Estimated reading time: 16 minutes
Get a comprehensive recap of our December 2024 budget update. Find out how we fared in our spending goals and get useful tips for budgeting in the new year.
I’ll show you what a good budget is for a month if you give me a bit of your time.
Before we begin, the Free 2025 51-page Budget Binder is ready for download!
Why I Share Our Monthly Budget
For anyone new to CBB, this briefly explains our monthly budget update.
First off, if you’re a person who wants to learn how to create a monthly budget, you’ve come to the right space.
Budgeting puts you in charge of your money, meaning you are the boss.
That’s a big role to fill if you want to keep your company afloat.
I look forward to putting this post together as it lets us see where we spend our money.
A budget also acts as a diary for your expenses so you can look back to see success and failure.
Our budget update also lets readers know that we are not perfect and must make changes like everyone else.
We use the tools (Free budget Binder), and I hope you have downloaded your free copy.
Alright, let’s get into this.
December 2024 Household Budget Percentages
Savings of 25.74% include investments and savings based on our net income.
Our life ratio is 61.84% and contains everything from groceries, entertainment, miscellaneous items, health/beauty, clothing, etc., all variable expenses.
Transportation is 6.23%, which covers our vehicle’s gas, insurance, and maintenance, and it holds no debt.
Our house and vehicle are paid for, and we have zero other debt; however, we still pay property taxes and maintenance fees.
The projected expenses of 11.82% can change based on what we encounter monthly, such as a new item we need to save for.
Jr. CBB’s 52-Week Savings Challenge
Note: The 52-Week Savings Challenge printable is free and always available for subscribers.
Our son created a Moolah Jar label for his money savings jar, which I thought was funny.
As of December 2024, his yearly total is $310 in savings.
We are super proud of our son for earning and saving money in his Moolah jar for 2024.
Now, he wants to know what he should do with his savings.
If this was your son, what advice would you give him?
We would let him spend half; the other half has to go into his savings account.
You may want to consider the balance ratio when you are older and have responsibilities.
For example, you may only allow yourself 10% to spend, 40% to pay off a credit card debt, and save the rest.
The point of this small savings project was to get into the habit of setting money aside.
One of the most challenging realities for some people is that every dollar counts.
You win if you spend $5 twice weekly on Starbucks but cut back to one and set $5 aside in your savings jar.
Make that extra coffee at home if needed, even if it digs into your savings to buy a jar of coffee and the fixings.
You’ll still be ahead.
Consider the small stuff in your budget, variable expenses, and ways to reduce them.
Update 52-Week Saving Challenge Participant.
Below is the report from a CBB fan participating in the year-long savings challenge.
I’d like to congratulate her for successfully sharing her monthly breakdown with CBB for the past year.
Not once did I have to chase her down, and she knew what needed to be done for the assignment.
For her commitment and hard work in saving money in 2024, I’ll send her a gift card to spend as she pleases.
TFSASaver Final Savings December 2024 Breakdown
Hello! It’s me, TFSASaver, with my final month of savings.
My savings over the year pleasantly surprised me as I saved much more money than expected.
Attached are my completed sheets.
Breakdown for December:
- I used up 2 gift cards and transferred the money that would have been spent toward savings
- One was for $21.27
- The other was 18.73
- I also used $10 of PC points and put the $10 into savings
- I received $50 as a gift, which went into my savings. (My family knows I appreciate cash over gift cards)
- I also sold so much stuff in December, including some clothes on a Facebook group, sports stuff we were not using on Marketplace, an ugly Christmas sweater, and a crockpot I didn’t need.
- Total of sold stuff: $73.
- I donated other stuff I didn’t sell.
- Also, I found a toonie on a walk for $2
Total: $185.08
My monthly totals are: Jan $143, Feb $52, march $71, April $74.60, may $126.50, June $85.35, July $52.75, Aug $144.70, September $69.67, oct $65.05, nov $120.10, December $175
Total: $1179.72
December 2024 Budget Estimation and Actual Budget
Below are two tables: the December 2024 Budget and our Actual Budget.
Our December 2024 budget represents two adults and a 10-year-old boy.
Budget Colour Key: It is a projected expense when highlighted in blue.
Since May 2014, we’ve been mortgage-free, redirecting our money into investments and home improvement projects.
Spending less than we earn and budgeting has been the easiest way to pay off our debt and save money.
This type of budget is a zero-based budget where all the money has a home.
Estimated December 2024 Budget
For December, the estimated budget was $8,179.33; we used $10,690.84, going over budget by $2511.51. The overage is mainly in the birthday and Christmas budget categories.
We may not need all the money we budgeted for in each category; however, remember the number is only an estimate from the previous year.
Don’t forget to budget for projected expenses because your entire month can fail due to not planning.
