weekly budget check

It is a great day my friends; I made a lump sum payment today that I have been saving money for since the new year! I am so happy that I could make it, that I could save money, and that I did not need to use the line of credit to pay it off. I am quite proud of myself! 🙂

This means my chequing account is back to a level that I must keep an eye on and make sure that it increases every time I get my pay cheque. My plan is to keep going like this till December and then make a lump sum pre-payment to mortgage. I am hoping this will be around 4K or something. It is such a pleasure and joy to be able to have such an effective budget, reduced spending, great savings, and ability to feel abundant and not poor(!). I am so happy with these right now.

As per my weekly budget check; in short I have had regular expenses (such as for grocery), bought two blouses from the thrift store, and purchased some medications within the last week, but my expenses were still within my limits and all work out really well.

I have $1,320 accumulated in my fun funds, which I plan to use for a short vacation sometime in October (yay!).

During summer months my salary increases because I guess the CPP payments are done till then and that means there are more money left in my pay cheque. This is a pretty nice sum for me, which always excite me. Together with that extra money, my aim is to save at least $650 from my biweekly salary till December. This money is what I want to use primarily for my pre-payment in December.

This being said, I put a pre-payment order today for next week in the amount of $350. I saved this money in the last 4 weeks by lucky encounters (such as expenses at socials that I did not have to pay for others), having breakfast at home rather than at a cafe, savings from discounts etc. This is the highest amount (other than my tax return) that I put in as a pre-payment this year – this excites me 🙂

I am excited. I am happy. I am proud. I have a budget that works wonders for me, financial aims that excite me and I keep working towards, a simple life-style that makes me happy, relaxed, and abundant, and a great job that pays me good enough so that I can do all the savings, necessary expenses, mortgage payments, and investments for my future.

I  am very grateful.

🙂

random thoughts

Our storm continues with heavy rain, rather than snow, and with high winds. It has been a wet, cold, gray, and miserable day, but luckily not a snow-day. I worked whole day at the office and one of my co-workers gave me a ride back home. What else do I want from such a stormy day? Maybe a cup of tea 🙂

I am determined to try to sew a collar again this weekend and start a new blouse project. It is the collars that screw everything most – once I do achieve sewing one acceptable prototype, I know I can keep progressing….. But  there were three trials so far and all were fails. I know I should be more patient and keep going. Eventually I will know how to best handle it. After all, there are so many people who can do a collar. Is there any particular reason why I cannot make it?

I did not think so.

Confidence and determinism are rare traits sometimes.

I have watched a number of youtube videos. There are many different ways to sew a neck line. I can do this! 

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I have not posted my “weekly budget check” this week. It has been similar to previous weeks where I saved by shopping items/grocery on sale, minimizing anything else. The only difference was that this week every morning I have taken the cab to the office. This was partly because of the bad weather and partly because of my need to feel good about myself. For some reason, I am not sorry. Perhaps one or two days I could rather take the bus, but in the other days taking the cab was the right decision. That is why I am not sorry. And the fact  that money is not everything. And the fact that it is okay to prioritize comfort every once a while 🙂

I wonder what the future years will bring. If our economy was not this bad, in the coming years we would expect to get salary increases. This would be nice and help me to make further plans to pay the mortgage off. I have a little increase coming in April, for which I am grateful. But knowing that our salaries will probably not increase, in contrast, may even be reduced after that, I am feeling disappointed.

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The other day I was thinking: what other expense I can reduce in my life? How can I get more income? One of the options is to get a roommate – but this will not happen without sacrificing my comfort and freedom. I wish I had a basement apartment where I could rent. At least that would feel like some kind of freedom. But in terms of the expenses, I cannot cut my cable-phone-internet combo; I sure can walk more frequently to office once the weather becomes more permissive; I cannot sacrifice from my grocery and food any further. None of these can happen without reducing the quality of my life or my life style. I can reduce the expenses related to my social life, but hey it is already not too much. So what do I do?

Nothing much. Cherish what I could achieve so much, aim to save as much as possible (possible is a great word here) while also enjoy my life. That is pretty much it.

