# A New Chapter - Tracking Progress



## motl

Old Thread: http://canadianmoneyforum.com/showthread.php/17544-28-amp-Divorcing-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!


----------



## Spudd

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.


----------



## motl

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!


----------



## Feruk

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.


----------



## motl

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.


----------



## peterk

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.


----------



## Connie Merrow

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


----------



## motl

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.


----------



## motl

Been thinking about things...

I'm considering moving back into Ottawa later in 2015. Here's what I'm considering...

If I move, I would save about $2000 in taxes I'll owe QC this year. If I factor that into my current monthly bills, I'm certain I can make Ottawa close to the same price. However, I can definitely make it lower if I sell or park my car.

In Ottawa I could find a nice apartment for say $1000 plus $100 for bus pass. 

Compared to current, $770 for apartment, $65 for work parking, $140 for gas, $70 for insurance. Totals about $1040, but that doesn't include the extra ~$180 per month I have to set aside for QC taxes. 

Best of all, I could likely get about $8000 for my car (maybe more, being conservative), which would give me my emergency fund and more. Going forward I'd probably save about $200 a month on expenses. 

Downside is of course not owning a car. If I lived downtown I think it'd be fine. If right downtown I could walk to work and save more by not buying a bus pass. Ottawa isn't the best city for transit since there are no subway and few LRT options, but I managed for 10+ years and lived in less convenient locations. I enjoy having a car, but I'm not sure it's worth what I'm spending to have it. 

The cost of car insurance for me in ON mears I'd roughly break even if I just moved and kept the car. I don't want to ditch the car and regret it, wasting money on another one later. Anyone else ditch their car in a city that isn't TO?

Any thoughts?


----------



## peterk

If you can use the bus to get to work from Ottawa why can't you use the bus to get to work from where you currently live in Alymer? Which is presumably closer to your work...

I'm skeptical of this plan. How much more physical/mental time and energy is going to take you to commute from Ottawa on bus vs driving from Alymer? Your time is valuable. Spend it on working out those ways to make extra money like you mentioned 2 posts above, not riding buses.
How much will moving cost? After expenses and a new damage deposit, I can see that $2000 in tax savings getting eaten up pretty damn fast. 

Do you have collision insurance? Have you considered dropping it? For an 8k car you probably have no chance of breaking even even with a complete 8k write-off.

Awesome work though man! Glad you are starting to save and get your life back on track after that big shakeup. And I guess it was for the best you didn't take our advice last summer about moving out to Alberta to look for work!.... *Nervous laughter*


----------



## motl

Hey thanks for the reply. Ya kinda glad I didn't move haha. 

I'm sorry I didn't make it more clear... the layout of the communities isn't obvious to people who don't live here. Aylmer could be thought of as a suburb of Ottawa but it's just over the QC border. I actually work in Ottawa, close to downtown. Living in Aylmer I must have a car due to the commute, which is about 45 minutes. Busing would take 1.5 hours.

Where I live is very nice and cheap but it's also a bit far from shops. I can't walk to anything. 

If I moved to DT Ottawa, I'd pay more in rent but save on everything else. If I moved to certain areas I could walk or bike to work in the summer and bus in winter (bus commute would be less than now for sure... 15-20min I'd guess). Plus I could walk or bus to shops. 

Car is probably worth more. I'd be hoping for 10k but being conservative with my 8k estimate. I have family in Ottawa to help with the move. 

Not saying it's a guaranteed good decision, but thinking about it. I'd like to not live so far from everything, and having a car in DT Ottawa would be stupid (insurance and parking expensive there). So it's either stay where I am or move to DT and sell the car. Financially it seems DT is better and to your point I don't think I'd seriously impact my convenience on most days. And in a pinch, for around $40 I could use car sharing like VRTUCAR twice a month for things like groceries or vet visits.


----------



## peterk

In that case I think moving is an excellent idea!


----------



## mind_business

motl said:


> *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.


----------



## mind_business

motl said:


> Been thinking about things...
> 
> Downside is of course not owning a car. If I lived downtown I think it'd be fine. If right downtown I could walk to work and save more by not buying a bus pass. Ottawa isn't the best city for transit since there are no subway and few LRT options, but I managed for 10+ years and lived in less convenient locations. I enjoy having a car, but I'm not sure it's worth what I'm spending to have it.


It's been a long time since I've been in the dating game, but how would you pick up your dates for a night out without a car? If you take taxi cabs then you really need to add a budget line for that added expense. Or, check out the various 'Car Sharing Programs' you have available in Ottawa. Should lessen the pain of not owning your own car.


----------



## motl

Yes dating is one of the biggest issues. In cities like TO, it's very common to not own a car and transit is pretty good. Friends who live there tell me it's common for dates to be expecting public transit.

Ottawa is a bit different. We have no subway or light rail to speak of. While the buses do reach everywhere in the city, it's not exactly quick if you live in one of the further suburbs. Most dates take place downtown from my experience, and most people automatically take responsibility for their own travel (at least on the first date or first few). So living downtown it could be workable, but perhaps not completely ideal. Then again, living where I do can be inconvenient for dating too... it's a 25m drive minimum to the city, and possibly 35-45 if they are on the other side. Not super ideal for spending the night.

But I agree. Dating is definitely better with a car. Is that a good reason to keep it though?


----------



## peterk

Probably not. 

In your early 20s as long as you have some wheels it is a big plus with the ladies. But a shitty car into your 30s is probably a liability. If it's not an expensive looking sports car, import, truck, or 4x4 you might as well go car-less. At least then you can be a bit mysterious about yourself and your urban lifestyle. Maybe play up the helping-the-environment aspect with the hippier chicks? Nothing screams "no second date" to an attractive young woman like a man in his 30s with a 5-15 year old fuel efficient sedan... If that's what you're dealing with it's probably best to go car-less, or just hide the car out of sight until you've sealed the deal...


----------



## motl

peterk said:


> Probably not.
> 
> In your early 20s as long as you have some wheels it is a big plus with the ladies. But a shitty car into your 30s is probably a liability. If it's not an expensive looking sports car, import, truck, or 4x4 you might as well go car-less. At least then you can be a bit mysterious about yourself and your urban lifestyle. Maybe play up the helping-the-environment aspect with the hippier chicks? Nothing screams "no second date" to an attractive young woman like a man in his 30s with a 5-15 year old fuel efficient sedan... If that's what you're dealing with it's probably best to go car-less, or just hide the car out of sight until you've sealed the deal...


