Saving almost 50% of his Gross Income is no longer a dream

gross income(1)

YES THAT’S BEFORE TAXES   In my February 2015 net worth update post I mentioned I was saving approximately 50% of my gross income – my goal for 2015 is 45%. The reason I set this goal is my expenses in life right now are likely the lowest they will ever be for the rest of my life (not married, no kids, modest house), so it’s important to focus on savings while the going is good. I suspect that my salary will increase at a modest rate for the next few decades; however, my expenses will increase at a higher rate. The key thing about my savings rate is a lot of it is a result of preemptive planning. Below I’ll tackle each piece of my expenses and discuss tips and ideas on how you can trim these down in your own budget.   Government deductions   The government seems to always have his hand in our pocket. This expense is without question my largest, which requires some careful planning to ensure I’m not needlessly paying too much. The main focus of any budget conscious taxpayer should be to legally minimize taxes in a cost-effective manner. As a chartered accountant […]

Building our dream house could mean another mortgage : February 2015 Net Worth Update (+1.99%)

MONTHLY NET WORTH UPDATE

WE DON’T ALWAYS GET WHAT WE WANT   The mortgage is gone, vanished, disappeared and you own your house but now you want something more. Do you stay put, sell or build your dream house? This is the burning question at the back of our minds lately. Let me explain more. When I bought my first home at 21 my dream house always included large rooms because space came and still does with a premium price-tag. If you’re like me you enjoy having space BUT not everyone NEEDS a large space to get on with daily living. Every day we read about people who live in a tiny house and find ways to make it work for them. This type of living is NOT for everyone. Your dream house compared to someone else’s idea of a cool house will ALWAYS be different because our needs are not the same. We tend to focus on things in life that will help us to meet or exceed our needs especially if settling is NOT an option. Dream house living for some people may simply be…living in any type of house rather than an apartment or vice-versa. You might be the person who […]

Ambitious Teen helps mom with family budget

Family Budget

LET ME HELP YOU WITH THAT MOM   There was a time in my life when I was a teenager and all I cared about was working, saving money and hanging out with my friends. I didn’t have to worry about what my parents did with our family budget nor did I care. Growing up in our household my parents were frugal to the point that if we wanted something we worked for it. They didn’t scour the weekly flyers because we didn’t have them but they would buy products reduced if mum was able to do something with them right away. My mums favourite was making pies with fruits that were ripe or ready to go off. That’s probably why I’m the way that I am in the kitchen. Being that it was Mother’s Day (Mothering Sunday) March 15 in the UK yesterday this email made me remember growing up and what life was really all about in our house. My mother was and still is our rock and I can understand how this young lady is so determined to help someone so special and close to her heart.   Help with the family budget   I received an […]

Are basic mathematics skills are a must-have when dating? : The Saturday Weekend Review #112

The Saturday Weekend Review logo

NUMBERS DO MATTER!   I wonder if these online dating websites have “math” listed as a qualification one can check-off as a “must-have” for their desires in a partner. It wouldn’t shock me because more and more people want partners that understand how to balance a budget and not send them to the poor house. Times have changed and so have dating and relationships. With each new generation of lovers comes new problems that we all must face but one thing is for sure money will always be one of them. Some may ask why understanding math is even a topic for discussion but it is a BIG problem for many couples who end up divorced or a relationship fails because they don’t “get it”, math that is. I know you can all think of someone who spends money like it’s water but that water isn’t flowing in as fast as they are spending it. They simply don’t get the basics of math because if they did, they wouldn’t put themselves into such a terrible debt situation. It was strange when my wife started to tell me about an article she read where a woman from New Delhi, India walked […]

Savings competitions helped couple save $20k to buy a house

couple savings competitions

MONEY COMPETITIONS CAN BE FUN   I’ll admit that I was always the competitive type growing up because I wanted to be successful at whatever I did. When I did participate in something I did it to the best of my ability and tried to surpass any goals that I set for myself. I could easily say money is a big part of my life in the sense that we need it to survive so I compete to keep earning it while building my career. I don’t challenge myself to earn a certain amount of money although we do set financial goals for ourselves. If it happens, it happens but we do live a frugal lifestyle and use a budget to help the process along. If I didn’t push myself to live each day to the max my life would be boring. My wife would never be surprised with the special things I do for her to make her day easier. Our son would not have the dad that goes above and beyond for him if I didn’t have some form of competitive nature in me. I want the best for my family so I work hard for them every […]

How one guys financial problems became his hobby

financial problems

THERE’S NO PERFECT FINANCIAL MODEL   Let’s face it, if you owe money to people you have financial problems that need to be addressed and attacked with a plan. Your money issues might not necessarily be problems that will cause you financial stress. On the other hand if your debt keeps growing you may want to re-think how certain events might affect your stress levels. Finances are for life not just until you are debt free because financial problems never really go away they just get masked with dreams. Financial problems may be considered consumer debt, facing bankruptcy, creditors calling, owing money to family and friends, no money to pay bills and even the unknown. The list is endless BUT people with little to no money aren’t the only people with financial problems. When you are in debt that can easily change if you lose your job and can’t pay the money you owe. Can you see how that might be a problem?  The birth of Canadian Budget Binder was created to share a journey of inspiration, new life and financial problems. I’m that “guy” Mr.CBB A.K.A (MO), welcome to my blogging hobby! Since the first blog post at CBB […]

Classic Madeira Cake

madeira cake cover

THE PERFECT SLICE OF CAKE   What could be easier to make than a piece of lemon flavoured Madeira cake with almonds that’s moist but practical at the same time. My mother made the Madeira cake for us when I was little and now I make it for my family. It’s not only easy to make but it’s not expensive either, When you take it out of the oven it’s a beautiful golden colour with a lemon aroma. Madeira cake is a light cake that is a bit denser than a sponge cake but tastes so much better. Some compare the Madeira cake to the pound cake. The Madeira cake was named after the Portuguese Madeira wine which was popular in England in the 18th and 19th century. . Today you might find this delicious cake served with Madeira on the side. Traditionally the Madeira cake usually has either lemon or an orange peel mixed into it. Today I am using lemon. The Madeira cake can be used in many ways such as dipping in chocolate, placed in trifles such as my tiramisu or eaten in slices. Many people enjoy a slice in the morning for breakfast or for a […]

Parents ask son to save money after they were homeless and poor

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SAVING MONEY IS YOUR CHOICE   If you want to save money then don’t wait until things come crashing down and you need that money, do it now! Being homeless and poor is not something to take lightly because it happens all around us. For those who have survived and experienced this life many go on to motivate others how NOT to land themselves on the streets. Today’s fan question shares some deep secrets about the time his parents found themselves living on the streets with no savings and nowhere to go. It’s either the parents writing to me or their children because for one reason or another money is a big problem. It doesn’t matter whether you are a student or have a high-profile job if you don’t know where your money is going it’s your own fault when you don’t have anything at the end to show for it all. I’m not talking “stuff” either. I’m talking about cash and investments. If you earn money you should have some sort of system to save money and budget or in the least know your expenses and track them.   Life Choices   It seems from my experience with fan […]