2017 has been the leanest year in terms of my spending so far. Since it is March 31st, I thought it would be a good idea to check my finances. I usually do this at the end of each year, but it is good to know how I am doing in terms of budgeted categories.

Notable financial accomplishments/facts are as follows: 

1. I am spending much less money this year than before

2. I am walking in the mornings whenever I can – the first time in winter this year (well, okay this is not completely a financial achievement, but an important change in my life this year – so I will keep it in the list 🙂 )

3. I have made an effort to consume the food in my pantry and freezer and it worked really good for me

4. I started to make mortgage prepayments this year and it has been going well. I am more motivated than ever to keep saving, however  little it can be, and use it to make a pre-payment

5. My weekly allowance (of $120) has never been over-spent so far and I am constantly saving in my fund funds (these are the funds left from the weekly allowance). If it continues like this I will have an extra $2,000 – 2,500 at the end of the year in my fun funds account. This is additional to what I predicted that I could save this year. Maybe I will use it for my enjoyment, or maybe I will use it to invest/pay mortgage. We shall see 🙂

6. Of $6,000 funds budgeted for socials, personal care and cleaning products, hobbies, medications and other health-related expenses, gifts, and all expenses other than my weekly allowance, I spent around $1,000 so far. Considering that it is the 1/4th of the year so far, this number is good. I should keep going frugal in these areas, as I happen to shop a lot during the November-December to take advantage of the sales. I hope to keep within this budgeted amount this year.

7.  My chequing account is healthy, above $0, and as usual, I continue to contribute to my RRSP and TFSA investments biweekly. The only thing is that despite all the frugal life-style, regular savings to improve the chequing account has been quite difficult (because of the increased tax, pension contributions, and mortgage payments) compared to the last year. Nevertheless, since it is in a good shape, I am grateful for whatever I can do and I am determined to keep going. 

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Weekly budget check

Another #leanspending week 🙂

This was a week with the least amount of grocery expenses; I had fresh produce left from the week before, which I decided to consume before I bought new ones. It was a good decision; I wasted neither the produce nor the money 🙂 I also cashed loyalty card points, which dropped my grocery bill this week (don’t you love them?).

This being said, I have had a social that costed me a little bit. I am not complaining about this, knowing that it happens only rarely and I usually enjoy the food.

And, the most exciting part? The pre-payment I made to my mortgage! This week I made the biggest pre-payments ever; a total of $1,662.5. Almost all of this is my tax return. I am so excited and proud of myself…..

This is my 4th pre-payment done so far. I started in the new year; my motto is that whatever extra I get (from coupons, waivers, tax return, tempting expenses that are not done etc.) will be used as pre-payment. Before I know, they accumulate.

Anyways, here is the week’s account:

————-

Weekly allowance: $120

Expenses related to the weekly allowance (grocery, breakfast, and a cab drive in the snow storm day): $37

Fun funds saved this week: $120 – $37 = $73

Fun funds expenses: $0

Total fun funds accumulated so far in 2017: $757.5 (Yahooo !!!! 🙂 )

Other expenses: $178 (health-related and social expenses, in addition to shopping for personal care and cleaning products at a store)

Savings from would-be-expenses: $27.5(these are the savings from expenses that I would normally make, but decided not to; such as walking rather than taking the bus, having breakfast at home rather than at the local cafe etc.).

Maybe a small amount, but a penny saved is a penny earned, right? 🙂

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Pantry/freezer treasures enjoyed: soup (x2) and brown lentil meal from the freezer; bulghur (x2), canned bean, and pasta from the pantry 🙂

Honestly, I am very excited about consuming the food that I already have. Since I started prioritizing the food in my freezer and the pantry in the last few months, I have consumed quite a bit of it. This helps me not only with saving money but also with an opportunity to refresh them. Like, last week I shopped for dry food (beans, lentils, seeds, rolled oats etc.) with great joy (oh, the joy of shopping cannot be under-estimated!). I have great and diverse food that can be enough for a couple of months and I am feeling incredibly abundant and grateful! 🙂

Happy saving! 🙂

weekly budget check

 

