Wealth Building Goals:
- Be eligible to be an Advanced customer with my primary bank by July 2017 – 61% of the way there
- Have a fully funded (Six months worth of expenses) emergency fund by March 2018 – 82% of the way there
- Have a net worth of $150,000 by March 2019 – 55% of the way there
- Be eligible to be a Premier customer with my bank by March 2020 – 6% of the way there
During the month of April, there were a few bumps in the road but I was still able to save 50% percent of my salary. I woke up on Easter Sunday to discover we had no water. And since the water ran out, the water pump was running until it burnt out. We had to get the pump repaired and ended up going two days without water. Which means dipping water. Luckily, I was able to use the shower at my gym to get ready for work.
Also there were a few purchases that went a little overboard (Groceries for Good Friday and Easter Sunday, a patio set) and I didn’t track my expenses for this month. I will get back to tracking them for May. I really like to see where my money goes every month and see what expenses I can trim.
Net worth for April 2017:
Flex Account (+945.12): I became eligible for my company pension in March of this year and decided to terminate my Flex account and transfer the funds into my company pension. This was a long and annoying process, with most forms being redundant. The funds will be transferred over and will be in my company’s pension at the end of May. I am so glad I won’t have to keep checking different accounts when I calculate my net worth.
Gov Account (+275.76): This month had four Mondays which means a smaller contribution. I have been trying to get an official summary, so that I have an accurate balance but I have to go in to request it. And I am not sure if it is really worth a lunch hour. This balance is based solely on contributions made and no interest.
Emergency Fund (-700.00): On Easter Sunday we ran out of water and our water pump overheated. I am just glad that I have an emergency fund. It cost $180 to fill up the water tank, $155 to repair the pump and $300 for the plumber to come and check it for us. I also didn’t budget for Good Friday and I spend around $150 for the food and Easter egg hunt supplies.
Cash (+1,200.00): This balance has a $3k transfer that was in transit and my normal cash balance. I think moving forward I will put the monthly $3k transfers under the LifePlan even though the funds take 15 business days to settle.
Life Plan (+3,117.57):The LifePlan deposits take 15 business days to go through. Because the deposits are scheduled for the 27th of every month, the money will still be in transit at month end and not reflected in the LifePlan balance. The increase is from the previous month’s contribution.
As of right now, I am not sure what May will bring in regards to expenses. However, since the saying is “April showers bring May flowers”, I can only hope that May goes smoothly and no emergencies pop up. With that being said, I am going to keep my strategy simple:
- Save 50% of my salary (10% to pension and 40% to down-payment)
- Spend $125 or less on Groceries per week
- Track all expenses
Did you have any financial “showers” during the month of April? Did you reach all your financial milestones?