March 2017 Goals: Recap
March was a busy month. We got pre-approved for a mortgage and started checking out open houses, went on a week-long vacation, RD’s parents came into town, lost of visiting with friends, and we also started planning for our trip to Portugal in the fall (I created a rough budget which I’ll share later this month) as well as my family’s annual Blue Jays weekend in Seattle. All of these travel expenses will fall into April’s budget, which I’m not really looking forward to. :)
But I tried really hard to keep saving for my down payment as a top priority in March. We cut back on eating out in restaurants, when we were on vacation, we only went out to one restaurant and opted to cook the rest of our meals in the cabin (we didn’t even go to Tacofino!), and I bought the blazer that I wanted on eBay instead of in-store (which saved me about $100). Admittedly I didn’t need the blazer – or any new clothes, really – so I’m going to put myself on a shopping ban for the next 3 months (April-May-June) to see how that goes. The only thing I will allow myself to spend money on is repairing a pair of shoes (my Birkenstock sandals need to be resoled before I start wearing them every day during the summer). Spending money on clothing won’t make me happier, and will take me further away from my down payment goal.
As for how I did in March? I came in under budget, which I’m pleased about. Here are my numbers:
- Household – just a few dollars over budget spending on normal essentials like laundry detergent and cleaning supplies.
- Car & Transportation – replaced the battery on my car remote, and ended up paying for parking a few times.
Income and Savings:
This month I earned over $10,000 (which is definitely not normal for me), and was able to save 68.5% of my net income. And because of that bump in income, I was able to contribute a decent amount to my down payment fund. :)
For those that are wondering how I’m allocating my savings, the only savings I have automated is for retirement – because that will always be my number one financial goal. After that, every month I put $100-200 into a general savings account, and the rest goes into my down payment fund. I no longer contribute to my emergency fund (it has sat fully funded at $10,000 for the past few years).
- Current Down Payment Fund: $133,150 / $150,000 (+ $3,400)
March 2017 Goals:
- Rebrand GMBMFB. FAIL. I bought the theme and have started playing with it, but haven’t implemented it live. Soon.
- Cash out a portion of my corporate stock program. CHECK! I cashed out about $2,000 in corporate stock and added it into my EQ Bank account.
- Get pre-approved for a mortgage. CHECK! We’ve seen about 10-12 places and have really narrowed down exactly what we’re looking for.
- Figure out a good system to combining some of our finances. CHECK! We opened up a joint chequing account, and are ready to merge together our day-to-day finances. We discussed our current system and agreed that it’s working for us, so there’s no need to change it until we actually move.
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.