This was quite a #leanspending week 🙂

I am constantly saving from my weekly allowance (a.k.a. fun funds): I have not decided what to do with the accumulated funds, but I am sure I will come up with something over time 🙂

Also, I got a tax return last week, which excites me! I will be using it as a mortgage pre-payment next week 🙂

——————————-

Weekly allowance: $120

Expenses related to the weekly allowance (grocery and other little miscellaneous expenses): $43

Fun funds saved this week: $120 – $43 = $77

Fun funds expenses: $0

Total fun funds accumulated so far in 2017: $674.5  (Yahooo !!!! 🙂

Other expenses: $50 (health-related)

Savings from would-be-expenses: $31.25 (these are the savings from expenses that I would normally make, but decided not to; such as walking rather than taking the bus, having breakfast at home rather than at the local cafe etc.).

Not too much this week, but that is okay – every dollar counts 🙂

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Pantry/freezer treasures enjoyed: minced beef, cooked bean meal, green beans, and meatballs from the freezer; rolled oats, flax seeds, bulghur, and pasta (x2) from the pantry 🙂

 Don’t you love using the food at home?

 🙂 

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Happy budgeting and happy savings 🙂

weekly budget check

Is Sears closing?

I am asking because there were excellent deals this past weekend and I could not help but shopped there.

I am not sorry 🙂

Seriously not, because what I bought are incredible and the money I paid for them are possibly 1/4th of the actual cost. So, i would like to think that I am in a good shape….

Ok; back to weekly expenses and other financial events: 

——————————-

Weekly allowance: $120

Expenses related to the weekly allowance (grocery, breakfast/coffee, cab rides- if ever, and other little miscellaneous expenses): $67

Fun funds saved this week: $120 – $67 = $53

Fun funds expenses: $0

Total fun funds accumulated so far in 2017: $517.5! (please, let me have a moment of happiness here 🙂 )

Other expenses: $144 (new clothes; see above)

Savings from would-be-expenses: $236.75 (these are the expenses I would normally make, but decided not to (such as walking rather than taking the bus, having a breakfast at home rather than outside, etc) as well as savings/extra money made just by chance (like the rebate we all have got lately at work 🙂 )

As it is becoming a lovely habit now, I will be using these savings to make mortgage pre-payment in the coming weeks 🙂 

Mortgage pre-payment made today: $228.5 (from my savings as of last week :))

Friends – this feels so awesome, so awesome! Seeing it getting less and less….Seeing myself making the effort to make my mortgage less and less. And feeling the excitement and happiness coming out if this 🙂

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*Pantry/freezer treasures enjoyed:  minced beef and frozen zucchini from the freezer 🙂

*I am noting this because a while ago I decided that I needed to use the food I stocked up in my pantry as well as the freezer (this will hopefully help with my savings as well as limiting my food waste). By recording this activity here I hope to keep doing so.

 

Happy budgeting and happy savings 🙂

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weekly budget check

This week is the one with the highest grocery spending yet.

I also bought myself a dinner and breakfast this past weekend – ooops 🙂

I owe this mostly to the bad mood – food, after all, is an effective remedy to help feel good.

Nevertheless, I continue to make excellent choices considering the circumstances and keep spending much less than before.

This week I also made a pre-payment order, using the funds saved by my choices or by luck 🙂 That feels great!

Overall, my mood was negative, I needed to pamper myself, I spent more, but I am always eager to curb my spending. I think this week will be such a week 🙂

——————————-

Weekly allowance: $120

Expenses related to the weekly allowance (grocery, breakfast/coffee at the cafe, cab rides- if ever, and other little miscellaneous expenses): $111.5

Fun funds saved this week: $120 – $111.5 = $8.5

Fun funds expenses: $19

Total fun funds accumulated so far in 2017: $464.5 

Other expenses: $0 🙂

Savings from would-be-expenses: $91 (these are the expenses I would normally make, but decided not to, or just by chance did not need to make. A large chunk of these savings is a discount I asked for for a monthly service 🙂 )

Of note; I am making use of these savings – every once a while they are being paid as mortgage pre-payment 🙂 this is so exciting! seeing the seemingly small savings making such a positive difference in my debt levels. Very satisfactory 🙂

————————————————-

*Pantry/freezer treasures enjoyed: canned beans from the pantry; frozen green beans and minced beef from the freezer 🙂

*I am noting this because a while ago I decided that I needed to use the food I stocked up in my pantry as well as the freezer (this will hopefully help with my savings as well as limiting my food waste). By recording this activity here I hope to keep doing so.

