Category: Financial goals (page 1 of 6)

Goals and budget for 2017

Goals, shmoals. Didn’t set any this year because life was just chaos. I moved three times this year! I sold my house! I didn’t write about it because it felt so surreal for a while. It was about 6 weeks to close the deal, I moved. Yadda yadda, I’m alive, hey! Lets start with income;

My main job’s contract was renewed until December 2017, there will not be a pay increase which kinda sucks but I expect my net income to reliable be $24,352.44 for the year, which breaks down to $2,029.37/month (26 pays divided by 12).

Life has become a lot easier now that I am renting a one-bedroom apartment and no longer have to worry about paying the mortgage, electric expenses, renovation expenses and all the other “hassle” that comes with owning a house are all over with for now. No snowremoval to worry about… I just pay rent and that’s it! My rent includes internet and heat/electric so it’s just one nice round-ish number. It’s a nice change after 8 years of going at it alone trying to fix up an old house. I would NOT buy a house again by myself so for now I’m just saving for the future. 🙂 *o*

I’m setting goals right now for 2017. I started with doing a new monthly budget, things always vary but it helps to plan ahead and I’ll set up my monthly savings contributions accordingly.

My monthly anticipated expenses:

Rent: 450.00
Groceries: $175.00
Life insurance: $11.61
Clothing/misc: $40.00
gifts: $20.00
Blow money: $100.00
Health/Medical: $40.00
Car ins: $37.84
Copper (food/toys): $50.00

Total: $924.45 pre-savings (under 1,000, ha!)
Most of my other car expenses are deductible so I don’t count them in my personal budget. I have NO extra health insurance besides the basic provincial healthcare. I have NO disability insurance etc.

Left for savings transfers $1,104.92 = 54% of my net income! 🙂
I have completely ignored any travel expenses as all my travel is financed by a cottage cleaning job I have been taking on every summer for the past few years. It pays for every penny I spend on travel and that’s essentially why I do it! Out of my normal pay I’ll be budgeting my goals. I do have another third stream of income through renting out tourism properties for owners, which earns me another couple of thousand per year. I usually allocate this money to wherever it’s needed. This year I’ll plan to throw it completely at my vehicle savings, though I won’t count it here.

Total amount of regular income to be distributed: $13,259.04

RSP/TFSA: $448.14/month. $5,377.68 for the year.

House: $156.78/month
I set the goal for the year at $1881.28. I have some savings set aside for a future house and would like to round off the number by the end of the year!

Vehicle: $500/month will set me at $7,209.16 at December 2017 excluding any interest bits. This is only 60% of the $12,000 minimum I want/need to purchase a new vehicle. Assuming I’ll earn $2,000 with my seasonal job I’ll be at $9,209. I hope to make up the shortfall here by finding part-time employment, $2,800 in extra work shouldn’t be that hard to find… right? Categories where I may be able to scrimp are groceries, blow money and clothing. This will vary month to month.

As you can see, continuing to save for a future home and replacing my vehicle is still quite difficult on my income. I’m not really sure how I should handle this. Ideally I’ll be able to find supplemental income, which, since I won’t need it to live off, can be used entirely to siphon into my RSP’s/investments.

I set up the new goals in the widget bar on the side, let’s see how it goes!

A fall financial check up!

I haven’t done any financial updates since May, it’s been a very busy summer. I’ve been working part-time and the income has been a God-send but the summer flew by, I didn’t enjoy much of it…There were several times I just wanted to quit.

I am whining, and of course timely ran into this post here; go read this, from the post:

““How can anyone at the prime of their human capital, who lives in a G20 country in 2015 complain that they are screwed? In all of human history so far we are living in the best of times.”

I feel stuck between a rock and a hard place and all I can do is keep budgeting, keep being cheap and some day there will be an end to it. I have so much.  Look at the life I live, my house, my bed, my dog, I can still afford to go on airplanes, I have a lot of richness in my life. I need big fat reminder daily to be grateful for all the cool stuff I have in my life. I should shut up, stop feeling sorry for myself and get on with it.

I want to go over the goals I set for this year:

1. Stop using overdraft, live on last periods pay. Reach by end of February. Success!
2. Save and splurge on a nice new purse in the spring.  Cancelled this goal, pointless and I can’t afford it
3. Sell my house. Fail. 13 months and counting… Not sold yet.
4. Max emergency fund to $10,000. Fail. I emptied my emergency fund to pay off house related debt. Only have my mortgage left, very little savings, but it’s progress!
5. Retirement TFSA/RSP combined* goal +$1,266.38; $4,500. Success!
6. Vehicle fund goal 2015 $208. Cancelled this goal
7. Future House 2015 $500. Cancelled this goal
8. Travel expense 2015 $1,500 jan – oct, after that is work depending. Success! (on target)
9. Last but not least a networth of $72,000. Cancelled this goal, I’ve stopped tracking this metric to focus on becoming 100% debtfree.
10. Visit Cape Breton  Cancelled this goal, for this year
12. Go to East to West music festival in Moncton, NB Festival got cancelled! 🙁
13. Go camping in the Magdalen Island for a week Cancelled in lieu of other travel plans!
14. Get up at 08:00/08:30 five days per week. Success!
15. Lose 30 for 30. Success!
16. Track food and  journal exercise daily. Success!
17. Go swimming once a week (incl. in gym membership) Fail.
18. Complete c25k a second time by April 30, 2015 Success!
19. Start weighing in weekly by June 30, 2015. Success!
20. Average steps per day 8,500 Success!
21. Read more: read 30 books this year. Fail
22. Wear out shoes, don’t buy more, reduce total amount of shoes owed. Success!
23. Complete the #100happydays challenge. Success!
24. Finish two bible studies. Success!
25. Keep track of these goals weekly here. Fail.