Ya, I'd say it's an attractive car (2010 Kia Forte SX - high trim model with leather seats). Also decent on gas, so it sort of fits various needs. I enjoy the freedom of a vehicle for sure, so I'm still thinking about it. But I'm honestly not enjoying living so far from the city and my friends (30 minutes) and family (45-70 minutes). It also makes going out with friends/dates annoying, since everything takes place within the city and I always have the account for commuting time. 

Financially I'd be nice to get a chunk of money for the car, especially if I can also save going forward (even breaking even might be worth it). I enjoy public transit and do believe in using it when one can (would love to bike/walk to work too). I suppose I'm struggling also with the lifestyle decision of giving up the car, since financially it seems to make perfect sense.


----------



## motl

Went to NYC in April as planned so only saved about $500 that month, but expect to put at least $1000 away from pay cheque next week. Switched dog food to save $20 per month and was approved for OT at work. Should bring in an extra $1500 between now and September working OT. I also got more information about my potential for raises at work. I am basically guaranteed a bonus of at least $1000 in April next year (more likely $1500, but can go into the $2000s or 3000s). I'm also working hard to stand out (and succeeding) so I can earn a great performance review, which should come with a 6-8% raise. 

Still considering the move, but close to pulling the trigger.

I found a beautiful new apartment building in the perfect location. It has every amenity I want and is the type of place I could see myself rent for years (until I decide I may want to buy again). Downside is the rent would be $1280 with utilities, or 48% of my net income. The funny thing is, my expenses would stay the exact same - the money saved from car expenses (gas, insurance, parking) + income tax savings would cancel out the higher rent. I'd spend the same after the move as before. Little disappointing because I'd hoped to save monthly by moving, but I'm attracted to the major lifestyle upgrade of the location AND the building itself. The other options in downtown Ottawa have been seriously underwhelming. Either the cost is nearly the same ($1100-1200) and not nearly as nice or perhaps $200 cheaper monthly, but rundown piles of junk. Lots of good 'deals' on century homes for around $1000, but they are often poorly maintained, kind of gross and not at all appealing for the long-term. I'd rather not be looking to move again next year due to unhappiness with my place. I'm currently not splurging on anything really, and I'm feeling like perhaps spending a bit more to be truly happy with my living situation would be an OK financial sacrifice.

I know it's generally not smart to have such a high portion of income for rent, but my other expenses are quite low. Even with rent at $1280, my total fixed monthly expenses would be around $1500 (about $1575 now). I've currently reduced my spending and changed my habits (ie. food) and can continue saving 30%+ of net income after the move (higher during OT months).

Of course the move would still involve selling the car and using the profit to complete my EF and begin investing later this year.

Should I?


----------



## motl

First real update in a while. I ended up moving downtown July 1st and am quite happy so far. My rent is expensive and I've yet to sell my car (will be gone by end of the month), but my building is amazing and I love being so central. My total housing + transportation costs are equal to what I was paying before, but the percentage going to rent vs transportation is much higher now. Doing a lot more walking and debating buying a bike this summer instead of waiting until next year as planned. 

No funds from the car yet, but still adding to savings as I also got approved for some OT this summer. Worked some OT in June, but doing even more in July (9-10 hours of OT per week). All together, if OT is extended through August, I should end up adding about $2500 net income from OT this summer. All planned major expenses for the year have been paid for except a vacation in Sept, which I'll keep between $500 and $800.

*Liabilities*
Debt: $0

*Savings*
Emergency Fund: $3000
Pension: $1600

*New Projected Targets for 2015*
Emergency Fund: $5000
Investments: $7500
Pension: $~3500
Total by December 2015: $16000


----------



## motl

Car is sold. Sold for less than I'd planned, but I don't care. Just wanted to get rid of it and move on, and stop paying for insurance, etc. unnecessarily. I do have an upcoming vet bill for my dog that wasn't original planned, but incoming overtime for August should help pay for that without impacting target. Also taking a trip in Sept that was planned for. 

My current budget allows for about $300 to cover food and entertainment. I've found this pretty easy to stay within, which may allow for extra money saved over expected budget. 

This weekend I plan to begin process to open e-Series account so I can begin investing. Will leave $5000 in savings account as emergency fund, rest will be invested shortly. 

Updates below.

*Liabilities*
Debt: $0

*Savings*
Emergency Fund: $9950
Pension: $1890

*Projected Targets for 2015*
Emergency Fund: $5000
Investments: $7500
Pension: $~3500
Total Net Worth by End of 2015: $16000


----------



## motl

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!


----------



## motl

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!


----------



## peterk

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?


----------



## motl

peterk said:


> 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.


----------



## nobleea

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.


----------



## peterk

motl said:


> 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.


----------



## 1980z28

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,


----------



## motl

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.


----------



## motl

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).


----------



## motl

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.


----------



## motl

No numbers update for now, but got some great news today.

I received a promotion back in April after I applied for a position in a different department. Since then I've sort of redefined the position and actually began completing the responsibilities in the job posting over 3-4 days per month while the rest of the days are spent on projects that the previous person in my position could not have completed.

Anyway, today my boss randomly says he needs to meet with me. Turns out he's offering me a promotion into a position above my current, with more direct client interaction and significant increases in salary and perks.

Effective last Friday: Salary goes from ~$50,000 to $60,000 & will be assigned a company car & eligible for an additional annual bonus

The icing is that I'll actually continue my current responsibilities until July next year when these projects end, but raise and perks begin now. My boss and his boss have been impressed enough that they offered me a promotion with a raise to keep doing the same work when they could have just waited until next year. So needless to say I was shocked and appreciative. 

I started at this company in March 2015 making $45,000 and in less than 1.5 years I've moved to $60,000. Very excited about the extra savings/investment potential moving forward!


----------



## motl

Time for an update here. August-Sept were a bit expensive, although much of it was planned due to a road trip to Boston. No more major spending for the year and a triple pay in December means I should finish way beyond my original goal (~$27,000 net worth).

Will be working some OT to help my girlfriend pay for her dog's surgery. We consider them our dogs since moving in together, and his surgery is going to be about $2000. She has an emergency fund to cover it and refuses to take my money, but I'm going to force her to take at least $500 (covered by OT). 

