April Frugal Chatter 2016

[jasperandchar]

Let's all daydream/reflect or have a moment of indulgment via @Sweets parrow wanting to learn how to spend $ and @Granger 's 3 goals/strategies to spend/allocate funds when debt free.

So what are some things you are allocating $ to because you can or what things will you allocate $ to when you are debt free?

I always have a 5 year plan, yep I'm boring and predictable BUT it works for me and as I achieve some of the goals/strategies it's very incouraging .
Here are my current strategies with $ to allocate/spend.

Firstly I will explain a few things as to how I am able to do this as it's not per say free $ it's just not in the monthly budget figures on purpose.

The recent changes to the UCCB which we are now receiving is not calculated into our monthly budget because I haven't received it in many years (since the kids were under 6) and we've managed without it for 7 and 9 years .

Also the CTB is also not accounted for in our monthly budget as I had not received it for 2 years as CRA was taking those funds as they made an error and paid out a lump sum child disability benefits which they quickly sent a letter saying that my son did not qualify for the CDB. They starting garnishing all the CTB benefits (for 2 years) to re-coop their $. The lump sum was used to pay off the LOC.

At present the CTB and UCCB sine I have qualified most recently are being allocated for financial catchups (replenishing) certain accounts which were used to pay off the LOC several years ago. There are many accounts and the last one should be caught up by the end of this month.

Going forward in May - the CTB & UCCB and soon to be the new child benefit (in July) MINUS whichever they are taking away will be allocated to building an emergency fund and mortgage pre-payments.

I must also mention that DH's pays for working at the school are not accounted for in the budget as well, they are not a predictable income and we have lived without it for many years (relapse of back issues etc).

Dh's pays are split between home renovations/maintenance and vehicle upkeep/maintenance which working very well for us.

blah blah are you bored yet???

My goals for when the house is paid for in 4 years or less are -

Hopefully by then most of the house renos will be completed and it will be just minor upkeep.

1. investments/savings for retirement for both dh and myself BUT primarily for dh

2. complete the cottage (inside & outside) and having it off the grid with solar panels, etc (sustainable living).

3. Monthly - spending $ for both dh & I (fun $)

4. Be able to give the kids (young adults/adults) $ in lump sums every few years for renovations, debt etc.

AND VOILA!!!

[coupon girl]

awesome question -love you thoughts jasper and not bored at all reading them
-love your number #4 and we did do that a few xmas's ago about 5 years ago -we gave the kids 1,000 each couple at xmas on top of a few gifts (love to help our grown kids out )
-what do we allocate money to when we are debt free-well we are debt free have been for 2 years now
-each month a put money into our savings for the car upkeep ,or home renos (very important as you never know when something may need fixed ) each year try to do some big reno -last year back deck,before that 2 windows now this year driveway plus front porch fixed (it really helps we went down to one car )
-try to have fun too last year a cottage we rented (family time)2 years ago carribean cruise (our time together as a couple) this year may get away for 2-3 days with our grown kids and ashlyn
-its a keeping it in perspective a littler enjoyment and a little savings for that rainy day

[Crochetlady]

Happy birthday Sweetsparrow!

Now that I have my CC paid I`ll be putting those $ in the savings account so we can pay the rest of cremation costs.
Also heard from the cleaning person last night. She`ll get back to me Monday night to set the day and time she`ll come here. She`s trying to rework her schedule.
In 3 months our car is booked for front and rear brakes and in July we`ll find out if we owe any $ for heating oil.
Seems there`s always something needing money.
After all that is done I would like to double up on mortgage payments.

[Angela273]

All 3 of our kids ganged up on me this morning and decided I was done sleeping. I've been up since 5am. It wouldn't be so bad except I went to bed at 11pm & I was up with twin boy at 1am. We just got rid of the sinus thing & then 2 days later twin boy got a stuffy and runny nose again. He'll probably share it with twin girl again. As long as everyone is healthy enough, we plan on taking the twins swimming for the first time on Sunday.

Although I'm sleep deprived, I just pulled a 9x13" pan of addictive oatmeal squares out of the oven because we ran out of baked goodies to snack on.

I'm going out tonight to a local museum for a free teacher's information night. Dh is staying home with the kids. Busy trying to keep up on housework and make food. Gotta run to a fussy twin.

[jasperandchar]

awesome question -love you thoughts jasper and not bored at all reading them
-love your number #4 and we did do that a few xmas's ago about 5 years ago -we gave the kids 1,000 each couple at xmas on top of a few gifts (love to help our grown kids out )
-what do we allocate money to when we are debt free-well we are debt free have been for 2 years now
-each month a put money into our savings for the car upkeep ,or home renos (very important as you never know when something may need fixed ) each year try to do some big reno -last year back deck,before that 2 windows now this year driveway plus front porch fixed (it really helps we went down to one car )
-try to have fun too last year a cottage we rented (family time)2 years ago carribean cruise (our time together as a couple) this year may get away for 2-3 days with our grown kids and ashlyn
-its a keeping it in perspective a littler enjoyment and a little savings for that rainy day

excellent job coupon girl

[jasperandchar]

Happy birthday Sweetsparrow!

