RRSP Update

At my last update, my RRSP was sitting at $8650.

I scraped together $1200 just before New Year's to contribute for the year, falling short of my goal.

My quarterly report came today and shows my small bit of growth. It does not include the $1200 I added; probably because this report was already  in the process of being created.

From my previous report to this one, I made $107.66. This is down quite a bit from the $200+ I made the previous quarter. I suspect the fall of Canadian dollar and all it's ramifications had an affect on that.

So my current RRSP balance is $8757. If I had on that $1200 from just before Christmas I am sitting at. $9957. SO close to a $10 000 :-)

Making less per month now

So Januarys are often the only month I truly know what I make in take home dollars.  Well January to June can often be, but I use January as my base.

In the summer my cheques are different because some of the work deductions are only for 10 months.

In September, if there is a pay increase, it starts here.

In Sept to Dec - I have maxed out my EI and CPP contributions and my cheques are a bit more.

So January to January is my base. We have been without a contract for 18 months now so there has been no increase, but there HAS been a decrease.

From Jan  2013 to Jan 2014  my monthly take home was $10 less. Some deductions went up and some went down and I netted $10 less.

From Jan 2014 to Jan 2015 my monthly take home was $59 less.  Again some went up and down.

Now a bit of the missing take home went towards an increase in my pension fund that automatically comes out. and I know that's good.

I'm not complaining because I have a job and I know four people, my brother in law included, who have lost long term jobs in northern alberta due to the crashing oil prices. (in the last week)

I'm not complaining because I am happy I have some money going into a pension. I know full well if it weren't taken off by my employer and redirected towards a pension plan, I wouldn't have squat saved.

Just feels weird to have less to work with monthly when my salary hasn't changed.

Off to my budget to trim $59.

RESP withdrawl................ouch!

So last week I met with BMO, where I hold the boys' family Registered Education Savings Plan.

I had quickly read a few webpages/blogs about what to know when you withdraw $ from the plan so I wouldn't look like a complete idiot.

I made DH come with me. and I do mean MADE.  I didn't say "do you want to go with me?" or "would you like to go with me?"

I said, "Three people we know, our age, have either died in the past two weeks or had a stroke/heart attack. We never know when something is going to happen and if it happens to ME,  you won't have a clue, so let's go"

I have to admit I was surprised when he did.

I showed up with my notebook in hand, ready to jot down the contributory and grant money set aside for each child.

My next two choices which were:

1. PSE (Post-Secondary Education Payment) is a withdrawal from the contribution amount.
2. EAP (Educational Assistance Payment) is a withdrawal from the Accumulated income

My quick reading told me the PSE went to me and was not taxable,  while the EAP would have been sent to DS and it would have been student taxable (although he would get it back eventually)

I told the rep I wanted to go with PSE. My reason was.....EAP style this money would have to go in DS's account BMO  (and I think need his signature). Since he is in the US, it would get complicated really fast. I would have to get his  permission bank - legally, and then have to do paperwork to get it OUT of his account to get it converted to US dollars etc etc

The rep wasn't sure so she phoned someone higher up in another city to double check. He told her I HAD to take it out as EAP first. It took a bit of gentle prompting for him to find in his database that I did not HAVE to. He still kept insisting it was the best way to go and I had to reiterate a couple times via my rep to the guy on the phone that my son was in the US.

Finally everyone understood and I signed the papers to get $5000 out. The processing was actually quite quick. That money was in my account 2 banking days later.

The sad part was when I converted it to US dollars. It was evil magic. $4100 just like that.

So now today I have to go get a US$ bank draft (fee to do so), and then mail it so that it gets there within a week (fee) and insured (fee).

Lots of hoops to jump through but each time I do this I am learning something new so that it becomes a little bit easier each time - or at least I feel more confident I know what I am doing, each time.


Onwards to Tax Season. Anyone have experience with a child going to college in the US, and how to claim all that on  his and my income tax?

First snowflakes of 2015

Ok this is a week or so late, but I was otherwise focused last week :-)

My first snowflakes come from three different sources; one of which, I THINK could be considered snowflake, but I am not sure how the masses out there will think.

Source 1 - the annual lottery scratchers from my sister in law, and this year, also from my oldest sister. Total winnings from said scratchers - $62

Source 2 - eating at other places so often during the holidays meant we didn't go through a whole lot for groceries.  I scrimped my grocery /household dollars and put $80 towards the Line of Credit.


Source 3 -  mom and dad had talked about giving $ towards DS's college last spring, and then again last summer. I never brought it up with them as I feel really awkward about taking $ from them for this.  At Christmas my mom gave me a cheque for $2000. It was meant to go towards his tuition, or the Line of Credit, or for us to fly down to see him in the next couple months. Whatever I wanted - my discretion. I reluctantly took the cheque and debated for some time on where I wanted it to go.

