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March Goals: My Review

I got paid today, so I updated the sidebar! $1,000 towards my student loan, $25 to my condo down payment fund (almost not even worth contributing, but at least it’s something), and $50 into my RRSP. The Emergency Fund won’t get much love for a while, but I’m not that concerned. I don’t foresee any major emergency that could cost me over $500 anyway. Plus, it’ll only be for a month or so until I’m completely out of debt. I also paid $150 rent, and $35 for a new field hockey skirt that my team ordered.

My boyfriend and I live in a basement suite that my parents rent out. I lived here rent-free while going to college though. Our total rent is $500 (all utilities included), and since my parents own it, I pay significantly less than market value for rent. So does the BF, but I still pay way less than him. Suites in a college town like this usually go for at least $800-$1,000/mo. It’s a pretty sweet deal. 1100 sq/ft, with in-suite laundry, and 2 bedrooms (one is converted into our gym). The only deal is I’ve gotta be out when I turn 25. My birthday is in October, but my contract runs out at this job in November. So my parents decided I can stay until I’ve found another job. Since I am looking to move to Edmonton after this job is over, it would be very hard to find a place that would let me move in on a month-to-month basis.

Anyway, it’s the end of the month, so it’s time to take a look at the monthly goals I set for myself!

March Goals (end of month review):

  • Talk to potential client for my graphic design business, and get a contract signed. She definitely wants to go with me as her web designer, but she is still getting herself (and her budget) finalized. She wants to make sure she has the money to pay me before I start doing any work. It’s taking forever to get this finalized, so it’s a good thing this is my side job, and I’m not counting on the income. It’s just a pain because I’ve turned down a few potential contracts b/c I thought I’d be working for this woman by now.
  • Take on a 3rd job that will yield 10-15 hrs/month or less. I’m honestly not sure if I want to take on the 3rd job. It doesn’t pay well, so is it really worth my time? I’m already busy practically every night of the week. I don’t think I’ll pursue this goal any further unless I start to have some free time. Because really, I already work up to 50 hrs/week, not including my design business.
  • $2,000 towards my line of credit. I put $900 towards it, which is still pretty good. But since I’ve revised my goals a bit in order to pay off my student loans faster, this debt will have to sit as is.
  • $1,000 towards my student loans. $2,000 towards it! Only $1700 remaining!
  • $150 towards RRSP. Done!
  • $75 towards Condo Down Payment fund. I’m happy to report I’ve contributed $200!
  • $300 into my Emergency Fund. I was only able to contribute $200.

All in all, I’d say it was a pretty successful month. I spent more than I wanted to, what with my dental surgery costing me $200, 2 birthday presents, and my accountant’s fee of $95 for doing my taxes.

Updated the sidebar

Okay, so today is pay day. Unfortunately because I work for a professional hockey team (farm team to an NHL team) as my part-time job, they were away for the past two weeks, so I didn’t get any shifts. Just one pay cheque today, but that’s okay.

The sidebar is updated with new totals. I paid off my doctor’s bill of $200 for my surgery. Then I put $100 into my emergency fund – yahhh I’m over $500 now too NIUiceprincess! :) I put $125 in my condo down payment fund, and $50 into my RRSP contribution. Unfortunately, because I didn’t get a second pay cheque, and because I had that doctor’s bill, I’m now off track for my monthly debt repayment goal. I wanted to put $1,000 away every pay cheque, but I’ll have to settle for $700 this time. I’ll try to make up the extra $300 on the next cheque, but that might be pushing it a little too tight.

March Goals (mid-month review):

  • Talk to potential client for my graphic design business, and get a contract signed. I have yet to touch base with the client, though I do know that she is finalizing her budget for the year. I should be hearing from her soon.
  • Take on a 3rd job that will yield 10-15 hrs/month or less. I spoke with the supervisor of the organization I want to work for, and he told me to fill in an application and submit my resume, and he’ll get the ball rolling. There’s a 95% chance I’ll get hired, so I’m not really worried. But I still should get on submitting that resume.
  • $2,000 towards my line of credit. Currently, I’ve put $700 towards the LOC. $1300 to go, and one pay cheque remaining this month.
  • $1,000 towards my student loans. DONE!!! :)
  • $150 towards RRSP. $100 contributed so far, so I’m right on track.
  • $75 towards Condo Down Payment fund. I’m happy to report I’ve contributed $200 so far!
  • $300 into my Emergency Fund. $200 so far, so I’m on track for this one.

One step forward, two steps back

Well, not quite. Yesterday, an hour before I launched this website I dropped just over $3,000 on a new 24″ iMac computer. Let me be the first to admit that 1) I did not need to get an iMac, and 2) I did not need to load it up with a ton of add-ons. That being said, I’m considering it an investment in my graphic design business. Let’s face it, working on a crappy Seanix PC laptop just wasn’t cutting it anymore. Plus, if it’s any consoloation, it’s tax deductible. I know I shouldn’t have to justify splurging a little lot. What’s done is done, and I’m very happy with my purchase. I should get it in the next week or so, and I’l be sure to post pictures. :)

Let me start off by saying that I am by no means a financial expert. In fact, I hardly know anything about investing. Up until a year ago, I was living paycheque to paycheque, up to my eyeballs in debt. Some months, I could barely make ends meet. It was horrifying and embarrassing. I made some dumb mistakes when I was younger (including lending money to a significant other, who obviously never paid me back), and I am determined to make up for lost time. Just thinking about all the money I’ve wasted over the years makes me sick to my stomach. I think a lot of my friends think I’m “money-obsessed” these days, and think I’m too wound up in it all. Maybe I am, but maybe I’m okay with that. I want to have the financial freedom to do anything I want to do, and that is my ultimate goal.

My job. I currently have one full-time job @ 35hrs/week, and one part-time job that gives me approximately 20-35 hrs/month. Combined, I gross about $4000/month, and actually net around $3000/month. That’s a decent salary for someone my age, and with my education. That’s also not including any graphic design contract work I receive.

After fixed expenses such as my cell phone bill, rent, groceries, RRSP contributions, and Mutual Fund contributions, I am able to put $2000 towards my debt. Any money left over at the end of the month gets put into my emergency fund. As I write this, I’m carrying about $6,500 worth of debt. Because March is a 3-paycheque month, I’ll be able to put away a little more. Hopefully.

March 2007 Goals:

  • Sit down with a potential client for my graphic design business, and get a contract signed
  • Take on a 3rd job that will yield 10-15 hrs/month or less
  • $2,000 towards my line of credit
  • $1,000 towards my student loans
  • $150 towards RRSP
  • $75 towards Condo Down Payment
  • $300 into my Emergency Fund
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