Our Earning Schedule Is Off To A Surprising Start : January 2015 Budget Update

Canadian Budget Binder Monthly Budget Update-EARNING SCHEDULEA BUDGET PAVES THE WAY


When we create our budget outlook we try to put together a mock earning schedule to estimate just how much money we will earn for the year.

We like to think of our earning schedule as the corporate calendar of our empire because we view our income as a business, a family business.

That may seem a bit nutty to some of you but tracking our expenses with a budget has really made a difference in our lives. I’m not talking just financially either.

The stress factor has gone from “I don’t know if I can find a career” to “We have no debt and I have a career plus 1”. We can’t complain about that.


Our Earning Schedule


Over the years our earning schedule thankfully has only been going up but we are always cautious to never get ahead with our thinking.

Our earning schedule is not based on how well our investments will do or whether or not the exchange rate goes up and down it’s merely an estimate of how much we think we will net over the course of the year.

In 2014 our net worth went up +$84,818.01 and hopefully we will reach our goal of a million dollar net worth before I turn 45. (I still have many years to go).

As of December 2014 we are worth (not including “stuff”) a calculated figure of $629,426.78. This has gone up for January 2015 which I will post the next week.

It’s hard to predict how much money you can earn unless you are paid a salary with no overtime and your bank account gets the same amount of money deposited each payday.

Even though I have a salary I do get paid overtime which is great because secretly who likes to work more than full-time and not get paid for it?

Earning potential for myself especially has pretty much boomed over the past year which I’m happy about as I take every opportunity to keep up with change in my field. Although I’m nowhere near the top in terms of my income potential I did receive a nice boost to my salary for 2015.

This month in particular was testament to the fact when we achieved a whopping $13,238.91 as a net income compared to our typical $7-$8000 net month. Although January was a 5 pay day month, It was also helped by overtime through my original career and a larger contract through my 2nd career.

I suppose it’s nice to be wanted but I can’t split myself in two.

Just lately what was supposed to be only 6-8 hours a week for my second job has become over 16 hours a week. Since I already work a full-time job the contract hours with my second job (my dream job) is great but not the half a dozen hours it was supposed to be.

Apparently my bosses are very happy with my work and wanted to give me a larger contract but I had to decline. It’s bad enough I’m not home that often and with a new baby money isn’t as important as watching my son grow up and loving my wife.

On the other hand securing my dream job is also important not only because it’s something that I want to do but it does boost our earning schedule as you will see today.

I work hard for my family and although I know balance is important there are some careers that are in demand and mine is one of them. With my full-time job I’m pretty much on-call around the clock it seems so I can get called in at any time when they need me.

In the next couple of months though I will see a slight change in hours which is perfectly fine with me as I’d like to hang out with my wife and son and get some stuff done around the house.

I’m only getting an extra day at home but boy will it feel good to eat breakfast with my family, get some cuddle time in and just relax.

Do you set an earning schedule for your finances?


Where the money went


January 2015 Budget totals

Note: If you scroll down to the bottom of this blog post you can view the actual numbers for each budget 2015 category.

We didn’t spend that much money in January as there really was no time to go shopping except to the grocery store.


Unexpected expenses


Nothing out of the ordinary popped up in January but the year is still young. I did try to purchase a Sears Craftsman garage door opener. Here’s the kicker though, they had none in stock. So now I have to wait and see if they get any stock in and if not then I wait.

The price of the garage door opener is almost 50% off so my fingers are crossed they get some in stock. The only issue would be finding the time to install it. We have one installed now but it’s done it’s time and needs to be updated.


Free budget


I’m currently offering 2 versions of our budget and the reason behind it is simple. Firstly, read the CBB blog disclaimer because what you do with it is your own business so if you mess it up you need to sort that out.

I have not closed off any cells so you can make all the changes you like to the budget to reflect your lifestyle which is what you asked me for in your emails. (See I do listen and read your comments and emails)

Although I would love to help every single fan with their budget I am unable to do so but I am always willing to answer any emails you send me so don’t be shy.

This was after all meant to be our personal budget and although I would love to customize it for every fan that wants to use it but, I’m afraid I cannot.

I’m not selling this budget or hope to make any money from it so enjoy this free budget and I hope that it works for you as much as it does for us.


