User Tag List

Results 1 to 10 of 10
Like Tree25Likes
  • 4 Post By Frugalbigmama
  • 3 Post By GoodBoy
  • 2 Post By Frugalbigmama
  • 4 Post By crafter
  • 4 Post By lilo0003
  • 3 Post By Ciel
  • 2 Post By crafter
  • 1 Post By Frugalbigmama
  • 2 Post By lizzie bargain

Thread: 2021 Financial Resolutions...........

  1. #1
    Canadian Genius
    Join Date
    Apr 2013
    Location
    North of Toronto
    Posts
    9,983
    Likes Received
    43517
    Trading Score
    53 (100%)




    1
    Good day! Started the 2021 thread. I really hope to keep myself on track this year and this thread will encourage me to keep at it.

    Plan for 2021 is no silly spending and get the future plan back on track.

    My points: ( I treat as cash so no silly spending of points)
    $16.94 CT $ on the card
    4915 Scene Points
    261,900 PC Pts Card #1
    17,296 PC Pts Card #2
    135 Airmiles ($10)

    I have $220 Cash in my wallet. This is my fun money. I'm not really using cash at all these days so hopefully I will keep it for down the road.


    Started a new sub-bank account for my utilities (Gas(heat) Power and Water & Sewer)
    Putting the budgeted amount excess in the account and see where we stand at the end of the year.
    I budget $100 per month each for Enbridge and Power. $75 per month for Water & Sewer.

    From Dec 31st -Jan 14th, 2021 budgeted period I am moving forward
    $20 Gas (for car)
    $70 Groceries

    Excited to see my plan in action!
    This thread is currently associated with: Air Miles
    Last edited by Frugalbigmama; Thu, Jan 14th, 2021 at 11:11 AM.
    Ciel, lilo0003, crafter and 1 others like this.


  2. #2
    Easy Glider GoodBoy's Avatar
    Join Date
    Mar 2017
    Location
    Who knows ... but I Would Rather Be Someone's Shot of Whiskey, Than Everyone's Cup of Tea
    Posts
    3,485
    Likes Received
    10578
    Trading Score
    0 (0%)




    We closed out the 2020 budget. We were a significant amount under and given a good chunk was TFSA contributions we were very happy with the results.

    The 2021 budget will be done in the next month or so. We have a touch point with our CFP in a couple of weeks to review the 2020 results of the investments and then in March we do our 2021 Financial Plan (or rather they do it and we review it with them). Given no vacations again this year the budget and plan for 2021 will again be minimal and should be quite easy we hope to stick to.

    Started off the year by an unexpected cost of a new dishwasher but that too will be put into the budget and tracked overall.
    Ciel, lilo0003 and crafter like this.

  3. #3
    Canadian Genius
    Join Date
    Apr 2013
    Location
    North of Toronto
    Posts
    9,983
    Likes Received
    43517
    Trading Score
    53 (100%)




    Quote Originally Posted by GoodBoy View Post
    We closed out the 2020 budget. We were a significant amount under and given a good chunk was TFSA contributions we were very happy with the results.

    The 2021 budget will be done in the next month or so. We have a touch point with our CFP in a couple of weeks to review the 2020 results of the investments and then in March we do our 2021 Financial Plan (or rather they do it and we review it with them). Given no vacations again this year the budget and plan for 2021 will again be minimal and should be quite easy we hope to stick to.

    Started off the year by an unexpected cost of a new dishwasher but that too will be put into the budget and tracked overall.
    Yes the travel account is looking nice and full! At least we can plan where we want to go and look forward to that
    Ciel and lilo0003 like this.

  4. #4
    Junior Canuck
    Join Date
    Jan 2012
    Location
    Quinte West
    Posts
    512
    Likes Received
    1669
    Trading Score
    0 (0%)



    Sounds like you're both off to nice starts @Frugalbigmama and @GoodBoy . It really does make life easier with a budget and/or plan.

    For 2021, we've consolidated a couple of savings accounts at an external bank. We're what I'd refer to as "flex-budgeters"
    Property tax-We are now using an account at our main bank for property taxes. We thought that gov't money should go to gov't taxes so we use GST/Triliium pymts towards property tax and auto save the balance.
    Home fund is where Windfalls and savings on monthly utilities go. Our monthly gas bills have dropped down to $83 a month from $120 ever since we got our furnace fan fixed, a huge difference. Our hydro bills have also dropped even usage wise, that doesn't make sense but we have replaced more lightbulbs with LED. This fund goes towards repairs, home items etc.
    The last category is the health fund, money saved from not smoking goes here. Savings from suspending payments at the gym also go there. The funds go towards dental and medical since we don't have have coverage anymore for them.
    **We do however, have coverage on prescriptions with the Trillium drug plan(free), they send us a letter each year with our deductible. We haven't used it yet but it's nice to have in case one of us gets really ill*
    We also have a private benefits coverage almost all other major including travel insurance. It was super cheap 4 years ago and we've only claimed eye exam and one pair of glasses but they keep increasing the cost by 10% each year. We will ditch it in 2022 but it's crazy to get rid of a health benefits plan during a pandemic. We will then put the money into savings ourselves.

