Hello! Since my last report, my FI/RE (Financial Independence) Journey is back on track. I returned to work on May 28th. What a relief! That said, 2 months of unemployment was painful financially; many of the sinking funds we established were drained and re-allocated to critical expenses. Investments tanked, net worth plummeted. Things are at least back on an upswing in that area.
I know I’m not alone. I am in much better shape than many Canadians who lost their jobs permanently and didn’t have any savings to fall back on. Once again, I’m so thankful I found the FIRE movement back in 2018 and was able to steer our financial ship to more stable waters, partly in preparation for this kind of bonkers event.
On to Month 20 (!!) of my journey…
I have come to realize that in order to meet my financial independence goals, I need to be saving and investing much more, starting now. Sure, I can use unemployment as an excuse for the last 3 months, but even prior to the COVID fiasco, I did not ramp up my savings quickly enough for my liking since becoming debt free.
I kind of got a bit of a wake-up call after watching this video from “Our Rich Journey“. The video outlines why people are failing at FIRE, but it’s really no-brainer stuff. Like, set big goals, having a positive mindset, and SAVING/INVESTING MORE MONEY. I know it’s required but for whatever reason I have a mental block or fear of putting all of my money in the market, even though I know it’s necessary. Anyway, I have already increased my savings rate as of this week being back to work, and I am going to find an accountability partner to ensure I continue to take the required steps in the future.
Extra Income from Side Hustles: $232.
Some Facebook Sales ($166); the rest is UserTesting.
|Category||$||Relevant Notes of Notey-ness|
|Interest Charges & Bank Fees||0|
|Childcare||310||New, full-time childcare price as schools are closed. I miss school. This will be a bi-weekly charge moving forward, and a bit higher for summer camps :O|
|Auto Insurance||56||New lower rate with reduced coverage and kms driven per day. BOOYAH.|
|Internet||124||I did not make the time to call these guys for a lower rate yet. On the books for this month.|
|Mobile Phones (2)||85||Public. Mobile. Rocks. Message me for a referral discount 🙂|
|Water & Sewer||0|
|Groceries, Toiletries, Supplies||833||An AWESOME month for us.|
|Fuel||121||After a couple of trips to see our “bubble family” this went up significantly from last month. Still relatively low. Pre-COVID, we were averaging $325/month.|
|Medical, Eye care, Prescriptions, Vitamins||29||One prescription and a bunch of home-made face masks.|
|Health & Fitness, Sports||52||WW online subscription, AND a new tennis racket for me! I got a bit spendy towards the end of the month when I knew a paycheque was in my future 😀|
|Heat (Wood & Propane)||0|
|Vacations||169||As it stands right now, we can travel within our province. Other borders are closed. I had booked a short trip for early July which we extended by a couple of days. This deposit was required. We are hoping that the current rules stay in place until then, and there is no “regression”.|
|Auto Repair, Maintenance, Registration & License Renewals||0||HURRAYYYYYYYYYYYYYYY|
|Home Improvement, Services, Supplies & Maintenance||614||Well this was a bit of a shocker when I saw the total. There were things. Dishwasher element melted a hole in the tub, we called a repair company that charged $92 to tell us it couldn’t be fixed. Putting in a veggie garden, top soil for the yard, patio umbrella to replace the one that was destroyed by a hurricane, other random things we may or may not have needed.|
|Gifts & Holiday Expenses||75||Mother’s Day and birthday|
|Annual Memberships & Subscriptions||0|
|Education||5||An app to educate/entertain the child.|
|Allowance – M||0|
|Allowance – I||245|
|Allowance – T||172|
|Dining Out – Family||116|
|Entertainment – Family||0|
|Alcohol||140||Probably need to slow down a bit here. Quarantine makes me want to drink for some reason. 😀|
Firstly, we must increase our savings rate. Secondly, I’m mostly happy with extra income generated this month. Thirdly, expenses are once again stellar, compared to usual. However, we know that there will be a steady increase through the summer as we ramp up our vacation schedule and replace broken things (Dishwasher, BBQ, sad looking front lawn). We are also hiring an arbourist to trim some trees in our yard. The word “arbourist” just exudes a feeling of expensive. Awaiting quote.
How are things going with YOUR FI/RE journey? What tips do you have for me? I hope that my monthly updates are helpful in some way. Happy ALMOST SUMMER!