Budget: May 2012

Budget for May is complete!!

Crossing my fingers that I'll be able to stay on track:

	Budgeted
Full Time Job	$2,810.24
Transfer from Planned Spending Account	$270.00
Mortgage + Taxes (3x this month)	$1285.54
Condo Fees	$75.01
Insurance (Car/House)	$97.69
Hot Water Tank Rental	$50.79
Car Maintenance/Licensing	$49.00
Extra Mortgage +Tax Payments	$65.00
Natural Gas	$95.00
Hydro	$45.00
Rogers	$140.00
Pension	$333.32
Emergency Fund	$50.00
RRSP	$100.00
Travel Fund	$200.00
Clothing	$17.00
House Stuff	$30.00
Gifts	$50.00
Food/Restaurant	$200.00
Entertainment	$40.00
Gas - Car	$140.00
Memberships	$15.00

Taxes Filed!

Within the first couple of hours of the CRA opening the Netfile process again this year I'm filed away!

For the past couple of years I've filed my taxes on my own using Turbo Tax....this year I thought that since my refund was more complex than in previous years that I'd need to use a professional, but I got along just find on my own.

I even used Turbo Tax via Great Canadian Rebates and earned myself $1.80 in the process.  Small steps!

I claimed approximately $7,000 in moving/home selling expenses since I moved 400km from Toronto to Ottawa for work, and need to carry over another $2,000 approximately to 2012, I will be getting a hefty return.

$3,583 to be exact! (My average return is about $500-600, this is a one-off because of the deductions)

So, how will I be spending this chunk of change:
Starting balance: $3,583
RRSP - Regular Contribution: $2,275
RRSP - HBP: $500
Emergency Fund: $408
Travel Fund: $400

My regular RRSP contribution slacked off between April 2011 and January 2012, so I'm throwing a good chunk in that account to start building it back up.  With this repayment into my RRSPs under the Home Buyers Plan (I withdrew about $22,000 in February 2011) I'll have repaid my 1/15th for 2012.

If you're anticipating a refund, how are you planning on spending it?

Progress Update and an Unexpected Refund!

Well, four days into my No Spend Week, I'm batting 100%!  During my two day work trip my colleague who has a company credit card paid for meals, so I had no costs out of pocket.  I will be putting together a couple of Ikea pieces today and catching up on laundry, so I don't anticipate needing/being bored and wanting to go out and spend money!

Now, onto the surprise refund....my real estate lawyer let me know that the builder's lawyers had made an error in the figures I had to pay (they hadn't cashed the occupancy bank draft), and as a result I overpaid at closing by about $600.  Found money is always exciting, especially when it amounts to basically 1/2 a paycheque!

Here's my plan:
- Efund: $100
- RRSP: $100
- Travel Fund: $200
- Shoes: $75 (replacing a sensible black pair that broke)
- Car Fund: $75 (I have a replacement tire and oil change looming in the spring)
- Ottawa Fun Money : $75 (I've been itching to try snowshoeing and cross country skiing)

All in all, a good week thus far, and looking up....I have a movie date on Sunday!

How I'm spending the money!

Back again this morning for an update on how I'm intending to spend these condo profits!

Amounts with a strikethrough are payments that I've already made.

Starting Balance	$36,817
Remainder of Condo Deposit*	$6,995
Remainder of Condo Down payment	$9,645
Estimated Purchasing Legal Fees	$1,300
Estimated Purchasing Disbursements	$1,100
Estimated Land Transfer Tax	$1,639
Estimated HST (On CMHC Fees)	$461
Estimated Utilities Setup Fees	$250
Legal Fees – Title Search Fee	$250
Condo Upgrade**	$678
Emergency Fund	$2,500
Travel Fund	$500
Kenya Trip – Vaccinations	$278
Furniture/Home Decor	$3,000
Vehicle	$6,200
Vehicle Registration/Taxes	$955
Winter Tires	$350
Vehicle Tune-Up	$150
Bank Fees/Certified Cheque Fees	$20
Just-in-case	$546

* I’ve already paid a $2,500 deposit to the builder – it is a new condo and a tiered payment structure has been established.

** I opted to upgrade only one item separately (although about 8 others I’d have loved to....top of my list was travertine tiles instead of the standard porcelaine, but I wasn't willing to spend the $750 on top of the upgrade I selected) – I selected to have the microwave mounted above the stove instead of having it sit on the counter.

Have you ever purchased a new home and got sucked in by the upgrades available??



2011 Goals

Now that 2010 has almost come to a close (I still can't believe it), I've gathered the scraps of paper I've been using to write down my goals for 2011 and consolidated them into one master list. 

My plan is to print and frame - from the dollar store - my goals and put them up in my closet.  This way, I'll see them every day, and that will hopefully keep me on track to accomplishing them.

