A New Chapter - Tracking Progress - Page 3
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Thread: A New Chapter - Tracking Progress

  1. #21
    Member
    Join Date
    Mar 2014
    Posts
    99

    Unhappy

    Figured I'd give this an update. I've been tracking personally but haven't taken the time to update here. End of the year seems like a good time. Below are the numbers and then some details.

    Liabilities
    Debt: $0

    Projected Assets December 2015
    Emergency Fund: $5000
    Investments: $7500
    Pension: $~3500
    Total Net Worth: $16000

    Actual Assets December 2015
    HISA: $5382
    TFSA (invested): $5902
    Pension: $3755
    Total Net Worth: $15039

    As you can see, I missed my goal by about $1000. Part of this is due to a few unexpected expenses, but also because I spent $800 on airfare in December for a trip in January-February. I have a bonus coming around March that I'm essentially spending early (bonus should pay for entire trip). My emergency fund is just over 3 months of expenses right now and I only very recently began investing my TFSA.

    2016, I am fairly certain that my girlfriend and I will move in together sometime next year, although I don't know when. Either way I plan to move in the spring or summer to lower my rent. If I move on my own to a new place, I expect to save about $300/month and if we do move in together it could be closer to $800/month. In either case, my savings potential for next year will be huge. I should also see a small raise in the next 2-3 months. The plans below are based on my current income and current expenses, to be revised if/when the above happens.

    Targets for 2016
    Emergency Fund: Increase to $6500
    Investments: Contribute $8000 ($14,000 total assuming today's market)
    Pension: Will Grow to ~$8200

    Numbers above don't include overtime potential and I'm hoping to move up within my company during the next calendar year. Assuming my investments don't decline significantly and salary stays constant, I'm aiming for $27,000 net worth minimum. With OT, I will push hard for $30,000 and new living arrangements could make a push for $35,000 a reality. I enjoy living where I live, but I'm also looking forward to higher savings by reducing rent significantly in either case next year. Overall, I'm quite happy with where I ended 2015 - long way to go, but it's trending up for sure. And it will make relaxing in Nicaragua in 3 weeks that much sweeter!

    Last edited by motl; 2015-12-30 at 09:41 PM.

  2. #22
    Member
    Join Date
    Mar 2014
    Posts
    99
    Been a while, but things are looking up. I just got a promotion at work (salary from $45,000 to $50,000) and my girlfriend and I are moving in together on May 1st. My savings rate is about to increase substantially to around 50%, which I'm very excited about!

    Liabilities
    Debt: $0

    Assets
    Emergency Fund: $5000
    Invested TFSA: $7800
    Pension: $4900
    Total Net Worth: $17,700

    I have my annual bonus being paid out at the end of March as well. Still don't know exact value, but estimated between $1500-2000 after tax and going into my invested TFSA. Below is budget starting May 1st.

    Monthly
    Income: $2900
    Rent: $775 (incl utilities)
    Insurance: $15
    Gym: $40
    Phone: $90 (sigh)
    Internet: $35
    Dog: $80
    Netflix/VPN: $15
    Food/Fun: $300
    Misc: $50

    Remainder to be invested: $1500

    I'll see if it all works as planned but I believe I can shoot for $35,000 net worth by end of year and pass my first real milestone ($50,000) next year!
    Last edited by motl; 2016-03-11 at 07:52 AM.

  3. #23
    Senior Member
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    May 2010
    Posts
    1,953
    Awesome work motl. Congrats on the raise, that's a great achievement! Your spending level of $1400/month is impressively low. I hope you can stick to it. I find that my Fun/Misc items make up way more than $50-100/month like you manage to do. After accounting for vacations, buying clothes, a new computer, phone, tv, furniture every few years, gifts, and the occasional whatever, always adds up to quite a lot.

    Do you not spend anything on transportation? I know you sold your car so it must be low. But do you take a bus, taxi, or rent a car every so often?

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  5. #24
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    Mar 2014
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    Quote Originally Posted by peterk View Post
    Awesome work motl. Congrats on the raise, that's a great achievement! Your spending level of $1400/month is impressively low. I hope you can stick to it. I find that my Fun/Misc items make up way more than $50-100/month like you manage to do. After accounting for vacations, buying clothes, a new computer, phone, tv, furniture every few years, gifts, and the occasional whatever, always adds up to quite a lot.

    Do you not spend anything on transportation? I know you sold your car so it must be low. But do you take a bus, taxi, or rent a car every so often?
    Thanks man, definitely happy to see progress increasing over time. 2015 was a good year and 2016 looks like it'll be even better.

