$150, 237 (+1.02%)
Yay- reached my goal- one month ahead of time! It feels great to reach this goal but now I want to set another goal (never satisfied, am I?). A few factors helped in this- one is the acquisition of this website and the other is more scholarship money being granted. However, I haven't paid for my car insurance yet which is due next month and that's a whopper.
The new owners of this site have graciously allowed me to keep the ING widget up until I unlock an ING bonus (there's a little part of me that has OCD tendencies and seeks to unlock bonuses). I think I just need two more referrals to do this. So if you're looking to get a new savings account- please use the orange key to your right side 🙂
The stock markets were pretty volatile it seems for the past few days. I haven't bought any more stocks and I don't really intend to- I would like to focus on buying more bonds or adding more liquidity by increasing in my cash savings.
Also, just to let you know, I have divided the proceeds of the blog sale to average the amount I received when I was the owner for the next year and a half or so while I'm in school. Sorry for the run-on sentence! Basically, I'll be adding X amount of dollars to my net worth updates every month to reflect the average income I received from this blog.
Okay, so here’s the breakdown for May 2012:
CASH: $14, 787 (+1.16%)
Boyfriend and I have a joint account which our mortgage is deducted from, and our own personal accounts.
- 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 $3000 saved up for my goal of climbing Mt Kilimanjaro (highest peak in Africa). I'm automatically deducting $100 a month from my bank account into this travel account. I'm about halfway there. Here's my shameless plug: If you are Canadian and want to help contribute to my hiking fantasy, feel free to sign up for an Tangerine with my orange key: 33530953S1. You’ll get $25 if you start an account with $100, and I will get $25 too.
- My goal is to save $5000 in my emergency fund by the end of the year.
STOCKS: $7982 (-0.2%)
- No change this month really.
- Basically all that's left in my non-registered account is USD stocks and the lonely stock left in my BMO investorline account
- These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts. I added up USD and CAD stocks as “Canadian” money to be simplistic
RRSP: $13050 (+1.9%)
- This includes the pre-authorized monthly contribution into my TD E-Series account, a GIC in my ING Direct Account and my new 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
- I owe about $16,000 to myself in my RRSP because I used the Home Buyers Plan for my down payment. I haven't decided whether or not to pay it back this year or have the 1/15 amount included as income. Since I'm in school, my income has decreased substantially so it might be feasible to just let the minimum amount get added as tax for 2012 (remember RRSP's are all about tax deferring!)
TFSA: $22,112 (+0.4%)
- Woot! Got my $20 gift card from KEG.UN this year again. Seriously made my day. A reader wondered whether buying 1 KEG.UN share at $15 would make you a shareholder and thus allow you to be eligible for receiving a $20 gift card. That's a good idea and a sweet deal!
- 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!
- I have maxed out my TFSA contributions for 2012
- I am not counting this in my net worth, because it’s 12 years old.
- My car is still pretty clean from last month's $20 car wash splurge 🙂
PRINCIPLE RESIDENCE: $387,500 (0.0%)
- I know this it does not make any sense to divide the principle residence and mortgage debt by 50%, but since I cannot disclose my boyfriend’s financial information, I will do it this way to simplify things. Some of you may not agree to that, and I understand.
- Vancouver is an expensive city to live in, and many people predict that there will be a housing collapse, especially in a place where their is such a disparity between income and housing price. The Vancouver market was actually quite unscathed compared to the depressed housing markets elsewhere, and many people believe it is sorely due for a correction.
Mortgage Debt: $293, 818 (-0.43%)
- My boyfriend wished to stop out additional payments on our mortgage because he's planning to be going back to school part-time too and wants to save up. Depending on how my income goes when I go back to work, I might contribute extra myself later on or maybe do a lump sum.
- Our basement suite is rented out so this takes the sting out of me going to school and dropping my income
Credit Cards: $371
- I need to call AMEX this month to see if I will get charged an annual fee after my first year of their rewards card. That's on my to do list.
- 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.