FINANCIAL:

• Increase my Emergency Fund up to $5,000 - currently, it sits at $2,655.
• Increase my House Fund up to $33,000 - currently it sits at $22,027.
• Save $3,500 in my Trip Fund for Central/South America over the holidays next year - currently it sits at $531.  This savings will come entirely from work outside of my full time job. 
• Open a new ING account for Gifts - pay for all birthday, wedding, baby, Christmas gifts from this account.
• Track every penny I spend!!!

PERSONAL:

• See one or more high school friend each month - there are 8 of us who still keep in touch from high school, although most of it by email.  I'd like to see at least one of my friends per month to be able to maintain such great relationships.  Two friends are only GO Train rides away, and most others by bus, so it's not a big challenge to see them.
• Volunteer on a project - I've been in talks to sit on a Run for the Cure committee in preparation for the annual run in October in one of the GTA communities, so this one should be a guaranteed completed task. 
• Resume tutoring - I tutored all through high school and University and was able to bring in a decent amount of extra money with 2 or 3 students.  Over the break I've designed a poster to put up in town as well as on the web.
• Sign up and participate in a running class. 
• Become more healthy - for me, this means eating better and increasing my exercise frequency. It's a good thing all of those Christmas sweets are almost gone. 
• Travel - I'm aiming for the holidays next year in Central/South America - see my post about this trip.
• Join a professional association in my field.
• Blog every weekday.

I am certain that I'll add more goals once one is ticked off as completed, but I think this is a good start!

Proud of My Hometown!

I was born and raised in Sarnia, Ontario.  A medium-sized city (pop. 72,000ish) along the shores of Lake Huron.  It's great to be along the water in the summer....not so great in the winter.

We have gusty winters filled with snow.  I couldn't count how many times cars were buried in the driveway for the morning, or having to climb over a pile of snow at the door just to get outside.

Never though did I experience what's happened the past couple of days.  More than 300 cars were stranded along a stretch of highway between Sarnia and Strathroy.  Around lunch time rescue helicopters flew in, police cars picked up those stranded, and ploughs started to clear the highways.

For those stranded near exists so many people opened their homes to stranded strangers for warm blankets, food, water, and a bed. 

Whether it comes to being prepared for a snow storm or prepared if your pay is delayed a week because of a computer glitch, it's always important to have an emergency plan.

The All Important Emergency Fund

According to an article in this morning's Globe and Mail, 1.5 million Canadians are unemployed. 

"As of September, 300,000 of Canada’s 1.5 million jobless workers have now been out of a job for 27 weeks or longer."

These scary figures should put to rest any arguments Canadians have about not having an Emergency Fund.  Some financial experts say that having a 3-month emergency fund, but for those 300,000 Canadians mentionned above that 3-months might not have been enough - even with unemployment benefits. 

My first real job out of University was a 2-year contract position.  Knowing full-well that I would be out of a job (there was no option to renew since the contract was for a one-time event) in 2 years, I started saving for unemployment my first day on the job.  Sure, I might have gotten the next job two weeks after this contract ended, but it also could have been 6 months -- in reality it was 4.5 months.

I calculated what my bare necessities were to live on (rent, food, transportation, phone, a few misc. items too).  I did not factor in unemployment, because what if for some bizarre reason I didn't qualify, or the maximum amount allowed was lowered.  I calculated that aside from the trip I'd planned and paid for after the contract ended that I would need $1,200/month to live on.  So, I socked away $300/month for two years to come up with a 6-month emergency fund (I put this into a TFSA).

When the time came around to file for unemployment, I did qualify and my payment came out to $804/bi-weekly.  During that 4.5 months of unemployment I actually came out ahead each month, PLUS I didn't have to touch my emergency fund.  Since then I've moved it over to my RRSPs for the tax benefits and am now rebuilding it -- especially because the new job I have is contract and it will be time again in 2012 to look for something new!

How ready are you in the event that unemployment hits? 

For more information about the Globe and Mail article: http://www.theglobeandmail.com/report-on-business/economy/jobs/long-term-joblessness-on-the-rise/article1783259/singlepage/

Monthly Budget

My monthly budget will be as follows for the rest of 2010:

Income	$3,068.00
Rent	$870.00
TTC Pass	$111.00
Food	$320.00
House Fund	$100.00
Emergency Fund	$1,300.00
Clothing/Gifts	$60.00
Phone/Cable Internet	$120.00
Entertainment	$60.00
Gym	$76.00
Other	$40.00
Left Over	$11.00

You'll notice that there is no line item for future vacations - I have embarked on a second job as a Mystery Shopper.  I am hoping that will bring home $200/month, which will be allocated to the travel fund.  Because of my low income (by Toronto single girl standards) I won't be taking any travel money out of my tight budget, it'll have to be financed creatively.

My house fund will be on the backburner until January 2011 when my Emergency Fund will be at goal ($5,000). 

Here's how I stay on track budget-wise:

Gail's Magic Jars!