Happy Canada day! I hope everyone got to celebrate as much as I did. We’re officially in the full swing of summer and my long, light and warmth filled evenings have been filled with bike riding, gardening, running and barbecuing. Not so much with the blogging. So I apologize for not keeping to the most consistent of schedules, but I’m sure I’ll be back in full force once the weather turns terrible again.
This month was great event-wise, but also very expensive. I had to take my dog to the vet for her annual vaccinations, and that cost a pretty penny. I also attended a bachelorette party, which came with some costs. Finally, I had to do some shopping including buying a dress for an upcoming wedding, replacing some house hold items and out fitting my bicycle with a basket. Fortunately I had a fantastic month freelance income wise, so hardly any of it came directly out of my budget. Even with all of that spending, I still managed to make progress on my net worth. To put things in perspective, here’s where I was two years ago on July 1st:
July 1st, 2013
I had just gotten married and paid off my student loans, but still had a debt of $5,748 remaining on my car loan. My total net worth at that time was +$2,915. Read that net worth update here.
July 1st, 2012
Two years ago my financial picture was looking less than rosy. I had a total debt of $27,986 that still needed to be paid off and my net worth was an awful -$13,663. Read that net worth update here.
I still can’t believe I’ve come this far. I used to have So. Much. Debt. But just two years later I’ve got cash in the bank and a (slowly) growing net worth. Here’s what my financial situation looks like now:
I have no debt I have no debt I have NO debt! Well that’s not true, I have $136 in reimbursable expenses sitting on my credit card, but that doesn’t count, because it will be paid as soon as the cheque goes through.
Net Worth: $19,537.33 (+10%)
I was in a bit of a savings rut these last few months but suddenly I’m over it. I am really excited to see my net worth bump up above the $20,000 mark. This was a pretty good month for my household net worth wise for a few reasons:
- I had a fantastic freelancing month and I saved nearly all of the proceeds.
- My husband made a small extra deposit to our joint savings account which perked things up quite nicely.
I have three main accounts that I contribute savings to, here are their balances:
RRSP: $3,880 (+16%)
This account got it’s regular $500 per month contribution plus a small bump from the markets. I’m excited to see this account finally having a substantial amount in it. I’m used to beating my goals very quickly, and the slow and steady mentality that I’ve had for this account has been a lesson in patience. It’s finally paying off though! For those of your who are interested, I’m invested in Tangerine Balanced Growth Portfolio, and you can read my rationale behind that here.
Emergency Fund: $10,000 (0%)
I reached my goal of a $10,000 emergency fund last month, so you won’t be seeing much growth in this account over the next few months, minus maybe the interest that it earns. I’m really happy to have six months of living expenses tucked away in this account.
Travel Fund: $1,977 (+34%)
I contributed our budgeted $500 to our travel fund this month. According to my calculations, if I save $500 every month until December, we’ll be all set to pay for our trip to Paris.
I also put some savings into other savings accounts including my blog tax money, some personal savings and our ‘house fund’. I’m not actively tracking the balances on those accounts (because they rise and fall monthly) but if you’re wondering where the extra cash is, that’s where it is. I have another savings goal that I’ve been mulling around a bit recently, which I’ll blog about at a later date.
All in all my June was great! I spent a lot, but I saved a lot too and I’m on track to achieve my goals for the year.
How was your June? Did you spend a lot? Did you pay off a lot of debt? Did you beat some savings goals? I want to know!