It looks like it has been a great year.
I could save mostly in the second half of the year and boy, was it good 🙂
- My net worth increased around $62,000 in the last year. More than half of it is my investments and the return; as the markets have been doing good lately, this is reflected as a good increase in my overall net worth. Great 🙂
- I did not pay any mortgage pre-payments and it shows: I paid only $16,000 off my mortgage year. This feels very little, but nevertheless I am grateful for it 🙂
- My chequing account has increased to a healthy sum that I had aimed for; it feels amazing as I was hardly able to reach such a goal before. Amazing.. 🙂
- This being said; right after these calculations I put an order for my first pre-payment in the amount of $5,000 🙂 It will be in effect next week. This way, I will enter 2020 with less than 110K debt. Thank you. Thank you. Thank you 🙂
I do not know you but we have less CPP contributions starting summers, so the winter means we get less of a salary and as a result, our savings are much less during the first half of the year. As also the power bill gets higher during winter, this translates into small accumulations. Kind of discouraging, but here is my plan which I hope will help me do well:
Continue the following practices:
- taking the bus or walking, rather than taking the cab
- continuing to take advantage of loyalty cards and occasional coupons
- stocking up dry food and cleaning products when they are on sale
- continuing to shop from thrift stores, especially clothes, trousers, house items, flower pots, and books
- contributing the tax return, coupon and loyalty card savings, and anything else that comes extra or by luck to make a pre-mortgage payment. I am still not sure whether I will do these payments as I go, or at the end of the year.
My plan for the next year is to contribute $19,000 to RRSP/TFSA and save $5,000 as pre-payment, and have my chequing account increase by $5,000.
Wish me luck 🙂