All in all I am well on track with my goals and there is definite improvement year over year versus where I started back in 2008! I cancelled several ideas I had at the start of the year as my priorities and finances have changed. Adjusting is good!

The most notable improvements this year have been in my health and routine, I wake up at a normal time, work at a normal time, and am asleep around midnight. I no longer struggle with not getting enough daylight! It has been 2,5 years since I stopped night and overnight work (which I did for a few years) and this took the longest time to adjust. I weigh less than I have in several years, at 155lbs I am back to a healthy bmi! Am more active and eat much healthier than I ever have before. I also feel better than I ever have before in my life… 🙂

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Just got that email today, I’ve been using these apps since June 24th.  I purchased a Garmin chest strap to go along with my vivofit2 for tracking my heart rate on my bike rides, so those aren’t included in that and I’ve long since stopped tracking my number of rides. My activity level is about double of what it was about a year ago.

I go out on the trails about twice a week on average, some weeks three times, and have been doing that since the end of June. I completed c25k a second time somewhere in July, I don’t recall the exact date I did it but I just started running one day and did it without any planning for it, felt amazing afterwards and wasn’t sore at all. I’ve continued working on biking and walking stamina and endurance since then. Last night I did a two hour trail hike with Bob and carrying a 3/4 loaded 40litre back pack, for fun. Am I turning into an outdoorsy person?

2015-10-03 20.23.18

Some of my goals in hindsight didn’t work out, but such is life. I hope to pick up on the blog a bit more over the next months, and as I quit one of my jobs this weekend, I should have more time now too, yay!

Re-evaluating priorities; That bag I thought I wanted.

I have been coveting a Banana Republic bag for quite some time. This one;

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I even made it a part of my goals for 2015 in my 30 goals for 2015 post, look:
2Every so often I get a new purse because an old one has worn out, or the functions that I need it for change. The current purse I use for a bit dressier occasions when I still need to carry a few things around is starting to show signs of wear, so I’ve been looking to replace it.

There are a few purses I have considered, between MK, Kate Spade and BR. In hindsight this was complete idiocy…. I have a line of credit/mortgage to pay off, I have retirement to save for, I need a newer car in a couple of years. A new pricy as hell purse? Even after a discount any of them run me over $200. Who am I kidding?

In 2012 I used up 75% of the emergency fund I had saved at that time to cover living expenses as my income plummeted in early 2013, it started increasing again when I picked up seasonal employment last year. Ive only been contributing a measly $25 a month October 2013 and onward.

I bought a nice Ck bag in August of 2013 and while I haven’t regretted buying it at all, until now, the mid $200’s price tag set me back about a months worth of groceries and in reality…. even though I saved for it; could I really afford it? No. The purse cost me about 1% of my income that year. 

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Was it worth it? No. I like fashion, I do enjoy looking nice, dressing nice. Banana Republic, Ck, Kate Spade, Ralph Lauren… I am a sucker for the preppy new England look. I don’t quite dress like it, but I do own a khaki coloured trench coat, and I wear my jeans with a leather belt, and flats, and yes I like fancy purses and preppy dressshirts and a-line skirts. I find it appealing. But am I really wearing these items for me, or am I also wearing these items to present an image to the world? Most likely the latter.

While I liked that purse, it’s highly unlikely anyone other than my friends and family really noticed me using it. I didn’t end up liking the quality and the handle has had to be sewn on once already. Don’t get me wrong, there isn’t anything wrong with finetuning your image for yourself and the world. After all, it’s important for your work and social life, but was this expense warranted for me personally? Did I need more stuff in my closet while I am looking to have less stuff? Was it really worth it? Not at all. I don’t want to be poor, this is not the way to not be poor.

My 2015 income should end up being about $30,000 after tax (which reminds me that I’m currently four days late filing my tax return, crap). I projected my income at $27,500 in January so I’ve been able to increase that which is awesome! 🙂 My income is earned in a variety of ways, I’ve had more than one job on the go since I graduated college;

– My normal part-time cleaning gig which consists of two different contracts (I am the main contractor)
– My seasonal luxury cottage scrubbing (self-employed)
– Commission based property rentals
– becoming an accidental landlord on my own house
– occasional random side jobs

The $2,500 increase is not much but it’s something. $30,000 is not terribly low. I can and do, do a lot with my $30,000. 

But I have $4,725.64 saved for retirement right now. Under five thousand dollars. That is just… I mean that will get me what, a quarter of a year of living in the future? Maybe after compounding the interest I’ll get a year worth of living out of it in a good 30 years orso. Maybe more, maybe less, I have no idea because it’s not worth it to do the math because the point is: that is ridiculous. 

I have house debt to pay off asap and if I ever want to retire, a retirement to save for. I don’t want to be poor.

I had no business buying a $240 purse in 2013, and I still don’t in 2015.

What ridiculous purchases have you made that were really kind of stupid??

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