Actual December 2024 Budget
Current Canadian Banks We Use
- Chequing– This is the bank account from which we pay our household bills. We use Simplii Financial, TD Canada Trust, and Tangerine Bank. Join Simplii Financial today! Read more about the best Canadian online virtual banks.
- Emergency Savings Account– This money is in a high-interest savings account (HISA)
- High-Interest Savings Account (HISA)– This savings account holds our projected expenses.
December Budget 2024 Month To Month Update
Between November and December 2024, we experienced a net income decrease of 13.04%.
Our emergency savings decreased by 161.55%, which mainly came from investments.
We also used the remainder of our projected expenses for Christmas, reducing our savings.
Always expect to see changes from month to month, as that’s perfectly normal.
Breakdown Of Our December 2024 Budget Categories
Below are some of our variable expenses from December that I will discuss.
Grocery Budget December 2024 Budget
Our monthly grocery budget is $900 plus a $25 stockpile budget; we spent $1503.06 in December.
We went over budget in December due to the holidays, which we expected.
Two trips to Costco In December, plus stocking up on holiday fruits, beverages, vegetables, and cheeses.
Once I post the year-end numbers, we will know whether we need to increase or decrease our food budget.
Ideally, we want to leave the number at $900 or less.
You can find all the online groceries we purchase in the CBB Amazon Storefront.
December 2024 Grocery Food Savings Jar
The final savings figure 2024 is $1,712.87 using coupons and buying reduced products at local grocery stores.
Overall, we are happy with our savings in 2024 and hope that in 2025, we can meet or exceed this figure.
If you track your grocery savings for the year, what savings count towards that number?
Please leave a comment and let me know as I’m genuinely curious what everyone does as I may be missing savings.
Our Flashfood Orders December 2024
In 2024, the Flashfood App has saved our family $992.60!
Combining the Flashfood savings with our grocery savings jar, we saved $2705.47 in 2024.
We will continue to use Flashfood as we save so much money, so please consider signing up using my affiliate code below.
As I do, you get $5 free when you place your first order. It’s a win-win for both of us.
Every person who signs up gets a $5 credit, a freebie Flashfood offers for new app customers.
Also, Flashfood has added a small service fee to every order, which I feel is acceptable.
Use my referral code, MOCD28ZN4, for a $5 credit.
Your first purchase must be over $15.
Birthday
My birthday is coming up very soon, and Mrs. CBB bought us concert tickets to see a band from the UK in Toronto.
I have always wanted to see them live, and Mrs. CBB surprised me with tickets costing $593.
Will it put us over our birthday budget for the year? Maybe we’ll find out in the year-end update post.
Pets
In December, we spent $155 on the two cats, which is low; however, we topped up on supplies in the previous months.
Before buying cat food, I check prices using the Flipp app and visit websites like Amazon, Flashfood (Ren’s Pet Store), local pet shops, and grocery stores.
Besides Amazon, we have been purchasing online from Chewy Canada, which arrives two days after ordering.
Plus, you get 20% off your first three orders, which is amazing since their prices are competitive.
I will write a Chewy Canada review in 2025, as we’ve placed about nine orders and feel we have solid information to tell our readers about.
Extended Healthcare Expenses
Any monthly expenses under our current extended healthcare budget category are from occupational therapy and speech therapy for our son.
Since we are at the end of the year, my benefits coverage of $4,000 for our son has been used.
These last sessions for 2024 cost us $318 in December, which my SunLife benefits company did not cover.
How many of you with benefits utilize extended healthcare such as massage, physiotherapy, speech therapy, etc?
Canadian Tire Rewards Points
Our Canadian Tire Triangle Rewards card is fantastic; I can earn money back quickly.
My Triangle rewards are worth $337.83, which I can use towards any purchase.
When my CT money balance increases, you know I’ve been spending money and taking advantage of flyer sales on 20x the points days.
Always activate your Triangle Rewards to get the best bang for your buck at the many stores Triangle Rewards offers.
I have yet to write a Canadian Tire Mastercard blog review, but it’s in the making as my second favorite credit card.
Look for a CT credit card review in 2025.
Canadians Who Shop Online Use Rakuten
Do it if you order anything online and haven’t subscribed to Rakuten Canada.
Not only do you get $30 cash free from Rakuten when you use the CBB link, but you also get cash back from thousands of online stores.
You have 90 days from signing up to use Rakuten for an online purchase before receiving the $30.
Read my full review of Rakuten Canada if you are still unconvinced.
We regularly receive cheques in the mail from Rakuten.
PC Optimum Rewards Points December 2024
Since 2018, we have earned over 9 Million PC Optimum Points or $9000.
In the photo above, you can see December’s last 45 days of earnings.
