Tuesday, January 3, 2017

Another Year Another Budget


Living on pensions, as I do now means my budget is pretty much set for the year. Same amount of money in, same amount of money out. The rest goes to savings and Misc. However, a new year brings cost-of-living increases and of course the inevitable increases in monthly bills.

What goes up:

Income

  • Teacher's Pension
  • Canada Pension Plan
  • Savings - comes out of my pensions but worth a mention. My monthly savings amount has increased due to now receiving the CPP. All of it goes into savings so what with investment interest etc I am saving roughly $1000/month. And we know what that goes to - TRAVEL (and large items like a new appliance or furniture) but mainly TRAVEL!!
What goes down:
  • GST Rebate - Prior to receiving the Canada Pension Plan I was eligible for a tax rebate which was $105 every 4 months. Now that I am receiving the CPP my income is higher therefore I may no longer be eligible for the rebate. I will receive it in January and April however. As for what I'll receive based on 2016 taxes shall remain a mystery until July 1st.
Hah, short list! 

What goes up:

Monthly bills
  • Property taxes - well, I'm assuming they'll go up, I've never known them to go down! But it usually takes a few months for City Council to figure out by what percentage they'll increase. I wait with bated breath! 
  • Condo Fees - guaranteed to go up every January. I'm sure I received notice of how much but I don't feel like going up to my office to rummage around (my filing is a trifle behind) so we'll just have to wait and see. I budgeted $290. 
  • Cell phone - will remain the same (I hope)
  • Internet - will remain the same (same hope)
  • Insurance - things are in flux with insurance - I think I have a credit coming to me in January (about $20) and then my regular payment beginning in February is $134/monthly. Kazi has her own policy now so I'm paying for Dougie the Dodge and condo insurance. That is up a little but not much. I had an at fault fender bender in 2014 so that will continue to affect my insurance for a couple more years. 
  • Union gas (heat, hot water tank & dryer) will increase a bit due to carbon taxes. I still pay the least of anyone I know averaging $30 in the summer to $80 in the winter. Yes, Kazi is always cold; you think she'd be used to it by now :)
  • London Hydro - electricity for my American friends. Continues to go up and up and up! Still reasonable though I think. I budgeted $80 as we are using an electric fire in the TV room as it is in the basement. 
  • Netflix - $9.99 no change.
  • Reliance - I rent my hot water heater. I remember when that was about $8 a month - now it is $35.00 and will likely increase at some point. The cost usually goes up once a year. 
  • Misc - covers my allowance :) and I rejig it to reflect the amount of $$ I have left after paying the above. It's usually around $150+/week. That covers meals out, clothing, wine, wine, wine...etc. household items...wine...wine....scotch...
  • Variables: gasoline & food - I have been over funding my gas budget for quite some time so have cut it back a bit ($100 monthly); food continues to be a little overfunded as well so have cut it back a trifle. ($280 monthly). Any extra left in either budget line gets carried forward to the next month.
Remains the same:
  • Debt - ZERO! I continue to have no mortgage, no loan, and no credit card debt. 
So there you have it. I'm hoping that by February changing amounts will be set for the rest of the year. There is a lot of hope in my budget! All I can say for sure is money will show up in my account once a month and I'll do my best to get rid of it. 

P.S. I had money leftover at the end of December. Since I practise zero budgeting I'm wondering if I forgot someone's Christmas present? 
P.P.S. I kill myself! 

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