New Years Financial Resolution (post your resolution & updates)

Update: Reno account is just over 1k, this is all from selling items from around the house etc.

The floor in the shed project is now on hold as dh has sawn the wood on the sawmill but it needs to dry so we'll tackle that late Aug. We are still puttering around doing things.

I made a $1200 deposit into a new account which feels awesome. Also planning on taking the UCCB payment on July 15th and putting that in that new account as well and we should be almost caught up to where that account should be.

Also found out my CTTB is increasing from $65 to $180 starting in July so once I'm paid up with CRA in January I will have an additional $180 to put towards our emergency fund which is quite small. My priority after the other account (which is for our eldest son) long story, we used to put $25 a week into both boys accounts but in 2013 we took both the boys money from their accounts and purchased them a waterfront property on the lake our cottage is on. That lot belongs to the boys, the title is in our name as my kids are 12 & 14 and title cannot be transferred until they are of legal age. So anyways we are replenishing the eldest son's account as he paid more than his brother did and we need to make things right. Youngest son still owes us $ for his fair share of his lot so we still have a few years before we start contributing back into his account. The lot can be sold if the funds are needed for university etc but it has already increased $20K since the purchase 2 years ago so better than any RESP in my opinion!!!

So in January 2016 I will start contributing $180 into our emergency fund as it's $ I currently don't receive and it's a bonus of sorts, we are making due without including it in our budget so I want to keep it that way ;) and project the funds into a much needed emergency fund.

Well I think we all to up speed on my new years financial resolution :top:

Good job! Glad to hear that things are getting back to where they were!

Just cleaned up the budget since payday is Wednesday. Moving forward $250 for groceries. Wow! I can't believe the amount. I did redeem $40 in PC PTS on Friday which was smart shopping and meat too that will make lots of meals. We do have lots of food to use up so I am thinking we won't be spending much the next period either which is good. I'm happy to have a huge amount in the grocery budget for winter when it seems to cost more to eat. Sold an item yesterday (school uniform top that my son didn't like/never wore) No sense in keeping for his brother since he is 4 years away from highschool. Need to confirm with DS which tops he does not like and sell them too. I know people are on the hunt for them right now so good time to post.

My best thing to report is the $ we saved this weekend! The stove or timer would not turn on. Burners worked fine. I figured it was a fuse or something and refused to call a repairman. I googled and found nothing the 1st time. Googled again this past week and found tons of info about the same problem and tons or replys saying they tried it and it worked! (take back off, take ribbon out and put back in) So I I told my man the plan and he did it Friday night and it worked!!!! So at least $200 savings for repair. So so happy :)

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Originally Posted by Frugalbigmama

My best thing to report is the $ we saved this weekend! The stove or timer would not turn on. Burners worked fine. I figured it was a fuse or something and refused to call a repairman. I googled and found nothing the 1st time. Googled again this past week and found tons of info about the same problem and tons or replys saying they tried it and it worked! (take back off, take ribbon out and put back in) So I I told my man the plan and he did it Friday night and it worked!!!! So at least $200 savings for repair. So so happy :)

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that's wonderful!

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Originally Posted by Frugalbigmama

Good job! Glad to hear that things are getting back to where they were!

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thanks

Cleaned up the budget since Friday is payday. Have $60 credit on my M/C so that will be used for groceries for the next week which shouldn't be much. (will grab more Oasis/Wonder deal) Moved forward $200 for groceries and $50 for misc. We have freezer full of stuff to use up so will be good for meat etc unless we come across a great mark-down. Tomorrow is flea market/beach day but will take some cash from my "summer fun" envelope so will be like a free day out. (hoping they have lots of good veggies at the market to buy!) Still selling stuff from our storage wars locker and are sitting at $36 profit right now. Still lots to sell but the buyers aren't around right now so will get back at posting it in a few weeks. And we may have a garage sale to clear the rest out cheap. So the next 2 weeks we should not be spending much and using up what we have etc.

Pay day is on Friday so cleaned up the budget. Moved forward $190.29 for groceries and $85.29 for misc. Very happy about the misc.! Going to try and not touch it so I have a big pot available in January for basement re-do! I can't wait to clean/organize it and re-paint and make it really nice down there :) I did very well with groceries and really stocked up on things including meat (pork/bacon)

We received an extra $753.50 from the government for re assessment of our taxes and we were going to put it on our mortgage but we decided to save it just in case something unexpected came up.

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Originally Posted by macw1960

We received an extra $753.50 from the government for re assessment of our taxes and we were going to put it on our mortgage but we decided to save it just in case something unexpected came up.

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@macw1960 so happy for your re-assessment and the $, great plan as always

My financial situation is finally looking better. My daycare is now full for September. I will be watching 6 school age children (thanks to new daycare legislation starting Aug 31st licensed providers in Ontario will be allowed to watch 6 children instead of 5).

My goals for the next 4 months will continue to be:

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).

I've had some unplanned expenses come up but I've managed to come up with some extra money to cover it. I finally sold my triple stroller that I no longer need for $150 and I also picked up some extra daycare income for the month of August ($700).

2) Stick to budget for all categories

I've not been able to stay on budget for gas or groceries this summer but the extra daycare income and DH's extra paycheque in July has covered this.

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

Sports and vacations have been paid for for the rest of the year. Will start saving for 2016 in October

4) Continue 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.

5) Make $100 per month contributions to my RRSP

6) Budget down to 0 every month putting every last extra cent to debt repayment (after bill payments and sub account deposits)

I've paid off $5657.54 off the principle so far. Another $44342.46 to go...

BG-it must be quite a relief to have more income coming in and be on your way to meeting your financial goals. No doubt you have considered throwing everything against your LOC rather than funding extra accounts which is what I would be tempted to do-but only you know your full situation and what is best for you! Good luck with your debt repayment! They sure make it way to easy to borrow money these days especially with an LOC.

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Lizzie, we've tried the "put all our money towards debt repayment" method in the past but it became discouraging to always have to borrow back whenever an unexpected expense happened. I learned the 'sub account' method from some of the smart ladies on the frugal chat board and its been working very well for us :)

*** I changed goal #6 from "pay down aggressively on LOC" to "Budget down to 0 every month putting every last extra cent to debt repayment (after bill payments and sub account deposits)". I think that more accurately describes my debt repayment goal :)