Time to Review our Net Worth for July! If you are new to Canadian Budget Binder I post our family Net Worth and Budget Update once a month. This helps keep us on track and helps us to see where we need to improve.
Who’s the Man behind Canadian Budget Binder?
My name is Mr. CBB and I’m the guy that does all the talking around here. I enjoy communicating with my fans daily and learning from them as well as sharing our financial triumphs and failures. I’m easy-going with a sense of humor and like to keep the conversation fun!! If you don’t understand British slang,well get used to it because I’m not changing for anyone!
There is also a Mrs. Canadian Budget Binder although she likes to hide in the background.This isn’t her type of gig, but…I did manage to encourage her to write her first blog guest post which you can read here.
Together we are…….Canadian Budget Binder. We started our Canadian Budgeting Journey to lead us towards a happier financial future. Our goals for 2012 are very much still the same since the beginning of the year but we will revisit them later in August for an update.
We’re in our mid thirties residing in the Greater Toronto Area. Contrary to popular belief we do not hide away in our home and rattle the calculator whilst sipping milk and eating cookies we got free by using a coupon for entertainment. (I actually make my own cowboy quickies, better than any bagged cookie I’ve had) We do like to get out and enjoy life and a healthy lifestyle is part of our daily routine. Keeping fit is a great stress reliever and most exercise methods cost just about nothing,like running.
What we do?
Every month I post our finances and budget for all to see although we remain anonymous. I’m very much active on my social media outlets each day. We do this to hold ourselves accountable for our actions and the fans enjoy seeing how we progress. I enjoy learning from others who enjoy finance and taking care of their future before the future takes care of them.
No one has the answers for your situation, you need to figure out what’s right for you. I can’t tell you what’s right or wrong, all I can do is tell you what worked for us. After all I’m not a finance professional, whom you should speak to in any case when it comes to your own money.
I blog at Canadian Budget Binder to encourage, motivate and help others who think that budgeting is a waste of time, or they believe a budget can’t get them out of debt. If you aren’t serious, don’t waste your time. It’s as easy as that. Realize that no one can snap their fingers and make your debt disappear. My update is to show the fans that they too can in fact do a Net Worth Calculation and that by budgeting anything is possible. We are proof of that although we still have a long way to go in our journey.
These are our numbers and our goals, not a means of comparison towards your own goals. I hope what I post for the fans about our experiences perhaps will help guide you along the path towards debt freedom. Sometimes seeing the numbers is what it takes to kick it into high gear like it did for us. I encourage you to learn what your numbers are.
We are firm believers that…..
- If we want to save money, enjoy present life and live a comfortable retirement then we have to spend less than we earn, pay off our debts and build a retirement savings that will suit our projected retirement lifestyle.
- “It’s Not About How Much Money You Make It’s How You Save It”-Mr. CBB
- “Money is Money, Debt is Debt, A Budget is Ahhh”-Mr. CBB
Canadian Budget Binders Financial Health.. Let’s see how we did!
Our Monthly Goal(s)
- To save as much money as we can while we are young to save for retirement while enjoying the present.
- To spend less than we earn to carry out the above.
- To lower our Grocery Budget with The Grocery Game Challenge and if you want to improve yours play with us!
- To pay off our mortgage with-in the 5 yr term ending in April 2014 and potentially save for a second home to rent out or our dream home.
- Max out our TFSA and RRSP each year although we are currently not at max with both.
- To finance our retirement as best we can by continuing to educate ourselves on finance and investments.
- To finish renovating our home.
- To sow and grow more vegetables/herbs in the garden to save money.
- To learn how to be more self-sufficient in the kitchen so we can eat healthier and save money by cooking homemade,canning,baking.
- To continue to educate with further training so we are on top of our game when it comes to our careers. When you stop learning everything else stops.
- Canadian Budget Binder Assets:
- Chequing Account Cash-$460.00 We prefer to keep a buffer in the account. Current $993.53
- Savings Account-$3326.34 This is the account we use for our projected expenses
- Emergency Savings #1-$84,887.03
- Emergency Savings #2-$61,932.00
- Pension(s)-$27,760.01 (part of this goes up and down as it is invested UK ) Exchange rate went down from 1.59 in June to 1.56 in July.
- Registered Retirement Savings Plan (s) (RRSP)-$54,346.77
- Tax Free Savings Account (s) (TFSA)-$15,550.65
- Vehicles-$15,000.00 (I will check this once per year)
- Principal Residence-$329,000.00 (I will check this once per year)
Total Assets: $592,796.33
Our Liabilities:$158,795.05(mortgage)- I may up our weekly payment to $303.79 + $417.00 extra. This would take our term from 17 years current to 12 years.
- 17.66 years left to pay 3.99% 5yr fixed rate (Goal is to pay off by end of 5 year term 2014)
- $592,796.33 (Assets)-$158,795.05 (Liabilities) =$434,001.28
- Our Total Net Worth: $434,001.28
- Our Net Worth in July $434,001.28 -June$427,563.13=$6438.15
- Our Net Worth since June 2012 has gone up by $6438.15 This would have been up around $8196.15 if we didn’t lose to the British Pound… bloody rates!
Do you know how to calculate your own Net Worth? Why not go ahead and calculate your own using our Free Tool Networth Calculator (Canadian Budget Binder 2012)
I welcome all suggestions and tips on our Net Worth Update. If you wish to ask me a question privately you can click here.
You can Follow me on Twitter HERE or Facebook HERE and Pinterest Here. Come join the conversation, we’re waiting! Cheers Mr.CBB
Yes I have to credit my photo exactly like this as the site requires!Photo Credit: Copyright (c) <ahref=’http://www.123rf.com’>123RF Stock Photos
Related articles
- Net Worth Update June 2012 Canadian Budget Binder-Review (canadianbudgetbinder.com)
- July 2012 Canadian Budget Binder Family Budget Update (canadianbudgetbinder.com)
- Money Fights and Money Problems (canadianbudgetbinder.com)
- Newlyweds: How We Avoided Debt on One Income (canadianbudgetbinder.com)
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Wow. Impressive net worth statement. I need to get crackin’ on my retirement.
Cheers Nell! Been working hard on it for a couple years now but really with inflation I still get weary. I know it’s better than nothing but still a long road ahead. All I can say is without the budget we wouldn’t have near what we have that’s for sure. Cheers darlin.. Mr.CBB
I was just trying to make you feel at home lol…I don’t know too many of your sayings lol…If I calculated my net worth I’m sure it would be in the negative lol…
Well, click on the downloadable form and fill in the information. I know you have all your information as we went over it all. You should know this Jen at least so you have an idea of your financial health. It won’t take long, it’s super easy! If you need help email me as per usual hahaha… Cheers Darlin.. chin up you’ve made so many positive changes this year it will benefit you. Keep at it. Mr.CBB
WoW! Great work!
Thanks Barb, it’s budgeting that has gotten us this far and will continue to guide us on our money saving journey!!! Cheers Mr.CBB
Blimey!
I tried your net worth calculator and loved it! Thank you!
I think you are doing a great job with your net worth!!!
Have a great day!
Hi,
Thanks, glad you liked it. We’re working on it but believe me when I say we feel very far behind. We will be sitting down soon talking about retirement and what our goals are. It sounds silly as we are in our 30′s but with a modest inflation rate of 2.5 as predicted by 2030 according to Great West Life… things could get rough. 4 litres of milk today $3.99 in 2030 $6.70. SO here’s to compounding and hoping we not only make it to retirement but that we planned it well. Cheers Mr.CBB