In Budget Roundups, Money

May 2020: Expenses Budget Roundup

Note: All the graphics you will see below, and charts, were made with TheBudgetingTool.com.

https://www.thebudgetingtool.com

All net proceeds go to charity! (Always and forever.)

This month for May, it was Sick Kids Foundation. For June it will be a new charity.

THE EXPENSES = $1198.83

My Side income covered my expenses and saved $6767.53

Very cool.

I also donate 10% of my Net income, and reinvest back a lot of my side income.

Out of all of the side income, this is my true net, after 10% donations: $7169.72

These side incomes are reinvested back into investing automatically:

  • Dividends
  • Private Lending

But I am also basically reinvesting everything into the market 100% and starting to drain my emergency cash to live on.

In Summary: I was way under budget by $982.34

In Detail:

Home includes condo fees, insurance and utilities

This month was the partial payment of the municipal taxes. I pay this twice a year, and I have been spreading out the municipal tax bill so I don’t get slammed with it all at once.

Groceries

Just dropped like crazy. We are eating the stock of our food, but also not really spending on extra things.

Child

I caved and bought Little Bun some of these Sticker Activity Books because he is so darn in love with them. I am planning on giving him one every time he finishes one. He STILL obsesses over his Space Sticker Activity Book.

LOOKING BACK

I have started using my emergency fund

I have about 3-years saved. I have decided to plow all of my future side incomes towards investing instead of using it to pay my bills.

This means, I will use my emergency fund/cash to cover my spending from now on.

I get a lot of money in USD so this will work out

This works out great for me only because I get paid in USD and I want to stop converting it into CAD (and losing money in the conversion), and I would rather just transfer USD –> USD and invest it in my Margin account instead.

The SNAFU I ran into is I cannot open a U.S. bank account without being there in person. I had to find a convoluted way around it, and am currently in the process of documenting how I got money in my Paypal in USD, and keeping it as USD when I transfer it out.

I am still converting all that money in my spreadsheets for the Income to be expressed in $CAD, but all income will now be invested 100%.

2020 so far, is going well. See how big January was? The rest of the months I am hoping will be dark blue and stay like this:

And over the years, you can see how I have done. So far, 2020 is looking great. I will not spend as much as the previous years:

GOING FORWARD

I am no longer likely to spend very much in the next few months. I am already sort of itching to shop, but what’s the point? I cannot wear any of these items. So what for? Just to collect them?

Will this virus ever fade out? So much uncertainty, so I have been funnelling my money into investing instead because… I can’t see the point of buying all these clothes for ‘nothing’.

I’m going through a really twisted headspace right now.

NOTES

If you’re interested, I use the following:

  • Rakuten: Use my referral link for $5 in cash to get started – I use them to shop on sites ALL THE TIME.
  • Swagbucks: Use my referral link for 300 Swagbucks to get started; you need 750 to redeem for $10 CAD
  • Rogers World Elite Mastercard – No annual fee, 1.5% cash back, but you can only redeem it yearly and you have to call each year to ask them to redeem the credit against your next year’s statement. I use it for all my purchases as I buy a lot in USD$, and those purchases are 3% cash back (almost like a no forex fee in essence)
  • Tangerine Mastercard – No annual fee, 2% back on certain categories (up to 3). For their savings accounts, use my Orange key { 32726976S1 } for free money ($50 once you deposit $100; and I get $50 too). I give this card to my partner (he has a joint card) and he uses it constantly

Stay tuned for next week’s net worth post!

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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.

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6 Comments

  1. Susan Tan

    What are the child expenses?

    Reply
    1. Sherry of Save. Spend. Splurge.

      Apps. I bought him math books, sticker books and apps.

      Reply
  2. Susan Tan

    Impressive that you ate out zero times & did zero clothes shopping!

    Reply
    1. Sherry of Save. Spend. Splurge.

      I haven’t left the home since March…. so that has cut down significantly on shopping and eating.

      Reply
  3. Paula

    Out of curiosity, do you include internet and phone on your home category?

    Reply

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