New Years Financial Resolution (post your resolution & updates)

[Frugalbigmama]

Well so far this year I am doing really well with my budget and spending less. Have been moving grocery, gas and misc. funds forward to the next budget period. Seeing progress with organizing the house which saves money. Grocery shopping the sales and really trying to use up what we have and shop smart. Should go through the cupboards again this weekend and see what I can plan to use up/toss if we aren't going to use.

[jasperandchar]

I made a very large payment on my 2014 income tax installments, just need to put another $300.00 in March and I'll be done which means caught up.

My family and I are really sticking to our budget this year and like FBM it's really showing.

We are staying in for Valentine's day which is great as I get to make my family a wonderful homemade meal made with love AND I'm using stuff up that we have on hand (shrimp and spinach from the freezer), rice as a side dish and 2 lovely desserts both homemade.

[jasperandchar]

Still on track for February's budget & renovations

[bobbiegirl2010]

February Update:

For now these are our goals for the next 6 months:

1) Do not incur any new debt - if we don't have the money we don't buy it or do it. We are not spenders and we live within our means as far as clothes, furniture etc goes... Our problem always been large expenses (like vehicles and home renos/repairs) that we impulse buy instead of planning and saving. To counter this problem I've set up various savings accounts (see #3).

DH bought a new dyson vacuum (ordered online with free delivery) and a used bowflex off kijiji. He used his 2014 vacation payout to purchase these so no new debt incurred We put the rest of his vacation $$ along with his last LTD cheque into his TFSA to keep as emergency savings.

2) Stick to budget for all categories

So far we seem to be doing well with our budget

3) Continue to fund accounts for various expenses: car repairs, vet bills, vacations, sports for girls.

We had to take some money out of our sub accounts for some vehicle repairs, an annual vet bill and flea meds and a wknd getaway. Still plenty of money left in each sub account

4) Start saving 15% of my daycare income every month for 2015 income tax and CPP instead of waiting to figure out how to pay it come income tax time.

2014 taxes have been filed. Since DH is getting a large tax refund, and I was able to make an RRSP contribution, it worked out that what DH gets back is what I owe in so we're even I also set aside my first payment of 2015 taxes for January into my TFSA so I'm on track for next year.

5) Pay aggressively down on LOC - currently it is maxed out after transferring balances from 2 credit cards (home reno purchases). Half is vehicle/trailer purchases (some we don't even own anymore ) and the other half is home reno/repair expenses (see #6).

I have it worked out in my budget that all extra $$ goes towards LOC. I should be able to make a payment of $1274 this month. Next month will be less as there are less working days in Feb.

6) Try to renew mortgage early in May (when 6 months are left) and get a better interest rate. Get home appraised and consolidate as much of LOC into mortgage as the bank will allow. I am hoping at least $20k can be consolidated (to cover the home renos and renovations that we've borrowed money for). As long as interest rates do not go up we should be able to increase our mortgage and the payment will remain the same (our current interest rate is very high 5.25%)

We should be able to go to the bank in April to renew without paying a penalty. We'll see what they say about consolidating then.

I noticed yesterday that our monthly mortgage payment has gone down. Looks like its the property tax portion that went down $28/month. More $$ to put towards LOC but I'm not sure this is a good thing... Does this mean that house values in my town have gone down???

[Frugalbigmama]

Cleaning up the budget since tomorrow is payday. Carried over Gas $179.78 Groceries $136.44 and Misc. $91.28 to the next budget period. Don't think I redeemed any PC points this period other then today (Steak dinner with fresh asparagus etc) for tomorrow nights dinner. Have a tripped planned but paid it off and spending $ getting kids passports etc but they need them. Have US money in an account from years ago that we will use so that is nice. Should have enough in my gas carry over amount to pay for my plate sticker for 2 years. I will appreciate it next year when I don't have to pay. Then will let the gas amount build (hopefully) and use to purchase winter tires in the fall. Selling junk has been good when I post and will get better once the nice weather returns. Will keep building my jars of $. House repairs/painting etc starting now but should be covered by Misc. account to fund it.

