Pay Day July 2014

My income from disability insurance when I’m not working is a total of $2,519.98 for this month.

Housing

Mortgage - $1,564.82

House Maintenance - $175.00

Housing Taxes - $200.00

House Insurance - $72.00

Utilities – $215

Total – $2,471.82

Transportation - $0

Savings - $0

Life

Food - $120

Cell – $30

Internet - $60

Health Insurance – $23.52

Clothes - $0

Gifts - $0

Misc - $20

Big Ticket Item - $0

Entertainment - $10

Social/Sports - $0

Financial Planning - $14

Cat - $15

Slush – $0.64

Total - $293.16

Of Note:

- Transportation is at $0 since I still have my student bus pass and have a good chunk of change saved for train and taxi rides.

- Savings is at $0 for two reasons. The first is I won’t be making an RRSP contribution since my income will be low. The second is I’m concentrating on getting my house paid off to decrease interest costs and meet my 5-year goal.

-Non-essentials (Gifts, Clothes, Big Ticket Items, and a portion of Home Maintenance) have been put on hold. My pay from insurance went down because I earned some money at my day job, but I haven’t gotten around to picking up said paycheck from my day job. These will be topped up when I get my (2^nd) pay check in the near future.

Pay Day May 2014

Now that I’ve survived most of my graduate studies course work (one project left, and so close to done I can taste freedom) I have a bit of time to talk about my budget. I’ll talk in a separate post about living on a variable income while in school, but for the moment we’ll just look at how my reduced income is divided up. My income from disability insurance when I’m not working is a total of $2,795.59.

Housing

Mortgage - $1,564.82

House Maintenance - $315.00

Housing Taxes - $192.00

House Insurance - $72.00

Utilities – $225

Total – $2,368.82

Transportation - $0

Savings - $0

Life

Food - $100

Cell – $30

Internet - $60

Health Insurance – $23.52

Clothes - $0

Gifts - $10

Misc - $10

Big Ticket Item - $100

Entertainment - $10

Social/Sports - $10

Financial Planning - $14

Cat - $15

Slush – $44.25

Total - $426.77

Of Note:

- Since living on a variable and reduced income I’ve been writing how much came in at the top of a piece of paper and subtracting expenses (essentials mostly) in terms of importance.

- Transportation is at $0 since I still have my student bus pass and have a good chunk of change saved for train and taxi rides.

- Savings is at $0 for two reasons. The first is I won’t be making an RRSP contribution since my income will be low (more on investing plans at a later date). The second is I’m concentrating on getting my house paid off to decrease interest costs and meet my 5-year goal.

-I spend a little more than $100 a month on food but I had quite a bit accumulating some I’m working on that. Clothes is at $0 because I have $130 saved up and I still don’t need any clothes.

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. 

2013 Review

I've decided to break down a year's worth of spending since it will all have been done while living in my current house which means that these should reflect next year's numbers pretty accurately. 

Total Spent 2013 – $19,165.04

Total Income 2013 – $55,142.62

In other words I’ve spent 34.8% of what I earned in the past year.

Expected Spending 2014 – $23,176.72

Expected Income 2014 – $30,000

I’m giving myself a very conservative expected income assuming no side jobs, and assuming that my disability insurance pays out. Also it should by noted that the $8,000 that I expect to spend on my Masters tuition over the next year is already sitting in a savings account. But it is nice to see that even with conservative estimates my Income is greater than my expenditures.

Mortgage

Total Spent – $47,477.19

Interest – $4200 *

Principal – $43,277.19 *

Total Expected Next Year - $34,134.32

Expected Interest – $3,300.00*

Expected Principal – $30,834.32*

*Numbers are estimates

Monthly Expenses

	Spent per Month	Total Spent	Expected 2014
Groceries	$132.83	$1,593.99	$1,500.00(1)
Misc	$12.57	$150.79	$150.00
Utilities	$298.14	$3,577.63	$3,600.00
House Maint.	$43.28	$519.36	$550
House Taxes		$2,246.70	$2304
House Insurance		$1,105.56	$1,200
Bus	$68.25(2)	$606	$0
Car Payments		$45(3)	$0
Gas		$70.17(4)	$0
Train	$4.36	$52.29	$60
Cabs	$3.86	$46.28	$50
Entertainment	$10.95	$131.37	$120
Social Memb. Fees		$45	$30
Health	$32.59	$391.08	$300(5)
Clothes	$0	$0	$0(6)
Gifts	$4.90	$58.83	$60
Cell	$28.72	$344.65	$339
Internet	$47.14	$565.64	$691
Financial Planning	$13.56(7)	$122.04	$162.72
Total	$701.15	$11,672.38	$11,116.72

(1) It will be a tad cheaper since I’ll be vegetarian all year long.

