Canadian Budget Binder May 2012 Net Worth Update!
Who’s the Man behind Canadian Budget Binder?
My name is Mr.CBB and I’m the guy that does all the talking around here as I rather enjoy the conversation! I warn you I’m easy-going with a sense of humor and like to keep the conversation fun!!
There is also a Mrs. Canadian Budget Binder although she likes to hide in the background. This isn’t her type of gig but….I did however manage to encourage her to write her first blog post which you can read here.
Together we are…….Canadian Budget Binder…We started our Canadian Budgeting Journey to lead us towards a happier financial future. Our goals for 2012 are very much still the same since the beginning of the year. So far we manage to keep rolling down the path to debt freedom at a slow but steady pace.
We’re in our mid thirties with no children (yet) living in the Greater Toronto Area. Contrary to popular belief we do not hide away in our home and rattle the calculator whilst sipping milk and eating cookies we got free by using a coupon for entertainment. (I actually make my own cowboy quickies, better than any bagged cookie I’ve had) We do like to get out and enjoy life with our mates and keeping fit is part of our daily routine. Keeping fit is a great stress reliever and most exercise methods cost just about nothing like running.
What we do?
Each month we, (well I) post our finances and budget for all to see although we remain anonymous. We do this not for any type of praise because we sure don’t deserve that. We are not movers and shakers in the stock market, far from it actually… but do enjoy learning from other bloggers who thrive on this topic.
We do this to encourage, motivate and help others who think that budgeting is a waste of time, or they believe a budget can’t get them out of debt. Our update is meant to show our fans that they TOO can infact do a Net Worth Calculation and to show fans that by budgeting anything is possible. We are proof of that although we still have a long way to go in our journey.
These are our numbers and our goals, not a means of comparison towards your own goals and objectives. I hope what I post for the fans of our experiences perhaps will help guide them along the same path towards debt freedom. Sometimes seeing the numbers is what it takes to kick it into high gear like it did for us.
We are firm believers that…..
- If you want to save money, enjoy present life and live a comfortable retirement then you have to spend less than you earn, pay off your debts and build a retirement savings that will suit your projected retirement lifestyle.
It’s Not About How Much Money You Make It’s How You Save It
Has May been good to us, better yet, have we been good to May?
Well let’s take a look at Canadian Budget Binders Financial Health.
Our Monthly Goal(s)
- To save as much as we can now while we are young to save for retirement while enjoying the present.
- To spend less than we earn each month in our budget
- To improve our Grocery Budget with The Grocery Game Challenge
- To pay off our mortgage with-in the 5 yr term ending in April 2014
- Max out our TFSA and RRSP
- To finance our retirement as best we can by continuing to educate ourselves on finance and investments.
- Canadian Budget Binder Assets:
- Chequing Account Cash: $460.00 We prefer to keep a buffer in the account.
- Savings Account- $2678.33 This is the account we use for our projected expenses
- Emergency Savings #1-$78,896.45
- Emergency Savings #2-$63,644.80
- Pension(s)- $27,021.18 (part of this goes up and down as it is invested in the UK and In Canadian Investments and depends somewhat on exchange rate)
- Registered Retirement Savings Plan (s) (RRSP) $52,433.41(gone down again.. hmm..)
- Tax Free Savings Account (s) (TFSA) $14,200.22
- 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: $583,334.39
Our Liabilities:$ 160,724.81(mortgage)
- 17.66 years left to pay 3.99% 5yr fixed rate (Goal is to pay off by end of 5 year term 2014)
- $583,334.39 (Assets)-$160,724.81(Liabilities) =$422,609.58
- Our Total Net Worth: $422,609.58
- Our Net Worth in May$422,609.58-April $417,637.16 =$4972.42
- Our Net Worth since April 2012 has gone up by $4972.42
With the change in our RRSP’s continuing to decline about 2k since last month our net worth did not go up as anticipated this month. However we are optimistic and looking at our options realizing long-term is the name of the game.Do you know how to calculate your own Net Worth? Why not go ahead and calculate your own using our Free Tool Networth Calculator (Canadian Budget Binder 2012)
You can Follow me on Twitter HERE or Facebook HERE and Pinterest Here. Come join the conversation, we’re waiting! Cheers Mr.CBB
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- May 2012 Canadian Budget Binder Family Budget Update (canadianbudgetbinder.com)
- Is The Tax Free Savings Account For Me? (canadianbudgetbinder.com)
- How We Designed Our Budget Step 8- Knowing Our Coupon Savings! (canadianbudgetbinder.com)
Very interesting. I would love to know what the RRSP, TFSA and 2 massive emergency funds are invested in. There are some very safe, liquid, investments like preferred shares in banks that Garth Turner talks about that could bring you in about $600/month just from your emergency fund.
It is scary times out there, so people tend to park their savings and TFSA’s in cash, but since inflation is 3% in Canada, the future value of that money will be about 30% less in 10 years.
Thanks for sharing. We’ll chat by email.
Cheers mate.. will chat soon.