Welcome to Canadian Budget Binders March Net Worth Update for 2012.
Net Worth Update Monthly Posting Goal
My goal is to have this update posted by the end the month or at the earliest within a few days into the following month. For the most part, I like to be organized and on time but sometimes life gets in the way.
Who is Canadian Budget Binder?
We’re a married Canadian couple in our mid thirties with no children living in the Greater Toronto Area. We post our finances and budget for all to see although we remain anonymous. We do realize having children costs money so your budget may differ from ours from that perspective.
If you want to save money, if you want to live a comfortable retirement then you have to spend less than you make, pay off your debts and build a retirement savings that will suit your projected retirement lifestyle.
Canadian Budget Binder is about working together as Canadians to sort out everyday finances and stay on track for the present and the future. It’s tough for most Canadians to keep themselves above water in tough economic times. Spending more than you make will only sink your ship faster than ever.
What’s Been Happening In March??
It’s been a very busy month for us especially me with work and the blog. I’ve done my best to balance both and have enjoyed it. I’ve met lots of new people who want to learn about budgeting and pay down debt.
We have worked hard on the Canadian Budget Binder Budget Spreadsheet making changes to it as we go along. We hope to have a trial out in May for a select few then will see where it takes us.
We didn’t make much extra money this month however I have been working overtime taking on training seminars and the odd hour here and there. You will notice a spike in our Emergency Savings this month. We were paid back a cash loan to a family member for $29,163.83.
I also managed to find a load of beer cans in the recycle bin from me mate down the street who likes to toss his beer cans in the bin.
This money will go into my “beer fund” as the summer gets very hot in Canada a nice cold one is great after a hard day at work.
Some Changes and Insights
- Instead of putting all the money left at the end of the month into our Emergency Savings Account we are now saving monthly for- “projected expenses” items we know we will pay for.
- We have set up another Savings Account to put the projected expense money in.
- Our Emergency Savings Account is now true and we don’t have to worry about paying anything out of it unless we go far over our budget.
- We are now adding in our vehicles as part of our Net Worth. If we had to sell the vehicles today they would bring in some money.
- We are also keeping a $460.00 buffer in our Chequing account.
- We have chosen not to add in assets inside the home to our Net Worth.
- We contacted our real estate agent again to get a true market Value on our home if we sold it today so I am now using this price in my mix.
Our Goals each Month
- Simply, to put as much by as we can now to save for the future whilst enjoying the present.
- To spend less than we Net each month.
- There is no, I make more or I saved more or I am KING because I did better than you. I believe once you have that mindset saving will be much easier. Keep that goal in your mind and you won’t think negative.
- Chequing Account Cash: $460.00-This is our buffer always in our chequing account. The amount in the account at any given time goes up and down. $549.88 is what is in the account as of today April 2
- Savings Account- $1547.48- This is money we have but we will use at some point for bills.
- Emergency Savings #1-$74,524.19
- Emergency Savings #2-$62,985.73
- Pension(s)- $23,801.83 ( this goes up and down as it is invested in the UK and In Canadian Investments)
- Registered Retirement Savings Plan (s) (RRSP) $55,549.56
- Tax Free Savings Account (s) (TFSA) $13,427.67
- Vehicles-$15,000.00 – This is the estimated value of both our vehicles if we sold them today.
- Principal Residence- $329,000.00
Total Assets: $576,386.31
In today’s market we could list at $329,000 as we purchased it under market value $265,000.00 due to repairs: painting, roof, new flooring in all bedrooms and kitchen in 2009.
Our Liabilities:$ 162,641.77(mortgage)
- 18 years left to pay 3.99% 5yr fixed rate
- $576,386.31 (Assets)-$162,641.77 (Liabilities) =$413,744.54
- Our Total Net Worth: $413,744.54-Net Worth February $379,493.17=$+34,251.37
How did you make out with your finances this month?
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