expense

Last month, I’ve spent 2838.04 which is an incredible low spending month. It was a slow month since we didn’t have any annual bill to pay in that month. My average is around $3200.

Saving

This month I’ve saved some money to my investment account. I’ve saved a total of 340$. I’ve saved 8% of my income which is more than my goal of 5%. Let see if next month will be around that.

Readers: How was your February month?

Weekend Reading – Lunch hour, Life Dividends, Patience

Another weekend that starts so here’s this weekend readings.

This week, my only post explain why I’m blogging.

Dividend Diplomats wrote about on how Making the Most of Your “Lunch Hour” Each and Every Day

It Pays Dividends wrote about a different kind of dividend the Life Dividends

My Compounding Money Strategy  is the the strategy use by More Dividends

Briget Casey wrote about Taking Charge of Your Investment Portfolio

My Own Advisor wrote an interesting post about Compare your household expenses here using stats from Statcan

A guest post on Distilled Dollar talk about How to Teach Yourself Patience as a New Investor

Have a nice weekend everybody.

Some of my thoughts about budgeting!

Some of my thoughts about budgetingAre you budgeting ? Your budget is your eye on your finance. Budgeting help you to see where’s your money is coming from and where’s it’s going out. This should be your first step to see how your  personal finance are doing and the first step if you are trying to get back on the right track from spending too much. If you want to save more money it will help you to know where’s you are spending too much.

Budget like you want to do it

I think everyone should make a budget, but you should budget the way you like to do. There’s not only one way to do a budget. Some are budgeting for a month or year or some like me are budgeting only the money I have in my possession and wait until I receive more money to budget it. Find what method is the best for you. You can use a software, spreadsheet, web base budgeting tools, pen and paper. You can try multiple method and technique to find the one that you will stick with it for a long time no matter what others are saying. Personally, I am using YNAB and I love it, but the software is only for budgeting money you have so if it’s not your budget style don’t use it.

Budget are flexible

A budget is modifiable. Unlike a lot of persons think, a budget should always be modified to represent what you are doing. You’ve got more money ? You’ve got an unexpected expense ? Don’t panic and modify your budget to make it represent what you need to do with your money. In that way, you will have a true budget that represent your real situation and you will continue to budget since you will not feel under pressure from seeing a budget that’s not your reality.

You should budget your debt repayment first and your saving so in that way your debt get paid without being late and you pay yourself first as describe in this old post. This will save you some interest and late fee and your saving will growth before you have spent that money for fun or something you don’t need.

Analyze your old budget

Every couple months you should look back at your old budget and see if you can cut somewhere to save more. The budget will help you to see if you are spending too much on dining out or on some activity. This is your choice where you save money. If you find the amount reasonable and you couldn’t live without doing the activity just keep it and look somewhere else to cut. This way you will keep having fun and keep using the budget without saying that it dictate your life too much.

Budgeting can be overwhelming

If you find budgeting is overwhelming, you can stop doing it for a little time and start back latter. I did that when my kid was born and I was feeling that I didn’t have time to budget my things, but I’ve found myself spending way too much on things that I didn’t need and stop I’ve stopped investing. Now, I came back to budgeting my money and I know that I will continue to do it since I saw what I did wrong when I didn’t budget like overspending.

Readers: are you budgeting ? If yes, what is your method to do it ? If not, why ?

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 ?

Goals for 2017

Goals 2017First post of this new year so happy New Year everybody. To start the New Year, it’s time to set some goals that can be measurable and are not out of my hand. Last year, I had some goals that weren’t measurable and some were too big to keep me motivate to reach them.

1. Trip to Disneyworld

We are going to Disneyworld this year. We have budgeted some money for that since last year and we already bought our ticket for the park. We took the 25% rebate for Canadian customer. So now we are looking for flight and a hotel on Disney site. If anybody have any tip on saving on flight, I will take it.

2. Budget all my money

I need to stick budgeting with YNAB. Since I have my kid, I was tracking my expense but not budgeting any of my money I had. Now my budget is up to date, so it will be easier to give a job to my money every week than trying to do it every month with a not up to date budget.

3. Make monthly net worth post

I will start again to update my net worth monthly since it motivating to see it grow by month. I’ve made sporadic post about it last year but 2017 will be different with a monthly post the first day of every month. In that way, I can keep a history from where I started.

4. Write a minimum of one article by month

I will try to write at least a post every month about personal finance or my life in general, so that the blog will have more activity in 2017. To make it happen, I will make time in my schedule to write some articles and I will use the schedule function of WordPress to publish them. In this way, I could write all my post in a month and have my 12 month post scheduled, so I will not have to worry if I can’t write for a month.

5. Buy a 2 in 1 laptop

I am looking to buy a little 2 in 1 laptop like the Asus transformer or HP 2 in 1 at low cost since it will be used for writing post and surf the web when I don’t want to go to my full pc in my office in the basement. With a baby of 13 months, it’s easier to get something portable and small to be use when I have couples minutes.

