January 2020 Spending and Net Worth Update

Pre-tax Savings Rate: 10.30%

For details on savings rate calculations and budget category breakdowns, see my Guide to Net Worth Updates.

My January through April 2020 updates will be odd because my new job doesn’t start until the end of April, so I’m typically drawing down on savings. I know the goal of this blog is to sock away the dough, but until my sabbatical is over I’m going to be using said dough. Despite this, I managed to save money somehow this month – likely because of the large influx of side hustle orders.

Income

This first month of tracking was a weird month. Somehow I had forgotten to update the bank account linked to Square, so my Square balance had been building up for, like, 10 months… thankfully I don’t use Square very often, but it still resulted in an abnormal boost to side hustle cash flow to the tune of $496.04. “Other” income this month consisted of people paying me back.

Category This month Last month Difference
FULL-TIME JOB
SIDE HUSTLES 2,640.66
GOVERNMENT 1,313.70
DECLUTTERING 70.00
INVESTMENTS 34.86
OTHER 164.24
TOTAL INCOME 4,223.46

Expenses

Expenses are also a little different this month. I always pay the full statement balance on my credit cards every month, but my statement comes out mid-month. I wanted to pay off the portion that was for purchases in December so that the balance reflected only January purchases. Then I could reconcile the total credit balance with my end-of-the-month expense tracker and everything would be all neat and tidy. So that expense was the $724.23 “misc” expense below.

Category This month Last month Difference
TAXES
SHELTER (incl. insurance) 768.04
TRANSPORTATION 426.84
FOOD & CONSUMABLES 1,069.19
UTILITIES 421.79
INSURANCE (not house or car)
HOUSEHOLD 10.00
CLOTHING, SHOES, ACCESSORIES (not work related) (4.58)
HEALTH 43.60
EDUCATION 12.69
CHILDREN EXPENSES
PET EXPENSES 23.75
ENTERTAINMENT
GIFTS TO OTHERS
BUSINESS EXPENSES 293.02
EMPLOYMENT EXPENSES
MISC 724.23
TOTAL EXPENSES 3,788.57 n/a n/a

Balance

Even though this is a time where I had planned to draw down on savings, we actually managed to have extra money this month, due to our side hustle.

Category This Month Last Month Difference
INCOME 4,223.46
EXPENSES 3,788.57
BALANCE 434.89

Net Worth (+0.96%)

I’ve been tracking my net worth for a lot longer than my cash flow (since August 2018). It hasn’t actually changed all that much since I started my maternity leave in May 2018, as my payments on the house and car largely go onto principal, and I generally cover my consumable expenses between my side hustle and CCTB income payments.

Category This Month Last Month Difference
ASSETS 291,199 294,265 (3,066)
Liquid (Cash, HISA) 18,444 21,598 (3,154)
Semi-Liquid (TFSA, RRSP) 900 812 88
Fixed (house, car) 271,855 271,855
LIABILITIES 96,892 101,802 (4,909)
Credit Cards (no balance carried) 1,690 5,818 (4,129)
Auto Loan @ 3.99% 9,109 9,407 (299)
Mortgage @ 2.69% 86,094 86,576 (482)
NET WORTH 194,306 192,464 1,843

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