Another net worth milestone down. New goal is $35k by end of the year, which is pretty conservative. 

*Liabilities*
Debt: $0

*Assets*
Emergency Fund: $5000
Invested TFSA: $19,000
Pension: $8400
Total Net Worth: $32,000


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Emergency Fund: $5000
TFSA (invested with Tangerine Balanced Growth): $20,000
Employer RRSP (invested in Sun Life 2050 target fund): $2650
Pension (invested in Sun Life 2050 target fund): $5900 
Total Net Worth: $33,500

Changed the way the pension stuff is listed, since technically it's 2 different funds. Later in 2017 I plan to transfer my TFSA investments out of Tangerine to something more appropriate now that the portfolio has grown to a reasonable size.

Expenses look good for the next little while, except that I need to see a chiropractor and my health plan coverage for that is pretty weak. But, fortunately, I am about to do overtime at work and can use that to compensate. I'm lucky because my current role/department doesn't offer OT, but my old department (pre-March 2016) is understaffed and way behind on its work so I've been given a blank cheque to do OT working on their tasks, pretty much until they hire enough staff and get caught up. Not doing as much right now as I used to, but it's nice to have to cover off random expenses or pad savings before the holidays.


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $100
Emergency Fund: $5000
TFSA (invested with Tangerine Balanced Growth): $21,000
Employer RRSP (invested in Sun Life 2050 target fund): $2760
Pension (invested in Sun Life 2050 target fund): $6160 
Total Net Worth: $35,000

Another minor milestone down!

Also, just heard today that a candidate I referred at work is being hired. My referral reward will be $2500, so pretty stoked about that. A chunk of it will go towards refreshing my work wardrobe though, but still a nice windfall.


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $140
Emergency Fund: $5000
TFSA (invested with Tangerine Balanced Growth): $23,000
Employer RRSP (invested in Sun Life 2050 target fund): $2895
Pension (invested in Sun Life 2050 target fund): $6495
Total Net Worth: $37,500

Still making good progress, despite spending on work clothes this past month. 

My employee referral bonus gets paid next pay cheque and it's also a 3x pay month. I'm expecting to be able to put the majority of it into investments for a nice boost there. 

Very exciting that I should end up hitting $40,000 net worth by end of year. On page 3 I stated that my goal for 2016 was $27,000. Since planning that goal, I've moved in with my girlfriend (significant savings on rent) and received $13,000 in raises. Should also be eligible for two bonuses paid out in the spring. Not sure of the value, but expecting $2000-3000 combined after tax. I'll be putting most or all of that to pay for my annual big vacation, which is great because that trip won't interrupt my monthly savings. 

Next month I'll look over my finances and get an idea of where I hope to be in 2017. Very happy to see that the race to my first big milestone ($100k) is coming up much quicker than originally anticipated.


----------



## Steve Divi

Great work Motl, 

You're making great progress. You've crushed your goal of 27G!


----------



## motl

Steve Divi said:


> Great work Motl,
> 
> You're making great progress. You've crushed your goal of 27G!


Thanks Steve. Incredibly pleased with how this year progressed and optimistic about 2017. Pretty confident that I'll get some decent bonuses in the spring, and optimistic that I can get a decent raise (4-7%) based on my performance and current salary for the position I'm in. Additionally, my manager and I are currently pitching a framework model that would standardize a workflow we've developed locally and apply it to the region. He's insisted my name stay on it and if things go as he hopes, my responsibilities will shift significantly and my role will need to be redefined as the position doesn't currently exist. Hoping if it all works out that will come with another raise. But will see. 

Even if nothing major happens, I'm very optimistic about 2017. My net worth in Dec 31 2015 was about $15,000 and one year later I expect it to be over $40,000. Given that I received my big raise only in August, I'm pretty excited about pushing for $70,000+ next year. 

Update for Nov below. Have an extra pay in Dec but obviously Christmas too. Likely won't update again until final pay of 2016. Thanks to those who have contributed here - it's been a fun journey so far! It's also great being able to share details and successes here. My girlfriend and I are open about our finances and cheer each other on, but I keep all this quiet from everyone else I know.

*Liabilities*
Debt: $0

*Assets*
Cash: $50
Emergency Fund: $5000
TFSA (invested with Tangerine Balanced Growth): $24,300
Employer RRSP (invested in Sun Life 2050 target fund): $2970
Pension (invested in Sun Life 2050 target fund): $6685
Total Net Worth: $39,000

Also thought I'd update my expenses for anyone interested.

Rent: $735
Hydro: $50 (should be lower in winter months)
Phone: $56
Internet: $30
Netflix/VPN: $17
Dog: $80
Insurance: $7
Gym: $56
Total: $1031

I allocate $200-300 per month for food and entertainment, so let's round up to $1400 total for monthly budget. Works out to ~$17,000 per year. Net income is about $44,000 so assuming everything holds next year and I pay for vacations out of bonuses, I'm looking at around 55-60% savings rate minimum.


----------



## motl

Will update final numbers at end of month, but quite pleased with where I stand. A bit concerned that I'll owe during tax season but will see.

Opened a Questrade account last night but haven't funded it yet. At end of year I'll have around $27,000 in my Tangerine invested TFSA and strongly considering moving it to Questrade. Not sure if I have enough invested yet to really make it worthwhile though. Should I wait until end of 2017 when it'll be $50,000+?


----------



## gladaki

Most of the ETF in ques-trade are free..But you need atleast minimum 1000$ to purchase. 
And they charge commission for selling.


----------



## motl

gladaki said:


> Most of the ETF in ques-trade are free..But you need atleast minimum 1000$ to purchase.
> And they charge commission for selling.


Right. I typically add to my investments once every month, although sometimes more often. I've looked at Questrade and it seems like a good solution that will help improve my returns long-term. 

My only uncertainty is rebalancing. Is it typically easy enough to 'rebalance' through purchases instead of having to sell X to buy more Y? Obviously selling to rebalance has a downside due to the commission fees, but if it can be avoided most of the time then I wouldn't be too concerned. I've also read that some people contribute every quarter instead of every month, to make it easier to rebalance through purchases. Not sure if doing that make sense?

I need to decide before end of 2016. If I am moving to ETFs then I need to withdraw my Tangerine portfolio out of TFSA so I need to decide pretty soon.


----------



## peterk

motl said:


> I need to decide before end of 2016. If I am moving to ETFs then I need to withdraw my Tangerine portfolio out of TFSA so I need to decide pretty soon.


I'd leave the Tangerine as-is. Start putting new funds into Questrade in 2017 (how much room you got? $5,500 at least..) and use that money/time in 2017 to choose your plan and ETFs.

Then if you're happy with how Questrade is working, move everything out of Tangerine at end of 2017.


----------



## Spudd

motl said:


> Right. I typically add to my investments once every month, although sometimes more often. I've looked at Questrade and it seems like a good solution that will help improve my returns long-term.
> 
> My only uncertainty is rebalancing. Is it typically easy enough to 'rebalance' through purchases instead of having to sell X to buy more Y? Obviously selling to rebalance has a downside due to the commission fees, but if it can be avoided most of the time then I wouldn't be too concerned. I've also read that some people contribute every quarter instead of every month, to make it easier to rebalance through purchases. Not sure if doing that make sense?
> 
> I need to decide before end of 2016. If I am moving to ETFs then I need to withdraw my Tangerine portfolio out of TFSA so I need to decide pretty soon.


Yes it's very easy to rebalance through purchases. You won't always be 100% balanced, but just always direct your new money to whichever ETF is most below its desired allocation, and you will keep in pretty good balance.


----------



## My Own Advisor

Good advice Spudd. Exactly what I have done over the years, buy what's out of favour or below desired allocation, including stocks and ETFs. Then hold.


----------



## motl

peterk said:


> I'd leave the Tangerine as-is. Start putting new funds into Questrade in 2017 (how much room you got? $5,500 at least..) and use that money/time in 2017 to choose your plan and ETFs.
> 
> Then if you're happy with how Questrade is working, move everything out of Tangerine at end of 2017.


Total TFSA contribution right now is around $26,000 but should be closer to $27,000 at the end of the month. So still lots of room total. 

Considering your idea, to split the investments for 2017. I plan to do CCP so the Questrade portfolio shouldn't be too hard to get going. Still debating if I'll move everything now though.


----------



## peterk

motl said:


> Still debating if I'll move everything now though.


I think you might be too late FYI - You'd need to sell your shares, have them settle, (3 days) then still transfer the funds out of Tangerine (1-2 days). I'm not sure if Tangerine funds have a settlement time though since they aren't on an exchange? Even if its technically still doable by selling _right now_, you might have an argument with CRA and phone calls to make in your future if it doesn't work out smoothly...

See:
-Last-Trading-Day-for-2016-Tax-Loss-Selling


----------



## motl

You're probably right at this point.

I'll likely just start contributing to QT and if I feel happy with it I can always shift the rest at the end of 2017. Could always transfer it during the year too since QT would cover the fee - just seemed like a hassle though.


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $1000
Emergency Fund: $5000
TFSA (invested with Tangerine Balanced Growth): $26000
Employer RRSP (invested in Sun Life 2050 target fund): $3200
Pension (invested in Sun Life 2050 target fund): $7115
 Total Net Worth: $42,300

As mentioned before, my original goal for 2016 was $27,000 NW. Blew it out of the water due to promotions and reduced expenses. 

My performance review is coming up soon at work and any raise I received will begin around February I believe. I'll also likely have 1-2 bonuses coming near the end of March. I'm planning a trip to India for March (~$2500) which I expect to be most covered by the bonuses. Not sure what my raise will look like so right now I'm cautiously looking forward based on current salary and spending. Salary will likely rise though and spending could fall if/when my girlfriend and I move in the spring (getting unexpectedly **** on by Hydro). 

With my current salary, I will add about $6000 in contributions to RRSP/pension in 2017. My investing goal will be about $2000 per month averaged over the 12 months. That means that I'm hoping to hit minimum $70,000 NW next year, but with raises and potential OT opportunities I think $75,000 is realistic. 

Thanks for following along so far. Pretty stoked that $100,000 is coming up within the next ~2 years and am extremely content/happy with how things are progressing. 2016 was a great year so hopefully the momentum continues. Will also be moving my portfolio over to Questrade at some point in 2017 to maximize returns there.


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $0
Emergency Fund: $5000
TFSA #1 (invested with Tangerine Balanced Growth): $26500
TFSA #2 (invested with Questrade): $3100
Employer RRSP (invested in Sun Life 2050 target fund): $3900
Employer DCPP (invested in Sun Life 2050 target fund): $8100

Net Worth: $46,600

Off to a good start here and should pass up my next big milestone ($50k) in March when my bonus is paid. The above numbers include a vacation I just returned from. Ditched the India trip I mentioned previously and instead spent just over 2 weeks traveling around Mexico. Spent about $1600 (flights, accommodations, spending money, kennel for dog). Had fun and pleased it was so cheap. My bonus gets paid in March and should repay what I spent on the vacation, and hopefully more to invest. No big purchases coming up and likely moving in May to reduce living expenses further.

Still waiting to hear about my raise. It should be announced next week and take effect in April.


----------



## motl

Looks like girlfriend and I found new home.

Current rent is $1475 + hydro for a 2 bedroom unit in a quasi-duplex. Not sure on total square feet, but it's not much bigger than a standard 2 bedroom apartment. We've had some issues here, and hydro is out of hand ($100 in summer with no AC, $140 in winter with gas heat). With average hydro factored in, all-in rent is nearly $1600.

New townhome rent is $1260 + hydro and gas. We're expecting $150-200 for utilities, so budgeting around $1450 total for new place. Means we should each save about $75 per month. We are moving mid-April and paying half of April at both places, so each will pay out an extra ~$350 so it'll be a few months before we're coming out ahead.

But new place has everything we need. Proper yard for dogs, big basement for storage, close to 900 square feet of living space, etc. A little bummed we couldn't find something with bigger savings, but it seems this is our best option. And every bit of savings helps, plus the bonus to quality of living. 

Should know my raise in a few days too.


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $0
Emergency Fund: $5000
TFSA #1 (invested with Tangerine Balanced Growth): $26765
TFSA #2 (invested with Questrade - VAB 10% VCN 30% XAW 60%): $4560
Employer RRSP (invested in Sun Life 2050 target fund): $3975
Employer DCPP (invested in Sun Life 2050 target fund): $8315

Net Worth: $48,600

On the home stretch to 50k. Right now I'm funneling everything into Questrade with the above allocation. I should hit my TFSA cap in late 2017 or early 2018, at which point I'll open an RRSP. Pleased with how this year has started given that I've already taken a vacation.

