Year End Review Part 1

It's coming up on the end of the year and I have a good idea of how much money I will be spending to the end of December (I hope).

I have a good idea of how much money I will have left in my bank account at the end of the year and I know what I had at the beginning of the year. I think it works out to me having overspent $900 for the year. I have managed to put away $3000 into a savings account and around $3000 into RRSPs, and some money set aside for my son, plus pay off my line of credit and most of my car loan (that will be done early next year).

This year I had the giant expense of a new A/C, heating, and water tank unit. $13000, I believe. I will hopefully have that paid off by the end of next year and will only have my mortgage remaining for debt. I've put bad debt into my mortgage I think 3 times. So, once the above is all paid off, my mortgage will be back at my original purchase price (not great I know). But, it is worth about $80,000 more than what I paid for it. On my current debt repayment plan I will have the mortgage paid off within another 8 years. I know not great, but I'm a single mom and I weigh the debt repayment against all of the activities my son wants to participate in (the activities tend to win out).

I know the debt repayment isn't as aggressive as it should be, but I'm trying.

I'm updating my budgeting spreadsheet. It now contains some charts so I can visualize where my money is going. This year the majority of my money went to: mortgage, condo fees, childcare, groceries, vacation (we are going to Disney next year and I have that time-share type deal that I'm still paying for), and debt repayment.

Next year I should have three categories removed from my budget: water heater (since I purchased this year), car payment (because I moved it into my mortgage payment and that portion is almost paid off), and pet (unfortunately, I had to put down my wonderful Placenta Head this year). Those three categories made up about $120 / month in my budget. That money can now go to debt repayment.

I'm also debating whether or not we will finally use that vacation time share in 2019. If we do, I'll be paying for the portion we have to pay, plus the flights in 2018. At the end of 2018 will be my last payment on the time share, so that will be a big amount of money for the year back in my budget for 2019. I'm thinking half to vacations and half to debt repayment (but let's get through 2018 first).

I still have a big amount on the Disney trip to pay in 2018 - the remainder of the hotel and all of our food. I know you can bring your own food into Disney, but my son is really picky and I expect we will just be eating pizza everyday. I'm going to start looking at the grocery stores that deliver to Disney to see what we can maybe buy and have delivered.

My spending app tells me that I was over my typical spend two months out of eleven. February - when I paid for part of Disney and summer camps. and June when I paid for the rest of summer camps. I had three months where I was on the cusp for overspending. So, I think that was a pretty good year. I can't expect to have every month under. I have Disney to pay for in January, camps to pay for in February and June.

I am hoping to keep my expenses down in December. I only have a couple of presents left to buy (should be under $100). We will have higher gas costs, and eating out costs because of travel for the holidays, but the rest should be under control.

2017 debt so far

So, I was thinking that I hadn't gone into anymore debt this year and then I remembered I had to replace my heating and cooling system this year. So, I went into a huge amount of debt this year. $13000 to be exact. But, I'm on track for that to be the ONLY debt I incur this year.

I'm socking away money into an emergency fund now as well as trying to build back up my RRSPs (when I was on mat leave I took out almost all of my RRSP money - which created a viscous circle of owing taxes). I put away money into an RESP and a savings account for my son every month (on top of his allowance for his weekly mad money).

I'm still addicted to watching 'til debt do us part'. Even though I've seen all the episodes that they've been airing I still usually remember something else I should be doing.

My big problem is still eating out. I take my son out for dinner once a week (it's like our entertainment) and he gets McDonald's once a week (it's his favourite). Then I probably get take out once or twice a month (to get my Thai or Indian fix). Not near as bad as I used to be, but still not great. I've tried not getting a drink when we go out, and most times I forgo dessert.

I was trying a different Pinterest recipe every week, but once the summer hit I stopped and just relied on my BBQ (which I picked up for cheap off a Facebook group). I'm hoping to get back to cooking once school starts up again.

Mortgage Status

I was using my debt calculator on my mortgage today and if I am calculating correctly I should have my mortgage paid off in just under 9 years (possibly fewer). This is huge! I have no other debt. Of course, that timing puts me right when my son will (hopefully) be going off to higher education of some kind. I have RESPs for him, but who knows how much it will cost at that time.

