November 2014 Budget & Goals

11-budget

Happy Financial Literacy Month, Canadian friends! Not that everyone can’t celebrate it, but I know it’s recognized in different months around the world. I’ve been anxiously waiting for this month to arrive, so we can finally talk about a few of the financial decisions on my plate. Since the year is almost up, I really want to get these items crossed off my to-do list as soon as possible, so I can start 2015 off right.

Besides that, I’m excited to be hosting four giveaways this month! Come back every Friday to see what’s up for grabs. But first, let’s see how my budget looks…

Life Expenses – Goal: 60%

I’m happy to say I’ll be home for all but three days this month! Surprisingly, my numbers still look fairly average ($250 for groceries, $75 for restaurant, etc.). I did, however, give myself an extra budget for “insurance”. By the end of the month, I’d like to finish comparison shopping and finally buy life/critical illness insurance. I also want to upgrade my disability insurance, and I need to renew my tenant insurance. I have no idea how much this will all add up to, so I put my max budget in my budget template and will aim for it to be lower than that.

Overall, I really want to get this section down to 50-55%, but it can’t happen this month for one big reason: Christmas. Every year, my goal is to get my shopping done by December 1st. I don’t know if I’ll be able to make that happen this month, as I don’t know what I’m going to buy anyone yet… but we’ll see!

Car Maintenance – Goal: 18%

The other thing I want to do while I’m home this month is get new tires put on my car. My car is almost 6 years old and has 60,000 km on it, and the tread on its stock tires is getting low. I researched prices last month and finally submitted a quote, so this could happen as early as tomorrow. Eek!

Travel – Goal: 4%

A few weeks ago, I was asked to speak on a panel at Credit Education Week in Toronto. I’m flying out on the 11th, the panel is on the 12th, I’ll work at RateHub.ca on the 13th and then fly back that night. Since it’s such a short trip and most of it’s paid for, I’m just budgeting for transportation and food.

Savings – Goal: 18%

Finally, next payday, I’m going to finish topping up my Emergency Fund! After that, I’ll just put more money into my RRSPs. And then I guess I’ll need a new savings goal!? Hmm! I do have something fun in mind for 2015… but we’ll have to see what the next couple of months look like, first.

In honour of FLM, my goals this month are to:

  • Speak on a panel at Credit Education Week in Toronto next week
  • Top up my Emergency Fund
  • Research/update/buy all insurance policies
  • Pay to get new tires put on my car
  • Get annual copy of my credit report/credit score

And then I’ll try to workout 15x and read 2 books, as per usual!

What do you have planned for this month?

  • Very exciting that you’re speaking on a panel at Credit Education Week! Regarding the car tires, we’ve actually had good luck with finding used tires at junk yards in the past. As long as they’re in decent shape and the treads are good, it can be a great way to save. Though if you’re replacing all four tires, probably best to get all new so that they’re balanced evenly.

    • Wow, I wouldn’t have thought to look there! But I still think I’ll get all new ones, so they’re balanced like you said. Thanks for the suggestion, though. :)

  • Ummm, so you average 10,ooo km/year? Lucky car. At the rate you’re going you can own that car for 20 years :), that’s my goal to stretch out the life of my car so it ages gracefully with me. About your credit score/check, I know that that the credit check is free once a year, how about the credit score, or do you pay for that? I have pulled my credit check earlier this year and everything checked out, I’m wondering if it’s worth paying for it.

  • All excellent goals, Cait!

    A few suggestions:

    In addition to looking to buy critical illness insurance, when you look at life insurance, consider term life over whole life. You will get more coverage at less cost that way.

    After topping up your EF, you may wish to consider putting money into your TFSA (if you have one and if you still have any 2014 contribution room) over your RRSP. To consider which is preferable, based on your particular situation, consider these points:
    http://www.retailinvestor.org/rrsp.html#tfsa

    Having lived in Quebec, before moving to Ontario, we’ve always known the importance of good tires – especially winter tires (which we use over the all seasonal ones). And be sure to get them balanced. This is one area where money spent on quality is very important as these are your prime contacts to the road (in all its conditions) and safety counts. So we always purchase new tires, not retreads or used ones.

    Plans for this month:
    Finish all my painting projects and start planning for holiday spending, as well as putting money aside for TFSA 2015 top-up contributions in January. As we are both retired, we can no longer contribute to RRSPs (no new income to base it on and our plan contribution limits were fully topped up last year).

    • I’m definitely considering just getting term, or a small amount of whole + a term rider. Getting more quotes on Friday, so will decide after that!

      I have lots of room in my TFSAs, and will continue to contribute there. At this point, I’m only putting a couple thousand dollars into my RRSPs each year for the tax break – and mostly because I freelance. So TFSA will continue to be my #1 investment tool for some time!

      I’m getting brand new all weather tires put on my car this morning. I was originally just going to get all seasons, but got the guy to offer me all weathers with same km warranty for same price (balancing included).

      And sounds like a busy month! Can’t imagine you’d have it any other way, haha.

  • Well done about the panel Cait :) This month it looks like it’s all about the cars. We need to get one of our cars looked at due to a tiny odd noise that bugs me whenever I hear it. We just renewed our 6 moth car insurance. Next week brings me to Ottawa for a few days and next month I will be back in Montreal and will swap on my Toyo winter tires. I really like the performance of that brand for my car and I had gotten an $80 rebate when I had purchased them last season.

