2017 Wrap-up

There are a million things that happened this year and I was so busy I had no time to write about it. The number #1 most coolest thing?

I made more money than I have ever before. For the past 8 orso years I have sat down at the end of the year and made a plan for my budget, set up major goals and estimated my income. For 2017 I expected my net income to be $24,352.44 for the year, which breaks down to $2,029.37/month (26 pays divided by 12). I always aim for the conservative side. :). While I haven’t yet tallied the totals of all my various jobs and income streams, I’m expecting to land somewhere around $60,000 gross for 2017!

I also intended to;

Save $5,377.68 in my RSPs

Save $1881.28 to my house savings

Save $7,209.16 for a vehicle. 

I had anticipated earning an extra $2,000 with my summer employment in 2017. In total I had planned to save $14,468.12…. I pretty much blew all that out of the water!

Since I scored a sweet full-time term job I was able to add quite a bit to my savings.

I usually keep track of my main savings goals in the side bar over there —->>>> and this year my savings finally made some big jumps, I used to update those bars at every dollar of progress but not so much anymore, 😀 too much work! At year end things looked like this;

2017 RSP contributions
Goal: $12,377.68
Total contributed for 2017: $16,808.33!
Total in %: 168%

2017 Extra income
Goal: $4,000
Actual: $23,000+ (net)
Total in %: 575%

2017 vehicle savings
Goal: $12,000
Total for 2017: $1,454.00
Total in %: 9.1%

2017 House saving
Goal: $1,881.28
Total for 2017: $5,000 (approximately)
Total in %: 265%

After adding in the investments I started in Lending Loop, in total I saved and invested approximately $26,262 during 2017. That’s a nice chunk more than the $14,468.12 I had budgeted for. 🙂

You’ll notice I totally abandoned saving for a vehicle, there really isn’t a specific reason for that, the money that should have been directed to that probably landed in the savings categories where I overshot my goals as I anticipate getting another year out of my car. I’ll be revisiting that in my plan for 2018 though.

The number #2 coolest thing? As a result of all dem savings;

I hit a $100,000 net worth! I’ve been working towards this for SO SO SO SO long. Since I sold my house in the fall of 2016, with no more debt holding me down and much lower housing costs I was really able to focus all my efforts on contributing to my RSP’s, TFSA, Savings and investments, and crossed the first 100k! I’m so blessed to be so rich, because man, that is rich compared to much of the world.

My YNAB file recently got corrupted and I lost a few years of data, I do make regular backups but honestly… even with monthly backups restoring a budget file with hundreds of transactions missing and accounts that constantly change (heyyyy travel-hacking) I was too lazy to go through that process. I don’t import my account data from banks, I manually input every transaction I make and keep my budget file completely offline. (I have not adopted the new subscription version of YNAB, I had subscription anything and will use YNAB 4 until I die… or until it really stops functioning) I like it this way, anyway, it does mean that since I hadn’t really kept an eye on or blogged about my networth goals that I don’t really have an accurate picture of how my networth increased over 2017. I do know that my GOAL for the start of 2016 was to have a networth of 72,000 but that I abandoned that goal.

As of today my net worth is at $111,018.64. I found a post back in April, 2014 where I logged my networth at $55,000 so in 3 years and 9 months I’ve doubled that, and sold my house converting its value.

I’m still ruminating on exactly what I’ll plan for in 2018, stay tuned. 🙂

What was your biggest accomplishment in 2017?


20 Financial Milestones you want to reach in your twenties.

IMG soure below

I’ve already seen this list covered on another handful of blogs, and recently read about it on GenY Wealth and Little Miss Moneybags and I thought it might be fun for me to do, mostly for myself to see what my progress is. It’s a list of 20 ‘milestones’ you want to reach in your twenties.

# 1 – Finance a dream vacation…in cash
Haven’t done this yet, but I definitely think that I will do this in my 20’s although probably not this year 🙁

# 2 – Pay off your student loans
This is a work in progress that WILL be completed in my 20’s. My 2011 goal is to have my student loan balance below $10,000. Maybe I can have this paid off in 2012? I don’t want to look too far ahead but I am working on this and will have it done in my twenties.

# 3 – Automate paying your credit card bill in full
I won’t be doing this and don’t really see it as a milestone. I believe creditcard debt is bad debt and while I still use my card from time to time I intend to stop using the card and lock it away in my safe semi-permanently. Whenever I use it to buy something, usually online, I pay myself back the same day.

# 4 – Get rid of all bad debt
I did this! Well, I’m still working on my student loan which I consider to be a burden but it’s not a bad debt, I needed the loan to be able to go to university and it will or should eventually increase my earning power.

# 5 – Build an adequate emergency fund
I did this! I completed my baby e-fund of $500 on November 30, 2010. I currently have about $650 in my E-fund and I am planning to/will have $1,500 in my emergency fund by the end of 2011.