I decided to put it where it would have the most impact - the Line of Credit. It was nice to see it come down such a big chunk in one shot.

So welcome snowflakes. All $2142 of you. It was  very as good to see you.

Saving $95 is a pain in the neck

literally

Ok so here and there throughout my past I have gone to the salon to get my hair coloured. Just one colour. Not highlights or lowlights. Sometimes they get a colour I like. Sometimes if we try a new one, it isnt' the best. Just the regular life of colouring your hair.  The cost in the salon....close to  $100 including tip. I am honestly not sure if that includes a trim. I don't think so.

Over the past couple years I have tried doing it on my own. I know colouring hair is pretty easy with the home kits but I am quite esthetically challenged. Anyhoo, I decided last weekend that my colour needed some love and kits were on for $3.99 at Shoppers. It was like the colour gods were speaking to me. Into the basket the box went.

So last Sunday night I coloured my hair. Everything was going smoothly until I was rinsing the colour off in the kitchen sink. I must have moved my neck funny, as I felt it go out. Now back history... DS1 ruined my  neck when I was expecting him, from excessively strong morning sickness. I first went to a chiropractor then as he put it out so badly. From time to time my neck wanders out of place and then works its way back in again by the next day

As I sat in the living room that Sunday night I knew it was out. Monday was not better. Range of motion was limited, but not really any pain. Tuesday got worse. Wednesday got worse. By Thursday I was in pain if I attempted to move it, and totally locked.  So I bit the bullet and went to the chiro.  He was limited in what he could do as I couldn't even lay back for him to do whatever neck snapping they do when you lay on your back. He confirmed it was completely locked. He was able to get a cm or two range of motion back in the left and right but up and down was a no can do. We made an apt again for Fri.

During Thursday evening and throughout the neck the pain grew worse even in the safe position.  Friday I ended up staying home from work as I couldn't breathe without hurting. Chiro again Fri afternoon.

1st chiro visit - $60
2nd chiro visit - $45
I might get some of this back. Not sure. I didn't have a full time teaching contract the last time I went to chiro.

So I had  a bit more flexibility but.........by Friday 8 PM I was in writhing pain. The muscles in my neck had banded together like steel. Off to ER I went (no walk in clinics here). A 3.5 hour wait to see a dr. It felt like time had stopped and I was there with a whole bunch of new germy friends. The DR gave me a shot and a valium and sent me home with a prescription for something else. I managed to fall asleep for less than an hour at which point I woke up again in even more pain than before. Sobbing to the depths of my soul pain.  Back to the ER I went again for another shot or two of stuff.

Fast forward to Sunday. I spent Sat in a drug induced haze from the meds and slept most of it and I am grateful for that. Sunday DH goes to fill the prescription for me. Not covered under my plan or my DH's, so cost to us $52.

I am ...healing. slowly. Still in a lot of pain and looking different directions is a challenge.  I hurt. Not sobbing to the depths of my soul hurt, but on the radar.

Cost for 'saving' myself the hair colour? hmmm
60 + 45 + 52 = 157 plus ER wait time.

Worth it?

I am guessing no, but the wound is still fresh  LOL

Where the money stands

as of January 7th

Debts
Mortgage - $22 203.42

**Total Debt - $22 203.42


Savings/Planned Spending
TFSA/EF - $5100
TFSA in waiting to be added - $400
RESP - $20 600
RRSP - $9200 
Plates 2014 - $0 -

**does not include college debt

and a new year begins :-)

Financial Goals for 2015

These aren't all the much different than last year to be honest. The needs haven't changed a whole lot, nor the amounts. Some amounts are chosen by the 'This is how much I need" for the goal, and some are "this is probably all I can do" for others.

 

1) TFSA - $2000

I managed to get this amount last year. I divided the goal into two $1000 chunks to make it feel more manageable.  My TFSA is currently sitting at $5000 in contributions plus $120 ish in interest. I have tons of contribution room, but not tons to add.

 

2) RRSP - $1500

I am moving my goal BACK to $1500 as it was 2  years ago. I tried last year for $2000, but between DS2's car accident, DS1's colleege, and our trips down there, I failed to meet this goal.  I fell short of having $10 000 in contributions.  That would last about four months in my retirement, if I pulled it all out and paid the fees and taxes involved with it. Four months! ouch

 

3) RESP - is no longer a goal since DS2 has finished his contribution + grant contribution years. I will reallocate this money towards saving for college for two children.

