Canadian Budget Binder June 2012 Net Worth Update!
Time to Review your Budget! If you are new to Canadian Budget Binder I post our family Networth and Budget Update once per month for all to see. It’s not a means of comparison but rather a way to show others that budgeting does work. You can save if you put your mind to it and budget!
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 towards 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 in fact 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”-Mr.CBB
Let’s take a peak into Canadian Budget Binders Financial Health.
Our Monthly Goal(s)
- To save as much as we can 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 ( but that will take some time)
- To finance our retirement as best we can by continuing to educate ourselves on finance and investments.
- I have started to follow CanadianMDInvestor and Canadian Performers Money. They seem to educate me bit by bit keeping in mind I’m a newbie and I like that. They even have quizzes to test your Basic Investing Knowledge. Check them out
- Canadian Budget Binder Assets:
- Chequing Account Cash-$460.00 We prefer to keep a buffer in the account. Current $604.24
- Savings Account-$2189.96 This is the account we use for our projected expenses
- Emergency Savings #1-$80,895.94
- Emergency Savings #2-$63,370.01
- Pension(s)-$27,539.39 (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)-$53,832.83
- Tax Free Savings Account (s) (TFSA)-$14,953.19
- Vehicles-$15,000.00–This is the estimated value of both our vehicles if we sold them today.
- Principal Residence-$329,000.00 (this may have gone up we are looking into it now)
Total Assets: $587,385.56
Our Liabilities:$159,822.43 (mortgage)
- 17.66 years left to pay 3.99% 5yr fixed rate (Goal is to pay off by end of 5 year term 2014)
- $587,385.56 (Assets)-$159,822.43 (Liabilities) =$427,563.13
- Our Total Net Worth: $427,563.13
- Our Net Worth in June $427,563.13-May $422,609.58=$4953.55
- Our Net Worth since May 2012 has gone up by $4953.55
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
Photo Credit:123RF
Related articles
- Net Worth Update May 2012 CBB-Simple is Best! (canadianbudgetbinder.com)
- How We Calculate Our Net Worth~Now Calculate Yours! (canadianbudgetbinder.com)
- Is The Tax Free Savings Account For Me? (canadianbudgetbinder.com)
- How Much Should My Grocery Budget Be? (canadianbudgetbinder.com)
- Money Management: Tips to reduce debt (canadianbudgetbinder.com)
- Maternity and Parental Leave Part 2: Budgeting (canadianbudgetbinder.com)
- Finances through the Sick Mind (canadianbudgetbinder.com)
canadianmdinvestor says
So, have are you earning any interest on the $144k emergency fund yet???
This seems like a no brainer…
I recall that you told me some of this is tied up in the UK. Say the 80k was here in Canada. you invested at 1.5%, with no risk. Tat is $1200 per year. $100 per month!
Easy money!
I am not much of a couponer, but don’t like to leave money, not working!
Canadianbudgetbinder says
Yes the money is invested at 2% starting this month but was just over 1% (CRAP) but better than nothing. The UK money is making us more money per year than interest here so I’m happy with that for now. SO no the money is not just in a savings account. The money will be used to pay off our mortgage in the next year. Then we begin building it up again.
canadianmdinvestor says
Excellent!!!! Hate to think it was just sitting there!!
Mary F Campbell says
Good going CBB household!
I do a quarterly comparison on our net worth over the last 12 months but seeing as you are doing your valuation monthly, you can easily set up a page in your worksheet for a side by side comparison of your assets & liabilities growth or lack thereof.
Then you can see if you are making progress, if certain areas of your financial portfolio need a little more attention to maximize their growth and it’s always exciting to watch the debts decrease. It’s also useful for developing a strategy of where to put your attention next.
As a gal that loves percentages…I like to know not only the dollar value increase/decrease in a given category but what percentage of the category total is that? For example, if your mortgage is X dollars & you made payments of $$$$ of which only Y went directly against the principal, how much is Y/X expressed as a percentage. Is this the rate of decrease you were trying to achieve this month? I never had a mortgage longer than 60 months before I achieved a full payout. In order to achieve that goal… it’s X (mortgage total) / 60 = the amount required to be applied against principal each and every month.
By the same token, I evaluate the growth in my assets but it’s not as clear cut in some categories as in others. If you are adding cash to your RRSP for example, I would run two figures…the percentage of increase strictly from new money and also a percentage on the growth of funds already invested within the RRSP. You’ll be able to see how much increase is coming from where & you don’t ignore the current investments thinking your growth percentage is good when actually the addition of new money is inflating the figure.
Not everyone wants this much detail but I find it helpful for my planning.
Canadianbudgetbinder says
You’re Hired! when can you start lol… I would love to do all of this Mary but just don’t know where to begin. Maybe you and I can chat via email and you can give me some advice. Cheers darlin.. you’re the best! Mr.CBB
femmefrugality says
Thanks for the get to know you! I imagine I can’t be the only new follower, and it was very helpful 🙂
Canadianbudgetbinder says
Oh you are most welcome my darling! How’s things for you? Mr.CBB