Thursday 9 January 2014

Pay Day January 2014


My budgeting for the month is a bit off because I wasn't able to pick up my check until I got back from holidays. Nonetheless my monthly pay check is in for a total of $5,635.22.  My pay has increased for the next few months as I’ve paid my EI for the year and my end of year bonus worth $2,500. My budgeting will continue as if I did not see this extra money and the surplus will be put towards my House Payments.

Housing 40% - $1,439.35
Mortgage - $646.62
House Maintenance - $315.00
Housing Taxes - $192.00
House Insurance - $72.00
Utilities – $213.73
Total – $1,439.35

Savings 10% - $359.83 – All going to my RRSP

Extra Mortgage Payments 10% - $359.83

Transportation 15% - $539.75
Bus Pass – $0
Train - $0
Other - $15
Car Savings – $0
Total - $15
Leftover - $524.75

Life 25% - $899.63
Food - $130
Cell – $30
Internet - $60
Health Insurance – $28.52
Clothes - $10
Gifts - $10
Misc - $10
Big Ticket Item - $100
Entertainment - $10
Social/Sports - $0
Financial Planning - $14
Cat - $10
Slush – $0
  
Of Note:

- I have a total of $4,166.14 to put against my mortgage. My monthly payment is currently $782.41 but I can double up my payment to $1,564.82 and have $2,601.32 left over to add to my yearly 10% pot.

-I’ve added $5 to my monthly budget for Health Insurance which will cover my Insurance deductable for a year. 

-Incidentally this pay check has given a jump start to a couple of my goal . . . but I'll let you know about those a little later. 

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