[jasperandchar]

February Update:

For now these are our goals for the next 6 months:

1) Do not incur any new debt - if we don't have the money we don't buy it or do it. We are not spenders and we live within our means as far as clothes, furniture etc goes... Our problem always been large expenses (like vehicles and home renos/repairs) that we impulse buy instead of planning and saving. To counter this problem I've set up various savings accounts (see #3).

DH bought a new dyson vacuum (ordered online with free delivery) and a used bowflex off kijiji. He used his 2014 vacation payout to purchase these so no new debt incurred We put the rest of his vacation $$ along with his last LTD cheque into his TFSA to keep as emergency savings.

2) Stick to budget for all categories

So far we seem to be doing well with our budget

3) Continue to fund accounts for various expenses: car repairs, vet bills, vacations, sports for girls.

We had to take some money out of our sub accounts for some vehicle repairs, an annual vet bill and flea meds and a wknd getaway. Still plenty of money left in each sub account

4) Start saving 15% of my daycare income every month for 2015 income tax and CPP instead of waiting to figure out how to pay it come income tax time.

2014 taxes have been filed. Since DH is getting a large tax refund, and I was able to make an RRSP contribution, it worked out that what DH gets back is what I owe in so we're even I also set aside my first payment of 2015 taxes for January into my TFSA so I'm on track for next year.

5) Pay aggressively down on LOC - currently it is maxed out after transferring balances from 2 credit cards (home reno purchases). Half is vehicle/trailer purchases (some we don't even own anymore ) and the other half is home reno/repair expenses (see #6).

I have it worked out in my budget that all extra $$ goes towards LOC. I should be able to make a payment of $1274 this month. Next month will be less as there are less working days in Feb.

6) Try to renew mortgage early in May (when 6 months are left) and get a better interest rate. Get home appraised and consolidate as much of LOC into mortgage as the bank will allow. I am hoping at least $20k can be consolidated (to cover the home renos and renovations that we've borrowed money for). As long as interest rates do not go up we should be able to increase our mortgage and the payment will remain the same (our current interest rate is very high 5.25%)

We should be able to go to the bank in April to renew without paying a penalty. We'll see what they say about consolidating then.

I noticed yesterday that our monthly mortgage payment has gone down. Looks like its the property tax portion that went down $28/month. More $$ to put towards LOC but I'm not sure this is a good thing... Does this mean that house values in my town have gone down???

Great plan @bobbiegirl2010 it's amazing what we can manage to do when we have a plan, determination and end goals, thanks for the update

It looks you have found what works for you and your family which is most important.

We have also started 2015 off with a new mindset, we only buy things if we have the $ in the budget and it makes a huge difference AND we don't go to the stores unless it's a planned trip, we don't need the temptation

[jasperandchar]

Cleaning up the budget since tomorrow is payday. Carried over Gas $179.78 Groceries $136.44 and Misc. $91.28 to the next budget period. Don't think I redeemed any PC points this period other then today (Steak dinner with fresh asparagus etc) for tomorrow nights dinner. Have a tripped planned but paid it off and spending $ getting kids passports etc but they need them. Have US money in an account from years ago that we will use so that is nice. Should have enough in my gas carry over amount to pay for my plate sticker for 2 years. I will appreciate it next year when I don't have to pay. Then will let the gas amount build (hopefully) and use to purchase winter tires in the fall. Selling junk has been good when I post and will get better once the nice weather returns. Will keep building my jars of $. House repairs/painting etc starting now but should be covered by Misc. account to fund it.

Nicely done @Frugalbigmama it's awesome that you are able to carry over the amounts from month to month or pay to pay.

[jasperandchar]

We ordered and paid for a custom door that is being made for our oldest's new room it was not cheap but the door matches the rest of the 3/4 glass doors in the house and we paid the extra to have satin glass vs. clear glass so the sunshine can still light the basement where oldest's room is now yet he has his privacy which is key. It should arrive mid March so overall I'm pleased as it was in the budget and on the renovation list .