Canadian Budget Binder Budget Spreadsheet


Canadian Budget Binder Budget Spreadsheet

(Click to see a larger version of the budget spreadsheet or download it for FREE)

You can download the free budget spreadsheets here.

  • Budget 1– You can use the pre-existing categories or you can use your own if you wish and you have the option to use projected expenses or not. Please read all notes left around the budget for tips.
  • Budget 2-Everything is pre-set so you have to use the pre-defined categories but this budget will generate year-end budget figures where the other one won’t but you must use the categories already in this budget. If you change anything you will mess up the formulas and year-end figures. Please read all notes left around the budget for tips.

I’m always open to feedback but be polite as you don’t want to hurt my feelings :) Test it out for a month and see how it goes. There is never any harm in trying something new.


Our budget plan


How we budget our monthly expenses?

I often have fans ask me how to budget money on a low-income or they simply a high debt load and want to kill it like my friend Tony who got rid of over $100,000 worth of debt by using a budget.

CBB fans want to know what we do in order to save so much money and the reply I give is simple>> It’s not about the money it’s about the process involved.

We are both money managers of our finances and with our relationship compatibility we have been able to get to where we are in 2015, debt free.

It doesn’t matter if you are using a cash only budget or you use your debit and credit cards, if your budget doesn’t balance you have budget issues you should review it pronto.

Learning how to be your own money manager is important because no one else will care about your money more than YOU!.

We don’t always save as much money as we would like every month but most importantly we are not going into debt but only because we are budgeting our money. In fact we are currently debt-free including the mortgage which means all we pay for is our monthly bills and expenses.

One of the most important things we did for our personal finances was that we never let the budget deter us from reaching our goals.

Sure we’ve had crap months but we’ve made up for it or we learned from our mistakes just like we should. Budget failure only occurs when you give up on your budget which should not happen as long as you truly want to reach your goals.

We didn’t always earn the income we do today but made do with what we were earning so we didn’t go into debt. That my friends is called “living below your means”. The only science to becoming rich!

Sometimes fans email and ask me if living on a budget in Canada is any different from living and budgeting in other countries. To be honest I’m going to say, probably not.

If I still lived in the UK I could use this exact budget spreadsheet to meet all of my needs however the budget needs to be reviewed monthly.

Below are links to the budgeting series which I wrote while designing our excel budget spreadsheet which will give you an idea just how we designed our budget.

I’m not a financial planner/advisor so I can’t tell you how you should budget but I can show you how we budget our numbers. I’m just a regular guy just like everyone else; some might call me a budget or numbers nerd.


Our budgeting series


Please take the time to read through our budgeting series plus read Budgeting in the New Year. I hope the information will help stop you from making common budgeting mistakes that I hear of often and that you take something away from the information and apply it to your financial situation.

If you have any questions about what we do with our money tracker ie: The budget than feel free to email me. I may expand more on the topics as we go along and add some mini-series in 2015 detailing how we budget to break it down even further for you.

  1. How We Designed Our Budget Step 1 Gathering All the information
  2. How We Designed Our Budget Step 2– Categories
  3. How We Designed Our Budget Step 3– Tracking Receipts
  4. How We Designed Our Budget Step 4- Note-taking
  5. How We Designed Our Budget Step 5– 5S Organization
  6. How We Designed Our Budget Step 6– Who Does What and When?
  7. How We Designed Our Budget Step 7– Balancing Our Budget
  8. How We Designed Our Budget Step 8– Knowing our Coupon Savings
  9. How We Designed Our Budget Step 9– Reading Our Bills
  10. How We Designed Our Budget Step 10 Projected Expenses


Budget percentages January


January 2015 Monthly breakdown percentages

Our savings of 70.10% includes savings and investments and emergency savings for this month.

The first month of the new year total spend comes to 100% which shows that we spent our income this month, invested extra and used the rest as emergency savings.

Our Life Ratio which for this month was 7.9% and way under the target percentage of 25%. Our projected expenses this month is at 13.34%.


Budget percentages month by month


January Budget 2015 Yearly Graph

Expenses breakdown


This is simply a breakdown of our expenses which has helped us to understand where all of our money goes. As of May 2014 we are mortgage free so much of our money will be directed at savings, investments and renovations.