# 6 – Make your first, and last, investment mistake
I did this! (Unfortunately) I invested in mutual funds, mainly energy companies, for almost 5 years, after learning more about the exact companies I was investing in I withdrew the money and used it elsewhere. The money was used wisely and I didn’t want to invest in some of the companies in the funds any more but I regret stopping investing all together, I just never set up another apointment to talk about a new strategy… oops

# 7 – Develop a statement of cash flows
I did this! Thank you YNAB!

# 8 & 9 Max out a Roth & Contribute to your 401(k)
Uhh, those don’t exist in Canada, do they? Are there Canadian equivalents? (RRSP’s, RSP’s the same thing?)*

# 10 – Get a degree or certification that increases your earning power
I did this! I received my college diploma in April 2005, by the time I turn 30 I will also have received a university degree in business. Woohoo!

# 11 – Take a career risk
I did this! I worked from cashier up to shift leader to assistant manager and  was being trained to be a store manager in a retail industry. I quit that to move home to mom & dad and go back to school, I started working for the family company and a lot of stuff’s happened since then.

# 12 – Negotiate something
I do this regularly. I haggle for discounts on damaged merchandise and retailers are usually happy to accomodate. I recently- well more like this week hah-put a new floor in my living room and found one of the boxes of flooring had a damaged plank in it while I was still in the store. I got a 25% discount on that box even though all the other planks in the box were 100% ok.

# 13 – Earn your first side grand
Haven’t done this but I think I probably will do this before I’m 30, I usually generate a little extra income each tax season by helping others with their tax returns but that doesn’t usually amount to more than a few bucks here and there.

# 14 – Start a sub-savings account for an upcoming financial goal
Done, done and done! ———————>

# 15 – Set a target retirement date
I don’t think I want to do this, I don’t expect to  retire until I am physically incapable of continuing to work in some capacity and I won’t know when that will be till I get there. I will always continue to work at a job I enjoy full-time or part-time because I believe it’s good for me to do so, that doesn’t mean I will be stuck at a miserable job when I’m 65 though. I do have a plan for that, but I don’t want to ever formally retire!

# 16 – Monitor your credit
I did this! I check and have checked my credit-report every 6 months for the past 4-5 years. I once had fraud committed on once of my accounts not due to any fault of my own so I will continue to do this to infinity I suppose.

# 17 – Say no to a financial salesman
Oh, I have no problem saying no. :p

# 18 – Give just enough to make it hurt
I have not done this, I will do this in my twenties.

# 19 – Invest $1 for every $1 you spend
Well, I’m not really at the investing stage yet but I think I may be able to achieve this before I turn 30?

# 20 – Start a 529 College Savings Plan
I don’t think this one applies to me, do we even have 529’s in Canada? I do plan on having kids and saving for their education, though I have no intention of funding my children’s full education. (an RESP?)**

I’m quite surprised at how many of these I’ve hit (11) and will hit before I turn 30! Are there any other milestones you think one should achieve in their twenties?

PS: IMG source here.
** As you can tell I’m not at all familiar with retirement plans or education savings plans, if you have any great links or books to read for me on these topics any suggestions are welcomed! I need to set up some sort of retirement savings plan in the next few months so I definitely need to get informed, I guess this serves as a reminder.

Spending; Week 7

Week (Nov 29 – Dec 5)

This week was the second week I consciously spent every dollar on paper, ermmm, computer screen I mean, before I received my pay. In one of my last posts I wrote that I started reading one of Dave Ramsey’s books and in another post I mentioned that I’m now following his plan to become debt-free. While I have always planned my bills in my day planner I hadn’t actually taken my total pay and spent every penny on paper before aka a concrete budget.

Combining my new plans with the spending reports I have been posting for the past 6 weeks is having a marked difference on my spending. It’s not that I don’t spend but rather that I know my limits, don’t impulse buy and I’m not afraid to spend a certain dollar amount on a gift because for once, the money is there in my bank account and I do not have to rely on my credit-card any longer to cover any shortages. (And, the money is now budgeted, if it’s not budgeted I need to take a close look to see if it fits and if it doesn’t I’ll have to wait – more on that later this week! month)
Yes, I can officially say I am D-O-N-E with that credit-card. I am living within my means and have over the past two months built up a total of $1100 in savings. I am still running the paycheque-to-paycheque treadmill but I believe that in another good three months I may be able to survive one missed cheque… Improvement is improvement at any rate! 🙂

Anyway, for this week there will be NO spending report. This is NOT because I haven’t kept track of my spending but  rather that I have switched to  a desktop computer program for my budget and will be keeping track of my spending there. This week was also quite busy so I haven’t had the time to record all the transactions for the blog and doing it twice would simply be too time consuming!

All is well though, I stayed within my limits and stuck to the budget! I will be writing a post about the program I chose and the hows and whys of course and will probably replace the weekly spending posts with a monthly or bi-weekly budget update to keep that accountability thing going.

Speaking of budget programs, I am curious what type of program (if any) you guys use?