We started 2024 with under 7 million PC Optimum Points, currently have $7,766,822, and are working towards $8000 in 2025.
Eventually, we will use points to do a redemption, but we haven’t been compelled to do so like years previous.
What would you redeem our points for to get the best return on investment?
How We Saved So Many PC Optimum Points
The process of saving them started after our son was born in 2014.
Yes, we have redeemed many times, but only during their Mega Bonus Event at Christmas.
Below are blog posts for anyone wanting to learn how we earn PC Optimum Points.
- How To Earn PC Optimum Points Fast
- How We Earned 4 Million PC Optimum Points
- President’s Choice Financial World Elite Mastercard
- PC Insiders World Elite Mastercard
Moi Rewards
Over two months after joining the Moi Rewards program at Food Basics, we’ve earned $36.
We earned no Moi points in December, but hopefully, we will see some movement in 2025.
For every 500 points earned, buying products with Moi points equals $4.
I’m in the process of writing a review of the Moi app but I wanted to experience the program for a few months.
I’ll be sharing our ongoing rewards progress here each month in 2025.
TD Rewards Credit Card December 2024
Our TD Visa has a cash-back balance of $29.32 as of December 2024, which is pretty good since I cashed out $500 in October.
This credit card is not the best for reward points, as it took me years to earn $500.
We only use this account for online purchases from Amazon, PayPal, and Shopify.
The credit card has a $5000 limit, although we initially started with only $500.
As products got expensive and our family grew, we increased the limit.
Dream Air Miles Update
Most points are from our house and vehicle insurance, which offers Air Miles.
There was a point where we had to choose Cash Miles or Dream Miles.
Since my family lives in the UK, we felt the Dream Miles would have worked best for us.
Also, when the October update arrived in our email, it stated that 95 cash Air Miles were available to redeem.
I found out in November that they gifted us 95 Air Miles, perhaps to encourage us to earn more.
I’m making it my mission for 2025 to learn as much as possible about the Air Miles program and would love some tips from any passionate collectors.
There is an Air Miles receipts program that I want to learn about.
If you participate, I’d love to hear more of your feedback.
Comment below and tell me what you know.
December 2024 CBB Net Worth Update
Overall CBB December 2024 Budget + Net Worth Update
I’ve had a few people email me about our mortgage and why we don’t have one in the chart.
After purchasing our home in 2009, we paid it in full by 2014, which was not easy, but we did it.
Our current market home value is approximately $988,000, and we bought the home for $265,000 in 2009.
In December 2024, our net worth decreased by –$9156.60, or -0.50%.
Our son now has a Registered Disability Savings Plan, in which we placed $5000 to get the government to pay back to the date of his autism diagnosis.
I’ll write a blog post about the process we went through for Mrs. CBB and our son if anyone wants to learn more about our experience.
Comment below and ask me any questions you’d like me to address in the post.
2024 Year-End Review
I’m finishing the 2024 Year-End Review and will share the final numbers in my next blog post.
Have a great budget month, and I’ll catch you back here in February 2025 for the January 2025 budget Update.
Mr. CBB
You can find all the CBB monthly budget updates from 2012-present in our library.
Such a comprehensive update!
December was a big spend month for us also. Christmas “anything and everything!”
I put money aside every month in projected savings (a separate savings account) to prepare for gift and holiday expenses. Everything I put aside in this category also pays for extra food and gas. It covers all without worrying about every day expenses.
This year I felt crafty, and made a lot of little tokens for people I interact with every day. We all know crafts bump up spending, even if I use coupons!
I had to have my poor kitty released in December, he was 14 years old. There goes an extra $700 (from savings) Again, savings helped to ease that burden.
And the big storm here in Muskoka cost an extra $1,000. In a few short days, it seemed like every piece of equipment had a repair to do. That was covered (again) through savings.
I’m thankful I’ve managed to put aside the money so that we don’t need to worry about using credit to meet unexpected expenses!
Hi Anne,
Thanks for your reply. I don’t think enough people know the benefits of a “projected expenses” account. There are numerous blog posts on CBB about how to start one and the benefits. We’ve been doing it for years. Maybe it’s a good time to re-share the post on Facebook as a reminder.
Every pet owner needs a vet projected expense because the animal deserves it. If the owner can’t afford the pet, don’t get one. They are costly, and they are part of the family. I’m sorry for your loss. It’s never easy.
Thankfully, Christmas is projected in our budget, so we save the money, although it still hits the net worth at the end of the day. Ha! That’s ok as long as we don’t owe any money.
I’m proud that you have a projected expenses account. That makes me happy!!!
Is that a separate bank account and do you track the projected expenses for each one you save for and use?
Take care,
Mr. CBB