    Our big focuses this year.
    Water heater contract that the previous owners had is up..since the water is hard here its beneficial to rent vs own
    Possible framing and reinsulation in basement (mix of professional and DH)
    Painting (some by a professional and the rest by us)

    Travel wise- I have Airline and Bus credits from last March to travel out to see DD out west
    Ent$80 Vac$47.75 Garden $0 Snow $40

  5. #5
    Smart Canuck lilo0003's Avatar
    Join Date
    Aug 2010
    Posts
    4,552
    Likes Received
    16892
    Trading Score
    68 (100%)




    We met with our advisor yesterday and all things considered had a decent year. Our goal is to continue to be aggressive with saving. The plan is to retire from our current high stress jobs at 59 so we have 5 yrs. I am feeling good about the plan. The TFSA contribution is done for 2021 and a huge chunk of cash was added to the RRSP. It was just sitting in a cash account as we are spending very little.
    Our big expense this year would be to replace deck but given the wood shortages of last year we may just wait. We also expect we will have the younger son start college in the fall but he is considering a deferment and he has a full funded RESP so that has little impact to the financial picture.
    Last edited by lilo0003; Wed, Jan 13th, 2021 at 09:32 PM.
    Ciel, coupon girl, crafter and 1 others like this.
    Friends don't let real friends pay full price.

  6. #6
    Super-walking bean bun! Ciel's Avatar
    Join Date
    Jul 2009
    Location
    Ontario
    Posts
    17,471
    Likes Received
    24101
    Trading Score
    12 (100%)




    @crafter I saw the sentence about suspending payments for the fitness membership. Bro is having trouble meeting the 30 day notice by form for his gym when he got the renewal notice over 3 weeks ago. He does not want to renew yet club requires the darn form by such and such a time. I advised Bro to put a hold on his card and contact the two owners (not seen at club in recent weeks) via their social media channels. Owners should not be hiding out to avoid clients who don't see the point of paying for a membership yet are hamstrung by the paper rule to prevent a renewal of membership.
    coupon girl, crafter and GoodBoy like this.
    2021-Bring on the sunshine and #BabyYoda memes.

  7. #7
    Junior Canuck
    Join Date
    Jan 2012
    Location
    Quinte West
    Posts
    512
    Likes Received
    1669
    Trading Score
    0 (0%)



    That's tricky @Ciel . Yeah your brother should speak with his bank and have the payments stopped (he might be able to do it himself online). Hope he gets it sorted out.
    It's such a hard time for businesses like gyms etc. I stopped going when the risks seemed to outweigh the benefits.
    Ciel and GoodBoy like this.

  8. #8
    Canadian Genius
    Join Date
    Apr 2013
    Location
    North of Toronto
    Posts
    9,983
    Likes Received
    43517
    Trading Score
    53 (100%)




    Quote Originally Posted by Ciel View Post
    @crafter I saw the sentence about suspending payments for the fitness membership. Bro is having trouble meeting the 30 day notice by form for his gym when he got the renewal notice over 3 weeks ago. He does not want to renew yet club requires the darn form by such and such a time. I advised Bro to put a hold on his card and contact the two owners (not seen at club in recent weeks) via their social media channels. Owners should not be hiding out to avoid clients who don't see the point of paying for a membership yet are hamstrung by the paper rule to prevent a renewal of membership.
    We were on vacation the last week of Feb 2020 and I lost my credit card the last day of our trip. My sister was able to cancel it for me since I wasn't able to call.
    So my gym couldn't charge my card the following week and then everything shut down so at least I wasn't charged for months after like other people I know. Who knew losing a credit card was for the good!
    crafter likes this.

  9. #9
    Smart Canuck
    Join Date
    Dec 2009
    Location
    Calgary
    Posts
    3,217
    Likes Received
    17091
    Trading Score
    1 (100%)




    We don't have a budget per se but DH does track all of our spending on Quicken. As long as there is more coming in each year than going out we are good. We are both semi retired.
    coupon girl and crafter like this.

  10. #10
    Canadian Genius
    Join Date
    Apr 2013
    Location
    North of Toronto
    Posts
    9,983
    Likes Received
    43517
    Trading Score
    53 (100%)




    Payday!

    Just paid Enbridge. Will wait for the power bill to see what is owed.
    I also pay cell and internet bills this pay. Will wait a few days since they aren't due till Feb anyway.

    I have 1/2 a tank of gas. Not planning on going far. And my guy has company car so if we go to Costco he will drive (free gas )
    Hoping I can hold off filling up till Feb.

    Food- Still working on the freezer/cupboard stuff. Adding fresh stuff and a few stock items for kids (soup and cereal since home all the time and want simple stuff to eat)
    The goal the next week is to use up the odds and ends in the freezer below the fridge.

    Points/Promo cards
    No plans on using the next 2 weeks. Doing minimal spending this month.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •