September 2017 – Financial Update

I’ve got my work cut out for me this month in keeping up with my blogging promise that I made in my last post.  Luckily the first one is an easy one, but I realize I am a day late according to my schedule… I blame the long weekend… It messes with your perception of time… Anyway… here we go… another quick update on my financial goals for 2017.

#1 – Emergency Fund

This is starting to be a bit of a boring goal to report on.  Which I suppose is good.  The human emergency fund has stayed happily sitting at the $10,000 mark.  And once again, the pet emergency fund saw an increase…  We are only $1670 from the $5000 mark.  Which I think should be attainable in the next 4 month if Bentley doesn’t eat anything that his body can’t handle… (His current favourite is to find the chunks of drywall that are lying around because of our renovations… taking soggy drywall out of a dog’s mouth is not fun…)  I’m not sure we will get the stretch goal of an extra $5000 in the human emergency fund, but I’m not going to discount it yet… I may get some overtime this fall.

Human Emergency Fund = $10,000

Pet Emergency Fund = $3330 (+$570)

#2 – Planned Spending

August was actually a pretty lean month in terms of income for us.  No overtime, no bonuses, and lots of spending… So not much (nothing) was added to our planned spending savings.

  1. Travel #1: $3650 / $3000 >> We spent more than we had planned…
  2. Income Tax: $0 / $400 >> Turns out we both got a refund this year!
  3. More Home Renos: $9000 / $35,000
  4. Other Travel: $5000 / $5000 >> Done!  (for now…)
  5. Other Savings: $10,000 / $16,000

#3 – Net Worth

Since we are now paying for our renovations, we are seeing a decrease in our net worth.  It’s good to see, because that means that our renovations are getting done, but it’s also sad to see that money leave our accounts… Not much else to say about this right now… It’ll be a struggle to meet the increases that I wanted to see in our TFSA and RRSP before the end of the year, but if there is any extra leftover from the renovations, then we can dump that in to those accounts and maybe it’ll help?  It’s too early to say right now…

NetWorth_Sept2017

 

#4 – Monthly Spending below $8000

We are once again over… But only just by a hair… And considering how much we ate out and bought take-out this month, I’m sort of impressed that it didn’t come in higher… So, even if this is technically not a success, I am totally counting it as a success in my mind.

August 2017 Spending

And that was August… Pretty uneventful…

How was August for your finances?

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12 thoughts on “September 2017 – Financial Update

  1. In August, we cancelled my transfers to the joint account and doubled my husband’s which was super weird! We are tracking a full month ahead on our budget for the year, meaning we have spent 76% of our annual budget when we were only 67% of the way through the year. I’ve forecasted that we should recover by the end of the year and come in under budget, but we will see. We’ve been checking in on the main culprits throughout the year and hopefully we will write a more robust budget next year! And our only net worth addition really was unlocking some mortgage principal with the normal payment. September I anticipate a decent drop what with paying for the rest of the wedding and my husband wants to replace his three year old phone… My husband usually prefers to be oblivious to the total amount spent in expensive months, but I prefer to be informed about the cost of the conscious decisions we are making.

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    • I read about your changes to your finances on your blog. And it sounds like you guys are doing really well. I love that you and your husband are working together with your finances and talking through it. It can be difficult to talk money, but it is so important. Good luck with the rest of the year. I’m sure you’ll be able to recover! 🙂

      Like

    • Sorry, I totally just assume people know what those are… But it’s only Canadians that will know what they are…
      TFSA stands for Tax Free Savings Account. And RRSP stands for Registered Retirement Savings Plan. These are the tax sheltered savings options for Canadians. Basically, the TFSA you can put money in after tax, but it grows tax free, so you don’t pay tax on any money that you make off those investments. The RRSP is tax-deferred, so you can take money out in retirement when you are likely at a lower income level and so you have a lower tax rate.
      That’s a super basic description of them, but hopefully that helps clarify it a little bit.

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