    • Make realistic goals that only require a few steps to complete, Sarah! That’s what helps me write/stick to mine.

  • I just have one goal this month: GET A JOB. Any job… even if it’s just babysitting or picking up another freelance gig. My EI is about to run out, so it’s time to get creative and look for options beyond just applying to jobs each day!

    • Would you work in retail? There might be seasonal jobs still open? And I’m sure every Starbucks is hiring! Good luck, hun.

  • Good luck on the panel Cait! Simply sticking to my budget will be my challange enough this month with my birthday and family coming from out of town (that I forgot about and this didn’t budget for…) Lets hope for not too much damange :) I also want to restock a little bit of the ER fund that was depeleted a few months ago and haven’t done much about yet….

    • Oh man, I feel you. I’m already nervous about how expensive November is going to be, and fear I’ll go over budget in more than a few categories… but we’ll see! Crossing my fingers your month goes well! When is your birthday? :)

  • I like how you put the working out and reading books at the very end, because those are the most difficult goals for me to reach each month! lol

    Kuddos for getting your emergency fund topped off — I’m still working on that.

    • Hehe. It took a long time, but those two have finally just built themselves into my routine. And it’s still nice to add goals you KNOW you can achieve. I’m sure you have some of those. :)

  • My big plan this month is a trip to Europe. It is almost all paid for, except a few things, like some meals and airport parking and a few entrance fees. We have been paying for what we could in advance since February and have the money saved for the rest of the trip. It is going to be great!

    Critical life insurance is important, several years ago we got that. I also have disability and life as I am self-employed. Hubby doesn’t have extra disability as he has amazing coverage from work.

  • Looks good :) I just got my credit report and score for the first time ever. It scares me, but then it wasn’t so bad. The not-knowing was much worse. Now I’m thankful I have a benchmark. I also need to look into disability insurance outside of my work policy – I’ve been discussing that for ages, but never got very far with it. I love all the financial-based goals you have for November, and the different events you are part of.

    It’s my birthday month, so I anticipate a slightly off-balance schedule. I’m planning a trip back home for my Dad’s birthday as well, so we shall see how it goes. :)

    • We can talk about it more next week, but here’s an interesting fact for you: my number isn’t much higher than yours – and I have no missed payments and $0 debt. Credit scores are kind of a joke. Urgh.

      When is your birthday? :)

  • Great goals – and you think of everything in your budget! I monitor my credit every single month, and have a spreadsheet to track it, but for most people, that’s just sick :-) I am trying to do P90x this month 3 times, even if I can only do 20 minutes of the workout. Progress is progress!

    • Haha, I don’t think that’s sick… I just think you’re the first person I’ve heard of who actually does that! What’s your motivation to do so? :)

  • My goals for the month. Start planning birthday and Christmas gifts because I get hit with the birthdays in November, December and January. There’s a reason I save all year for this! As for other goals I haven’t planned too much yet. I should get on it!

  • Getting me and the HB’s credit scores and looking into life insurance and disability insurance for him are on my list too. That’s so awesome you’re speaking at that conference (did you tell me that and I forgot? Sorry if I did!). Looking forward to another visit in Toronto :)

  • I’m stoked that your emergency fund is going to be completely topped up soon! That’s an awesome achievement Cait, way to go!

    Right now my plan is to continue socking money away in my wedding savings fund. It will either increase moderately or decrease significantly this month depending on whether or not we book our honeymoon. We’ll see. Either way, I’m thinking The Boy and I should sit down and have a money date this month so that we can figure out how we’re going to operate our finances once we’re married. I think that is going to be a big To Do for this month.

    • Thanks, dear! It feels kind of surreal. And that sounds like a great goal for the month! I imagine it’s a somewhat ongoing conversation with couples, but best to figure out where you’d like to start sooner than later. :)

  • We’re pretty much done with Christmas shopping, now I just need to get going on the Christmas making because we’re giving lots of handmades this year.

  • This is such a crazy time of year for our family. (I’m sure a lot of people feel this way with all of the holidays). My daughter’s birthday is this week and we always have a party with family and a few friends. On top of that our washing machine died this week so we bought a new set. I just feel like we have a lot of money going out this month! I think it will all be OK though because I have put money aside for Christmas (thank goodness) so we should be back on budget as the next couple of months unfold. I was just thankful we had the money in savings for the new washer and dryer. Now I just want to get that money put back in there. I liked having that cushion! I think it is so easy to derail from a budget this time of year. We had planned a weekend getaway in December, but now I am rethinking that idea. I would love to make those memories with our daughter, but if we don’t go that money could be used to pay down on our car and give us some extra momentum heading into the new year. It’s just hard when you have to make decisions like that.

  • Looks like I have double the number of miles than your car on mine. I am coming up on 70k miles. That’s awesome about the panel. You will do such a good job.
    Play some ping pong for me at Spin while you are in Toronto!

  • I’m hoping to have all my Christmas shopping done by December 1st too! And it’s actually looking good. I have 3 people bought for and plans for a few others already :)

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