In Canada, Discussions, Money

Money House Cleaning: Long overdue methinks…

I don’t know if you have noticed, but I have been feeling like my money situation has sort of been lax.

I haven’t been looking at dividend stocks, I haven’t been really following anything except tracking spending which is dead easy with my budgeting tool and making sure I clear my cards each month (no debt!), but for the other stuff like making sure I set my financial canoe sailing in the right direction, I have sort of been adrift..

Sort of like this.

But obviously not as sexy.

I have been busy AF at work. The stress level is astronomical with the impossible deadlines for things they expect in a week that take me 2 months to formulate (oh and AT THE QUALITY of 2 months by the way, but completed in a week…), and I keep telling myself: Next month. I’ll handle it next month when things calm down.

This is all fine and dandy, but it has been nagging me at the back of my mind and sort of bothering me.

Like a money gremlin.

A cute money gremlin, but a gremlin nonetheless.

I need to do a few things between now (today) and end of this month:


  • get a list of dividend stocks and target prices going – I like paper for this, don’t ask me why. I have a Moleskine notebook for this where I write down ideas and designs, take notes on serious matters (e.g. cryptocurrencies, investing) and the like – I pull it out occasionally and flip through its pages
  • start reading up more on the health of the stock market – it went down and now it’s back up? what are pundits who are far smarter than me, saying in forums lately?
  • clean up my emergency fund / savings financial house – I have a contract until end of this year, let’s plan accordingly
  • take stock of my spending (groan)
  • do a realistic assessment of how far X amount of money in cash can take me, and make sure I have it on hand (taking into account incoming cashflow from said contract), to ensure I can still pay my taxes easily, pay for expenses and still maintain my level of living like the queen that I am

Time to carve out this time or it’ll never happen

I already did a few things today that has made me feel a lot better that I am doing something and not saying: “Oh … tomorrow, when I have time“.. because with this contract, the way I am being run into the ground, I WILL NEVER HAVE TIME.

Today alone (this is how lax I have been) I only just realized that Simplii is offering 3.15% back on high interest savings for amounts deposited until Feb 28th 2019.

!!!!!

HOW THE EFF DID I MISS THIS?

It started NOVEMBER FIRST. What was I doing?

Oh. Right.

Eating KitKats, I am sure.

#%!!#&@#….

So, I spent the morning taking stock of my accounts, and then transferring about $130K from other accounts that I had in ready cash to funnel into Simplii.

$130,000 x 3.15% = $4095 / year

$4095 / 12 = $341.25

I am expecting at least $1023.75 in earned interest by the end of February 2019.

I made notes in my planner to also transfer this money BACK OUT to where they originally came from (various accounts to cover cash flow for bills and the like), and more notes to keep funnelling money back into this high-interest savings account to maximize as much cash back as possible while making sure I have enough cashflow to cover the next 4 months in expenses.

Anyway.

Long story short, that’s done, next on the list is to figure out this dividend piece.

Oh and stockpile cash.


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Sherry of Save. Spend. Splurge.

I got out of $60,000 of debt in 18 months using TheBudgetingTool.com. Since then, 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 (savings rate = 85%). I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I also post daily on Instagram @saverspender.

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5 Comments

  1. Financial Orchid

    I wish I could be as fit as you while still gourging on those Asian themed kitkats. You know the matcha, the cranberry, and all those cool Japanese flavours. *sob*

    Speaking of stressed at work, I immediately thought of this tumbler for your morning matcha – so in line with your #likeaboss product line – https://amzn.to/2zgMjVP

    Probably shouldn’t take into the office tho. lol. I think I’ll get it for my morning HK milk tea.

    So far my CPD dividend holding has performed the best, diversified ETF so smooths out the rate resets, but I -like everyone else- is stock piling cash, as the interest rates keep going up. 10 yr T-Bills as of today already @ 3%. A few days ago already @ 3.25%. Um, why would pensioners need to take further risk in equity markets when they get a fine RISK FREE albeit conservative 3%+ return?

    Seems like it doesn’t bode well for equity/bond prices in the near future. I also wonder whether with the end of the current POTUS admin in 2020 if there could be certain repercussions leading to major shift in economic direction when new admin comes in.

    Will you eventually share what kind of car you have? I’m burning with curiosity.

    Reply
  2. SarahN

    Are you in my brain – save for the stocks and all that, I feel like it’s been a long time til I did a ‘how long will my money last me’ projection. I have had, for almost a year, been tracking expenses. I’m a bit lax with tracking the expenditure when overseas – I hate a huge flight ruining a week’s target budget, and then in diff currency, it’s too hard – and let’s face it, bare bones surviving budget, how long it’d last, I wouldn’t be buying international travel et al. But I should do this – I have a contract ending in April -sometimes wish it was yesterday, but also, I need to work out my expenses when I’m back in MY property, and how money will go.

    I am hating these final months of ‘free rent’ house sitting, as I have to get the pool and garden and house to perfect – all that money I didn’t spend at the front end, which made sense, is coming to bite me when I also have annualised insurances due, and Christmas on my horizon too :/

    Reply
    1. Sherry of Save. Spend. Splurge.

      Hey you and me both. I have to start taking control of the wheel again. Have been very very lax…

      Reply
      1. SarahN

        I did a ‘budget’ for next year, mostly based on actuals from this year, and then added a % more. I want to know what the minimum I could earn is. I was generous to groceries ($250 per week) which would allow for some eating out, but then in non-essential gave myself another $100 per week + 25 per week on coffees!

        I hate gifts – not giving them, but that I seldom prepare for them in my budget! I did a guess ($200 per month + $1k for Xmas) and so far, I’m on track. It’s been a big year of 30ths and weddings and all that. So hopefully that might decrease. And vanity – damn – hair cut and colours, waxes and laser and occasional pedis as you just mentioned.

        The long and the short of it? I could earn a lot less, like back to 5 figures, before tax, and still afford my life (without travel, coffees or netflix. Or savings).

        Reply
        1. Sherry of Save. Spend. Splurge.

          I calculated that for my current lifestyle I need $60K…. !!!

          That’s with childcare costs — for sure Little Bun will cost me money as he ages, and personal care…..

          Reply

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