My Money Journey

[ramy98]

I like how each month your are knocking down that consumer debt!
Way to go, keep at it and after you can start saving money.

[steve41]

OK Darryl, if you want a proper projection/plan, I need to know...

Gross salary by spouse
amount in rrsp and nonreg (also by spouse)
current ages (of each spouse)
retirement age (estimate)

details of DB pension (%, number of year worked)

[Daryl-Manitoba]

Hey Steve,

Thanks for the offer but I'm going to hold off for a bit on that. Over the next 6 months to a year I have quite a few unknowns and all those values could change. With that in mind I think a projection would be much more useful when things have settled down a little bit.

[Daryl-Manitoba]

May 2011

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
Unregistered Investment Income - $0.54 (-1.8%)

Assets - $106,200 (+0.6%)

->Possessions - $100,300 (-0.2%)
--->House - $84,500 (+0.2%)
--->Vehicles - $15,800 (-2.5%)

->Registered - $3,800 (0.0%)
--->TFSA - $0 (0.0%)
--->RRSP - $3,800 (0.0%)

->Non Registered - $2,200 (+69.2%)
--->Bank Acc. - $2,200 (+69.2%)
--->Invest Acc. - $0 (0.0%)

Liabilities - $51,300 (-11.1%)
->Mortgage - $29,600 (-0.3%)
->Consumer Debt - $21,700 (-22.5%)

Net Worth - $55,000 (+14.8%)

2011 Financial Goal - Pay off LoC
$15,914.35 paid onto $31,982.04 = 50% Complete (+14% to Goal)

Good month this month, tax refunds from this year came in, corrected taxes from previous years and received refunds and collected auto insurance rebates (45% of last years premium). All this worked out to increasing Net Worth up over 50K

[KaeJS]

Nice!

Congratulations on reaching over that $50k mark.

[Daryl-Manitoba]

June 2011

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
Unregistered Investment Income - $0.33 (-38.9%)

Assets - $105,700 (-0.5%)

->Possessions - $100,000 (-0.3%)
--->House - $84,600 (+0.1%)
--->Vehicles - $15,400 (-2.5%)

->Registered - $3,700 (-2.6%)
--->TFSA - $0 (0.0%)
--->RRSP - $3,700 (-2.6%)

->Non Registered - $2,000 (-9.1%)
--->Bank Acc. - $2,000 (-9.1%)
--->Invest Acc. - $0 (0.0%)

Liabilities - $48,800 (-4.9%)
->Mortgage - $29,000 (-2.0%)
->Consumer Debt - $19,700 (-9.2%)

Net Worth - $57,000 (+3.6%)

2011 Financial Goal - Pay off LoC
$18,508.01 paid onto $31,982.04 = 58% Complete (+8% to Goal)

6 months in and over halfway to my goal, things are looking good.

[Daryl-Manitoba]

July 2011

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
Unregistered Investment Income - $0.55 (+66.7%)

Assets - $105,600 (-0.1%)

->Possessions - $99,700 (-0.3%)
--->House - $84,700 (+0.1%)
--->Vehicles - $15,000 (-2.6%)

->Registered - $3,700 (0.0%)
--->TFSA - $0 (0.0%)
--->RRSP - $3,700 (0.0%)

->Non Registered - $2,100 (+5.0%)
--->Bank Acc. - $2,100 (+5.0%)
--->Invest Acc. - $0 (0.0%)

Liabilities - $46,900 (-3.9%)
->Mortgage - $28,900 (-0.3%)
->Consumer Debt - $18,000 (-8.6%)

Net Worth - $58,700 (+3.0%)

2011 Financial Goal - Pay off LoC
$19,097.55 paid onto $31,982.04 = 60% Complete (+2% to Goal)

Little bit of a slower month than last month due to a lot of travelling

[Daryl-Manitoba]

August 2011

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
Unregistered Investment Income - $0.52 (-5.4%)

Assets - $104,800 (-0.8%)

->Possessions - $99,500 (-0.2%)
--->House - $84,900 (+0.2%)
--->Vehicles - $14,600 (-2.7%)

->Registered - $3,600 (-2.7%)
--->TFSA - $0 (0.0%)
--->RRSP - $3,600 (-2.7%)

->Non Registered - $1,700 (-19.0%)
--->Bank Acc. - $1,700 (-19.0%)
--->Invest Acc. - $0 (0.0%)

Liabilities - $45,500 (-3.0%)
->Mortgage - $28,300 (-2.1%)
->Consumer Debt - $17,200 (-4.4%)

Net Worth - $59,300 (+1.0%)

2011 Financial Goal - Pay off LoC
$19,250.26 paid onto $31,982.04 = 60% Complete (+0% to Goal)

Last couple months have slowed the LoC debt repayment down as we wind out the last few months of my wife's maternity leave. Networth growth still looks good though.

[Karen]

You're doing remarkably well, Daryl - I'm impressed!

[Daryl-Manitoba]

September 2011

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
Unregistered Investment Income - $0.59 (+13.5%)

Assets - $104,700 (-0.8%)

->Possessions - $99,300 (-0.2%)
--->House - $85,000 (+0.1%)
--->Vehicles - $14,300 (-2.1%)

->Registered - $3,500 (-2.8%)
--->TFSA - $0 (0.0%)
--->RRSP - $3,500 (-2.8%)

->Non Registered - $1,900 (+11.8%)
--->Bank Acc. - $1,900 (+11.8%)
--->Invest Acc. - $0 (0.0%)

Liabilities - $44,300 (-2.6%)
->Mortgage - $28,100 (-0.7%)
->Consumer Debt - $16,200 (-5.8%)

Net Worth - $60,400 (+1.9%)

2011 Financial Goal - Pay off LoC
$19,823.87 paid onto $31,982.04 = 62% Complete (+2% to Goal)

Well wife is back to work from her mat leave and so should start seeing some accelerated debt repayment again. Those last few months were a fair bit slower than earlier in the year.