Our Goals 2012 and a look back at 2011!

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, $164K was 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 […]

How We Designed Our Budget Step 1-Gathering All The Information

You made it this far so you must be curious how we went about designing our budget. Don’t yawn, it truly can be a fun experience especially when you see your savings grow! So…. Let’s get at it! You know all those bills you have in a shoe box or in the “junk drawer” it’s time to fish out those paper critters and get organizing.  Some of the steps we took to get organized in preparing our first budget are: Gathering All The Information Locating all bills including credit cards! Anyone you owe money to including the mortgage/rent. Organizing bills into piles by date ie: Rogers, Union Gas, Hydro, Reliance or finding data from logging into the respective websites Make a list of dates and cost of each bill in an excel document Make a list of dates bills typically need to be paid by but this may vary. Make note of interest rates if you are not paying bills off in full. If you don’t know get on the blower and find out! Make note of the cost of each bill whether it was variable or fixed It was imperative to ensure we had all the information at our […]

Why the word Budget hurts our ears!

  To some people even mentioning the word budget can cause them to go into a bull horned frenzy. If I mention saving money is about “budgeting” not “bargain basement” they stare at me like I’m talking a foreign language.  Bargain basement meaning that just because you think you are saving by getting deals doesn’t mean you are doing it all right. I don’t delve into deep conversations with friends and colleagues about my personal situation but in idle chatter I am stunned to hear how so many are in financial ruins and desperate for a way out. Over the years I used to think saving was making sure an account was growing with interest in the bank. I always made sure I spent less than I made from a young age. Stashing my paper route money away was where it all began. I purchased my first condo at 21 and later sold it to buy a house at 23. I later sold that home and purchased a modest home with the Mrs. at 32 due to a move out of the city for work. Being the simple guy that I am I was never materialistic but I did love […]

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