I know I've made mistakes in the past and if I hadn't of made them I would be in such better shape today, but I've hopefully learned and will continue to learn and make the best of the situation as it stands today.

9 years! I'm so excited.

Equity and Birthday

So, I was wondering how much equity I have. I did a quick calculation and I appear to be worth about $200 000. Not a huge amount, but not horrible. Since I have consolidated all of my debt into my mortgage I am hoping to be able to make bigger payments (which I've been doing) into that amount.

This summer hasn't been great for keeping the spending in line. I spent more than I probably should have on my son's birthday (party and gift). I kept the party to 3 kids, but with food and excursion it was probably $150 - $175. The gift was $200 (but he hasn't put it down since he got it, so I feel like it was money well spent).

My toy / gift budget for the year is used up so I don't know what I'm going to do for Christmas. I don't think Christmas will be as extravagant as the birthday present, but I'll still need to find some money for something.

According to my budget spreadsheet I've been going over budget $400 a month on average, but according to my bank account I have extra money for the year. I'm not sure where I screwed up on those two things (I'm hoping the bank account is right).

I've been losing money on my investments and I'm hoping that is just for now (I talked to an adviser at the bank and that's what they believe).

Next year should be a good year in terms of debt repayment.

House Repair and Debt Consolidation

My water heater failed about two months ago. Due to the setup of my heating and cooling system this meant I had no hot water and no heat. The system was probably 20+ years old. It also handles my air conditioning (which failed completely about 3 years ago). So, I had the tough decision about what to do.

After getting lots of different quotes and speaking with my dad (in the business of heating and cooling for many years), I decided to replace the entire system - hot water tank, heating system, and cooling system. This worked out to about $12 000. I don't have $12 000 lying around.

I talked to the bank, there is a ton of equity in my home (worth about $350, I owe about $160). They are willing to add the cost to my mortgage, but I also need to include my line of credit ($10 000) and my car loan ($10 000). This sounds good to me, lower rate at least.

So, I did this and now I have one monthly payment and one place to look at all of my debt. So, I'm trying to put the money I had set aside for debt repayment as a payment on my mortgage. But, I don't know what happened. This was true for a couple of months, but now I seem to not have the extra set aside. I don't feel like I spent more in the last couple of months.

But, this month I owe $700 on summer camps (next month as well) and my cat had to be put down ($300). So, it was an expensive month.

Plus, I had put my yearly bonus and tax return against my line of credit. So, I no longer have access to that extra money for this year, which would have been used to help on the summer camp.

But, on a happy note: my debt (including my mortgage) is $186 000, and my house is worth $350 000 (not that I could afford to move - as nothing would be available for that). It's nice to have one number in one place. I only have about $16 000 in investments, but it is something and it is growing.

I am hoping to get the debt back down to $160 000 in the next two years and to increase my emergency fund as much as possible in that time. Once I've got the debt back to where I want it to be, I'll increase my emergency fund, and once that is where I want it, I'll be upping my savings. I'm not in the financial shape I'd like, but I'm getting there.

Annual Goals 2017

I just read a blog that had listed their annual goals and I thought what a great idea.

Debt - to pay off half of my debt this year (including my car). I have a good plan, I think, so that all of the debt is paid off within 24 months. I still have monthly / yearly child care costs that almost equal my mortgage. This takes a huge chunk out of my monthly income.

Saving - I don't have a great goal for this as most of my money will go to the debt issue. I did put a chunk of my yearly bonus toward my RRSP, but it probably isn't enough. I'm starting to worry about my retirement income. I need to decide if any money I don't spend out of my budget will go to debt repayment (probably) or savings.

Vacation - Last year we travelled out west to see my brother's family, we also did an overnight at Great Wolf Lodge (not money well spent - it was so expensive), and we did a bit of a staycation and did a week of touristy things in Toronto. This year we are staying close to home, but will use some of the vacation money towards next year's trip (either Disney or Mexico). So, nothing big planned this year, but budgeting for next year. We will also do Wonderland and the Zoo, and hopefully a weekend of camping this year.