DH & I need to go over March's figures for our budget but my prilimary figures are looking good, last 2014 installment, start 2015 installment and some cash tucked away for our cottage property taxes and the boys cottage lot as well...

[jasperandchar]

2015 for my family is about saving for renovations/home improvements which are well overdue but financially not possible unless we tighten our belts.

My dh (hubby) is very handy so we save on labour costs.

I will admit it will take much longer than hiring someone but hiring someone is not in the budget.

1. My resolution is to put any extra $ away for renovations/projects that need to be completed, some have been started but have been put on hold because we ran out of $ or other pressing things such as life have taken priority.

My plan is to tackle the renos/projects in order of importance but as well in order of supplies, we do have some items already purchased but have not purchased everything. We have tons of drywall laying around but need to save up for spray foam insulation which is very costly (we buy the kit at HD or Lowes and do it ourselves). We also have light fixtures that were purchased but never installed....

I have compiled a list of renos/projects with a list of what supplies we have for that particular reno and also a list of what needs to be purchased for that particular reno.

__________________________________________________ __________

2. Also have my 2014 income tax installments all paid up by income tax time.

Wishing everyone great success in their 2015 financial resolution

Goal #2 is done

[Frugalbigmama]

Woohoo! Great job Jasper!

[Frugalbigmama]

Leaving for vacation Thursday and payday is Friday so cleaning up the budget today. Trip is paid for and spending money pulled from US account that I put money in years ago and never needed. So will be like a free week and won't be touching our grocery money here. I also was able to carry over from last budget period $171.12 for groceries and $107.15 for gas. I put $50 on my MasterCard today since I have 1/2 a tank and have to head to the city this afternoon so will fill up after I return. Considering all the driving I have done lately (to Toronto 2 days in a row when I never go) I'm happy I still have gas money moving forward. Also have a teen learning to drive so we are "driving around" now but worth every penny for the quality time with my teen. Really need to get back at the home projects once we return from our week away in the sun hopefully refreshed and ready to get at it!

[jasperandchar]

Leaving for vacation Thursday and payday is Friday so cleaning up the budget today. Trip is paid for and spending money pulled from US account that I put money in years ago and never needed. So will be like a free week and won't be touching our grocery money here. I also was able to carry over from last budget period $171.12 for groceries and $107.15 for gas. I put $50 on my MasterCard today since I have 1/2 a tank and have to head to the city this afternoon so will fill up after I return. Considering all the driving I have done lately (to Toronto 2 days in a row when I never go) I'm happy I still have gas money moving forward. Also have a teen learning to drive so we are "driving around" now but worth every penny for the quality time with my teen. Really need to get back at the home projects once we return from our week away in the sun hopefully refreshed and ready to get at it!

Awesome job @Frugalbigmama nothing like a carefree vacation with no worries of the amounts needing to be repaid once the vacation is over BUT no need to worry about that with all your smart planning & budgeting

Keep up the great work and have a wonderful vacation with the family

[jasperandchar]

I've made my 2nd 2015 income tax installment - hopefully my employer will be taking off more taxes since I'm completed the necessary documents and I won't have to worry about this come the end of March (fingers crossed). Otherwise our family is on budget and some unfinished projects are getting done as we have the funds, hoping the last few get wrapped up before all the snow is gone and dh moves his attention to the outdoor projects.

[cookoo]

Finally rid myself of a bloodsucker who's been sucking me dry for the past many years. Now I can allot my time more efficiently both at work and at home. Sayonara, sucker!

[macw1960]

We have been really good this year (so far) about not buying stuff we don't need and if we do need it (repairs) then we have the cash. I have switched from Amazon GC's to Home Depot GC's through SB's so I can use them for repairs or improvements to the house. Although I overspent on the grocery budget this month which I guess is not too bad as I underspent the previous two months.

Income tax refund went straight into savings this year which usually doesn't happen.

I have also been putting an extra $100.00 or more onto our mortgage monthly since January.

Money from sales of no longer used items has been going straight into the bank to add an extra buffer to the bank account.