 

Happy budgeting and happy savings 🙂

weekly budget check

Overall, I am keeping with #TheLeanSpendingMonth  plan 🙂

I think I am doing okay! 🙂

——————————-

Weekly allowance: $120

Expenses related to the weekly allowance (grocery, breakfast/coffee at the cafe, cab rides- if ever, and other little miscellaneous expenses): $63

Fun funds saved this week: $120 – $63 = $57

Fun funds expenses: $14

Total fun funds accumulated so far in 2017: $475  (yay! wow! can you believe in this? I have saved so much. Wow!! 🙂 )

Other expenses: $86.5 – paid for cleaning products and food at a store that I visit once a month or so. These were needed so I am okay with these expenses 🙂

Savings from would-be-expenses: $137.5 (these are the expenses I would normally make, but decided not to, or just by chance did not need to make. For example, a large chunk of these savings is a repair that I was offered for free through my work place – I am so grateful! 🙂 here comes my next mortgage pre-payment!)

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*Pantry/freezer treasures enjoyed: bread (from the freezer), rice and canned beans from the pantry 🙂

*I am noting this because a while ago I decided that I needed to use the food I stocked up in my pantry as well as the freezer (this will hopefully help with my savings as well as limiting my food waste). By recording this activity here I hope to keep doing so.

 

Happy budgeting and happy savings 🙂

year end finances

Year end financial calculations are always exciting for me! After all, I make plans and try hard to stick with them during the year. Now it is time to find out how I have done and what I can learn from the past years experiences.

Here is how I have done in terms of my budget, expenses categories, and savings:

A. Expenses within the weekly allowance:

Taxi cab (not including bus fare): $435.25 (ouch!…)

Unhealthy/junk food: $973 (OUCH!)

Grocery: $2,104.5

Eating out, including my weekend breakfast: $534.05 (maybe too much?)

Others (such as occasional books): $223.75

TOTAL: $4,180.6

 

 

B. Extra expenses (these are the expenses other than the weekly allowance expenses):

Dining out (myself or with others, excluding my weekend breakfast): $1,011.5 (ouch..)

Hosting at home/visiting others: $296

Gifts/donations: $754.5

Health-related expenses (e.g. dental visits, yoga etc.): $1,292.5

Cleaning and personal care products: $1,933.5

Clothes/shoes/sewing machine/sewing related expenses: $695

House repairs/furniture/extra house tax: $1,259

Annual vacation/family visit: around $6,200 (worth every penny!)

Fun funds expenses (expenses for my own enjoyment): $943.5

TOTAL: $14,385.5

 

C. Special savings

Total fun funds (savings from $120/week weekly allowance): $1,219.5 (yay!! – it is great to see these savings 🙂 ). I end this year with a positive balance at the fun funds (~$188)

Savings from would-be-expenses: $7,784.3!!! These are the money that I save by not taking the cab (as I would usually do), by using coupon/sales, and other lucky encounters. Honestly I am very surprised by this amount and am very excited!. can you imagine? Under different conditions I would be spending this money but I chose not to; I chose to follow the sales; and I chose not to make unnecessary expenses…I am very proud of these money that are now left with me!

D. Total savings and investments: Around 31.2% of my income after taxes (not including the home equity)

E. Others. I increased my mortgage payment in September by $100/biweek, which is not reflected in these calculations. Nor the bills, insurances, etc. (i.e. fixed expenses).

 

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In summary; I see that I am capable of spending frugally and sticking with my budget to my best, but there are areas that I can focus. For example, I can reduce those junk food category and increase my hosting expenses. I should keep following the sales and taking the bus/walk to keep save a considerable amount of money.

