My goal for 2014 was to reach a net worth of $350,000 by the end of the year. I have about $8500 left before I reach this goal. I also bought a car (yay!!) but this isn’t reflected until my next update as I have not paid for it yet. Unfortunately it’s a shiny new-new car but I will explain my personal finance sin (thou shalt not buy a new car) in another post 🙂 Well, I was impressed with my spending last month, but unfortunately that was not the case for May. May, I spent about the most I have spent since January. Over a quarter of that was for some stuff that I can get claimed back from my extended benefits though! Like new glasses and what not. I also paid for my home insurance and splurged and bought a large print of a favourite photo that I’ve been meaning to get since last year through Posterjack.The main reason for the up this month is my tax refund.
Okay, so here’s the breakdown for June 2014 ($341, 425): +1.5% +$5010
CASH: $61000 (+2.6%)
- 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: $100475 (+0.6%)
- The stock market is doing really well, surprisingly, since it is June.
- These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.
RRSP: $46140 (+2.9%)
- 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 >$32,000
- I paid back the Home Buyers Plan for my down payment in 2013.
TFSA: $45800 (+0.33 %)
- My TFSA is maxed out for 2014 now- I haven’t decided what to buy yet with the money, need to do some research (I have about $8000 to invest)
- 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 am not counting this in my net worth, because it’s 14 years old.
- I have started a separate Tangerine bank account for a future car
Credit Cards: $1800
- 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 Rewards World Elite® 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: $182,200 (-0.9%)
- 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.