February 2019 Financial Update

Feb 2019

February in Toronto frankly has been appalling. Several winter storms. Freezing cold. Limited daylight.

But I suppose the upside in all of this is that being kept indoors really limits your chance to spend money unnecessarily. This February, I sent a low-spending record of $1846.53 for a savings rate of 75%! Here’s what that looked like:

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We Bought a House (Almost)

Should you buy a house

I’ve been so positively anti-home ownership for the longest time. I write about how it’s a thing your parents tell you to do with no understanding of today’s reality or how I’d rather buy a good mattress instead. I’m so anti-house, I laugh at those spending hundreds of thousands on dinky properties within the city.

Until I fell for one.

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January 2019 Financial Update

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A very late update – but I’ve been ultra-busy. New job, new hobbies (I blame you free Xbox I won from work!) have kept me away from reflecting on my finances. Bad, eh?

In January, I spent $1869.07 for a savings rate of 73.36% with a net worth gain of $12,707.28. Yes – that’s absolutely huge, but a lot of it has to with the recovering markets after a tough December, not to mention my new job’s generous compensation package which includes all sorts of frills like stock incentives, RRSP match, etc.

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November 2018 Financial Update

A record month of spending and saving!

 

November

What a month!

This month I spent an all-time one month high of $3,460.64 (blame Cyber Monday and some frivolity), but also recorded a record 84.29% savings rate with a net worth gain of $19,135.05. Talk about huge! This will decrease the ret of the way, but I did surpass $200K in net worth far ahead of schedule!

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I quit my cushy, safe, government job.

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My career has not developed in the way I initially imagined. Let me explain: I started out in the arts and the entire time I used to proudly declare: “I’m going to change things! I’m going to make this business more sustainable and accessible for everyone!”

That passion drove me to work in an arts centre below minimum wage just so I could attempt to network. It drove me to do an MBA. But when I got out of school, social mandate in my back pocket, ready to preach as if it were gospel, nobody cared.

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I Got My Six Figure Salary. Then I Inflated My Lifestyle!

Making more = Splurging more.

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Aspiring to be frugal is a funny thing. For all my posting about how I stay entertained in downtown Toronto on the cheap to how by despite making more money nothing in my lifestyle would change, reality sure has been different.

For context, when I changed jobs, my salary jumped a whopping 22%. When I saw the offer letter, I immediately thought to myself: “Yay! Expedited FIRE here I come!”

Well, as nice as that aspiration has been, my spending from January to June 2018 has gone up 21% compared to all of 2017. Mathematically speaking, 21% of a monthly spend versus 22% of an annual increase is kind of like comparing apples to oranges, but nonetheless I realized I’ve basically inflated my lifestyle without even knowing it.

Starting in January financial update post I was making up plenty of reasons why my expenses had gone up, ranging from Christmas gifts, to the need for new shoes, to suits, etc. But all that was a list of excuses. I’m spending more and I think today is the day I’ve figured out why.

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