I appreciate that you enjoy this budget update each month but I do hope you view this as an educational tool rather than comparing your own financial numbers as our situations are all unique.

Almost 7 years ago I started working in Canada making a bit over minimum wage and have since moved up the ladder. I’m now working very hard to secure my dream job with a foot in the door. We aren’t all lucky but if you do the best you can at least you can look back and say you gave it a shot.

Sometimes we wish we had more money to budget with but understand that we only have what we earn and if we want more, we need to earn more.  Spending less than we earn and budgeting our money has been the easiest way for us to pay down debt and save money.

  1. Chequing– This is the bank account where all of our debt gets paid from.
  2. Emergency Savings Account– This is a high-interest savings account.
  3. Regular Savings Account– This is a savings account that holds our projected expenses.
  4. Monthly Budgeted Total: $4,916.82
  5. Monthly Net Income Total$13238.91
  6. (Check out our Ultimate Grocery Guide to see where our grocery money goes)
  7. Projected Expenses: These are expenses we know we will pay for throughout the year = $1,766.35
  8. Total Expenses Actually Paid Out$3,333.61
  9. Total Expenses Actually Paid Out: Calculated is $13,238.91 (total net monthly income) – $1,766.35 (projected expenses) – $8,138.95 (emergency savings) = $3,333.61
  10. Actual Cash Savings going into Emergency Savings: Calculated is $13,238.91 (total monthly net income) – $3,333.61 (actual expenses paid out for the month) – $1,766.35 (projected expenses) = $8,138.95


Saving money


What are Projected Expenses? – We project expenses throughout the year so we have the money saved. PE= A projected expense is money automatically saved each month so it is ready when the bill comes in or when you need it as in the example below.

We review our projected expenses at the beginning of the year to set up our yearly budget and adjust as we go along if a new projected expense arises and needs to be added to the budget. Sometimes we remove a projected expense as well so it’s very important to keep an eye on your expenses.

This has happened on many occasions but it’s bound to happen as we can’t predict everything we have to pay for over the course of the year. The important part for us is that we are saving for these expenses and we no longer have to stress about taking money from our savings to pay for them. To learn more about projected expenses read Step 10 in my budgeting series.

When we spend the money in a projected expense category we move that money to our chequing account in order to pay for that incoming expense. So this means the numbers go up and down in the projected expenses account based on what we need to pay for that we saved for in the account over time.

The only thing you need to do is track your projected expenses each month manually as I can’t customize that for you in the excel budget spreadsheet as I don’t know what you will use for projected expenses.

For now we will have to manually track which means month after month we add up what we save in each projected expense category and minus what we spend so we know how much we have and what is left in each category. I have updated our personal excel budget spreadsheet for 2015.

We pay money into the projected expenses account continually throughout the year even when bills come due as its revolving so as one bill gets paid the money continues to come in from the other categories all year-long. This ensures that money is always available. It may not always be enough but having something ready is better than having nothing at all and having to use credit.

So the $1766.35 gets paid into the projected expense account every month no matter what. It seems to be easier to track our money this way but you can do what works best for you.


Projected expense example


If our clothing category was a projected expense we have a budget of $50 per month for the two of us. If we spend $30 on clothes for the month that means we need to pull $30 from the projected expenses account to pay for this expense or we move only $20 to projected expenses for the month and leave the $30 in your chequing account.

It’s up to you how you do it as I mentioned above. I’m hoping to put together a projected expenses spreadsheet to track the expenses all year-long otherwise you need to do that to make sure you don’t overspend what you haven’t saved or will save over the course of the year.

It’s a fairly easy process and becomes a lifestyle change for your finances but the most important part is that the money is available and saved, which means potentially less stress.

This means we should have $600.00 per year for clothing to spend. We have to track that expense as we spend it manually but hopefully for our 2015 budget I can incorporate that into our spreadsheet so it tallies the numbers up as we go along. That way we will be able to know exactly what we’ve spent as an ongoing total.

(Note: I am working on this but slowly as I wasn’t anticipating all of the extra hours with my second job)


Budget for January 2015


Below you will see two tables, one is our monthly budget and the other is our actual budget for the month of January 2015. This budget represents 2 adults and baby on the way plus all of our investments.