Reading - Last year was a complete fail on the book front. I wasn't taking the train anymore to work so I didn't have all of that time for reading. I don't stay up reading at night because I'm too tired after reading to my little guy. I am hoping to read 10-12 books this year. I've read 2 so far (better than last year). I'm reading at the gym (maybe not great for my workout, but makes me happy).

Knitting - This has also been a complete fail lately. I just don't seem to have any interest in it. I've started a couple of projects, but nothing holds my interest. I think back to the blanket I made for my niece and can't imagine do something like that again. I need to find a project that excites me.

Fitness - I joined a gym this year. I sit all day at work and don't really get much exercise with a 6 year old. I get to the gym most work days for a 30 min session. I'm trying out different things to see what I like, most days I just want the treadmill so I can read my book. When I was on mat leave I lost a ton of weight walking everyday.

Spending - We eat out once a week because my little guy loves it, but that's it. Which has been hard since I love take out. I miss my Indian, Mexican, and Thai options. But, seeing the debt come down makes it all worth it. Once this debt is all paid off maybe I'll splurge. I'm also stopping myself from buying any shoes (which I love). I'm hoping to only spend money on the little guys clothes this year. I spent a lot on toys last year, so I'm hoping to curb that spending as well. He has an allowance (that he likes to save, not spend). I'm saving up for his birthday, and then for Christmas, but will try to not spend anything else this year. I've cut back on my alcohol intake as well. I like beer, alot, but it was getting too expensive. I'm limiting intake to the weekends (and not when we go out for dinner), so it works out to just over 12 a month, which is way better than this time last year when it was about 12 a week. I did splurge on scrapbooks already this year (used up my whole budget for the year in fact). There was a sale so I had last year's books printed. The money came out of my bonus. We spend a lot on sports. For a not very active family, I don't know how this happens. How do other families afford it? We just have swimming and skating throughout the year and it is expensive. I'm forgoing hockey for another year to save the $400 and the little guy has decided he doesn't like Beavers anymore, so that saves me another $200 a year.

I don't understand how people can have so much money to put towards debt and saving. I feel like I'm doing everything I can to limit my spending, but still not as much as I'd like to put away. Even once the debt is paid off I don't feel like there will be as much as I'd like to put towards RRSPs. I also have RESPs to think about. I haven't been able to put a ton towards those though because of the debt, but plan to up that amount once the debt is paid off. I'm also hoping to put more towards my mortgage. So many things I want to do with that debt money! I so wish I hadn't of gotten myself into this mess. I hope my son never ends up here. Is it because of my childcare costs? My mortgage and car amounts make up 36% of my income. Childcare is about 10% of my income (which will be true for another 4 years at least).

That's my plan. If I stick to it (and I plan to), I'll be debt free (excluding my mortgage) in two years.

Debt Reduction Plan

Back when Jude was only a year old, I was on the show 'Til Debt Do Us Part'. Being a single mom without a plan on mat leave had put me in a whole that I wasn't sure how to get out of. Luckily Gail Vaz-Oxlade came in to set me straight. She had a great plan for me, but I faultered. I had a year on mat leave with no supplemental income except EI (about a 1/3 of my income) and went into about $20000 worth of debt. Then came the next couple of years where daycare costs were about $1700 / month, more than my mortgage, car payment, and housing costs combined. 

During that time I went on stress leave from my company and tried to find a company that would be a better fit. This took a few months. During that time I went on a trip (that had been planned well in advance of all this) and went into a depression hole while on the trip. Well, depression holes for me normally mean I'll spend money. I bought a vacation membership while on that trip (with money I did not have).

Luckily, I came back and found a position with an organization that fits me perfectly. Flexwork, flexplace, time off for appts, and understanding about mental health issues.

I was still dealing with expensive daycare fees so I wasn't making any headway with my debt (plus now, I had the monthly payments for the vacation property). Fastforward to last year, I switched locations with my organization (no more $250 / month for train travel) and received a hefty bonus. 

I went back to my budget spreadsheet and made a plan. I stuck to the plan! I paid off $10000 of my line of credit last year. That leaves $14000 remaining on the credit line, plus $10000 for my car, and $5000 for the vacation property.

