my road to financial independence - one loonie at a time

2018 financial goals – February update

February is over and things are finally – and mercifully – starting to calm down a bit. Junior curling is over, and we’re nearing the end of G and I’s mixed league, the boys’ hockey and A’s ringette. I can’t wait to have some control over my time again. And I can’t wait to start posting more again. We’re also already looking ahead to summer holidays!

As far as our February expenses go, they look absolutely TERRIBLE. But hear me out cause it’s not quite as bad as it seems… Let’s have a look!

  • $10,722 in RESP contributions – We contributed $1,080 in February, bringing our year-to-date total to $3,060, so we’re well on track here.
  • Make at least 5 extra mortgage payments – None made yet. Still waiting on that arbitration ruling… Even once the ruling is in, it will take several months to implement the new collective agreement, so I likely won’t get my backpay until the second half of 2018, meaning I likely won’t make any progress on this goal until then.
  • Annual spend under $75K, including at least 4 months under $6K and at least one month under $5K – Our January spend was ultra-low, but our February spend was ultra-high, clocking in at $9,996.70, and bringing our year-to-date total to $14,903.83!! So we’re off target here. But just like our January spend was artificially low, our February spend is artificially high. We needed to renew our annual car insurance this month, and rather than making monthly payments as we’ve done in the past, we paid all $3,030 in one lump sum. We did this for two reasons: i) our insurance went up a bit this year, and paying it in a lump sum saved us some interest charges, offsetting some of the increase, and ii) for some reason, we couldn’t put our monthly payments on our credit card, but we could make our lump sum payment on it, meaning we could accumulate valuable travel dollars. Aside from our car insurance, we also made a $1,000 payment on our property taxes. Some other expenses of note this month:
    • about $700 for our son’s hockey tournament in the States. This includes hotel charges, some gambling (it was a casino hotel), booze (don’t judge – we have a group of very fun parents!), meals out, etc.
    • $178 in annual fees for our credit cards. We love our travel credit cards, but the annual fees on both the primary and additional cards went up this year. This amount seems insanely high to me, but we get much more than that in travel dollars every year, so I guess we’ll stick with them for now, but may reconsider one day whether another card would better suit our needs.
    • nearly $350 to service our van (we got into a little accident on our way home from the States – we’ll have some other expenses related to this in March).
    • just over $350 for entertainment – this mostly relates to G and I curling in a mixed league on Friday nights, which entails weekly babysitting costs and drinks at the club (of course). I also curled in a mixed bonspiel in February which entailed more babysitting and more drinks! I’m totally fine with all these costs though because well… curling.
  • NOT incur any consumer debt – None incurred, so on track.
  • Assemble a binder of financial information – haven’t done anything yet – yikes, that’s two months now with zero progress.

Oooph. Not looking great. I’ve got some serious work to do.


1 Comment

  1. Toffe

    Thank you, Mr. Rhian.

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