(2) For the months that I needed a pass, which ended in August. I have a pass included with my Masters Tuition.

(3) Actually it was a wagon payment.

(4) I only had my parents van for one month, I have no expectation to pay for gas in the next year.

(5) I am now out of Wisdom Teeth to remove. : D

(6) Why break my streak?

(7) Only paid the monthly fee for 9 months, it will be 12 months next year.

Other

	2013	2014
Masters	$2,283.46	$8,400
Cat	$149.63	$120
Professional Memberships	$403.25	$190
Masters Application	$142	$0
CPR Recertification	$100	$50
Furnishings	$54.32	$0
Passport Renewal	$160	$0
Total	$3,292.66	$8,760

Pay Day 1 December 2013

So my monthly pay check is in for a total of $3,805.97.  My pay has increased for the next few months as I’ve paid my EI for the year. My budgeting will continue as if I did not see this extra $200 and that amount 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 – $23.52

Clothes - $10

Gifts - $10

Misc - $10

Big Ticket Item - $100

Entertainment - $10

Social/Sports - $0

Financial Planning - $14

Cat - $10

Slush – $492.11

Total - $1107.21

Extra from not having to pay EI - $207.58

Of Note:

- Between my normal mortgage payment ($646.62), my Extra Mortgage Payment Amount ($359.83), what is left from the transportation budget ($524.75), my Slush money ($492.11), and my Extra from not having to pay EI ($207.58) I have a total of $2,240.89 to put against my mortgage. Which means not only can I afford to increase my monthly payments from $711.28 to $782.40 but I can double up my payment to $1,564.80 and have $666.09 left over to add to my yearly 10% pot.

- My BTI money is earmarked this month for a wisdom tooth extraction. Truly there is nothing more exciting to spend $100 on. 

Food Waste - November Budget

No food waste to declare, though the tail end of a head of lettuce is starting to look pathetic. I'm also low on the food front. Milk's all gone, no more fruit left and the only bread I have is in the freezer. I need a big groceries trip Saturday morning. Probably before breakfast because I haven't got much left to make breakfast with.

As for my monthly pay check it is in for a total of $3,615.97 which is a pay raise from $3,598.39.  For the moment I'm going to act like a didn't get a lovely pay raise of $17.58 since my income will be dropping next month as I reduce hours to work on my Masters. Extras that came in were $372.57 from my employer to cover professional fees that I paid and $101.00 in a GST rebate which went to the "pay down the mortgage fund".

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

Debt 10% - $359.83

Transportation 15% - $539.75

Bus Pass – $0 (covered in tuition)

Train - $15

Other - $0

Car Savings – $0

Total - $15

Leftover - $524.75

Life 25% - $899.63

Food - $140

Cell – $30

Internet - $55

Health Insurance – $23.52

Clothes - $10

Gifts - $10

Misc - $10

Big Ticket Item - $100

Entertainment - $10

Social/Sports - $0

Financial Planning - $14

Cat - $20

Slush – $477.11

Total - $899.63

Of Note:

-I dropped my food budget because I've developed quite a surpluse in that account. 

-The Cat category has been added with $10 a month being put aside for food and $10 a month being put aside for vet fees. 

-My mortgage payments and the other extra space in my budget adds up to $2,008.31, of that $1,422.56 will go towards my normal payment and the double up and $585.75 will go towards the "pay down the mortgage fund" in order to be used for a 10% principal payment. 

September Mid Month Checkup

Bills/Savings Paid

Mortgage - Successfully doubled-up

Retirement Savings - On Track

Housing Taxes/Insurance – Taxes have been increased based on my predictions for next year’s bill.  Insurance is on Track

Health Insurance – Spent – but need to claim of meds in progress

Financial Planning - $1.64 left over.

Bills waiting to be paid

Cell Phone/Internet - Bills have not yet arrived, $46.89 and $50.68 respectively

Utilities – $383.86 I’m looking into price of wood for my fireplace which will take a bite out of this.

Others

House Maintenance - Savings are up to $2,385.27.

Big Ticket Items - $588.53 in savings. 

Train - $66.71 still there.  

Other Transportation - $77.72 set aside.

Food - $240.27 left.  I could throw a party! 

Miscellaneous - $28.98. 

Entertainment - $22.87. With all the time I spend studying there isn’t much time to spend.  

Social/Sports - $40, but I should need to pay a $30 club fee soon.

Clothes - $90

Gifts - $68.40.