If it is highlighted in blue that means it is a projected expense of ours. You will also see our budget does not include the emergency savings as this is factored in at the end.

January 2015 Budgeted amount for the month

Actual budget expenses for January 2015


January 2015 Actual Spent for the monthNote: Stockpiling budget should read $25.00 used not $26.00.

January 2015 Goals Reviewed


  • Reach  3760 Twitter Followers-PASS
  • Reach  6556 Facebook Followers- PASS
  • Reach  1910 Pinterest Followers-FAIL I did a huge overhaul of Pinterest this past month. I deleted boards that weren’t doing well. I also removed pins that had no re-pins. I’ve seen a huge spike in traffic which is great. I’m hoping to see this number go up in February.
  • Reach  2700 Followers The Free Recipe Depot Facebook- PASS
  • Reach 160 Followers Bloglovin- PASS
  • Finish the budget projected expenses- FAIL I need to find more time but I will get it done.
  • Read a chapter in my personal finance book- Ya right
  • Help a new blogger with a task or question- PASS
  • Connect with a new blogger- I’ve touched base with many new bloggers over the past month which is great with my Making A Difference Saturday Series.
  • Finish the bathroom shower- Ya right, but it has to get done.
  • Pick out new tiles for bathroom and accessories (mirror, towel bar holder etc. )
  • Buy remainder of bathroom renovation materials- Not even close
  • Buy a new blind for the garage- Nope, not yet.
  • Finish the walls in the baby room- FAIL He isn’t using his bedroom yet so I still have time.

Spring 2015 Job List

  • Repair the fence in the back garden- Spring 2015We may just install a brand new fence although we aren’t counting on support from the neighbours so it will be a full expense from our pocket.
  • Paint baseboard in the back room- Spring 2015
  • Finish adding lighting to the front yard landscaping-Spring 2015


February 2015 Goals


  • Reach  4150 Twitter Followers-
  • Reach  6591 Facebook Followers-
  • Reach  1910 Pinterest Followers-
  • Reach  2720 Followers The Free Recipe Depot Facebook-
  • Reach 166 Followers Bloglovin-
  • Finish the budget projected expenses-
  • Read a chapter in my personal finance book-
  • Help a new blogger with a task or question-
  • Connect with a new blogger-
  • Finish the bathroom shower-
  • Pick out new tiles for bathroom and accessories (mirror, towel bar holder etc. )
  • Buy remainder of bathroom renovation materials- Not even close
  • Buy a new blind for the garage-
  • Finish the walls in the baby room-
  • Hire a house cleaner/Babysitter-
  • Purchase a new garage door opener-


Budget updates month by month


In case you missed our budget updates and want to do a quick search I’ve compiled them all on one handy page: monthly budgets.

For the 2015 Year I will also keep track of each month just below. Since it’s the first budget post for 2015 I will start the list off with our end of year budget update from 2014 just in case you missed it.

That’s all for this month check back at the beginning of March 2015 to see how we made out with our February 2015 budget!

Happy Budgeting CBB’ers!


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Mr. CBB who was born and raised in the United Kingdom, moved to Canada where he is now a permanent resident. He is also a father to a very active 3 year old boy which keeps him young at heart. He bought his first house at the age of 21 in the UK after graduating University and his second at age 24. Mrs. CBB bought her first house at the age of 30. Both Mr.CBB and his wife are 40-ish year-old finance lovers who accomplished debt freedom before the age of 40. Canadian Budget Binder is a fun, family-friendly place where he shares their financial journey with his readers and hopes to learn about theirs. No silver-spoon just hard work and perseverance. Welcome to Canadian Budget Binder! You've got this!


  1. You budget breakdown is amazing and I cannot imagine breaking mine down like this. Congrats on reaching most of your goals last month and good luck with this month.

    • Thanks. We’ve been posting our budget for 3 years now so it’s evolved over time which it will for anyone who wants to know more about their spending habits. You can make a budget as basic as you want it or as detailed as you like. I offer a basic budget download for those who aren’t into all the numbers and for those that want to learn more they can use the one we use and build upon that.

