Friday, 14 December 2018

Accounting Bug Quashed

Okay, so this goes back to what I keep asking myself . . . “Do I need this?” The answer, in this case, is a simple “No.”

My fiscal life is still quite simple: 

1. I get paid
2. I deposit my paycheque
3. I pay what bills have to be paid
4. I gas up
5. I fund my wallets
6. I put whatever is left over into savings
7. I spend the next two weeks trying to spend as little as possible.

That’s it, that’s my fiscal cycle in a nutshell.

So, I don’t need a fancy accounting system, as I am still in my uber-stingy mode. The difference is that instead of paying off the banks, I am building up my savings.

I am still doing what I have been doing, yet I am doing it for myself rather than the banks. 

So, all in all, while it would be nice to take a step towards the next phase of my journey, I don’t need to take that step just yet. 

After all, I still have four more years before I will be ready to start that phase of my life (lotto win or crowdfunding campaign notwithstanding).

Seriously though, I just need to keep focussed on the now as I build my future. I can do that with my current cascading spreadsheet budgeter. 

As always: Keep your head up, your attitude positive, and keep moving forward!

Thursday, 13 December 2018

The Accounting Bug Returns

So, as the year ticks down and I am close to closing off the books for this year, I am pausing to think if I should upgrade my Accounting Practices.

My cascading spreadsheets system works well, and it does help keep me on track and focussed on this payperiod and accomplishing my goals.

So, for the most part it works and works well, yet it does lack hindsight. I can’t run a report and look at exactly what was my largest expenditure or where my income came from. 

I can’t look at the data and try to spot trends, not really. I can’t even easily figure out how much I made this year.

So, I am thinking, once again, if I should get some sort of accounting program and do my books with that. 

I may not go as far as a full-blown accounting system and set myself up as if I was a business, but . . . something.

I am still divided on this and not sure which way I will go, but the impulse is there.

As always: Keep your head up, your attitude positive, and keep moving forward! 

Wednesday, 12 December 2018

Christmas Break Zombie

I am pretty much just stumbling through until my Christmas Break. I am ready to start that break right about now. 

Yet, I still have to wait just over a week (a week this Friday evening to be exact) before I can start my break and finally flop. 

Okay, while I am tired, I am not exactly a “Zombie” so don’t be worried about me, and forgive me if I am a bit melodramatic on this issue.

I am simply ready to finally take a break after a long year. Yet, it is not time to rest, so I will do what I always do, keep trudging onwards.

Yet, I have already been imagining the view from my Mountain Home as I take in the serene beauty and quietness. 

Until then, there is work to do so . . . 

As always: keep your head up, your attitude positive, and keep moving forward!

Tuesday, 11 December 2018

Battery Experiment This Week

So, I am trying something out this week with regards to my batteries. What I am doing is seeing if I can work it so that I only run my generator once a week.

How? By not using any power during the week. 

So, here is what I am trying this week, I ran my generator on Sunday afternoon for three hours. 

Then, yesterday morning, after I drove over to my Eastern Home and parked where I park for the week, I disconnected my battery.

Well, after putting the trailer’s front foot down so as to take the weight off of the truck’s back axle for the week.

Sure I have no power in Wanda, but the batteries are charged and I really have no need for the power, as I can function without it during the week. 

After all, I am only there, up and around for a few hours in the morning and a few hours in the evening. Other than that I am either at work or asleep. 

The plan is that Friday afternoon, I will connect the battery up again and then I should have enough power to last me until Sunday afternoon.

Then, I will run the generator again and charge up the batteries. I may splurge and have power next week, as come Friday (of next week) I will be in Banff for my Christmas Break!

We shall see how this experiment works out. 

As always: Keep your head up, your attitude positive, and keep moving forward!

Monday, 10 December 2018

Grand Savings Update!

Okay, so it is that time again, when I update how my progress is going on my “Grand Savings Plan!” 

Okay, so let’s see how I did . . . 
   

For review, here is how things looked from last payday . . .
   

That’s 13.2%

And this is how things look like, after the dust settled on this payday’s budget . . . 
   

That’s right things jumped up to 14.8% of my savings target. That means I put away 1.6% of my total Savings Target this payday.

So, this is an important payday for me for more than the fact that I am on track to put away 15% of my target before the end of the year. (I am pushing for 16%, but we will see).