 

4) Summer 2014 - $1000

I have no specific plans for this money. I am sure a chunk of it will go to our yearly August long camping trip. Beyond that, I am not sure.

 

5) Back to School - $500

I have cut this goal down by half. It's just for me now. My fees that are due right at the start of the year, plus coffee fund etc. There will be a little left for clothes. The boys' expenses will fall under 'college savings'

 

 6)Christmas 2014 - $1400

No change

 

7) Vehicle Plates - $1200

No change

 

8) Graduation Costs - $500

This amount is less than his brother. DS2 has no desire to go to prom. I may get him there for the Grand March, and he would leave after that. Dances and parties are just not his comfort zone. He may change his mind, but I don't think so. I will have a few prom tickets that have to be bought in order to attend the grand march.

This brings me to a grand total of $8100. This is $2000 less than what I set aside last year...however, I still have college to save towards.

Back to the $8100. Divided by 12 months shows me I need to have $675/month to put towards these savings goals. I have $700. Seems like it should be easy peasy right?

But we all know things happen and money has to get redirected elsewhere. I certainly had to do so last year.

Not counted in this planned spending and savings goal are the college costs. Those are too predictable, especially as DS2 is not gone yet.

And that's my money plan for 2015.

 

Inspirational resolutions for 2015

I want to thank Bridget at Money after Graduation, for giving me some food for thought as I looked ahead to 2015.

I chose a few to help guide me for the coming year, and give me focus on the things that really matter in life.

Please wander over to Bridget's blog to see her full list.

In 2015…

What are you going to do to give back to the community you live in?

People are often quick to criticize our community. There is a lot of poverty, crime, and we see far too many buildings closing up. People say there is nothing to do here.  When my students voice criticism, I often find myself saying “What have you done to try to make things better? What events have they gone to be a part of?”

Time to put a few of my own words into action. I often have the intention, but lack the follow through on the action. Our ‘Be the Change’ group at school has adopted three local groups to fundraise for. I want to be more than a leader for this, but see first hand what these organizations offer, and how regular people like us, can affect change.

  How are you going to show love to your siblings, parents, and family?

 In the busyness of the school work week, I will admit that I don’t make a lot of time for family outside of my own little house. I text my mom daily, but that is about it. I need to make more of an effort to touch base with my larger extended family, even if I can’t get to see them.  Life moves too quickly and things happen which are beyond our control. I do not want to look back and wish I had made more of an effort.

 What can you do to show appreciation to your friends?

My friends are mostly the people I work with. There is a chance I will be moved to a different building this fall, meaning I will leave behind my friends. I will confess to you all that I worry that our friendships are ‘situational friendships’ and once we are no longer in each other’s spheres daily, that friendship will disappear. I want them to know how much I do appreciate their presence in my life. More listening to them, and being there for them, and less ‘all about me’, is my plan. 

 What aspect of your personality can you work on to become stronger and more resilient?

I react…way too often and too easily. I need to dial that back a whole lot. I need to take a moment, and breathe and think more before I feel, or react.  I don’t like the person I become when I get intense like that.

 Where are you going to travel? For what reason?

While I would love to travel and travel, the budget will limit that. I plan for two trips down to see DS play hockey; one in February and another in October. I will enjoy the October one more I am guessing. This past October visit was lovely weather so we got to explore the community. February will be tougher to do that. What can I say? I like fall temps better than winter temps J  It’s a beautiful city and I hope to hit up a couple of the locations where Diners Drive ins and Dives filmed.

  How will you celebrate your life?

There were three instances since Christmas where it has reminded me that life is far too unpredictable, and we need to LIVE it more. That’s why I chose those two motivational post its for my NY day post.

The first incident is a parent of three of my former students. He passed away unexpectedly on NY Day. He was 49.

The second is a colleague who suffered a stroke NY eve. She has yet to regain consciousness. She is 51.

The third is my sister’s father in law.. Opa as we all call hime. He wasn’t feeling well on the 30^th. His wife wanted him to go to hospital but he refused until later that day. He told her, “Go plug in the truck (cold here) and let’s get it warmed up so I can drive us to the hospital.” She doesn’t drive. They ended up getting a ride there from a community service. He had had a heart attack earlier that day. They have since learned that he has congestive heart problems and his kidneys have shut down. He is rallying so far, but there is only so much they can do. He is 95.

 I want to be like Opa. Going strong and ready to drive myself to the hospital at 95. I want to LIVE. I am tired of letting my weight or my shyness or the reclusiveness of DH keep me from living life. I am the only one who can change this. Do I care enough about me to do so?

thoughts for 2015

Both have the same message, but I couldn't choose which one resonates more with me.