    As for spending, yes it's pretty low but that budget is based on my actual spending right now. All I really did was adjust the bills now that some will be split and some are new (ie. gym was free at my old building). I don't pay for transportation right now. My current building (and new apartment) is within walking distance to work. Will be buying a used bike in spring but I have a $150 credit at work through a wellness initiative that will pay for most of it. Grocery stores are 5-20 minute walks from new apartment, gym is 10 minutes, work is 20 minutes, library is 30 minutes, etc.

    I am about to get a Costco membership (had been leeching from family) and will rent a car once every 2 months, but the location I rent from is about $20-25 per day including gas and taxes. Because it's so cheap broken down monthly I include that in Misc. My spending on buses is typically less than $10 per month as well.

    I started doing most of my grocery shopping at a Giant Tiger near me and my expenses dropped significantly. I'm spending $40-50 a week on food including ordering pizza and buying the odd coffee. Lately I haven't spent much at all on anything else. Hobbies have been free and no major purchases. $350 for food and discretionary spending seems good for me right now. If I develop a new hobby I will account for that. Money left over from discretionary spending just goes into savings and I keep it in mind when planning vacations (road trip coming up this September). My major vacation each year is/will be paid for with my annual bonus.

    My Bell contract is up in November and will try out Wind which (if it doesn't suck) will be another $45 saved monthly.
    Last edited by motl; 2016-03-11 at 11:24 AM.

  6. #25
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    Oct 2013
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    Edmonton
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    846
    Costco can be cheaper for select items. Most people spend a lot more than they would if they just shopped at Giant Tiger, No Frills, Superstore, etc. As long as you compare pricing on a per weight basis (or whatever the appropriate metric is), then I'm sure you can figure out what is a good value and what is not. Generally a Costco membership won't pay off until you have kids.

  7. #26
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    May 2010
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    Quote Originally Posted by motl View Post
    I don't pay for transportation right now. My current building (and new apartment) is within walking distance to work. Will be buying a used bike in spring but I have a $150 credit at work through a wellness initiative that will pay for most of it. Grocery stores are 5-20 minute walks from new apartment, gym is 10 minutes, work is 20 minutes, library is 30 minutes, etc.
    Sounds like heaven. I miss living/working in civilization. I bet you even have nice smooth roads to ride on, and some paved bike paths too.

  8. #27
    Senior Member
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    Mar 2010
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    Good things hapen to good people

    I may be old school

    We all will be OK in the end

    Good luck

    Summer is around the ???

    Someone at work has a I Phone,,,Looks like I can Trade on that,,don`t have a cell phone,maybe I can get one

    Maybe not,
    Last edited by 1980z28; 2016-03-11 at 04:56 PM.

  9. #28
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    Mar 2014
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    99
    Absolutely right about Costco. I go there for very specific items that I buy in bulk to save. I don't buy meat or similar things because they aren't actually cheaper. I'm always breaking out my phone to compare prices to regular stores.

    The big saver is protein powder. The brand I buy there is significantly cheaper than competitors. On just that alone I'll pay off the membership every year. Until now I'd been tagging along with family when they went but it's a hassle. Girlfriend and I are splitting membership so it'll pay for itself very quick for me.

  10. #29
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    Mar 2014
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    Quick update to end month as bonus was paid.

    Liabilities
    Debt: $0

    Assets

    Emergency Fund: $5000
    Invested TFSA: $10,100
    Pension: $5150
    Total Net Worth: $20,250

    Small little milestone there! I should be able to hit $30,000 net worth this year no problem, and $50,000 next year if everything holds as is.

    The pension is through Sun Life and is invested in a target date retirement fund - 95% stocks, I think breakdown is 30% US, 30% Canada, 30% international, 5% bonds, etc.

    The invested TFSA is currently in Tangerine's balanced growth fund (75% stock, 25% bonds). I plan to move to a better investing solution once I have $25,000+ invested (early 2017).

  11. #30
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    Join Date
    Mar 2014
    Posts
    99
    Will be out of town at the end of the month so posting an update now. Below are projected based on current numbers, last pay cheque of the month and known/expected expenses.

    Liabilities
    Debt: $0

    Assets
    Emergency Fund: $5000
    Invested TFSA: $15,300
    Pension: $6700
    Total Net Worth: $27,700

    It's possible I'll hit $30,000 net worth in August or September, and should pass $20,000 in my invested TFSA shortly after.

    Also very pleased to have found my current girlfriend. She makes slightly more than me and is slightly more liberal with spending on very specific things (ie. food) but we're both on the same page. Her net worth is about the same as mine right now, although she's also building up a federal government pension as well. Ironically, having a girlfriend who shares my values and approach to money has made me relax a bit with my spending. Nothing major, but dates are more fun and less stressful financially because I know that even if we spend a bit of money, we're both in great shape and constantly making progress together and individually.

    Last edited by motl; 2016-06-21 at 01:32 PM.

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