6. Saving 5% of my paycheck

I am looking to start again saving for investment so this goal it’s a small percentage but it possible to make it happen every paycheck. That’s going to be around 25$ weekly. Once this goal is reach, it will be easier to grow that amount in the future than starting from 0%.

Readers: Have you set your 2017 goal? If yes what are they?

Net Worth July 2016 Update : $13,591.43 (+$1,259.79 +10.22%)

Assets May-16 Jul-16 Monthly Change
Checking $1,571.08 $1,033.58 -34.21%
Saving $125.43 $653.58 421.07%
TSFA Investment $1,554.69 $1,280.99 -17.60%
RRSP Investment $0.00 $0.00 0.00%
House $215,000.00 $215,000.00 0.00%
Car $17,000.00 $17,000.00 0.00%
Liability      
Mortgage $206,872.22 $205,866.04 -0.49%
Car loan at 0% $14,300.56 $13,643.26 -4.60%
Credit Card $1,746.78 $1,867.42 6.91%
NETWORTH $12,331.64 $13,591.43 10.22%

This net worth update is a two months update. Last month I didn’t had the time to write some post so it’s a nice grow from may. Next month should be a lower grow since it’s school and municipal tax month.

 

Readers : How is your net worth ?

Net Worth April 2016 Update : $12,325.72 (+$388.71 +3.26%)

Assets Mar-16 Apr-16 Monthly Change
Checking $3,607.78 $1,263.86 -64.97%
Saving $51.25 $2,130.73 4057.52%
TSFA Investment $980.57 $1,324.36 35.06%
RRSP Investment $0.00 $0.00 0.00%
House $215,000.00 $215,000.00 0.00%
Car $17,000.00 $17,000.00 0.00%
Liability
Mortgage $207,873.85 $207,373.59 -0.24%
Car loan at 0% $14,957.86 $14,629.21 -2.20%
Credit Card $1,870.88 $2,390.43 27.77%
NET WORTH $11,937.01 $12,325.72 3.26%

This is my third net worth post. The mortgage and the house is owned by me and my wife. The others entry are only my numbers and do not count my wife net worth.

This month is not as high as expected. I was looking to be around 13000$ of net worth. My wife had trouble to get her  parental leave so I had to pay a little more at the end of the month.

Also, my side hustle did not sold for 100$ of stuff since my stock arrive at the end of the month and sold for around 20$.

For the next month, I am not looking to improve my net worth since I have to work on the outside of the house and I need some tools like a lawn mower. I would like to put more money in my TSFA but I am not sure it will be possible.

Readers : Did your net worth grow last month ?

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 ?

Pay yourself first

You want to growth your saving fast ? You need to pay yourself first before paying others !Here’s my little experience on why you should pay yourself first. Couples months ago I thought I was paying myself first, but instead, I was budgeting everything at first and kept what left to add to my saving or investment account.

This is the wrong way to do it. With this method, I was over budgeting in a lot of fun category like dining out and was not limiting myself to only what I needed. After couples month, I finished with nothing left to save and I though that would be impossible to cut anything.

Pay yourself first

After seeing that, I started paying myself first and budgeting everything else with what I was left with. This way I lowered my dining out category and my fun money category. These categories became so big that I thought I had the minimum in it, but I had like three times what I really needed. This is one of the reasons why you should pay yourself first and budget after. If you budget before, you only keep growing your spending category and you will be left with nothing to save after couple. It’s easier to budget once the saving is done.

Start slowly

To start paying myself first, I started with a 10$ saving by week and now I am saving between 50$ to 100$ by week. I started with a small amount to be able to do it since I thought I couldn’t cut anything more. And every couple week, I put more than what I’ve put couple weeks ago and lowered my spending slowly. Going slow made myself be comfortable with the fact that I lower my spending and I didn’t really see the difference with the week before. In this way, I didn’t stop to save after a couples weeks like all my past years.

These are my trick I used to save more. Readers, are you paying yourself first?

Some way to save money

Since the last 2 years I’ve started to search some way to save money while buying the regular stuff I need. I found some site to save money and some apps to save even more.  These apps saved me more than 300$ in one years in cash-back. Some are paying in check and others in paypal or gift card.

First of all here the website I use to save money:

  • greatcanadianrebates : This is the one I use the must while shopping online on Amazon, Ebay, Walmart and more. I am saving some % on these website while I purchase stuff I need like electronics, baby things, gift and more.
  • Ebates Canada : This one works the same way as greatcanadianrebates but have some different % back. So Before buying something I look these 2 sites and I use the one that give back more.

Here’s the apps I use on my android phone to save money :

  • Checkout 51 : With this app you take a picture of your receipt and choose what you bought on what Checkout 51 offer. With this app, I saved 91$ in one year. You can redeem a check at 20$ or more.
  • Zweet : This work the same way as Checkout 51 but the cash back is lower. In a year I made 18$. It’s not a lot but it take a minute to do it and you can redeem the same receipt on the two apps.

Are you using some apps or website that make you save money ?

P.S.: Keep in mind that some of these links are referral link that get me some cash back. I will never recommend something that I don’t use so it’s your choice if you want to use my referral link or not.