Financial Snapshot, August 2012

Since we got back from our little vacation at the cottage, I've been going over the finances again and again, trying to prioritise our goals and put our numbers into perspective. Here's what I've come up with:

~ We repaid a $3000 'floater loan' from family, that was borrowed in June to pay for childcare expenses
~  paid over $2500 for business supplies that are necessary. However, one large ticket item ($1600) isn't exactly what I needed, so I will be exchanging that for a higher priced item that is better suited to my needs
~  put $500 into my long-term RRSP mutual fund account
~  put $100 into the RESP mutual fund and started a $25 monthly deposit into this fund
~  transferred $300 from one RRSP savings account with bank 'B' to a similar account with bank 'A'
~  set up a $25 bi-weekly deposit into the RRSP savings account (this has become our savings account for a down payment on a house of our own someday)
~ paid our annual renters insurance of $257 almost a full 2 months early
~ put $100 into each of the kids bank accounts
~ put money into each of the following: Xmas fund, Emergency fund, TFSA, Auto fund, and Vacation fund
~ DH has also independently started putting money aside in his savings account

OUR DEBTS:

• There is less than $500 owing on the credit card in Hubby's name.
• There is less than $1000 owing on the last department store card we have.
• The active credit card in my name has a $300 balance.
• The inactive cc in my name has a balance owing of $2500.
• Our business has an outstanding debt of approximately $6000.
• I have a debt to CRA for approximately $14,000.

OUR ASSETS:

• Savings acct 1: $220.00
• Canada Savings Bonds: $840.00
• Xmas Acct: $78.81
• Vacation Acct: $36.28
• TFSA: $48.94
• RRSP Savings Acct.: $75.33
• Emergency Fund: $250.00
• Auto Acct: $25.00
• RESP Mutual Fund: $1,730.19
• RRSP Mutual fund: $2,324.18
• RRSP House Fund: $350.10

Obviously, we are still in a negative net worth. But overall, we are doing better and better. What you can't see from this snapshot is that we are either ahead one month or current with all of our bills (rent, phone/cable/internet, cellphones, vehicle insurances, daycare expenses, etc.).

This year, our business didn't get a large lump sum contract as usually happens in the spring. Instead, there was only a four month extension on the current contract. So instead of budgeting with figures in the $30,000 range, I was budgeting with figures in the $10,000 range.

So there you have it. We are actively putting money into various savings pots in order to reach our goals. Looking at the balances, I thought they should have been higher, but sadly are not. I suppose that's partially why I look at the financial snapshot from time to time, to see where we could be doing more.
Tomorrow, I'll list our financial goals and dollar amounts, in the order that I have prioritised them.

Questions, comments, concerns? Post a comment and I will actually try to reply to each and every one of them.