Couple on the Debt Binge Train to rid of $40,000 : The Saturday Weekend Review #120

THE GIFT OF DEBT FREEDOM   I’m excited to share this amazing journey about a couple who are 18 months away from paying off $40,000 worth of consumer debt. Do you want to know how they are getting rid of their debt? It’s easy…they spend less than they earn and they are budgeting. I hope you weren’t expecting some wild formulas or the easy way out because there are none.   Couple tackling debt   Canadian Budget Binder fans Jen Peacock, 36 and Ken Blowes, 35  from Georgetown, Ontario shared their debt payback story with the world in a video at the The Globe and Mail online. I was humbled to hear how much I had influenced their budgeting journey but as you all know I worked pretty close with the Jen and Ken to help them along because I knew Jen was serious and needed the help. This is probably a Mother’s Day she won’t forget because it’s been an on-going battle with debt where they can now “finally see the light“. Since Jen first chatted with me at CBB she has written “Budgeting with Mr.CBB got us Back on Track” as well as their struggle with infertility. Jen […]

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

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 […]

November 2013 Net Worth update: (+1.35%) The end of year clock is ticking

TIME IS IT REALLY ON YOUR SIDE?   Many of us tend to put things aside thinking we will get to it later on and for most later on never happens. The same goes with a budget and our finances because we might not want to face what we will uncover once we start digging through the paperwork. Facing up to reality is the hardest part of getting started when budgeting and getting your finances in order but that is the way we all had to start. Finding out where you stand and how much you are worth is just a stepping stone for what lurks ahead. Time is never on your side when it comes to finance because every day that we put off what we should have done the day before is lost and we can never get back. We are now in the home stretch for 2014 starting the month of December in hopes that by the end of the month we can look back over the 2013 and congratulate ourselves for accomplishing many of our goals and then set new goals for 2014. I read something on instagram the other day and said something like “Get […]

October 2013 Net Worth update:(+1.94%) Defending spending habits

SPENDING TOO MUCH – ARE YOU DEFENSE SPENDING? Using our budget as a spend tracker has been our saving grace this past couple of years but recently we’ve been spending more money. In our budget update for October we recognized the need for a flexible spending plan but also a plan to continue saving our money. If you always have to justify your purchases then chances are you likely don’t need to spend the money and your defending your spending habits. I don’t think we went too far overboard in October but we certainly spent far more than anticipated once again. In our October budget update I talked about romance and money and how that affected our budget this past month. I also wondered whether many others feel the same crunch with seasonal spending. Seasonal spending is where you spend money just because you think you need to buy something for someone or yourself because the weather starts to get cold, you are indoors more and the holidays are right around the corner. If you spend money just because you think you have to it could really dent your budget and your overall net worth like it has for us […]

Bust our budget October 2013: Romance and money

BUDGET CATCH UP IN EFFECT   Just when you think you have everything under control life throws you lemons. You know that you can’t spend more than you earn but inside your head you say it’s ok to spend a bit more because you are worth it. Sure you could spend cash if you have extra money and no debt like us but it’s also important to realize why you are budgeting in the first place and whether your budget needs to be tweaked to fit your lifestyle.   In September we thought for sure that expenses would cool down a bit and they did for October just not as much as we would have liked. As you will see below we didn’t save a whole heck of a lot of money in our savings account but we did manage to balance the budget as per usual. I had to spend money for work as well we bought a universal home gym second-hand which cost us a bit of money. I have some gym equipment that we have been using but I wanted more weights and the system was a great price so I wasted no time picking it up. […]

How to plan your wedding flowers budget in advance

PLANNING YOUR FLORAL BUDGET   Wedding planning is an exciting time for a bride and groom-to be even though many girls have their dream wedding thought up years before the big day actually happens. Next to the wedding dress the wedding flowers are a big deal for any wedding budget. Proper wedding planning can end up saving money in some of the more expensive parts of your wedding budget. Take the time to know how much you have to spend and how much you are willing to spend in accordance with your personal tastes. There are so many things to think about when it comes to planning your wedding including your dress, the venue, guest list, menu, flowers and décor, just to name a few. If you have a tight wedding budget or simply don’t want to spend an outlandish amount of money on your wedding, making a couple of right decisions in the beginning may pay off for you in the end. My mom is a florist who over the years has worked with many brides-to-be and I am sharing below some of her tips for saving money on your wedding flowers.   Skip unnecessary planning costs   The […]

June 2013 net worth update: Everything is not lost (+0.09%)

There’s not much we can do about how this months net worth turned out except to say we are thankful that we have saved money in our projected expenses account for any unexpected expenses. Believe it or not, but I do sit down with a coffee and use a pencil and paper to work out our net worth each month, before I take to the computer. Call me old-fashioned but I enjoy seeing numbers on paper. With our investments taking a bit of a nose dive in June as well as paying for the new landscaping and our dogs surgery there’s not much of an increase in our net worth for June I’m afraid. Everything is not lost, but with our net worth taking the biggest hit all year this past month it really has shown us that we are creating a path that is working for us, now we need to get ahead of it. Reaching goals We have surpassed the $500,000 mark which is not a high net worth compared to some people but for us it’s a sign that we are moving in the right direction. Sometimes I have people searching for the average net worth of Canadians […]