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Discussion Starter · #141 ·
December Update:

Hopefully, with the travel restrictions that keep changing, and me being a pilot, I won't be demoted/laid off again. This is the first month with my 55% raise since before COVID when I was laid off, and recalled to work to a demoted position. I'm just back to my full pre-covid pay starting this month after 18 months of significantly reduced income. Fingers crossed. I haven't started putting anything in the sinking funds yet. I'm just waiting to get more debt paid off, and also to see what happens with my job. Thankfully, this month, we will make about $5000 over and above all of our expenses, so that allows me to pay back pretty much everything I took off of the line of credit to pay for the furnace. Assuming I don't get demoted/laid off before March, I should be able to make enough money to pay off all of our debt except the SUV loan and mortgages.

Assets:
House - $270k
Condo - $155k
LRRSP - $20 578
RRSP - $13 506
Non-Registered - $1102
FRESP - $3490
Wife RRSP - $6622
Chequing - $192
Work Savings Plan - $7174

Total Assets - $477 664

Liabilities:
House Mortgage - $210 512
Condo Mortgage - $120 329
Student LOC - $6208
SUV Loan - $10 155
BMO LOC - $8000
Wife Student Loan - $2680
Credit Card - $2756

Total Liabilities - $360 640

Net Worth - $117 024
 

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Hopefully omicron is a temporary blip and you won't be laid off. Just keep on focusing on your goals and adjust if necessary.
 

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Discussion Starter · #143 ·
Hopefully omicron is a temporary blip and you won't be laid off. Just keep on focusing on your goals and adjust if necessary.
Thank you! They just announced yesterday they're calling back more laid off pilots in April, so it must not be looking too bad down the road, thankfully.
 

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Discussion Starter · #144 ·
January update:

Busted my butt last month and managed to earn $13 700 (before tax, and not including my Wife's income or rent from the condo). Combined, we pulled in about $20 000 gross. I won't earn anywhere close to that this month, because our daycare decided to close this entire week, and all of next week, due to having no staff. They are all isolating. This means I have no chance to be able to pick up OT on my days off. On the bright side, I get priceless time spent with my 2 year old Daughter, which to me is worth more than money. I'm making enough now, without doing OT, that we aren't hurting anyways. I did spend a solid chunk of money this month on things that we had been putting off for the last couple of years. I spent about $1000 on a new wardrobe, and a new fireplace/TV stand. For what I got, $1000 was a good deal....Still though, $1000 is $1000. I also paid off the remainder of my Wife's student loan all in one shot a few days ago. It wasn't the highest interest rate loan. It's just a thing that has been weighing on my Wife for a number of years now, and I wanted her to feel relieved of the debt. Whenever the daycare reopens, I plan to do as much OT as possible, and hopefully pay off my line of credit, and student line of credit in a matter of a few months. Then, I will tackle the SUV loan. It's only 0.9% interest, and mathematically, I would be further ahead to invest the money I would use to pay off the SUV. It's a mental thing though. I just want to be debt free ASAP. Once all of our debt is paid off, combined with the fact that my workplace is matching 15% of my gross income into savings, and the fact that I will put all of the money we were spending on debt repayment into savings, I think we should accumulate wealth very quickly. We want to move into a bigger house at some point in the near future, but it has to be done in a very calculated manor, and not in a way that will compromise our long term financial wellbeing. The housing market is so high right now, that the only way I can see us moving into a bigger house is by saving a massive down-payment. I can't stomach the prospect of having $400 000+ in mortgage debt associated with just my principle residence. At some point, I will update the value of my house for net worth calculation accuracy, but for now, I'll leave it how it is, for easier tracking on how I'm doing from a savings/debt repayment perspective. Houses in my area that are in worse shape than mine are now going for $50k more than I'm calling the value of mine. Once my debt is all paid off, I'll update this number.

Assets:
House - $270k
Condo - $155k
LRRSP - $20 940
RRSP - $13 907
Non-Registered - $1525
FRESP - $3820
Wife RRSP - $6920
Chequing/Savings/Sinking Funds - $2657
Work Savings Plan - $9100

Total Assets - $483 869

Liabilities:
House Mortgage - $209 730
Condo Mortgage - $119 862
Student LOC - $6159
SUV Loan - $9697
BMO LOC - $7900
Credit Card - $3818

Total Liabilities - $357 166

Net Worth - $126 703
 

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Discussion Starter · #145 ·
Just renewed the mortgage on my condo today, and got a 5-year variable closed mortgage at Prime - 1.4%. Which at my bank works out to 1.2%. Pretty happy with that. The penalty for paying off early (no matter how early) is 3 months interest, plus a $200 admin fee. Which is a lot more bearable than the penalty if I went with a fixed mortgage. It's also a big change from my fixed rate mortgage that just ended, where my interest rate was 2.94%. It's a difference of $100/month. This combined with the gradual phasing out of the education property tax in Manitoba should put me very close to cashflow positive, if not slightly in the green. If my tenants move out in the near future, I might renovate the unit myself, and try to make it more desirable for someone looking to buy. I'm relatively handy with flooring, painting, trim work etc. So I think I could make the place look great for about $5-6000.
 
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