Overall, I am content with what I have done, but I would love to save more of my net income.

Maybe in 2017! 🙂 happy new year everyone!

 

feeling more optimistic today

After feeling quite overwhelmed yesterday, I am feeling much better now.

I worked intensely today with two of my colleagues. I was drained but we have done a good job. I decided tomorrow was the day of cleaning the office (dusting and decluttering) as well as cleaning the work email box. After that i plan to leave my office for the holidays and start my break with visiting the fabric stores 🙂 And upon returning back to home, I hope to work on the blouse I have started today and maybe do some laundry to jump start the holiday plans! 🙂

Thursday morning I have an appointment with my bank. I will not make a lump sum contribution to my mortgage that I had planned earlier, but I decided i could increase my payment a little bit and still feel like doing a good job with it (without feeling deprived of money). I think I must give myself more credit; this year I have done really well in terms of my budget, savings, and increasing my mortgage and RRSP contributions even though some of our taxes increased. i will calculate my finances (savings and spendings in each expense category) for the year 2016 soon; I am excited about it 🙂 2017 will be somehow tough because our pension contributions will be increasing too, but I want to go through it. I can always reduce my TFSA contribution should I need cash. I must remember this.

Back to sewing; I started a new blouse project today. I must admit I am intimidated by sewing – there is so much to figure out and to try. It is good that I bought the fabrics at my hand at good price (from the thrift stores); even though they are now mostly wasted by my trials and errors (!), it is a necessary part of the process. Tonite I watched a couple of youtube videos and they were helpful in learning how to best sew a neck… Sewing a good looking neck and fitting the arms may be the hardest part of the sewing for me right now. I will develop over time I hope.

Have a great night everyone 🙂

how to use the savings most efficiently?

I have been thinking; I am in a saving mode for 11 months now (wow – it is hard to think that I have been working on my budget and on limiting my expenses and saving for such a long time…), and I am doing alright.

My primary concern that prompted me to start with the budget last year was the home ownership and the home maintenance funds that may be required on a constant basis. Since I have an old house, I am single and the only bread winner, and I got hit with a huge (around $8,000) repair bill right after I bought my home, I was left with a chequing account below $0 and lots of anxiety and uncertainty for the future. I was scared. I found that the only way  that could get me out of this situation was to either sell my home right away or to limit my expenses. The second option was the one that I chose.

It was a hurdle and I failed many times, but eventually I started to take better control of my finances. I guess I am in a state where my purchases and expenses have gradually decreased and surprisingly I am more content with what I have. My chequing account is also on the positive side now, I guess, since last December. I am very happy with these, though I am also cautious that anytime extra expenses can happen. So I should keep saving and make smart choices.

While I am still closely watching my chequing account (I have one big payment coming up next month, which if I am not careful enough, can derail my account again), I have been constantly accumulating my emergency fund (TFSA account). It is not maximized yet, but I have a good sum of funds in this account that I can use for emergency or home repair purposes. I thought this morning that perhaps I can stop contributing to it in the new year and direct the funds to my mortgage.

Mortgage is my only debt right now (other than sporadic and month credit card balance that I pay to the fullest every month). I am quite motivated to reduce it as much as I can. I was planing to increase it by $100 in September, only because I am getting a little salary increase then. That would decrease my mortgage principal by around $7,800 in 3 years (the end of the mortgage term). Now I am thinking that perhaps starting new year, I can stop my TFSA contributions and start putting these money into my mortgage. That would decrease my mortgage by an extra $19,000 till the end of the term. Total reduction in the mortgage principal thus would be $26,800 in about 3 years.

That is a pretty amazing number, don’t you think?

One thing I can not be sure is if I increase my regular payments at the new year whether I can reduce it say, a year later, to the original amount. I am thinking about this just in case our salaries get chopped up by the economy or something like that. I must clarify this with my bank sometime soon.

My other alternative is to of course, keep contributing to the TFSA and then making extra, lump sum payments to my mortgage by withdrawing money from it. This gives me the flexibility because I do not need to adjust my regular mortgage payments and I can make extra payments anytime and in any amount I wish.

