Net Worth (June 2015)

Mrs. CCC and I will be 30 years old this July, this is currently what our Net Worth looks like.  We started saving Summer of 2010, so this is roughly 5 years of accumulation.

NET WORTH
$283,000

CCC Family
$  4,000.00 2008 Nissan Altima (200,000km)
$  6,000.00 2004 Toyota Camry (90,000km)
$  7,500.00 RESP (Contributions)
$260,000.00 House

Mrs. CCC
$ 17,058.35 RSP
$ 26,138.87 TFSA
$  2,107.01 RSP-S
$ 63,257.00 DBP/CV

CCC
$ 27,107.00 RSP
$ 26,070.93 TFSA
$  2,320.49 RSP-S
$ 80,170.00 DBP/CV

Jr. CCC
$  2,839.41 RESP (CESG + Interest)

ASSETS
$524,500

LIABILITY
$202,073.23 Mortgage
$ 39,500.00 20% Tax Liability (DBP/RSP)


I'm not sure what our overall goal is, both Mrs. CCC and I will be eligible for pensions at age 50 (CCC full pension, Mrs. CCC reduced pension), so that is our worst case scenario.  Though I honestly want the freedom of financial independence no later than 43.  Currently our standard of living is about $36-38,000/year so using the 4% interest rule, that would take about $925,000 + paid off house and cars, therefore no more than 1.25 million of today's dollars.  Which would be easily attainable in the next 20 years even without compounding returns, hopefully compounding will be able to shave off 7 years (at least).

Koodo Prepaid Cellphone

After reading this Post on Kerry Taylor's Squawkfox Blog, I switched Mrs. CCC's cellphone over from an $80/month Bell Contract, to a $40/month Koodo Prepaid Plan.  I purchased the phone outright from Google, the Nexus 5 (~$400);  Though currently I would recomend buying the Asus Zenfone 2 (~$200).  Here is the monthly cost overview:

• $13.50 - Base Plan
• Unlimited text, voicemail, caller display, etc.
• 10% discount for auto subscription (regular $15)
• $5.00 - 100 minutes
• Talk Booster: 500 Canada-wide minutes - $25
• Boosters carryover as long as you renew Base Plan
• $15.00 - 500 MB Data
• Data Booster: 1000 MB - $30
• Boosters carryover as long as you renew Base Plan
• $4.50 - Tax

We keep our data low by using Wi-Fi as much as possible and we keep our minutes low by having a free home VoIP phone from Fongo, which cost us a onetime startup fee of $75/life.

I generally do not have a cellphone, but when I go on exercise Iike to have a phone/internet with me.  I usually use Mrs. CCC's old phone, with a $25/month Bell Data-only plan.  Using Fongo, or VoIP.ms for my phone needs.  The only problem with this setup is you have to explain you don't have text to people you give your VoIP number to; but it can mostly be overcome with Facebook Messenger or WhatsApp.  This frustration is what keeps me from switching Mrs. CCC over to a Data-only plan; Though for the brave/tech savvy it is a way to save $10/month on their cell.

My Summer Budget

First off let me apologise, my favourite piece of office software is MS Notepad.  It is where I do all my calculations, formal writing, and thinking.  So sorry that my budget does not come to you in spreadsheet form.

MONTHLY BUDGET 
$5015 After Tax Income

-1025 Mortgage
- 545 Childcare
-  65 Electricity
-  55 Water/Sewer
-  40 Natural Gas
-  40 Cellphone
- 850 Savings
-   8 Netflix
- 500 Yearly Expenses (see below)
           
$1885/month (4.33 weeks/month)
$ 435/week (food/clothing/gift/pets/maintenance)


YEARLY EXPENSES
2580 Property Tax (not included in Mortgage)
1720 Auto Insurance (2x Cars)
1030 Home Insurance
 625 DSL Unlimited Internet
          
$5955/year (12 months/year)
$ 500/month

So it all boils down to that $435/week.  My wife and I track our budget with a piece of paper that hangs on the fridge, and subtract all our groceries, amazon, gas, coffee, haircuts, etc. off that sheet;  Overages carry over to the next month, and surplus is thrown into savings. 

That $435/week doesn't really accommodate major repairs/improvements or vacations, and those numbers are currently coming out of the savings.   I am currently not happy with my savings:income ratio, its usually around 30-50% (instead of the current 15%).  Though I recently had a son (2 years of age) and with it has come some new expenses:

• Moved from our 900sq/ft house to a 1400sq/ft (which doubled my mortgage/property taxes)
• Daycare (Half-days, 5 days/week)
• Mrs. CCC reduced her income/hours by 60% to spend more time at home with Jr. CCC

Though in September Mrs. CCC will be increasing her hours from 40% to 70%, and we are hoping to save all the extra income which should bring our savings rate back to a more comfortable 30% of after tax income.

Candian Armed Forces Benefits

I am entering my 6th year of service with the Canadian Armed Forces, with plans for at least another 13-14 years.  For those of you who are interested, these are the financial benefits of being a CAF member:

• Good rate of pay: ~$60,000 after 4 years (min. grade 10 education)
• Good medical coverage: full medical/dental for myself, and 90% coverage for family.
• Pension: a Defined Benefits Pension
• Full pension after 25 years service (~$37,000/year, after 25 years)
• Earn 2% for every year served (max. 70% / 35 years)
• Based on your best 5 years of salary (averaged to 1 year)
• Life insurance: 2x Current Salary (~$115,500, after 4 years)
• Additional Life insurance available at your own expense:
• $600,000 for yourself
• $600,000 for spouse
• payable for almost any situation: including war & extreme sports
• rates based on age and smoker/non-smoker

Usually there is no additional tax breaks, free food, or housing subsidies.