New Years Financial Resolution (post your resolution & updates)

[jasperandchar]

I got news today that I got a job. The pay isn't fabulous but its very easy work which is something I need as I am unsure how I will do with a physical job after a couple surgeries last year. Last year I lost my job because of needing such surgeries so it is very welcomed to go back to work after almost a year off.

DH will also be making an extra $280 a month by doing a premium type shift.

Because we were surviving off of DH's income alone I know we can do it so I hope we can continue to and then any wages I make + the increase he will get I want to put directly into our TFSA.

Those are our financial goals - basically save more lol.

Super financial goals PurpleBunny89

Great news about getting a job and getting back into the work force!

And bonus that your dh will be getting extra funds as well, sounds like your TFSA accounts will be nicely contributed to this year

[jasperandchar]

I put $ in my TFSA(mutual funds) today.

great job FBM

[Frugalbigmama]

1st pay of the year was yesterday. And I was lucky to carry over $ from last budgeted period and don't really plan on spending much in the next 2 weeks. (I am buying some stuff for house renos but have a credit on my Credit Card that will cover it. A new toilet seat lol, paint and supplies needed for laying tile (already have the tiles)) Huge carry over for groceries and gas. I even treated the kids to take out- Pizza and wings last night. Was asked to go for dinner tonight with friends but passed- We like our every other Friday night date/dinner at home night and look forward to it. And its super frugal

[jasperandchar]

Great job FBM

[bobbiegirl2010]

Our financial situation for the year is looking uncertain right now. There is a good possibility that my daycare families may all leave sometime this year except 1 school age kid. I cannot continue doing daycare if I lose 85% of my income so we'll see what all plays out...

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).

2) Stick to budget for all categories

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

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.

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).

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%)

[thriftygranny]

I got news today that I got a job. The pay isn't fabulous but its very easy work which is something I need as I am unsure how I will do with a physical job after a couple surgeries last year. Last year I lost my job because of needing such surgeries so it is very welcomed to go back to work after almost a year off.

DH will also be making an extra $280 a month by doing a premium type shift.

Because we were surviving off of DH's income alone I know we can do it so I hope we can continue to and then any wages I make + the increase he will get I want to put directly into our TFSA.

Those are our financial goals - basically save more lol.

So glad you found work that you can do!! congrats!!!

[jasperandchar]

Our financial situation for the year is looking uncertain right now. There is a good possibility that my daycare families may all leave sometime this year except 1 school age kid. I cannot continue doing daycare if I lose 85% of my income so we'll see what all plays out...

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).

2) Stick to budget for all categories

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

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.

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).

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%)

great goals bobbiegirl2010 and I like that fact that you are approaching them with a 6 month plan at a time much easier/simplier to keep the eye on the prize if you will

Here's hoping that you may be able to pick up some other children should some of the families leave, I personally prefer the smaller home day cares vs. the industrial ones which there are so many kids to the ratio of workers. You always seem to have such great snacks & meals provided for the children which is wonderful.

Best of luck and update your progress when you have time

[bobbiegirl2010]

I have learned so much from everyone the monthly frugal living posts so thank you to everyone We've stuck to a very detailed structured budget and debt repayment plan for 4 months now and it so far seems to be working.

Good luck to everyone on their New Years financial goals! We can do it

[Frugalbigmama]

Well cleaning/tossing old paint cans has paid off. Found a can of untinted paint (I bought it like this when there was a sale way back and was told I could just bring it in when I was ready to pick my colour) Yippee! So no $ out of pocket for the powder bathroom paint (which is good considering it was just painted last year but needed touch ups and we have to rip toilet/sink off to put new tiles down (and new vanity which I already bought and paid for over a year ago!) SO decided I want a different colour now Also found a can of paint from my bedroom that will work for all the touch ups so will wait on re-painting my room since it will feel like a new room once painted.

[Frugalbigmama]

Made another contribution into my TFSA Mutual fund account today.

[Crochetlady]

My goal is to pay off my CC this year

[lilo0003]

Bobbiegirl: Great plans. We had to roll our LOC into our mortgage many years ago. It was so stressful but in the long run it was a good thing. It took a few yrs longer than planed but we still paid it off within 17 yrs. As for the daycare like J &C I am a fan of home based daycare and hope you can find families. It sounds like you offer a great program & families would be lucky to have you. One of my best friends is a mom I met when our oldest boys (now 14)were in kindergarten. She had three under 5 and decided to try offering home day care. We were one of her 1^st families and I never regretted it.
My challenges this year are to pay off our LOC ($28000). Sadly most of it is money that others owe us. It makes me lay awake at night, and I know the risk of loaning money but in both cases I have no regrets and would do it again. The other gaol is to catch up our TFSA. We opened them years after the program started and I think if we contribute $12000 each we are finally up to-date This is easier to do with no mortgage and living a frugal lifestyle thanks to the ladies in the frugal chatter thread.

[Frugalbigmama]

My youngest was in the best home daycare. Even the grandmother to the sitters kids treated mine like her grandkid buying him clothes if she saw something cute! I just wanted him to be loved and safe

[bobbiegirl2010]

I was told yesterday by my most reliable daycare parent (owns her house, has been employed at her work for 10+ years) that she also is concerned about losing her job and losing her daycare spot (single mom on subsidy). So now that's all my daycare parents now who may lose/change their jobs and/or move or have a baby in the next few months. The economy really is not favourable for factory workers right now (main employers in my area)

Really considering getting a job in the spring/summer instead of starting over with all new daycare families. I'm also getting burnt out with the long hours that I work (11+ hrs). Also my youngest dd is in jk full time this year so the desire to continue to stay at home isn't really there anymore. Decisions decisions.... For now I'll continue as long as I make decent money and will see how the next few months go.

[jasperandchar]

My goal is to pay off my CC this year

great goal crochetlady, I have every confidence in you