Hello 2 blog readers!
Sorry for the very long delay between blog posts. The holiday season has really taken over all of my free time…funny enough many of my free blocks of time are disappearing without things being crossed off the list. Not SURE what’s going on there. Anyhoo, I want to continue with FIRE status reports, since that is the reason I’m doing this blog…to keep myself in check!
November was less Fire-y than October. I think the hubbub of getting ready for Christmas and work being busy (and mentally challenging) has stolen some of my time and mojo. December is similar so far. Regardless we are still more mindful of our spending and we are thinking more about the future, which is great! YNAB has also gotten us on track with budgeting – I haven’t (for 3 months) had to say to Hubs “Don’t spend money out of the bank account, use the credit card until payday!!!”, which I consider a true win.
One area I really wanted to improve was our savings rate. In October we saved 6.82%. I was disheartened to see this number when I did the calculations. Then I got the idea from Paula Pant to try to tackle it one % at a time. So for the month of November we bumped it up to 8.32%! I’ll try to make at least 9% for December, although I will say we’re bleeding money here and I’m pretty sure we’ll exceed the planned Christmas budget by a couple hundred dollars.
My biggest barrier now to increasing the savings rate (besides “Holiday Hemorrhaging”) is the fact that I’m paying into an RRSP loan I took out a few years ago. After the loan is paid off I can put an extra $600 a month into RRSPs and/or TFSAs to get the savings rate much higher. There is still about $13k left to pay off so I hope to get that gone in the next 1-2 years. I’m still frequently debating with myself to either a) pay down loans more speedily or b) Invest extra cash to make better interest than what the loans are charging me.
Strictly from a dollars perspective, it makes more sense to invest the money instead of extra loan payments. However there is something very satisfying/motivating about paying off a longstanding debt. Food for thought.
Stats for November
Here are some fun stats!
Saved: $665.46. Up from last month!
Extra Income from Side Hustles: I’m gonna say zero. I got a Regal commission of about $25, but most of it was spent on catalogues and me buying stuff from Regal. haha. Also in a hilarious turn of events, Regal decided to close up shop. Soooo time to brainstorm a new replacement side hustle! Down from last month.
Debt Repayment: We paid $1763 towards debt. Up from last month!
I also wanted to put in an expense report to this post. This would be to compare against pre-FIRE expenses published in November. However, it’s going to take some time for me to pull that together. SO, expect an expense report in the coming weeks, with a fancy table that compares one month to the next and our incredible awesomeness. Well, that might be a bit of an exaggeration, but at least the table will be fancy. Happy Holidays!