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?

 

FIRE.

Some thoughts today:

Very recently I was unexpectedly offered employment with the Government of Canada. I was in the boonies, middle of nowhere – Costa Rica at the time and had a rickety phone connection that got cut off by a power failure. It took about an hour of frantic waiting to accept the job, and here we are, 3 months into a full-time term job of 6 months.

I love/hate it. I hate being an employee but I love the department I am in and what they stand for. There are many coworkers that I love, and some that I don’t, training has been frustrating as I’m sure is the case in many places; there simply wasn’t enough or much of it.  Many things have been a struggle, and it has also been an amazing opportunity.  I had been looking for “real” work for a very long time, years! I’ve also been selfemployed for many years. Was I not just blogging about the perils of finding actual employment? Did that not last for years, and now I’m 3 months into this cool opportunity? Haha. The grass is always greener on the other side right? I thought that finding work would offer me stability and more income and it has. Having to report to someone else instead of making your own way and schedule… its been a big adjustment.

What this job has also given me is a very nice boost in income that has helped me speed up my savings big time. Where before I’ve only been able to eke out a few hundred here and there to set aside every month, I’m making big steps now. Once upon a time I said I wanted to be a millionaire. I don’t want that anymore, in fact, more and more my focus is drifting to lean FIRE. (linkitylink) I have no visions of sitting on a beach sipping beer, but I want to work on things I enjoy and take on projects because I can because worrying about paying this month bill is no longer a worry. Volunteering and helping out with other people and community projects because I have actual time to do so.

I’m focusing on building my investments, my RSP and TFSA and in the next two months I will restart my Questrade portfolio

I am likely a few years away of any time of “retirement” and that absolutely does not include any real property as I currently rent. Aside from just saving like a squirrel, I have no concrete plans, I also don’t think of it as retirement… more so as a very lean version of financial independence.

If I quit today… What would I do?

 

Networth October

 

Fall colours

Fall colours

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. 🙂