Financial Goals for 2010-2011

Having joined a challenge to "Spend Consciously" for an entire year (yikes) I thought I should set out some goals so I could remind myself what I am doing this for.  It's fairly obvious that I need to maintain a balanced budget which is stretched to the max due to purchasing a retirement property while still living in my condo which I won't be selling until I retire and also while maintaining my trailer in Bayfield. Whew! What am I, nuts? Hopefully not. (rebuttals anyone??)

So getting down to specifics here goes:

• save $1000 a month, $5000 of which will go into my slightly depleted TFSA and the rest to use next summer to: replace old septic system at my new old home in PEI and purchase appliances for it
• save $90 a month for my RRSP (max allowable due to my teacher's defined pension plan)
• save $100 a month for the Emergency Account
• pay down my line of credit $1000 monthly plus interest
• pay off Visa (balance is only around $70)
• save enough for Christmas - guessing around $750
• contribute "creatively" to Crofter's Lane savings jar every month (this month I have 2 HUGE boxes of LPs that a friend was going to THROW out which we will take to a dealer who exchanges them for cash; also partner is going to put his tips into the jar)
• donate $100 to charity monthly
• cut down on gas and mileage of shared vehicle: use bikes more, daughter to contribute to HER share of the gas; co-ordinate rides to use the least amount of gas possible
• cut down on electric and natural gas bill (switched my natural gas to a different and much cheaper provider - second year I've done this and it made quite a difference), power down computers
• cut down on entertainment expenses by borrowing movies and books from the library instead of renting movies and buying books; eat out less
• buy coffee at Tim Hortons (or make at home) instead of expensive Starbucks Lattes)
• cut down on grocery bill by eating less meat (Meatless Monday every week) and using up leftovers in soups and stews; planning a list by using store flyers
• write all purchases down on my newly minted monthly budget form; stick to alloted amounts for groceries and gas

And finally, feel good about making an effort to live and spend consciously with the support of fellow bloggers Sam, Sharon and Maureen.  (I'm sure there are others I'm not aware of - if so, please let me know!)

October Budget: Pad Thai Fiasco Saved by Natural Gas

It could have been a disaster story along the lines of "Wall Street: Money Never Sleeps" or at the very least a tragedy reminiscent of Octomom's recent yard sale.

October - a fresh new month with new paydays. A sudden influx of money into the empty bank account. A sigh of relief that we got through September with $80 leftover and immediately socked away in a spanking brand new Gifts account at ING Direct. The euphoria derived from a 4 digit bank balance and a clean and tidy budget spreadsheet.

I'm rich!! ...or so I thought... even after I filled in my budget sheet and found myself with $176 for miscellaneous spending until October 15th I felt confident in my ability to make it last. After all, I had just spent over a week successfully stretching out a measly $40! But over the course of a few hours I watched in horror as my $176 dwindled away:

• my service charges were $2 higher due to using a non-TDCanada Trust ATM - down to $174
• oops - my Line of Credit interest was higher than my projections - now down to $146
• paid $27 off on my $97 Visa balance - yikes, now down to $119
• withdrew $40 cash as my wallet was totally empty (spent my last $10 on supporting the Run for the Cure) - now down to a precariously low $79 but sure that the $40 would last me for at least a week so still feeling smug
• paid $8 to see a movie with a friend; afterall I should get a little pleasure from my freshly deposited paycheque (oh yes, and $6 for popcorn but $0 for a drink as I brought my own water) - feeling like I've handled things well so far
• went to Jambalaya after the movie to pick up partner who was working there over the dinner hour & succumbed to a huge helping of the best pad thai in town washed down with a Sleeman's Cream Ale
• CRAP - my share of the bill came to $26 - exactly what I had left in my wallet - there goes my $40
• now I have $0 in my wallet again and only $79 for the next two weeks.....oh dear.
• got my natural gas bill today and it was $28 less than what I had budgeted for it (thank God I haven't turned on the furnace yet!) so now my misc. money is up to a more respectable $107...sigh

Today I have spent $0 so far. I have relied on my partner to buy me coffee at Starbucks and a newspaper, not to mention a chocolate and caramel covered pretzyl:) Had the leftover pad thai for supper (so very thrifty of me). Going out dancing tonight but hoping that since my wallet is empty and will remain so for as long as possible that my partner will cover the cover charge ($5) and buy me a drink.  If not I'll be drinking water!

PEIMoments

Posted by Kim at Top of the Meadow - takes me right back home!

What I Miss about PEI

The sights, the sounds and the treasures found on Northport beach.

The great fish and chips at the harbour in Alberton

The wonderful music and cuisine of Victoria Row, Charlottetown

The beautiful architecture of the 19th century

oh yes, and the seafood!

The colourful homes, the cedar shingles

The genius and majesty of the Confederation Bridge

But what I miss the most is how infinite the sky is in PEI

especially from my acreage near Alberton.

Whew!!! OR...Making it to the End of the Month before the End of the Money

Photo: Everystockphoto.com

A balanced budget is like a well-balanced meal - it's good for you and you feel sooooo much better because you didn't over do it. 

This month, while only the first month of my new FOUR YEAR PLAN budget, found us getting to the end of the month before the end of our money.  This is an axiom I have taken to heart after faithfully watching every episode of "Til Debt do us Part" (some of them twice) starring famous Canadian money maven Gail Vaz-Oxlade. 

But it's not the end of the month you say.  True; however, even an unforeseen emergency won't sidetrack my budget - after all - that's what my emergency account is for, isn't it?

The best part is that we have a small surplus. You know, Gail is right - when you track your money every single day it makes you so much more aware of where it's going and then you're better able to control it.

And I do feel better just like I would if I ever ate a well-balanced meal (I'll just have to take that as a given:).  In fact, I feel ECSTATIC knowing I can sock away at least an extra $80.00 into the Crofter's Lane savings jar.

Payday is two days away, the food in the fridge will take us beyond that thanks to my soup-making, stew-creating partner, my daughter put gas in the car (bless her!) and I still have $20.00 in my wallet and an extra $10 in my chequing account. Woo hoo! 

Dairy Queen beckons, but no, that would knock my well-balanced supper all askew, boo hoo....

The Long and Winding Road of Debt

When one (me) buys a new home when one (me) already owns a home and a trailer certain sacrifices must be made in order to:
a) remain solvent
b) not go broke
c) not declare bankruptcy
d) all of the above

Therefore, in keeping with the theme of frugality enforced upon me (by me) I am declaring September 2010 to September 2011 to be:
THE YEAR I DIDN'T BUY ANY CLOTHING and perhaps the year I explore fully the use of colons and lists while posting.

Included in this "clothing ban" will be:
a) shoes and boots
b) purses, belts, jewelry and other accessories
c) socks, gloves

Allowed items will be:
a) underwear (they don't make 'em like they used to and what if I'm in an accident??
b) clothing borrowed from my stylish, rich daughter (payback time!)
c) gifts (Christmas is coming after all)

So I hereby pledge my troth - me and my money will not be parted - for better or worse...

Happy Birthday Sister Dear

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