Savings Summary

Here is a wee snapshot of my savings/targetted savings/planned spending each month. This is money I physically move to a certain account and keep track of the categories.

EF - $50
Christmas $75
Summer $75
RRSP - $125
RESP - $200
Membership - $50
Salon - $40
Total $615
EF will continue along until/unless something happens where I can no longer contribute. Where would I cap it, if I had to choose? Probably $10,000.

Christmas will just keep chugging along year to year. I loved knowing I had this money when Christmas 2009 came alone. I don't ever want to go back to not saving ahead for Christmas.

Summer is a new category. I have set $1000 for my target for summer 2010. I would use it for camping or travel, ideally. Right now, since summer 2010 is fully funded, I am combining this with the Christmas account. When I hit my Christmas 2010 goal, then I will split them apart and fund them independently and I should have the amounts I wish, when I wish them.

RRSP - this is relatively new. I am buying my first RRSP toute suite here so it is my baby step foray into this part of life. My goal for 2010 RRSPs will be $1500. If all goes well, I will up it to $2000 the year following, etc until I hit the point where I am contributing all I comfortably can.

RESP - this is new. Very new. As in the bubble wrap is still on it AND is not popped, as temping as popping bubble wrap is. First contribution is scheduled to come out the end of February. Ideally it should be much much more per month given how late I have started this. I will re-evaluate the amount this summer.

Membership - I tuck this aside in savings for things like my CAA Membership, Costco, the money I use to file income tax and my package policy on my vehicle. I currently pay monthly for my plates (basic insurance) on my vehicle. If I can manage to pay the whole amount for my plates in August, then I will transfer the $90 per month allocated to that to my membership so I can hopefully pay in full again the following year.

Salon - I am not totally high maintenance. Honest. I do go for cuts, perms and colour now and again. I just build this until I HAVE to get one of the above done.

I also tuck $300 a month into an activity account for the boys. Some months I use more and some I use less, but it helps avoid the 'oh crap I need $x for this actvity at school' moments.

I haven't included the money that comes off each month for my Work Retirement plan. Funny, I had never really thought of that as savings before. Do other folks include that in their 'savings' or in their 'net worth'....anywhere??? not at all????

Mid 80s

No no, not temperature (in F), though that would be lovely. It's been wicked cold and windy here.

In the Mid 80s...............percent......................paid off..............on my loan. I tell ya I smiled all day  yesterday when I read that. I put $400 down on the loan yesterday, and the day before, the regular payment came out, so almost a thousand dollars gone. $940 to be exact.

Assuming a $540 principal coming off,  I will now have this paid off by end of June (plus about $100 that I am sure I will snowflake by then). That will make it 9 months early.

I wonder, when one is done a loan, if one can request a 'hey I paid it off early. How much interest did I save?" paper? It will be interesting to see if that is possible.

I also booked my RESP appointment for Friday so hopefully I can set up those two accounts for the boys.

Now if the weather would warm up, if I had more energy as I recover from being sick, and if a laundry fairy would pop by, things would be great LOL

RESPs

I am so excited that as I get ready to open RESPs for my boys, that I have Gail Vaz Oxlade to enlighten me as to what they are, how they work and some advice on what I should do.

She wrote today about Kids' Educations  and also awhile ago on RESPs in particular.

I've learned so much from her, and from all the other blogs I have read on here. It's like having my own financial advisors!!

OUCH! darn CPP and EI

So yesterday was my first cheque since my September raise that was 'normal' ish. I had my CPP and EI full deductions back on so it was my first glimpse of how much of a net my raise was. Traditionally, it is about $100 to $125 a month, which is nice to have something match the cost of living.

I opened my paystub this morning (we didnt' get them yesterday) and was surprised to see how much those two deductions have increased. Painful. I don't have my Jan 2009 stub here at work but my 'raise' is about $75 a month, so quite a bit less than what I was expecting.

I currently take home 59% of my Gross Wage. That's right. 41% is deducted. Insane, isn't it?

Of my gross, 21% of my deductions are Federal and Provinical Sales Tax. 5% is for CPP. 9% is for Pension... Sure adds up.

If you feel like sharing....................how much of your Gross do you take  home?

menu monday

I hesitate to look but I suspect it was late November or early December that I last posted a menu for the week. It helps one feel organized. It helps minimize food purchases. It really is a good idea.  It is one of those things that makes you go "so you're not doing it because.....?"

There have been lots of reasons. Being sick. Being whirlwind busy. There were two weeks there before Christmas that at least two of us weren't home during normal supper hours due to activities. And then it was Christmas and I just...............relaxed.

Time to give sanity and organization another shot. This was mostly a  shop from my freezer kind of week, with the exception of the roast I purchased yesterday.  All too often I neglect my freezer. So here it is in all it's teeny glory.

Monday - Crockpot French "Beef" dip with cole slaw on the side.
Tuesday - Spaghetti and Meatballs
Wednesday - truly a left over day. I will have Mon and Tues plus a few things from Sunday.
Thursday - Chicken Stir Fry (need to buy the  veggies still)
Friday - Beef Stew

I don't plan for weekends. They are very unpredictable, particularly with hockey going into playoffs soon and we have no clue where and when we play til a couple days ahead.

Happy Monday everyone!