As we look back in 2011 we can see many areas we could have saved more money but that’s what budgeting is all about, learning. Keep in mind we don’t make huge incomes so the frugal lifestyle we lead is imperative to our savings whilst still enjoying life.
I don’t predict the same extra income in 2012 so a tighter budget has been put in place. We are hoping to get a bathroom renovation completed and landscaping of our yard by the end of the year.
Our main goals for 2012 although I’m sure this list will grow!
- Spend less on grocery $190 a month. Save more with a shop free week each month and playing our grocery game challenge.
- Collect enough Optimum Points at Shoppers Drugmart for 2 Redemptions. We accomplished 4 at top-level in 2011.
- Figure out what to do with our Savings
- Max out both TFSA (Tax Free Savings Account)
- Invest more in RRSP (Registered Retirement Savings Plan)
- Pay down Mortgage currently $157k,
$164Kwas 265K when purchased in 2009. Current Market Value Aprox $339k. Accelerated Weekly 3.9% 5yr fixed 25 yr Amortization
- Build Emergency Savings by $ 8k
- Renovate Bathroom under 5k
- Educate myself on Investing, read more books
- Continue using coupons $2k with new budget
- Search for deals on Kijiji and Craigslist and sell what I don’t need
- Earn more income
- Lower Utility bills with new time of use (is that possible?)
- Invest in purchasing new energy star appliances
Quit smoking We are ready for this January 30,2012! DONE
- Work on what to do with excess savings
- Spend less at Tim Horton’s
- Landscaping project $2k
- Track our overtime hours
- Cook from scratch, create new recipes and meal planning
In 2011 the numbers will show you we did a fair job at saving but strive for better numbers in 2012. We really need to work on what to do with our savings allocation as it is so unbalanced at the minute.
Below are some of our final 2011 figures as of Dec 31,2011- keep in mind we have no debt but the mortgage. All vehicles are paid and no credit card debt, school loans etc. You can read our up to date numbers by following our Monthly Net Worth Update Posts.
- Savings +$15,921
- TFSA +$5804- both of us
- RRSP +$2600
- Mortgage Paid down extra $5004
- Coupon Savings +$7429
- Extra income made ie: Mail in rebates, focus groups,overtime etc+$16411
- Rogers-$2030 down from $2072 in 2010
- Hydro-$1790.49 down from $1882.60 in 2010
- Union Gas-$710.24 up from $634.90 in 2010
- Reliance-$433.00 up from $411.00 in 2010
- Grocery- $6274 this will be improved in 2012
- Miscellaneous-$12,248.50 lots of renovations in 2011
- Eating Out-$53.00
- Allowance-$122 (Tim Horton’s and Beer) working on this too
- Lottery-$96 (I know, I know but you can’t win if you don’t play. This year I plan to track any winnings.
- Smoking-$2007.00 (can’t wait to save this in 2012) Quit smoking as of February 29,2012 and still smoke free today!
Well there you have it, our goals for 2012 and comparisons from 2011. I’m sure I will visit this page often and update it as goals change and unexpected events occur in everyone’s lives. I have to be prepared for that and so should you.
As you can see the figures once in front of you truly opens your eyes to the amount of money being spent. I’ve posted Step 1 of 10 on how we designed our budget. Check it out to see how we started out and how you can to!
What do you think of our 2011 spending and our 2012 goals?
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- Reader Question: How Much Debt is Too Much Before You Need To Budget? (canadianbudgetbinder.com)
- How We Designed Our Budget Step 10- Projected Expenses (canadianbudgetbinder.com)
- Save Money On Your Next Mortgage Transaction (canadianbudgetbinder.com)
- Lessons Learned From My First Retail Credit Card (canadianbudgetbinder.com)
- Why We Want To Pay Off Our Mortgage Early (canadianbudgetbinder.com)