In Money

The 2015 Mid-Year Money Checkup: How am I doing?

I did a quick January to June financial checkup on my income (both business and personal) and so far, am doing quite well despite all my attempts of self-sabotage with shopping and eating out.



Can’t change this. It is what it is. If I can work more, I will.


You might be wondering why taxes are so low. It’s because I give myself a very low salary, so I don’t trigger high taxes.

What I need is a cash horde left in the business so that in the years that I don’t work, I can still pay myself a living salary.


Decrease expenses all around is my goal for the next half of 2015.

My business expenses are pretty lean but my personal expenses are not.

I could do better in that arena, namely watch my Starbucks, David’s Tea, Eating Out & Wardrobe-related expenses.

I can do this!


So breaking it down a bit more, this is what I see:


So far, I have been saving ~83% of my net income but I’d like to reach 90% (oh I remember those days when I did not have such expensive tastes!!!!)…

Why I didn’t take my net worth number

This is not my actual “net worth” number because if we just go by my net worth, I have easily made an increase over $100,000, however as a long-time commenter (tomatoketchup) once pointed out, net savings is more important than the actual net worth number because that can fluctuate up or down depending on the markets.

I agree with him that your actual DOLLAR savings, are more important than paper gains because of the market, seeing as I am a good 30 years off from retirement.

Luckily I do all my own expenses and bookkeeping, not to mention keeping a pretty accurate track of my spending with my budgeting tool on the personal side, so I am pleased it is $86,000 I am saving as net but I know I could have done better.

Anyway, here’s to the rest of 2015. I can expect about the same kind of numbers at the end.

Back to the chart: My net savings will be about $172,000 but maybe I can challenge myself to reach $200,000.

Why not? I may not make it but I can damn well try my best to reach this arbitrary round number, especially if my personal spending drops by at least $500.

$500 x 6 = $3000 which would bring me to $175,000.

Then I just need to find $25,000 somehow. Via the business expenses being cut even more or making more money.

Bottom line: The more hard cash (net) I save, the better.


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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 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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  1. Anne

    Jealous of your income over here. Nice work 🙂
    Solid savings rate, too. That’s so awesome that you can hold the money within your corporation. PLUS, the business tax rates in QC are to die for!

    1. save. spend. splurge.

      Well I’m a small business right, so the tax rates are slightly more preferable.

      1. Anne

        @save. spend. splurge.: Oh yes, I meant that the QC rates were super low.

  2. Ash

    The 24K in taxes, is that just income tax? What about taxes for your business?
    Best of luck on saving $200K!

    1. save. spend. splurge.

      The sales taxes are “expenses” on my books. Those are income taxes.

  3. Stephen

    That’s an incredible savings %! I thought I was doing well with around 30% savings. You’re making me rethink my lifestyle here.

    1. save. spend. splurge.

      Well.. I don’t live on beans and rice though, right? I make a good income and I save it.

  4. E

    Very impressive! You are doing so well but you already know that!

    1. save. spend. splurge.

      Thank you. Yes, I know I’m doing well. I’m just trying to be hard on myself to make hay while the sun shines, so to speak.

  5. Vivien

    House shopping updates!

    1. save. spend. splurge.

      @Vivien: Oh man. So.. we thought it was going to be easier than it was. It was just painful because we’re too picky. We want a new house and we want a specific areas of Montreal but want to pay in cash and are super cheap…

      So we’re shelving all house hunting until we find something we want. No sense in rushing into things. We need to give ourselves a year or longer.


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