On a bad note, my annual raise came in lower than expected at 2.85% (about $40 net every 2 weeks). New CEO made cuts and raises were limited this year. Still have bonuses coming at the end of the month, which should put me over the 50k milestone. 

On a good note, I won a door prize at an industry event - a $2000 gift certificate for Air Canada Vacations. So looks like next vacation will be stress free money wise! Also still have the second half of an employee referral bonus coming in May ($850).

Below is expected expenses once I move next month.

*Monthly*
Income: $3475 (I'm paid biweekly so this number excludes the 2 extra pay cheques per year, which I keep out of general expense planning)
Rent: $630
Utilities: $75-100 (estimated)
Insurance: $7
Gym: $55
Phone: $55
Internet: $40
Dog: $80
Netflix/VPN: $15
Food/Fun: $300

Remainder to be invested: ~$2100-2200

Expenses come in around $15,500 per year based on the above, but that excludes vacations. With them included, it's in the area of $18,000.


----------



## motl

Finally got notice of bonus yesterday and it was more than I expected. I didn't know how my new unit's bonus worked but I was remaining cautiously optimistic. Total of the two bonuses is $4500 before taxes. 

Part of that is paying back my trip to Mexico an another part will go towards rebuilding my business attire wardrobe as I'll be in suits much more often beginning this summer. Should still have a bit left over to save/invest though. Pretty pleased as it bumps my expected salary for 2017 to around $67,000.


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $150
Emergency Fund: $5000
TFSA #1 (invested with Tangerine Balanced Growth): $26,670
TFSA #2 (invested with Questrade - VAB 10% VCN 30% XAW 60%): $7000
Employer RRSP (invested in Sun Life 2050 target fund): $4225
Employer DCPP (invested in Sun Life 2050 target fund): $8900

Net Worth: $51,900

Nice, I just knocked off a cool milestone today. Bonus was paid and although I've spent some of it, I was able to dump a good chunk into my investments. 

Pleased with beginning of 2017 as I've added ~$10k to my net worth since Jan 1.


----------



## peterk

Nice work on the bonus! You're obviously killing it at your job.

Check out Suit Supply for ordering a few fly suit that are cheaply priced.

50k is indeed a good milestone, congrats! 100k feels great too! After 100k it gets kind of boring though... At 300k+ now, money is starting to feel abstract, just numbers on a screen... big swings up or down (multi 10k's) barely have any emotional effect at all.


----------



## motl

peterk said:


> Nice work on the bonus! You're obviously killing it at your job.
> 
> Check out Suit Supply for ordering a few fly suit that are cheaply priced.
> 
> 50k is indeed a good milestone, congrats! 100k feels great too! After 100k it gets kind of boring though... At 300k+ now, money is starting to feel abstract, just numbers on a screen... big swings up or down (multi 10k's) barely have any emotional effect at all.


Thanks man. Definitely rewarding watching the numbers climb.

And thanks for the tip. Pretty sure I'll be picking up a couple of suits from Spier & Mackay next time they have a sale. I'll be in TO next week on business so I can try some on and nail down sizing in advance.


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $40
Emergency Fund: $5000
TFSA #1 (invested with Tangerine Balanced Growth): $26,915
TFSA #2 (invested with Questrade - VAB 10% VCN 30% XAW 60%): $8500
Employer RRSP (invested in Sun Life 2050 target fund): $4250
Employer DCPP (invested in Sun Life 2050 target fund): $8975

Net Worth: $53,650

Did some personal spending and moved this month, so that slowed the growth a bit. Still managed to add almost $1500 to Questrade investments. Should have an ~$800 employee referral bonus paid at the end of May.

About to step into a new hobby though, which will come with some startup costs.


----------



## redsgomarching

slow and steady wins the race! looking good with the net worth growth. up nearly 2k since your march update! if you keep that up that (estimated) 24k per year after taxed dollars that you can deploy to work for you!


----------



## cashinstinct

Good work. You are on the right track. I think you are around 31 years old now ? You have good habits for the future.

Question: you moved again? why? How much did it cost?


----------



## motl

redsgomarching said:


> slow and steady wins the race! looking good with the net worth growth. up nearly 2k since your march update! if you keep that up that (estimated) 24k per year after taxed dollars that you can deploy to work for you!


Thanks.

I actually opened that Questrade account this year, so the $8500 is invested from this year with a small amount carried from December. That means I'm averaging about $2000 invested in TFSA each month, plus the employer accounts. Unfortunately the RRSP and DCPP both lost a bit of value in April. 

Still on track for goal of $70,000 net worth by 2018.



cashinstinct said:


> Good work. You are on the right track. I think you are around 31 years old now ? You have good habits for the future.
> 
> Question: you moved again? why? How much did it cost?


Yup, 31.5 now actually.

Yes, I did move again unfortunately. Not planned but it made sense. Since moving last year I was given a company car, which opened up more options for us as we'd previously tried to stay local to downtown since we biked/walked/bused everywhere. With the car we were able to move a bit outside of downtown and save money. Moreover, hydro costs at our previous place were insane and much higher than the landlord predicted. I'm talking $150/month in the winter with gas heat, in a small 2 bedroom apartment/unit. It was an old house converted into 2 units, and I suspected somewhere an outlet in the other unit was attached to our meter because no matter how much we tried to conserve, it didn't help much. Even while away. Also suspected the ancient appliances were guzzling electricity. Total cost to rent the prior place was nearly $1600/month with utilities. 

New place is looking like $1310 + Hydro (have our first gas bill but not Hydro yet), so even if Hydro is as high here (which it shouldn't be) we'll still be saving a good amount monthly.

Gas (car) is paid for by company so moving here doesn't change any other expense for me. It's a townhouse with much more room and a yard, so it's honestly a huge lifestyle upgrade for us. And at a cheaper price. Moving truck cost $80 with some boxes and we had to buy a few small things.

All in all, I'm very happy we did it and finally feel like we're in a place we can call home for a few years at least. Should be saving ~$75-150/month each too, which is nice.


----------



## cashinstinct

Understood.
Changing rental is typically less costly.
Quality of life is important.

