March 2020 Spending and Net Worth Update

Pre-tax Savings Rate: n/a

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

Note: My January through April 2020 updates will be odd because my new job doesn’t start until the end of April 2020, so I’m typically drawing down on savings.

Half way through this month we got absolutely clobbered from COVID-19, which brought our side hustle income to $0 as everyone cancelled their orders. So this month can hardly be described as a normal month. It’s a bastard child that’s half normal and half pandemic. Next month we’ll be in full pandemic accounting. Joy.

Income (+30.90%)

Side hustle income started tanking this month due to COVID-19. The community center we work out of closed, as did schools and several party rental places. People were told to only go out for essential purposes, and birthday parties were not essential, so everyone cancelled their order. The amount I reported this month for the side hustle might make it look like the loss wasn’t so serious, but it is once you realize most of it wasn’t from fulfilling orders. We sold off our outdoor setup for $1500 to focus on catering. Which then dried up, heh. But that’s ok, I’m sure it will rebound eventually once life gets back to normal.

Then of course I worried that I wouldn’t be able to start my new full-time job next month, because all the staff are working from home. Thankfully I got confirmation that they’ll still put me on payroll next month after the current academic semester is over. Fortunately, until then we qualify for the Canada Emergency Response Benefit (CERB), since COVID-19 brought our business income down to $0. Phew!

Our investments, of course, are also tanking. Thankfully we mostly pulled out of the market in August 2019 to have more security where we had to support ourselves solely on our business income, but we’ve still lost some. Also the kids’ RESP, which I don’t report on this blog since I feel it’s their money, has lost something like 25% of its value. Ugh.

At least we got a sizable tax refund this month, which is captured under government income.

Category This month Last month Difference
FULL-TIME JOB
SIDE HUSTLES 1,752.75 2,010.20 (257.45)
GOVERNMENT 2,574.26 1,177.42 1,396.84
DECLUTTERING 50.00 15.00 35.00
INVESTMENTS (76.81) (0.42) (76.39)
OTHER 10.93 91.15 (80.22)
TOTAL INCOME 4,311.13 3,293.55 1,017.78

Expenses (-10.89%)

Strange expenses again this month (I’m starting to see a monthly theme here – do normal months even exist?). My husband’s annual life insurance was due, and our annual vehicle registration. And then we had unusual food expenses, as we bought things we wouldn’t normally buy in order to shelter in place.

Category This month Last month Difference
TAXES
SHELTER (incl. insurance) 784.37 2,054.22 (1,269.85)
TRANSPORTATION 535.30 421.12 114.18
FOOD & CONSUMABLES 1,760.62 1,089.63 671.00
UTILITIES 415.28 502.29 (87.01)
INSURANCE (not house or car) 584.00 387.00 197.00
HOUSEHOLD 206.01 164.14 41.87
CLOTHING, SHOES, ACCESSORIES (not work related) 77.53 77.53
HEALTH 231.26 227.28 3.99
EDUCATION 22.23 (22.23)
CHILDREN EXPENSES 5.70 23.92 (18.22)
PET EXPENSES 56.45 56.45
ENTERTAINMENT
GIFTS TO OTHERS
BUSINESS EXPENSES 112.11 486.54 (374.43)
EMPLOYMENT EXPENSES
MISC 24.10 24.10
TOTAL EXPENSES 4,792.74 5,378.36 (585.61)

Balance

Ate into our savings again this month; not unexpected as my new full-time job doesn’t start until the end of next month.

Category This Month Last Month Difference
INCOME 4,311.13 3,293.35 1,017.78
EXPENSES 4,792.74 5,378.36 (585.61)
BALANCE (481.61) (2,085.01) 1,603.39

Net Worth (+0.20%)

Our net worth has been pretty stable these past 2 years; this is largely because our side income helps cover expenses, and the majority of the payments against our liabilities (house and car) are going towards principal, so they’re being added to the assets column.

Category This Month Last Month Difference
ASSETS 286,949 287,341 (392)
Liquid (Cash, HISA) 14,135 14,518 (383)
Semi-Liquid (TFSA, RRSP) 959 968 (9)
Fixed (house, car) 271,855 271,855
LIABILITIES 93,635 94,420 (785)
Auto Loan @ 3.99% 8,508 8,809 (301)
Mortgage @ 2.69% 85,127 85,611 (484)
NET WORTH 193,314 192,920 393

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