Now that I have my CC paid I`ll be putting those $ in the savings account so we can pay the rest of cremation costs.
Also heard from the cleaning person last night. She`ll get back to me Monday night to set the day and time she`ll come here. She`s trying to rework her schedule.
In 3 months our car is booked for front and rear brakes and in July we`ll find out if we owe any $ for heating oil.
Seems there`s always something needing money.
After all that is done I would like to double up on mortgage payments.

congrats again about your CC, can never say that too much

excellent plans/goals, great job

[jasperandchar]

All 3 of our kids ganged up on me this morning and decided I was done sleeping. I've been up since 5am. It wouldn't be so bad except I went to bed at 11pm & I was up with twin boy at 1am. We just got rid of the sinus thing & then 2 days later twin boy got a stuffy and runny nose again. He'll probably share it with twin girl again. As long as everyone is healthy enough, we plan on taking the twins swimming for the first time on Sunday.

Although I'm sleep deprived, I just pulled a 9x13" pan of addictive oatmeal squares out of the oven because we ran out of baked goodies to snack on.

I'm going out tonight to a local museum for a free teacher's information night. Dh is staying home with the kids. Busy trying to keep up on housework and make food. Gotta run to a fussy twin.

you're doing amazing with all the challenges of having 3 little ones, cooking, cleaning etc....you rock!!!

[Frugalbigmama]

@jasperandchar ! Keep writing! I love it! Smart people have plans!

[jasperandchar]

@jasperandchar ! Keep writing! I love it! Smart people have plans!

thanks hun

[Granger]

Happy Birthday @sweet _sparrow I meant to write that in the other response.

RE tax return $, if any: We know we will finish LOC with some (remaining car payment) and our van needs tires. By the time the musts are covered it always seems hard to place the rest...not enough to go around and all categories seem important. I have windows I have been waiting to do for two years.

I am a big believer in balance. I don't want to save all our money for a rainy day, nor do I want to be frivolous. We are generous charity-wise throughout the year (in fact we finally met a charitable giving benchmark we have been hoping to reach for a number of years), so we like to use tax money on our needs/wants. I forgot a category too that sweet_sparrow mentioned: family days/vacation.

When all is said and done, if we don't owe it is a good day.

[lizzie bargain]

Well I split our extra money between savings for a rainy day/RESP(maxed out)/TFSA (maxed out) and RRSP(maxed out) and fun travel( my splurge). Currently away for a US shopping trip/little getaway by myself and enjoying it-I am working a lot of hours next week so that will easily pay for it. Our pension/investments pay for our generally low key lifestyle which leaves earnings left for savings/travel.

[jasperandchar]

Well I split our extra money between savings for a rainy day/RESP(maxed out)/TFSA (maxed out) and RRSP(maxed out) and fun travel( my splurge). Currently away for a US shopping trip/little getaway by myself and enjoying it-I am working a lot of hours next week so that will easily pay for it. Our pension/investments pay for our generally low key lifestyle which leaves earnings left for savings/travel.

awesome job on the (MAXED OUT) categories .


Enjoy your quiet time away.

[lilo0003]

I love it when someone comes up with a QOTD.
We paid our mortgage off almost 4 yrs ago and we did a major reno as soon as we were mortgage free. Then we worked on catching up on RESP and RSP savings. Now we are in good place financially and so all of my pay goes to future savings (RESP, RSP) & then whatever other big ticket items we are saving for. At this time it is vacation and a new car. Next it’s the kitchen reno as this is the only room we have not touched. We are also just two years to university for our oldest so I am trying to tuck extra away money as a just in case. We will no longer get the UCTC as of July but the money we did get went into the university account.
Happy Birthday Sweet Sparrow, I hope you get to treat yourself.

[jasperandchar]

I love it when someone comes up with a QOTD.
We paid our mortgage off almost 4 yrs ago and we did a major reno as soon as we were mortgage free. Then we worked on catching up on RESP and RSP savings. Now we are in good place financially and so all of my pay goes to future savings (RESP, RSP) & then whatever other big ticket items we are saving for. At this time it is vacation and a new car. Next it’s the kitchen reno as this is the only room we have not touched. We are also just two years to university for our oldest so I am trying to tuck extra away money as a just in case. We will no longer get the UCTC as of July but the money we did get went into the university account.
Happy Birthday Sweet Sparrow, I hope you get to treat yourself.

a hand well played, great job on all your savings. Kitchens can be so expensive so I guess you saved the best for last

[jasperandchar]

So excited contractor called this afternoon, he will start the electrical next week and a few other projects that need to be done prior to drywall. A little concerned as this leaves only this weekend for the insulation to be installed, last weekend did not go so well, very slow process as we are installing 2" insulation sheets BUT the kicker is are walls are cement blocks, so drilling and drilling and the screws not catching...sigh....anyways I guess I can start to get excited and mentally place my furniture (haha).