Woah, there is so much to update on this month but I was travelling for three weeks so I didn’t get a good snapshot of my budget at the end of the month. Instead of the usual chart I will thus just do a general overview of how everything went.
My networth goals for October were: Don’t go broke. Very non-specific. How did I do? I survived! My networth at the end of October was $57,261.82. A very small $40 increase from Septembers networth of $57,219.61.
While it wasn’t a huge increase I am pretty happy with this number though because I spent the last 10 days and the first 11 days of November travelling. I used a lot of points and credits for the trip. (Two nights at a Marriott with points, my airfare was paid for with AMEX rewards and my carrental fee was covered with Aeroplan points. In addition I used money collected from bottle deposits at work and one creditcard signup bonus to pay for other various expenses like two nights in Germany and multiple traintickets.) Despite all that I still spent $1,700 in cash on gas, food, getting around, some Christmas gifts for my family etc so I fully expected a nice dip in my networth. I’m sure November’s networth report will reflect that.
Goals for next month, and the future: I wrote about all this stuff when I revisited the 10% rule, for tracking purposes it’s easiest to log all my financial goals in my monthly net worth updates but here’s a summary of what I talked about: I’m thinking of traveling for a few months and I won’t be able to do that without careful financial planning.
After considering my retirement financials, and discovering I was doing pisspoor at planning for the future my first move was to set up a $20 auto-buy for my RSP with ING and I budgeted out in YNAB how much I need to save per month to achieve a $10,000 emergency fund before the end of August orso of 2014. I need to save $300 per month for October, November and December of 2013, and $400 per month for January – August 2014 in order to achieve a $10k emergency fund by September 2014. In addition to making small contributions to my RSP and getting my emergency fund up to $10k, I need to save for regular stuff like vacations and less-regular stuff, AND wherever I end up in life I WILL eventually need a new car. I have so much I need to save for! I’ve set my contribution to this miscellaneous savings account at $200 for November and December. I’ll re-evaluate in January to see if I can add more to this account.
Goals for November:
1. $300 to Emergency Fund, minimum balance of Emergency fund $6,500 at end of November.
2. Ensure RSP contributions continue, $20 this month.
3. $200 to MISC savings, minimum balance of MISC savings $400 at end of November.
4. Organize my financial mess. Because my company is now smaller I only use one credit-card for all personal and business expenses, receipts are sorted out and a log is kept of what belongs where. I need to sort this out because it feels very messy for my budget purposes. I also need to get back to having more buffer in my chequing account so I’m not waiting for money to trickle in to pay bills on time.
Year-end Goals: 1. $6,800 Emergency fund minimum balance 2. $2,200 RSP balance 3. $600 misc savings. ($190 spring getaway/$410 Project Move)
I’m also going to have work done on the plumbing and electrical in my house so this winter will be tight. I hope to get back to blogging a little more to help me stay motivated. 🙂