Explore our 2012 goals focused on budgeting, savings, and home renovations for a financially savvy year ahead.
As we look back on 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.
2012 Goals Explained
Below are our 2012 goals, although I’m sure this list will grow!
- Spend less on groceries, $190 a month. Save more with a shop-free week each month, and play our grocery game challenge.
- Collect enough Optimum Points at Shoppers Drugmart for 2 Redemptions. We accomplished 4 at the 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,
$164Kwas 265K when purchased in 2009. Current Market Value Approx $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 books
- Continue using coupons $2k with the new budget
- Search for deals on Kijiji and Craigslist, and sell what I don’t need
- Earn more income
- Lower Utility bills with new time of use (is that possible?)
- Invest in purchasing new Energy Star appliances
Quit smoking. We are ready for January 30, 2012! DONE- Work on what to do with excess savings
- Spend less at Tim Horton’s
- Landscaping project $2k
- Track our overtime hours
- Cook from scratch, create new recipes, and begin meal-planning
Strive For Your Excellence
In 2011, the numbers will show you we did a fair job at saving, but we strive for better numbers in 2012.
We really need to work on what to do with our savings allocation, as it is so unbalanced at the moment.
Below are some of our final 2011 figures as of Dec 31, 2011- keep in mind we have no debt but the mortgage.
All vehicles are paid, and no credit card debt, school loans, etc. You can read our up-to-date numbers by following our Monthly Net Worth Update Posts.
- Savings +$15,921
- TFSA +$5804- both of us
- RRSP +$2600
- Mortgage Paid down extra $5004
- Coupon Savings +$7429
- Extra income made, ie, mail-in rebates, focus groups, overtime, etc+$16411
- Rogers-$2030 down from $2072 in 2010
- Hydro-$1790.49 down from $1882.60 in 2010
- Union Gas-$710.24 up from $634.90 in 2010
- Reliance-$433.00 up from $411.00 in 2010
- Grocery- $6274, this will be improved in 2012
- Miscellaneous-$12,248.50 lots of renovations in 2011
- Clothing-$287.00
- Eating Out-$53.00
- Entertainment-$185
- Allowance-$122 (Tim Horton’s and Beer) working on this too
- Lottery-$96 (I know, I know, but you can’t win if you don’t play. This year, I plan to track any winnings.
- Smoking-$2007.00 (can’t wait to save this in 2012) Quit smoking as of February 29, 2012, and still smoke free today!
Reviewing Your Goals Is Imperative
Well, there you have it, our goals for 2012 and comparisons from 2011.
I’m sure I will visit this page often and update it as goals change and unexpected events occur in everyone’s lives.
I have to be prepared for that, and so should you.
As you can see, the figures in front of you truly open your eyes to the amount of money being spent.
I’ve posted Step 1 of 10 on how we designed our budget.
Check it out to see how we started out and how you can to!
Discussion: What do you think of our 2011 spending and our 2012 goals?
Did you make extra income of $16,411.00?? Please share how
Hi Karen,
That’s a good question. Yes as it states its from Mail in Rebates, overtime, focus groups, studies for organizations, as well we also host students as paid volunteers. Not mentioned is also selling items we no longer need in our home. I hope that answers your question. Thanks for posting here at CBB!
Every year my husband seems to make less…and now things are tougher than ever. I am a stay at home mom (formerly accountant by trade) and I have 2 small children. We are making regular changes to our budget. But the biggest goals of ours for 2012, is to be debt free, lower our mortgage, start a savings account for both of my children, lower our fixed monthly expenses (ie phone, internet, cable, hydro, gas, water, insurance), and to lower our grocery bill weekly. At one point I remember prior to kids….eating out all the time and still spending $400/week on groceries…now with kids we rarely eat out and we try to keep groceries to $100/week. We really were quite bad with money when I look back, but we learned from those mistakes and we keep learning. This website is great, because I’m always looking for ways to improve our lifes financially. Without really doing without:)
Well you’ve come to the right place. Try not to look back at what you have spent but look forward at what you can now save. Not many people can say they are smart with their money so give yourself a pat on the back for being mindful of your finances. It doesn’t matter how much you make it’s how you spend it. I’m reading a book called “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko and it explains alot of this. Check our your local library and rent it out if you like to read. I’m betting you will learn alot and to some it may be shocking. You can also view the book on my blog if you look at my sidebar and scroll to “Good Reads”
Stick around, read my past blog posts as they are filled with secrets that have worked for us. If you have any questions send them my way. You can email me as well.
Keep your chin up and you will be better of than you will ever imagine!
Mr.CBB