One point to watch out is the decoration/painting/while we are at it... you seem to have it under control!


----------



## motl

Monthly update time.

*Liabilities*
Debt: $0

*Assets*
Cash: $40
Emergency Fund: $5000
TFSA #1 (invested with Tangerine Balanced Growth): $27,700
TFSA #2 (invested with Questrade - VAB 10% VCN 30% XAW 60%): $13,050
Employer RRSP (invested in Sun Life 2050 target fund): $4575
Employer DCPP (invested in Sun Life 2050 target fund): $9750

*Net Worth: $60,115*

June was a 3-pay month for me and it helped me knock off another milestone. Very pleased with how this year is going so far. Despite moving and spending a bit of money on myself, I'm still maintaining great savings rates each month. No big expenses for the rest of the year except a vacation in September, but it's budgeted for. 

Depending on how the market goes, my Questrade account should catch my Tangerine account by the end of the year.

I plan to move it all into my QT account at the end of 2017 though.


----------



## motl

Monthly update time.

*Liabilities*
Debt: $0

*Assets*
Cash: $0
Emergency Fund: $5000
TFSA #1 (invested with Tangerine Balanced Growth): $27,285
TFSA #2 (invested with Questrade - VAB 10% VCN 30% XAW 60%): $14,550
Employer RRSP (invested in Sun Life 2050 target fund): $4640
Employer DCPP (invested in Sun Life 2050 target fund): $9925

*Net Worth: $61,400*


Not the best month. I missed my $2000 savings goal by $250 due to some unexpected (but intentional, good) spending. So that's a bummer, but I know where the money went and am fine with it.

Just doesn't help when my investments also declined by a few hundred dollars.

Oh well, expecting July to be a lower spending money. Still on pace to hit my NW goal of $75k this year assuming the markets don't decline seriously.


----------



## damaaster

motl said:


> Monthly update time.
> 
> *Liabilities*
> Debt: $0
> 
> *Assets*
> Cash: $0
> Emergency Fund: $5000
> TFSA #1 (invested with Tangerine Balanced Growth): $27,285
> TFSA #2 (invested with Questrade - VAB 10% VCN 30% XAW 60%): $14,550
> Employer RRSP (invested in Sun Life 2050 target fund): $4640
> Employer DCPP (invested in Sun Life 2050 target fund): $9925
> 
> *Net Worth: $61,400*
> 
> 
> Not the best month. I missed my $2000 savings goal by $250 due to some unexpected (but intentional, good) spending. So that's a bummer, but I know where the money went and am fine with it.
> 
> Just doesn't help when my investments also declined by a few hundred dollars.
> 
> Oh well, expecting July to be a lower spending money. Still on pace to hit my NW goal of $75k this year assuming the markets don't decline seriously.


Congrats! 0 Debt is always a great thing. I wouldn't worry too much about monthly fluctuations in your investments - as long as you are happy with your choices..just means you can buy more over the long haul


----------



## motl

Been a while since I updated. 

*Liabilities*
Debt: $0

*Assets*
Cash: $0
Emergency Fund: $4700
TFSA #1 (invested with Tangerine Balanced Growth): $26,650
TFSA #2 (invested with Questrade - VAB 10% VCN 30% XAW 60%): $18,300
Employer RRSP (invested in Sun Life 2050 target fund): $4800
Employer DCPP (invested in Sun Life 2050 target fund): $10,390

*Net Worth: $64,840*

Progress has been slow due to declining investments and a bit of extra spending, although most of it was planned for or covered by selling some items from an old hobby. 

Have a road trip coming up next week that I've budgeted for. Still look to be on pace to hit my goals even if investments stay low.

Got rid of my personal phone and now use my work phone for everything. My monthly budget right now is $1300 for everything, but I do intend to track that over the final few months of the year to find out if/where I'm going over budget.


----------



## BeautifulAngel

Wow! Congratulations! That has been a nice journey, I feel like you really stuck to your savings and you did an amazing job! You were able to go from having $3000 saved, to a net worth of $64,840. That is fantastic! 

I'm excited to see how your next few entries go!


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $0
Emergency Fund: $5000
TFSA #1 (invested with Tangerine Balanced Growth): $26,750
TFSA #2 (invested with Questrade - VAB 10% VCN 30% XAW 60%): $19,600
Employer RRSP (invested in Sun Life 2050 target fund): $4980
Employer DCPP (invested in Sun Life 2050 target fund): $10,830

*Net Worth: $67,160*

Late Aug/early Sept were a bit expensive due to a trip but the money was planned for (Dec is an extra paycheck month for me so that 3rd pay will be used to invest money spent on trip + Xmas spending). Also had a $250 unexpected medical expense but overall I'm OK with how the past month went.

Only $3000 away from my goal for the year. Hoping to make a run at $75k but may depend on how investments perform until the end of the year. Either way, I should surpass $50k across my TFSAs by the end of the year and will cap out and begin investing in RRSPs next year. Very excited that I should easily eclipse $100k NW next year and $100k in investments the following year.



BeautifulAngel said:


> Wow! Congratulations! That has been a nice journey, I feel like you really stuck to your savings and you did an amazing job! You were able to go from having $3000 saved, to a net worth of $64,840. That is fantastic!
> 
> I'm excited to see how your next few entries go!


Thanks! Sometimes I look at the number and wish it were growing faster - that I could be doing even more to make that happen - but then I remember where I started just a short time ago. Feeling good about where I'll be in 10-15 years if I can maintain these habits.


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $0
Emergency Fund: $4700
TFSA #1 (invested with Tangerine Balanced Growth): $27,600
TFSA #2 (invested with Questrade - VAB 10% VCN 30% XAW 60%): $22,740
Employer RRSP (invested in Sun Life 2050 target fund): $5300
Employer DCPP (invested in Sun Life 2050 target fund): $11,575

*Net Worth: $71,915*

Finally had a low spending month and managed to put $2500 into investments in October.

Thanks to nice growth in the market recently I've surpassed the $70,000 goal I set for 2017. Even if market drops a bit I should be able to hit $75,000 as well.


----------



## motl

Also realized that this thread is now 3 years old. Amazing really. Looking back the progress was slow in that first year or two but I've been moving forward at a great pace over the last 1-1.5 years. Definitely excited to keep adding to that momentum.

