This month was the month of spending. I spent even more than last month. I thought was doing well by making significant gains last month by only being short of $8500 before I reach my net worth goal by the end of 2014. The main reasons for spending are related to automobile stuff. Like insurance. More insurance. Buying a car (the car taxes PST and GST are pretty steep). I also paid for my plane ticket for my big international trip this year. Hence the huge drop in net worth this month. Hopefully I can recover for next month to be on target for my goal.
Okay, so here’s the breakdown for July 2014 ($333, 710): -2.3% -$7710
CASH: $390500 (-35%)
- I added up my chequing and savings accounts (High Interest Savings Account). I automatically deduct money from my chequing account and have it siphoned to the HISA account (paying yourself first)
- I have $4800 saved up for my big trip that I hope to do this year.
Non-Registered: $105430 (+4.9%)
- This isn’t because I did well this month- it’s because I had to make a transfer from another account
- These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.
RRSP: $45760 (-0.8%)
- This includes the pre-authorized monthly contribution into my TD E-Series account, a GIC in my ING Direct Account and a Questrade RRSP account.
I am seriously thinking about maxing out my TFSA instead, if I am not able to max out on both (read my TFSA vs RRSP great debate over here) from now on, as I will expect to have defined benefit pension when I retire.
- I’m not including my defined benefit pension contributions which is >$35,000
- I paid back the Home Buyers Plan for my down payment in 2013.
TFSA: $41910 (-8.4 %)
- My TFSA is maxed out for 2014, I had to move money to another account (long story- stay tuned)
- JE.TO was sold because they cut their dividends and the stock plummeted this month, triggering an automatic sell (which is fine with me, wanted to get rid of it anyways)
- Check out my dividend income spreadsheet!
- One of my to do tasks is to track my dividend payments in an excel spreadsheet
- Watch out for TFSA over contributions, guys, the CRA will get you for every last penny.
- I signed up for a Tax Free Trading Account with Questrade in 2009 and haven’t looked back!
- My plan is to live in this for 1-2 year and then rent it out once I find my prince charming (haha…right?)
- I bought a car (so painful to part with money but am really enjoying the fuel economy and hatchback-ness)
- I will update it annually with the Canadian Black Book price
- I used a conservative estimate of the car, no CBB price for 2014 models yet
Credit Cards: $4720
- I applied for the CIBC Infinite Visa Aeroplan card and in the goal of travel hacking my way to trips and have been using it for a few months.
- The problem with not having Mint.com is that I can’t see my credit card spending as easily so I ended up resorting back to the Mint.com account but I only added my credit card (this is helping a bunch so that I can keep track of my spending)
- I’ve redeemed $250 already this year with my MBNA World Points World mastercard.
- I’ve used my new Amex Aeroplan card twice so far.
- I pay off my full amount every month (and folks, it’s VERY important you do so otherwise you’re losing out on a 19% return!) but include it in my net worth update so I have an accurate picture of my actual net worth. I sort of think “If I were to sell everything right now, what would my net worth be?” I guess I shouldn’t put it in the liabilities column since i pay it off regularly, BUT in mint.com it’s under the liability column so I’ll do the same.
Mortgage: $182,720 (-0.3%)
- My intent is to rent it out in a little while (see above). In order to offset future rental income, I chose to acquire a mortgage instead of paying for the majority of the condo.