I cannot decide which one is better for me. My psychology loves the ease and convenience of the first option (i.e. increasing the regular mortgage payments once and then dealing with no additional paperwork). But it also loves being in control of my funds and thus making lump-sum payments, even though that means I must pay a visit to my bank each time and making a transfer order of funds from my TFSA account to mortgage.

What are your opinions?

re-assessing my financial decisions

I have been re-assessing my financial priorities and decisions lately.

There is an incredible satisfaction coming out of achieving a financial goal; now I have a great budget that works for me; my chequeing account is on the positive side; my emergency fund (aka TFSA) has a good sum of funds accumulated; and I have increased my biweekly RRSP contributions (to take advantage of the low market and to pay off the HBP faster) as I am getting a little salary increase in April.

I have another little increase coming up in September. My plan is to put the extra amount into my mortgage. So I will increase the biweekly payment beginning of September. I am feeling good about this, too.

I have been trying to project my next year and what I would do with the money I would save over the year. Would I increase my mortgage payments? My RRSP? Or my TFSA?

I am not sure what would be the best for me; they all have cons and pros. A balanced act would be desired I guess. Here are the cons and pros I can think of:

RRSP (registered retirement saving plan):

How would I would like to make the extra contributions: Lump sum contributions to directly pay off the HBP (home buyers plan withdrawal that I have had as a part of my down payment).

Cons: Once the contributions are done, I may not have access to these funds unless I take the risk of penalty of early withdrawal.

Pros: The market is down and it is the best time to make investments for long term. Plus, I gotta pay back my HBP anyhow (i.e. I consider it debt), so early payments are better.

 

TFSA (tax free saving account): 

How would I like to make the extra contributions: Lump sum contributions. I have still contribution room, which I believe will take me another 3-4 years to maximize with the amount of contributions I make now.

Cons: none that I can think of. I am just not sure which one is better; to contribute to TFSA or to RRSP/mortgage? I am inclined towards RRSP or mortgage payments more than contributing to TFSA at the time being. But, this is likely to change over time.

Pros: TFSA is liquid and I can have access to it anytime I want. This gives a huge peace of mind as I may need money for emergencies or important things, like serious home repairs. So, if I have a surplus of funds and nothing better to do, why not to invest them in TFSA? My current TFSA plan is extra safe; it does not earn much but it does not lose much, either. I am opening a new one next week which I would like to be a little bit more aggressive (high risk category). It will be small at the beginning but I am planning to contribute to it from now on so that it may have a chance to grow over time. This TFSA will be hopefully for long term investment.

 

Mortgage payments:

How would I like to make the extra contributions: I would like increase my mortgage payments over time. I am thinking from September on, if things go ahead as projected, every time I get a salary increase, it would be nice to increase my biweekly payments. One thing I am scared of is whether or not in case something happens I am allowed to reduce it. If that is not possible, then the lump sum payments seem to be the best option.

Cons: Once the funds are paid, I may not have access to them in case I need liquid funds. That is why my TFSA accounts are so important to keep healthy.

Pros: Knowing that the debt is reduced and there will be a better motivation for me to pay it off in a shorter time. There is a psychological part that works for me; if the debt is small, I can get more excited and committed to pay. I am not sure when I can fully pay it off, but I hope it will not take longer than another 10 years.

 

And how am I going to find out whether I have extra funds to supplement my RRSP, TFSA, or mortgage payments (if lump sum)?

That is where the chequeing account becomes important. I would like to ideally keep around $5K in it to be able to handle the fluctuations in budget and extra/unexpected needs. But, whenever it is bigger than that I can decide to make the lump sum payments. The best time to decide is the fall; between September and December. I have some lump sum payments in summer and then in December (for insurance and others). That means after these expenses if I still have a surplus in this account, then I will have an opportunity to make lump sum payments to my choice among RRSP, TFSA, or mortgage. Then in winter, I can start saving and accumulating for the coming lump sum payments for insurance in summer and December.

I guess that is a good plan for now. I hope things will move on as I project them. If not, I am ready to re-assess and adjust.

All is well for now.

 

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