# LOOKING BACK

February was a very stressful month for me.

I mostly ate & drank lattes through it.

I also bought stuff like this awesome belt from Emerson Fry to feel better.

Enough said.

I’ve also been crunching my projected net savings as well… and so far came up with this.

## NET SAVINGS of \$100,000 after Taxes & Expenses

Currently, February 2015 (end of), I am sitting at around \$330,000 net worth.

Net savings: \$8400 a month (after taxes and expenses), conservatively speaking. It will be slightly higher but I want to underestimate.

\$8400 x 10 months to go in 2016 = \$84,000 in net savings

\$330,000 net worth + \$84,000 net savings = \$414,000 at 2015 year end

So I’m going to estimate that I will save about \$100,000 net this year and underestimate that I will end up with around \$400,000 as my net worth at the end of 2015.

Assuming I bill again for 2016 (I am going to ask for at least about \$10,000 – \$30,000 more because I’m greedy like that).

I may not get the increase, so I can assume that I will be looking at another \$100,000 in the bank after taxes.

I should have about \$500,000 as my net worth by the end of 2016.

End of 2017, \$600,000 as my net worth, and I think at this time I’ll take a break.

By end of 2016, we should also be ready to put the preliminary 25% down payment on a condo and be able to clear it in cash (in full) by 2018.

This is my projected plan.

My partner is already on board and has to cash to cover his half of the condo; which will also help as we don’t pay interest and will have significantly lower expenses as a result (\$750 a month less, for each of us).

I am still considering taking a mortgage if the interest rates are still at around 2.5%. Considering strongly, depending on what kind of proof they need, seeing as I’m a freelancer.

Maybe my proof is I just show them I have the cash in the bank to clear it and I don’t need their mortgage but would like it anyway.

(Probably won’t work on bankers, as rationality seems to be a scarce in that industry.)

# EXPENSES = \$2984.33

Squeaked under \$3000. I can do better. Just need to control my eating…

# SAVED: ELECTRONICS

I desperately wanted to buy a new camera but held off.

I don’t need it.

I don’t need it.

I don’t need it.

# SPENT: ON FOOD

I ate my way through this month. Just eating eating eating.

Specifically, a very expensive belt…from Emerson Fry.. which I LOVE

# NET WORTH: \$329,242 or +\$28,662.19 or +9.54%

I went up almost 10% this month, but that’s all due to the stock market recovering and doing slightly better.

Speaking of net worth, I’d like to draw your attention to this awesome calculator made by DQYDJ. It’s net worth by age.

I’m in the 92% centile. By next month I should be in the next centile as I’ll surpass \$347,800.

Maybe I can just aim to keep climbing a centile each month; but I will reach a ceiling because I can’t possibly save a million before 34… soooooo…

# LOOKING FORWARD

..to a better March. Hopefully a wardrobe-free one. I’m really trying to stay busy and to NOT SHOP.

Even online.

I have to stop window shopping online, and in place of that, I am going to watch episodes of my favourite shows and movies.

#### Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of \$60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from \$65K to \$260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me \$50K - \$75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

#### April 2018 Budget Roundup: The Net Worth & Investments

Posted on May 8, 2018

#### In the world of Save. Spend. Splurge.: Do you do a quarterly review of yourself?

Posted on June 6, 2020

#### Why I paid \$300,000 cash for my home. (Just my half)

Posted on December 19, 2018

1. ###### Gen Y Finance Guy

Just found your blog through Elroy’s site.

Nice progress this month and your year end projection is something to be proud of.

Keep up the good work. Looking forward to following along.

Cheers

2. ###### MiningFrugal

I’d never seen the net worth comparing tool. Thanks for sharing, it helps put things in perspective. Unfortunately, knowing how little the average American saves, being in the 68th percentile (by 2013 data!) doesn’t make me feel so hot about my current standing.

3. ###### ST

My boyfriend and I just bought a place this month in Calgary, and he’s a contractor as well. What they asked from him was the T1 General forms, Notice of Assessments, and T4’s for the 2 years prior. They also see how much you have in assets, liabilities, and then check your credit of course. They check to see you don’t owe the CRA either. I think you will be totally fine, and you should be able to get a great rate, with your history. We chose a 2.3% variable, and 2.74% fixed if we wanted it. Since you don’t have to pay CMHC with your large (over 20%) down payment, that will lower your monthly mortgage payments even more. You’re in an amazing position, so good luck for when you do choose a home!

1. ###### save. spend. splurge.

Oh perfect! Thank you for the info. I will make a note about it seeing as it won’t be for a few years that I may need this mortgage. I just want the option, you know?

4. ###### Elroy

I put my NW into the calc and it had me at 98%. My gut feeling, and confirmed by the graph is the difference at the extremities is huge. In other words, to jump from 50th% to 60th% would have a small change in NW. To jump from 98th% to 99th% for my age has a \$600k delta. Cool tool!

1. ###### save. spend. splurge.

I had the same feeling too. I need to move up \$100K at each time to hit a higher percentile… But as it gets higher and higher it is more difficult

5. ###### Taylor Lee @ Engineer Cents

Woot! I bet if you keep banking like you did this month that you can hit your \$500K goal by the end of this year!

1. ###### save. spend. splurge.

That’s actually going to be impossible for this year unless I can bill over time or the markets wildly exceed expectations…my net worth for the end of the year will be around \$400K.

6. ###### Sarahn

I challenged my mother to second hand only from feb 2015 for a year. She said yeaterday she feels like she’s never gone this long without buying clothes!! Blew me away but I bet dad’s happy! Seriously easy for me to abstain but I’m glad I’m challenging her too

1. ###### save. spend. splurge.

I am trying NO new clothes and the one in one out rule