If my calculations are correct I will have all of this paid off by the end of next year. I could probably pay it off sooner, but we are going on vacation next year (not this year). 

I look at the numbers constantly. But, it keeps me on track. I just needed to write about it because I'm excited to be on the right track.

I'm Back!

The last post was in 2012. Wow, it has been awhile. I've been spending my time on Facebook I guess. This morning I was thinking about my debt reduction plan and that I wanted a blog to chat about it, so here I am.

It's Been Almost A Year?

Has it really been a year since I posted? That's crazy. Life has been crazy with a toddler. LM (little man) is amazing. Growing and learning every day. I think he will be a baseball player as he loves to throw and hit himself some balls. He has excellent aim (and can throw up a ball and hit it at someone). The summer is going by way too fast!

Goderich After the Tornado

I headed back home this past weekend. It was an emotional visit. The town was hit really hard by the tornado and seeing it in person is much different than the pictures I've been mesmerized by all week. I spent a lot of time on the east side of town, not realizing how bad that side had been hit. What got me the most was the houses with spray-painted messages. The families were leaving their mark on their condemned houses. I can't imagine what those people are going through. Our family was so lucky to have been spared any destruction. The town is rebuilding and I have full belief that my aunts and uncles are getting the job done! Goderich might not look the same, but it will still be home.

My cousin has posted some photos of what she saw this past weekend. I didn't take any pictures of where I was in town.

http://mandainto.blogspot.com/2011/08/goderich-one-week-later.html

Tall Baby

Who knows, maybe my baby will be tall :) Mom and Dad are probably quite distant in terms of geography.

http://ca.news.yahoo.com/want-tall-kid-try-long-distance-relationship-224006293.html

A Year Old

How did this happen? Where did the time go? My baby is a year old! We had a fantastic party with friends and family and on his actual birthday we were able to celebrate with my mom group and a number of other friends (Christi's pool was prevalent in a number of these celebrations). The little man had a fabulous time, but last night he was not a happy camper. I think he sensed that today was going to be different - the dreaded return to work! I needed some sleep and he was having none of that.

I'm hoping he does well at daycare today as this morning was not looking good.

Almost 10 Months!

I can't believe I haven't posted in two months, time is just flying by. Jude is trying to walk! He needs my help and so we spend most of the day walking around the condo together. He loves chasing the cats. They are not sure what to make of this new development.

He's becoming a little comedian. He thinks he's so funny (well, I think he is too). He is such a happy little guy and I love him to pieces.

I've been able to get back to hot yoga in the last couple of weeks and it has been so great. My friend Kevin watches Jude while my friend Karen and I go and sweat it out. I'd forgotten how much I love it - well, I still can't stand downward dog.

(No photo because it's taking way too long to upload.)

Almost 8 Months!

How did this happen? How is it that my baby will be 8 months old in a couple weeks? Time is flying by. I am quite happy to be getting out for walks again. A couple of moms I met at the local library program are getting together for walks in our area. Jude loves being outside! He's growing every day and I love watching him learn. He could be crawling any day. Right now he keeps going backwards and looks at me like 'why am I not going where I want'. He loves jumping in his jolly jumper. He has soo much energy.

He's a fantastic eater (way better than mom). He's picking up his Cheerios and getting them into his mouth (he does get annoyed when they get stuck to his hands and he can't eat them). He's loving almost everything he's tried (avocado and mango still aren't favs).

He already has 8 teeth and is biting me quite often (they are sharp!). Still trying to figure out how to get him to stop the biting. I just feel so bad for him that every time he starts to get over the last tooth another one seems to be coming in.

(Jude is sporting his green for St. Paddy's Day in the above pic)

Oscars

Well, I'm attempting to stay up to watch Oscar. I had hoped to go to my friend SJ's for her (sort of) annual Oscar party, but the baby doesn't do well being away from home after 5pm. I definitely didn't want to be driving after midnight with the screaming baby.

I couldn't even find enough time to make some Oscar picks for the pool.

I know I should be trying to sleep while Jude sleeps, but I do love the Oscars. I liked the opening, mostly because Michael J. Fox was in it (oh how I loved Back to the Future).