You see this last payday I did in fact put away two year’s worth of living expenses and yes that figure includes a healthy contingency fund.

This is a stress reliever knowing that I have a bit of a cushion, one that I am steadily building on as I continue to work my Grand Savings Plan!

The other important thing is that you will notice that the date (the calculated completion date) moved up one payday from July 7, 2022, to June 22, 2022. 

This means that I am edging closer to my goal date to complete my Grand Savings Plan of April 7, 2022.

I know that come the new year my progress will be grimly slow, due to the crushing weight of payroll taxes coming back into force and the slow sales that January usually has. 

No matter what I will continue to trudge forward as I tell myself and others: 

I have a plan, I am working that plan, and the plan is working.

As always: Keep your head up, your attitude positive, and keep moving forward!

Friday, 7 December 2018

Slow and Steady Progress

So, today is Payday (yay) and as always I am looking beyond this Payday and on to the next one. 

This is because I have all but locked down my plans and budget for this Payperiod and so I must now turn my attention to the one to come. 

This is how I do what I do, how I steadily move ahead. I plan the next Payperiod’s Budget whilst implementing and obeying the current Payperiod’s Budget.

This is because actions taken within this Payperiod impacts the next Payperiod’s budget. How?

Well first of all, whatever cash I spend out of my Wallets (Petty Cash Departments) I have to put back (in multiples of $20.00) in the next Payperiod’s Budget.

The next is whatever I charge on a credit card, I have to pay off in the next Payperiod’s budget.

Then of course there is the Income side of the next Payperiod’s Budget, and that comes from my Paycheque.

I always estimate what my upcoming Paycheque will be while I am inside the current Payperiod. 

This is so I have no great shocks when I hold that Paycheque in my hand. Shocks as in I overestimated what it would be and now have to slash and burn my budget. 

I prefer to be a bit on the conservative side and underestimate (slightly) what my upcoming Paycheque will be. That way I have the fun time of deciding what to do with extra money.

At any rate, by keeping my focus on two payperiods at a time, I can steadily progress onward and upward by using each Paycheque as a stepping stone to the next one.

If you master budgeting and cash flow, you can do wonders with your life, trust me.

As always: Keep your head up, your attitude positive, and keep moving forward!

Thursday, 6 December 2018

$0.41 Vs $9.58

Okay, so this is a blog entry to say that it really does pay to look at how much your savings accounts are paying you. 

(Yes, they are supposed to be paying you to use your money).

This is the tale of two Savings Accounts 

1) Mid-Term Account

This is a regular savings account that was touted as a “High Interest” savings account when I signed up for it . . . it pays me 0.5% interest. 

The upside of this account is that I can transfer money in and out of it instantly with no fuss or penalty.

2) Long-Term Account  

This is actually my TFSA (Tax Free Savings Account). It is kinda like an RRSP but you can take money out at no penalty (well, as long as it has been in there for more than 30 days). 

I use a “High Interest Savings Account” in there that is traded like a Mutual Fund, yet is actually a regular savings account. It pays me (currently) 1.6%.

The drawback with this account is that I have to plan ahead to get at this money. 

For one, I have to stop putting money into it over thirty days before I plan to take any out. For another it takes two business days to actually get my money out of it.

So, why am I telling you this? Well, it’s not to brag, not at all. 

At the end of each month into each account is the interest that each account has earned. This is the interesting part. 

My Mid-Term Savings had more money in it, yet paid me $0.41 interest for last month. Yet my Long-Term Account which had less money in it paid me $9.58.

Again, not enough to retire on, but still enough to take notice and plan accordingly. This is why I keep enough money for immediate access in an emergency in my Mid-Term Account.

The rest I will put in my TFSA until it is maxed out. After that I will get a standard investing account and continue to put money in it in the same “High Interest Account/Mutual Fund . . . thing.” 

What I need is something where my balance is guaranteed, it pays me decent interest as I continue to put money into it, yet still I can access that money if and when I want.

After all, I plan on starting to spend that savings in four years. As in when I start the Homesteading Phase of this journey.

So, something to think about when you look at your own savings (however large or small it may be). 

You can get better than negative interest for your savings, but you just have to look for it.

As always: Keep your head up, your attitude positive, and keep moving forward!