Tag Archives: Saving

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 ?

Net Worth Nov 2016 Update : $13,221.39 (-$370.04 -2.72%)

Assets Jul-16 Nov-16 Monthly Change
Checking $1,033.58 $185.62 -82.04%
Saving $653.58 $943.55 44.37%
TSFA Investment $1,280.99 $503.28 -60.71%
RRSP Investment $0.00 $0.00 0.00%
House $215,000.00 $215,000.00 0.00%
Car $17,000.00 $15,000.00 -11.76%
Liability      
Mortgage $205,866.04 $203,839.93 -0.98%
Car loan at 0% $13,643.26 $12,328.66 -9.64%
Credit Card $1,867.42 $2,242.47 20.08%
NETWORTH $13,591.43 $13,221.39 -2.72%

First I will have to say that I am sorry for being away from the blog in the last couple months. Life with a baby and all our project were a little bit overwhelming.

I invested a lot of time in a side buisiness website that doesn’t seems to start selling. I can do a nice profit on the stock I’m selling but it’s maybe a too small niche.

For my net worth, as you can see I’ve lost money in the last couple months. My wife was at 50% of her salary since it’s the end of her parental leave and we had to invest some money on the house.

This is a quick update on my net worth and I will try to keep you updated more often. Next update gonna be my portfolio.

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?