July 2014 net worth update: $333,710 (-2.3%)

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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

ASSETS:

CASH: $390500 (-35%)

Net Worth Update

  • 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%)

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!

HOME: $272,000

  • My plan is to live in this for 1-2 year and then rent it out once I find my prince charming (haha…right?)

CAR: $17,000

  • 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

LIABILITIES:

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.
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Young is a writer and former owner of Young and Thrifty and the main "twitter' behind Young and Thrifty's twitter account. She lives in Vancouver, BC and enjoys long walks on the beach, spending time with her anxious dog, and finding good deals. If you like what you read, consider signing up for email updates.

2 Comments

  1. My Road to Wealth and Freedom on July 9, 2014 at 5:00 pm

    I feel your pain when it comes to buying a new car. I bought one last Fall and it wiped out my TFSA! On the flip side, it is nice to have a new vehicle. Good luck on meeting your NW goal for 2014.

    Cheers,



  2. Newbie on July 10, 2014 at 7:58 am

    I think there might be a little typo in the cash amount 🙂



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