This site and post are a great outlet. I'd be lying if I said I learned most from this site because I definitely spend more time on Reddit (esp r/FinancialIndependence) but this thread has been invaluable. It's extra motivation to keep going and provides a nice log of my progress so far. Also let's me brag a bit while celebrating the small victories. My girlfriend and I share our financial goals and milestones but others than her I keep this stuff to myself aside from this post. Anyway, thanks to those who bother reading and commenting.


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $0
Emergency Fund: $4700
TFSA #1 (invested with Tangerine Balanced Growth): $27,950
TFSA #2 (invested with Questrade - VAB 10% VCN 30% XAW 60%): $26,100
Employer RRSP (invested in Sun Life 2050 target fund): $5570
Employer DCPP (invested in Sun Life 2050 target fund): $12,190

*Net Worth: $76,500*

Second last update before the end of the year. Officially passed my stretch goal of $75k NW for 2017. Outside chance at $80k by the end of December but not too worried about it. Overall I'm very happy with how much I've saved/invested this year, especially considering I went to Mexico for 2.5 weeks in the spring, the US for 5 days in Sept, invested in a new wardrobe, and spent some money on a new hobby (golf) over the summer. 

Looks like we may not be getting good bonuses (or any bonuses) at work this year, which is unfortunate as I usually use that money to pay for a spring vacation. Will see, and see how my annual raise discussion goes. If I get the minimum COL raise again then I'll likely look at other opportunities later in 2018. 

Next post will review 2017 and plan for 2018.


----------



## motl

*Liabilities*
Debt: $0

*Assets*
Cash: $100
Emergency Fund: $4450
Tangerine TFSA (Balanced Growth): $28,550
Questrade TFSA (VAB 10% VCN 30% XAW 60%): $29,000
Questrade RRSP (VAB 10% VCN 30% XAW 60%): $1000
Employer RRSP (Sun Life 2050 target fund): $5850
Employer DCPP (Sun Life 2050 target fund): $12,900

*Net Worth: $81,700*

Well then, I ended up crushing my goals for 2017. My minimum goal was $70,000 and I managed to achieve just over $80,000. As a reminder, my NW at the end of 2016 was $42,300 so I nearly doubled it over the last calendar year. I'm extremely pleased with that result given that I took two vacations, spent unplanned money on a new hobby (golf) and used my bonus to revamp my work wardrobe. My goal was to save at least the equivalent of $2000 per month but I exceeded that by about $3000 as my total invested this year was roughly $27,000.

Obviously investment growth played a role too. OK enough with that.

*2018 Goals*

Planned Expenses: Vacation to Korea in March. Gift certificate will cover most of the flight and expect to be able to stay fairly frugal through much of it. My girlfriend lived in Korea for 3 years so will know where to find good, cheap local places to eat. Her friend has also offered us her parent's AirBnB house for a week for free. Haven't yet determined expected cost of trip but tentatively I'd say $2500. It'll be the only real vacation I take next year but we may do a few weekend trips over the summer. As of right now, this is the only planned major expense.

Work: Very busy year coming up for my department as we have a major product/system launch to coordinate. My annual review for 2017 will happen in January or February but I'm not expecting more than a 2-3% raise due to the company's poor results this year. I'm going to make my case though because I exceeded everything asked of me, but I'm keeping expectations low. My bonus will also be a lot less. Most people on my team won't get one at all. I'm quite sure I'll be getting one but it'll be much less than last year (~$4500) and no idea how much at this point. Anything I do get will go towards my trip above.

I will also be looking for opportunities to move up within my company over 2018. If I'm unsuccessful and still receiving minimum COL increases by 2019 (despite exceeding my goals) then I'll likely start looking at external opportunities. 

Finances: I've just sent in a request to move my Tangerine TFSA into my existing Questrade TFSA account. I've also just opened an RRSP with QT as I will surpass the TFSA limit within the first few months of 2018. I don't expect many large expenditures or additional income next year so I'll likely seek to match roughly what I accomplished this year. As a stretch goal I'd love to hit $100,000 across my investments (excluding pension) but I'll probably need investment gains to get there. So instead I'll set the following goals:

NW: $115,000
Investments: $95,000


----------



## motl

Kind of struggling with a potential new job.

Currently I’m earning in the low 60s but have 7% pension contribution from employer, company car and cell phone, and complete control over my schedule. Total compensation is likely around 70k excluding health benefits.

Problem is, I don’t enjoy the job and don’t want to do it long term. At my company I don’t feel there are many options to advance right now.

Have another potential job with a competitor that is extremely interesting. In fact, within my current industry it’s probably one of the most interesting jobs I’d be qualified for. Problem is, I’d be taking it on a 2 year contract with no benefits and only the possibility of a permanent role later.

The uncertainty of a contract is fine with me. One problem is I think the salary I’d be offered would be somewhere around breaking even versus my current. I’d definitely struggle to convince myself to move for less but I think it’d be at least a wash (around 70k). But the make that trade I’d have many negative side effects, like needing to buy a car and giving up the considerable flexibility I have now. Can easily go to gym during normal business hours for example.

I’m still about 12-13 years from FIRE but I’m hesitant to make lateral move that would lock me into the same salary for a total of 3 years (no raises at my current company this year). I do believe the other job would give me experience that would significantly add to my marketability, and the job itself is very appealing despite being a regular 9-5 office job.

Anyone been in a similar situation? Where you were faced with giving up a bunch of perks for same/less money for a job you thought had more potential? How’d it work out?


----------



## motl

OK, been a while since I updated because I've had so much going on. Many changes to my expenses and future. I'll list them and hopefully keep this concise. 

1. I accepted a new job that comes with a ~21% raise. It's the job I posted about above. The offer ended up being for a permanent position but at a salary range I expected for a contract. Win-win. Benefits are the same or better than I have now. Retain RRSP matching but will have stock options (matched) at the new company. Extremely excited to start as this role seems to suit me perfectly. 

2. The one major loss from changing jobs is my company car. Even factoring it into my calculations I still come out way ahead. But, I need a car. Girlfriend and I had to move quick but are happy with what we found. We were originally looking at used cars in the $8-10k range but her mom decided she wanted to help us out. She gave us a large sum that we decided to use as a downpayment on a newer car. Tonight I'm picking up a used 2018 Kia Forte. Very happy with our decision and got a good enough deal on it. We decided to finance the remainder as we got a decent rate but may end up just paying it off quicker. Loan amount is for $8000 (split evenly between her and I) over 3 years. 

