August 2018 Financial Update

My best month yet.

August 2018

The final month of summer came to a close and with it some below average spending amounts coupled with a three paycheck month and a surprise cheque (more on that later…). It’s months like these that make me smile!

Savings came from reduced spending with my girlfriend out of province for the month and reduced entertainment expenses. When the outdoors are so nice, the amount of free activities to partake in is incredible!

Overall, I spent $1,874.58 this month for a solid 80.78% savings rate, which is the highest I’ve ever had in a month.

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Buying Lunch is Killing Our Wallets.

How I went from every day food court guru to weekend batch cooker.

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Mm… Food. There’s nothing that makes me happier than eating a delicious meal that makes my taste buds happy, my stomach feel satisfied, and my energy levels feel replenished.

My favourite meal of the day: Lunch. Trust me, I got nothing against breakfast, brunch, dinner, or dessert. It’s just the timing of lunch is so perfect. It’s really the only meal you can look forward to consistently every single day of the week. Breakfast you’re probably super groggy when you make it, dinner you just want to get over with at the end of the long day, and dessert is fun, but just an indulgence.

But lunch. It’s the one that signals: “BREAK!” It’s the perfect excuse to go for a walk, sit in the sunshine, and recharge the brain and body. Plus, it’s also one of the few meals you might be able to cheat in your favourite fast food meal without anyone else really knowing.

Continue reading “Buying Lunch is Killing Our Wallets.”

July 2018 Financial Update

A good month of saving!

July net worth

July wrapping up means summer is basically halfway done – depressing right?

The month was basically business as usual, although I saved a lot more because my girlfriend is across the country for the next 2 months on a summer gig, which means zero dating expenses. It’s bittersweet, I guess?

Overall, I spent $2095.69 this month for a solid 67.85% savings rate. Passive income for the month also hit an all-time high for me, which was great.

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Tax Lessons for the Canadian Upper Middle Class

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I want to start by saying I don’t feel rich. Yes, I know, a six figure salary technically puts me in the upper middle class, but with its high cost of living in the City of Toronto, it’s hard to feel that way. Just to define that relative to Ontario, upper middle class is any single income earner with an income over $108,000.

I also acknowledge the more I make, the more I’m expected to pay in terms of tax. I just didn’t think it would happen so quickly or be so progressively punishing across all other forms of income.

So let’s talk about that today: tax on the upper middle class. I think tax can be a good thing (after all, I am a public servant myself), but we should all still strive for a level of tax efficiency, just like we would when it comes to any other form of spending. Continue reading “Tax Lessons for the Canadian Upper Middle Class”

The Appalling Cost of a Suit.

And why it was worth it.

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This suit is the third most expensive thing I’ve ever bought. Also: I was playing croquet at a wedding.

I walked out of a store on Friday after having just spent $750 on a suit. Your reaction will either be: a) That’s peanuts, we know that a really great suit should cost you about $2000, or b) Holy hell, that’s a lot.

If you’re in category B, this article is for you because it’s certainly how I felt. If you’re in category A, your values are clearly different than mine.

Continue reading “The Appalling Cost of a Suit.”

June 2018 Financial Update

Chugging along, as always…

May 2018

June is when spending can get dicey – the weather turns favourably warm, patio season is in full swing, and I probably crave ice cream or beer (two terrible things for me) almost daily.

Fortunately, I had my best month of the year so far in terms of spending, dishing out $2,167.28 this month, courtesy of two nice highlights.

Firstly, I switched cell phone providers and now have a $0.00 phone bill until December thanks to over $380 in credits. I also spent ZERO dollars on transit this month due to the BikeShare system, which I wrote about here. If it weren’t for attending a friend’s wedding and my apartment requiring tenant insurance all of a sudden, I would’ve been sub-$2000 easily.

Either way, my savings rate for the month was 63% and even better: my net worth jumped over $5000!

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Renting in the City: What a $1860/month “deal” gets you in Toronto

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Toronto City Hall… a space ship looking building.

Toronto is a notoriously expensive city. Rents are highest in the country, just after Vancouver. It’s getting so bad, even New Yorkers who move North for a better life are complaining.

Rent payments are almost an afterthought – every month, money gets deducted from my bank account and I’m forced to accept it. Still, when I read in that article that average rents for a one-bedroom condo had soared to over $2200, I gasped at the misfortune of my fellow Torontonians.

Now, recall that $2200 is on average. That means some people are paying more. Some people are paying less. I fall in the category of paying less than that – substantially less on a “great deal” of a place.

So let’s talk about that: what does living in Toronto on a “deal” actually get you. I have a strange feeling some readers will still be appalled based on how much our apartment costs even though my neighbours might consider it a steal. (Note: we moved in fall 2016)

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