I think Reese Witherspoon is best dressed tonight: I love the hair!

This year I only saw two of the Oscar movies: The Social Network and Toy Story 3. So, it's pretty hard to make any predictions. I really want to see Black Swan, mostly because I love Swan Lake and since I love Colin Firth I really want to see The King's Speech. Hopefully one day soon I have time to focus on movies again (but probably not).

Reflecting

As the year comes to a close I must reflect on the best year of my life. This is the year that brought me my beautiful son, Jude. I can't even express how much my life has changed in so many outstanding ways.

The year included a trip out west to the Vancouver Olympics. It was so great to have two weeks with my brother's family - so great that I was late to a number of events because I didn't want to leave the house and hanging out with my crazy niece.

I learned (once again) how great my friends are. They have been so amazing this year! Whenever I have needed someone they have been there for me. Christi was there for every step of my pregnancy AND every step of the labour! Jude and I will always be eternally grateful for everything she has done for us. I can't wait to meet the newest addition to her family (and I hope that Jude and the newest one will be the best of friends). I don't want to leave anyone out, but I feel that I wouldn't have gotten through that first week without Cara and Sharon who drove many hours to stay with me and keep me sane.

Last but not least, my father has been amazing through this whole year! It's been really tough without my mom, I so wish she could be here to see how amazing Jude is, but Dad has made sure that he's been there for me. Not only was he there for the whole 29 hours of labour, he was with me for most of the two weeks or so leading up to labour (there was much waiting and walking around). I'm so happy that Jude is named after him.

I can't describe how much better my life is now that Jude is here. I am so happy (tired, but extremely happy). He amazes me every day and my heart fills with joy every time he looks at me.

We were chosen to be on the show 'til debt do us part. They were looking for single moms and I applied. I learned so much from doing the show, it was embarrassing but I think well worth it. I don't know when it will air, yet.

Christmas was the best I've celebrated in years! I was lucky enough to celebrate with most of my family (including my brother's family from BC). We traveled around (as we used to as kids) and it was great.

Tonight marks the end of this amazing year and I am sad to see it end, but excited for all of the new adventures that await Jude and I.

Have a very Happy New Year everyone!

Happy Holidays

Jude and I would like to wish everyone a very happy holiday season! We are very happy to be celebrating with our family - including my brother's family from BC! Lots of snow and lots of family.

Plantable bags

How awesome do these sound?

http://www.greenplanetparties.com/item_309/Plantable-Holiday-Gift-Bags.htm

After you have reused these gift bags a few times they can be planted!

Three months

My baby is three months old today! It's going by so fast; too fast. He's more amazing than I ever dreamed possible.

Happy birthday my beautiful boy!

(the picture is from last week, his hair totally wants to be in a Mohawk - it's too late at night to take a pic of him with my phone)


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Insomnia

It's 3:30 am and I'm up for another feeding with Jude but I've actually been awake since his last feeding. I often suffer from insomnia but it is really hard these days because it is hard enough to get enough sleep with a new baby.

I'm stressed about my c section incision which still hasn't healed. It's been over 2 months since they reopened the incision and I still have one opening that won't heal. I go every other day to have it packed by a nurse. It gets Jude and I out (we normally walk there) but I really want to be healed up - I want the option to have a bath, go on a hot tub, go to yoga.

Then there is the stress of the tv show I'm going to be on. My dad and one of my friends agreed to be on with me but it is really stressful trying to coordinate filming dates with them and figuring out child care when Jude eats constantly and is very reluctant to go to anyone but me.

Then there is the stress of money. I've been asked to cover an expense for my family right now, which I'm totally willing to do, but I don't think everyone understands what a big deal this is since I'm on mat leave. My income is down to a quarter of what it was before the baby and that doesn't cover my fixed expenses. I knew that going into the pregnancy but it would be nice if people realized that this is really hard for me. I know how much the person directly involved appreciates this, it just seems that no one else does.

Well now I'm sure I won't get back to sleep as I'm all worked up. Maybe Jude will surprise me and go down for a real nap tomorrow.


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