A New Chapter - Tracking Progress
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  1. #1
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    A New Chapter - Tracking Progress

    Old Thread: http://canadianmoneyforum.com/showth...g-Time-to-Plan

    Making a new thread now that things are in motion and I actually have a real grasp on my budget and finances. I will be free of my house as of November 1st and will move into a new apartment on the same day. I will use this thread to help track my expenses, savings and, eventually, investments.

    I will be moving from Ottawa to Aylmer (across the river in QC), so my take-home salary is estimated based on increased taxes. Numbers below are projected as of November 1st.

    Monthly Net Income: $2625
    Savings: $TBD
    Cash: $TBD
    Liabilities: $0
    Assets: Car ($9000 value), although I don't really consider it an asset

    Basically, on November 1st I will be 100% debt free but low on savings and assets. I'll have a few thousand left from house sale and such, some of which will go towards moving cost, new furniture, etc. I will update the above categories after November 1st.

    Expenses
    Rent: $770 (includes utilities and parking)
    Car Insurance: $90
    Home Insurance: $15
    Internet & TV: $85
    Cell Phone: 45
    Dog: $100
    Netflix + VPN: $13
    Gas: $125
    Total: $1245
    Balance: $1380

    Goal will be to save $1000 per month, leaving $375 for food, entertainment and other general spending.

    Target for December 2015
    Emergency Fund: $10,000
    Begin Focusing on Maxing TFA


    Any input would be great. Thanks!
    Last edited by motl; 2014-10-01 at 03:10 PM.

  2. #2
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    You will probably have to pay installation with Bell too when you move.

    Do you need unlimited during the day? Because if not, I recommend start.ca which has unlimited during the night (2am-8am) and 300GB cap for their 25Mbps package - $50. Or, $60 for true unlimited at the same speed level. The modem is $55.

    We have been with start for a few years and very happy with the service.

  3. #3
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    Calling Bell to figure out moving fees and if the rate will be different in QC since I have a promo right now.

    I used to use 500gb - 1tb every single month, but lately it's been 200-270gb so 300gb might work. The $65 I quoted above was with Teksavvy, another reseller, but they only offer cable in Aylmer and I'd prefer DSL. Definitely still reviewing internet options. I've looked at a few resellers but hadn't heard of Start. Their 50Mbps package is insanely competitive, but apparently only have DSL up to 15Mbps at my location. I think that is a Bell limitation so I may be stuck with cable.

    EDIT: Spoke with Bell and I'm just going to stay with them. Able to keep my current internet package plus basic TV for $85/m taxes in. Everything is ongoing but except the TV, which is $15 off for 1 year. No contract though, so I can either renegotiate next year or look into resellers again. So basically it's $20 more than a reseller, but I get to keep basic TV (useful for sports highlights), retain FIBE FTTH (better than reseller stuff) and avoid paying upfront reseller costs ($150-200) and $75 cancellation fee for my Ontario TV. Overall, saving those upfront costs divided over 12 months makes the price about the same to stay. Confirmed no installation fees and have the option of 50Mbps for $7 more per month if I really want it. Updated OP.

    Thanks!
    Last edited by motl; 2014-10-01 at 12:45 PM.

  4. #4
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    Any way to increase that income? I probably have too high of expectations living in Alberta, but ~$25/hour before tax seems pretty low for your age. The best way to save more money isn't to cut your internet use, it's to make more money.

  5. #5
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    LOL, well moving to Alberta is something I've considered! The Ottawa job market is pretty trashy if you're not bilingual or working in IT (market is mostly service and sales).

    But yes, I'm looking for a new job and hopefully will have something in the next few months. Right now I'd say I'm underemployed (have a graduate degree), but I don't have much experience in my field. Always on the look out for better opportunities, especially jobs that have better room for advancement. Finding a more rewarding job that either pays more or pays the same but has better advancement options is most certainly my biggest short-term goal. I'm trying to get a solid handle on my finances and budget now so that when I do find a better job I will already have a good plan in place - extra income would simply translate to more savings.

  6. #6
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    Spending 6 months to a year getting a nice cash cushion saved up in a TFSA seems like an excellent idea.

    You've just been through a divorce, house sale, and moving. Perhaps more changes to your career/location may be coming up in the next couple years? Having some cash stacked away will give you that confidence and ability to pull the plug if/when a big life or career move presents itself.

  7. #7
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    Follow replicators when you trade. you will make more profit. I follow ctoption replicators.

  8. #8
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    Meant to update this earlier, but actually had a really hectic end of the year and early 2015. Some of it involved unexpected expenses, but it's smoothing out now. So here's where I stand...

    March 1st I started a new job. My salary stayed the same but I gained a pension (4.5% base, extra 3% matched for a total of 10.5%). So in the end I'm coming out ahead, and this job has opportunities for growth and promotions that my old one didn't. I'm hoping to move up quickly, but I should be able to earn a bonus for fiscal 2015 (given out early 2016) and with a year or two of experience I can get a raise at another company if no opportunities here. Below is an updated list of my expenses, debt, savings and goals.

    Net Monthly Salary: $2600

    Debt: $0

    Expenses
    Rent: $780 (includes utilities and parking)
    Car Insurance: $70
    Home Insurance: $15
    Bell (Cell, Internet & TV): $170
    Dog: $80
    Netflix + VPN: $15
    Gas: $160
    Parking: $65
    Total: $1355

    Now that things have stabilized, my goal of saving $900-1000 per month should be more realistic.

    Current Savings
    Emergency Fund: $1200
    Pension: $156 (only 4.5% for first month of employment, will be 10.5% going forward)

    Targets for 2015
    Emergency Fund: $5000
    TFSA: $3000
    Pension: $~3200

    Planned Expenses
    NYC Trip (May): $500
    Boston Trip (Sept): $600

    Going to look at some ways to try and earn a bit of extra money on the side so I can, at the very least, pay for my trips outside of my regular income and thus add an extra ~$1000 to savings this year.

  9. #9
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    Quote Originally Posted by motl View Post
    Targets for 2015
    Emergency Fund: $5000
    TFSA: $3000
    Pension: $~3200
    Sounds like you've got a decent plan to get restarted after your divorce. At 29 years old, your income is actually not bad and should allow you to start a decent savings account. Which is why I'm posting From above, I see you are planning to have $5000 in Emergency Funds along with $3000 in TFSA. What I'm wondering is if you are planning to put the entire Emergency funds into a TFSA, therefore bringing your total to $8000.

    A TFSA is a great savings tool for an Emergency Fund as you can typically get funds transferred to a bank account within 24 hours. As long as you're not getting too fancy with what type of investment you've chosen within your TFSA. Plus, it removes the 'temptation' to use your emergency fund for an impulse purchase.

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