  2. How much do you want to have put away in your emergency fund? Is it a set amount of $ or a certain number months of net income? Also, I’m sure you’ve likely posted about this in the past so can you tell me where to look & read about what kind of investing you do? I really like the idea of passive income & real estate so I have a basement suite & would like to acquire a vacation rental in Arizona potentially in the future.

    • Hi Leona,
      Ideally we would like to just have a few thousand dollars. Our ES has grown since paying off the mortgage but we still need to finish our basement and remodel the kitchen and I’m currently renovating the bathrooms… upgrading actually. So, a big chunk of that money will go to that. The rest we are thinking about buying a rental home and putting the rest into our retirement funds. It’s not easy trying to sort it all out but we’ll get there. We don’t want to just sit on 100k in the bank but for now we don’t want to make any rush decisions. I don’t really talk about what investing we do. Right now it’s just RRSP, TFSA and investments through work. We have an advisor that works with us. Your basement suite would be a great way to bring in extra income. If that’s what you want to do. We were thinking about getting something in Florida since a couple of our relatives have a house they rent in Florida as well. Lots to think about that’s for sure. Is your basement suite ready for rental or do you need to renovate at all?

      • Mr. CBB,

        When I designed our house about 10 yrs. ago & had it built before I met my husband, I purposely drew up something with a basement suite for rental purposes. The tough thing then was builders in my area weren’t willing to build the legal basement suite part of the house so I had to find someone to do that after I moved in & use a line of credit to pay for it since the mortgage was already in place. It was a bit stressful doing all that on one income myself while working full-time but I did it as well as help with some of the actual construction of the suite. So yes, I’ve/we’ve been renting it out since then. It’s one of the best financial decisions I ever made. We’ve decided we want a bigger house so we’re in the process of building again. Again, we’ve drawn up our own house plans & definitely have a rental suite in the lower level. It’s a walkout style overlooking a little man-made “lake” with walking trails so it should be wonderful for us upstairs as well as the tenants on the lower level. We put in lots of big windows on both levels so there’s lots of natural light coming in & a great view of the water.

        • Wow, that sounds exciting Leona good for you.
          We don’t have an apartment in the basement of our house as it’s not a walk-out but maybe the next house. We did have students with us for a while and although it was extra money it really was a pain in the butt. How did you find your tenants living below you? Any issues? Tips for those who are considering it? I might write a blog post on this topic maybe you can help me put the post together with your experience. Email me and I’ll send you some questions you can help me with. We are thinking about buying a rental home because at this point if we were to buy a bigger home it would cost us a fortune. Maybe if we move out of the city we would do that..

          • Mr. CBB,

            Just so you know, you don’t have to have a walk-out style house to have a rental suite in the basement. The current house that we’re in that I built years ago is a raised bungalow & I was able to work with the city departments to meet the legal requirements to get permits to build my rental suite in the basement. One of the most important issues for rental suites is to make sure it has windows large enough in the rooms for people to escape out of in a fire (the city calls it “egress”). I’ve been very fortunate to have almost all great tenants over the years. I think it depends how well you screen your tenants & what you charge for rent. I try keep the rent a little lower than everyone else sometimes in order to draw more applications for my suite when I advertise it for rent. This way I’ll have more options of tenants to choose from & hopefully can find a good, long-term tenant.

            I would love to help you out writing a blog post about the topic of rental income. At one point, I had as many as 5 different rental units so I’ve got some good experience behind me since me & my partners managed them as well. I/we have had some issues to deal with & I do have some tips for anyone considering becoming a landlord. I’ll email you as you suggest above.

            I’ve also had ESL students from other countries stay with me when I was single to generate more income. And yes, it had its share of headaches so I didn’t do that for very long.

          • Hi Leona,
            I’m still learning all about it. I was aware about the windows which make sense. Email me and we can chat canadianbudgetbinder@yahoo.ca I’d love to learn about your experiences.

  3. Christine Weadick says:

    The money is nice form all that overtime but the overtime itself can be a killer!!!! Enjoy the little one while he is still little!!

    • I understand but I’ll have to balance it so to make sure I have a good career to keep my family going. This job is where I want to be now and in the future. I spend as much time as I can with him every day. 🙂

  4. Your income was huge this month! Nice job! It’s a hard balancing act though because the kids are only babies for so long, you don’t want to miss anything!

    I’m a budget nerd too, so I really liked this post.

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