3. Invested a bit into cryptocurrencies over the past few months. Keeping it below 5% of my total investment portfolio but mostly treating it as a long-term high-risk/reward venture. 

4. Just got back from 3 weeks in South Korea. Kept the trip below budget actually and had a blast. While I was away my current job paid out bonuses and I got much more than expected. As a company we performed poorly and bonuses were impacted for most, but my individual performance was good enough that my bonus was similar to last year. Quite happy about that.

So all in all, it's a great start to the year. Can't wait to start new job and am excited about the extra earning power to drive my investments/NW higher in the near future. Below are updated net worth and expense charts. Thanks for reading!

*Liabilities* 
Car Loan: $4000

*Assets* 
Cash: $100
Emergency Fund: $5000
Questrade TFSA (HMMJ 7.5%, VAB 15% VCN 20% XAW 57.5%): $59,100
Questrade RRSP (VAB 10% VCN 30% XAW 60%): $975
Employer RRSP (Sun Life 2050 target fund): $6640
Employer DCPP (Sun Life 2050 target fund): $13,750
Cryptocurrencies: $3000 (invested amount, not current value as it changes rapidly)

*Net Worth: $88,465 - $4000 = $84,465*

*Monthly Income* 
~$4200 (I'm paid biweekly so this number excludes the 2 extra pay cheques per year, which I keep out of general expense planning)

*Monthly Expenses*
Rent: $650
Utilities: $55
Home Insurance: $10
Car Payment: $115
Car Insurance: $55
Gas: $100 (estimated)
Gym: $55
Internet: $35
Dog: $80
Food/Fun: $400

*Total: $1555*

Goal is to save $2500 per month through the rest of this year.


----------



## motl

April update - plugging along. Hit my savings target for this month despite doing a bit of spending prepping for golf season. TFSA officially maxed for the first time ever. Focus now is RRSP. 

Still debating accelerating paying off the car. Also have to make pension decision at work within the next week so net liquid income will drop a bit when it takes effect in July. In October I'll also have the option to use up to 10% of my income to purchase company stock each month (50% matched). Overall things are moving along well. 

*Liabilities* 
Car Loan: $3885

*Assets* 
Cash: $100
Emergency Fund: $4800
Questrade TFSA (HMMJ 7%, VAB 15% VCN 20% XAW 58%): $61,400
Questrade RRSP (VAB 10% VCN 30% XAW 60%): $975
Employer RRSP (Sun Life 2050 target fund): $6710
Employer DCPP (Sun Life 2050 target fund): $13,900
Cryptocurrencies: $3500 (invested amount, not current value as it changes rapidly)

*Net Worth: $87,500 (+3035)*


----------



## motl

Decent month in May. Had some random spending but still saved around what I planned. Investments gained a bit so jump in NW was decent. Getting closer to the 6 figure milestone! 

Haven't invested about $900 from May yet as still deciding what to do with it. More than likely it'll all end up in my RRSP but considering splitting it and adding to crypto, which is currently less than 4% of my total portfolio. 

Sun Life transferred my DCPP to QT but something went wrong with the RRSP so I had to send in a second request. Will be nice when I have control of all my investments. 

After another couple of paychecks my net income will drop as my DB pension contributions will kick in. 

*Liabilities* 
Car Loan: $3770

*Assets* 
Cash: $900
Emergency Fund: $4650
Questrade TFSA (HMMJ VAB VCN XAW): $63,150
Questrade RRSP (VAB ZAG VCN XAW): $2500
Questrade LIRA (ZAG VCN XAW): $14,000
Employer RRSP (Sun Life 2050 target fund): $6800
Cryptocurrencies: $3500 (invested amount, not current value as it changes rapidly)

*Net Worth: $91,700 (+4200)*


----------



## motl

Decent month in June. Missed my investment goal by $300 due to spending but partly because I prepaid for part of a cottage long weekend in August. I'll have 3x pay in August though so it'll be made up.

Good investment gains this month because of some weed stocks rebounding. Decided to adjust crypto to reflect current value of investments rather than deposits so gain in NW appears smaller in this log. Changes often but a monthly value is still more accurate in terms of net worth. Mostly just sitting on what I have long-term. 

Next month I believe my DB pension contributions start so net pay will go down. Stock options available in Oct. Excited to pass $100k soon.

*Liabilities* 
Car Loan: $3655

*Assets* 
Cash: $0
Emergency Fund: $5000
Questrade TFSA (HMMJ VAB VCN XAW): $64,900
Questrade RRSP (VAB ZAG VCN XAW): $11,600
Questrade LIRA (ZAG VCN XAW): $14,300
Cryptocurrencies: $1700

*Net Worth: $93,850 (+2150)*


----------



## motl

Been busy and honestly been spending some money lately, mostly on hobbies like golf and powerlifting plus bought some new clothes. Still happy with progress here overall. 

You'll notice that I'd forgot to include my car as an asset previously so I added it in. I don't consider it a true asset though so I've listed it (my half of its value) but not included it in my NW. I didn't feel like crypto was worth tracking here either since it's so volatile and my time horizon for it is long. The money invested was an amount I was OK to lose so it makes more sense to not include it in my routine NW tracking. I've added it to a section with the car to show where some of my money went but it isn't being reflected in my NW calculation until (if) I convert those 'assets' to money. Without those included I'm currently just shy of $100k but obviously I'm well over with them.

Should pass that mark for real next month assuming stocks hold (big rebound for HMMJ helped me out). Have a trip coming up in October that is partially paid for and will need winter tires in November, so still a bit of spending on the way. In Oct/Nov I'll also begin participating in my company's stock purchase plan (10% with a 100% match) so net income will decline more. 

Should also have sight on the value of my DB pension early next year.

*Liabilities* 
Car Loan: $3430

*Assets* 
Cash: $0
Emergency Fund: $5000
Questrade TFSA (HMMJ VAB VCN XAW): $65,700
Questrade RRSP (VAB ZAG VCN XAW): $17,000
Questrade LIRA (ZAG VCN XAW): $14,425

*Assets Not in NW*
Car: $7500
Cryptocurrencies: $4500 (invested not current value)

*Net Worth: $98,695 (+4845)*


----------

