Life - Act III: Working for Money
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Thread: Life - Act III: Working for Money

  1. #1
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    Life - Act III: Working for Money

    I am finally in a stable point of my life where I feel I can make this money diary. It's been a long time coming.

    Act I of my life being "childhood", and Act II of course "paying for education". I am very glad to be moving on from those parts of my life.

    To recap Act II - At christmas last year I had no job prospects, was struggling to finish one final course to get my degree, and had stretched the hospitality of (and relationship with) my parents to a near breaking-point - as I had been living with them like a lazy jobless slob for the 6 months prior. My net worth had just slipped into the negatives for the first time (-$2000), and I was starting to get pretty bummed out with my life.


    I managed to somehow turn it around though, finish my degree, and had the good fortune of an amazing job landing in my lap! I have just crossed the 6 month mark at work, and things are going great. The work is interesting, busy but not too busy, and the commute situation is such that I don't need a car nor have to pay for public transportation.


    Due to a substantial signing bonus and moving allowance, combined with agressive savings, I've been able to pay off my entire student loan ($7000) and now have a net worth of $36,000.

    This money diary will provide a place to report my monthly spending and income, and where I can identify (with the help of you kind folks of CMF) any problems with my spending or savings plans.

    Cheers!


  2. #2
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    August 2013

    Age 26

    Assets

    Stocks - $19,500
    ---TFSA: $7000
    ---RRSP: $12,500

    Cash - $16,500
    ---TFSA: $12,500
    ---Savings: $4000

    Liabilities

    Zero

    Net Worth

    $36,000


    Income

    $6300 after tax monthly
    18-25k in annual and quarterly bonuses

    Total annual before tax income is around 120-125k plus overtime (although I'm not getting the opportunity to work much overtime yet).


    Expenses

    I generally don't track my exact spending breakdown, just do a monthly review of how much I spent and if anything went unusally high, investigate why that happened.

    Core Expenses

    Rent (all in): $900
    Groceries: $300
    Phone: $32
    Gym: $59
    Transportation: ~$60 (I buy a tank of gas for my girlfriend's car here and there. Don't drive much)
    Eating Out: $50
    Alcohol: $20
    Household nick-nacks: $30

    Total: $1450

    Variable Expenses

    This parts a bit harder to nail down. But I'll post my best estimates based on previous spending and future projections.

    Bi-monthly "mini vacation" to another city: $120
    Furnishings/household: $40
    Vacation: $600
    Electronics: $30
    Fish Tank stuff: $10
    Other: $100

    Total: $900

    Total: $2350

    Total spending for the past 6 months has been $16,000 - equating to $2700/month, but that has included a few flights across the country and other various moving/one time costs, so I think $2350 is a reasonable breakdown going forward.
    Last edited by peterk; 2013-08-08 at 01:22 PM.

  3. #3
    Senior Member the-royal-mail's Avatar
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    No emergency fund tiers? The way your plan is structured doesn't reveal where you are in relation to saving for tier 1, 2 etc. Perhaps you could include this in future updates. You seem to be doing very well.

  4. #4
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    26 and 120/yr? What field are you working in?

  5. #5
    Senior Member MoneyGal's Avatar
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    TIME TO BUY A SWEET-ASS CAR, amirite?

    Seriously, not a lot to criticize here. I hope my kids are as practical and conscientious as you. (Gosh. That makes me sound REALLY OLD. My kids are a long way from university...they are going to be "lazy jobless slobs" for many more years!)

  6. #6
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    Quote Originally Posted by MoneyGal View Post
    TIME TO BUY A SWEET-ASS CAR, amirite?
    Tell me about it! Could lease an Audi S5 for $810/month. *drools* But I've got bigger goals in mind than cars...

    Physik - I'm an Engineer in the oil sands. This salary would be difficult for me to achieve elsewhere (perhaps Australia).

    I would like to be out of here after 5 years and relocate to a warmer climate, like Calgary (lol), where I can gain financial independence before 40. This will require some aggressive saving and even more aggressive money making.

  7. #7
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    Nice! A fellow engineer Us city engineers don't make that kind of dough. And with quarterly bonuses, I figured you were a banker!

  8. #8
    Senior Member MoneyGal's Avatar
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    (bank bonuses are paid yearly, not quarterly, almost everywhere now...even Lloyd's just ended quarterly bonuses this March)

  9. #9
    Senior Member Jon_Snow's Avatar
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    So you are 26 and able to save around $4000 every month. My friend you are on a fast track to finanical independence. If you are fortunate enough to meet a professionally minded partner, combine your incomes, well.... you can join me in retirement in your 40's.

    Your future is bright indeed.

  10. #10
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    Quote Originally Posted by MoneyGal View Post
    TIME TO BUY A SWEET-ASS CAR, amirite?
    Not yet - first he has to save up 99 tiers of savings, which he can then use to buy a sweet-ass car!!

    Kudos Peter!

    Mike Holman
    Hidden Content Investing and Personal Finance

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