Monday, January 24, 2011

On to Trenton, ON

I was very grateful to receive the above cheque from my insurance company today which was the deductible owed to me from my daughter's car accident in October:)

I made the following disbursements:
Line of Credit - $40.00 because I like nice round numbers
Emergency Fund - $$468.02

I know those two amounts don't add up to exactly $500 but I contributed a little from my misc spending in order to have a nice round number in my EF - which now stands proudly at $1300!!!!! Woo hoo! At $200 per month I'll have $2000 by mid-May. I am so excited!!

Now to come back down to earth. My goal in No Spend February is to stay on budget. Sounds rather lacklustre doesn't it? I've had to reduce savings, groceries, gas $ and misc spending in order to maintain zero budgeting due to having lower income in February. One thing I won't reduce is the $1200 payment to my line of credit (broken into 2 payments of $600.00 each), my monthly $100 charitable donation, $100 for Christmas or the last payment to top up my RSP of $323. So my No Spend February won't accomplish anything miraculous but it will help get me through the toughest month of the year.

March won't be quite so bad. I'll have a juicy tax refund to play with and my payroll deductions will be back to normal. I also plan to play around with numbers while doing my tax return - I'm considering other options other than an RSP and want to see what that will do to my refund.

Now off to my bicycle - only 62km to go until I reach Trenton, ON. Michael's son lives there (he's a firefighter on the army base there) so I'll have somewhere to rest while replacing the bandaids on my feet!

6 comments:

  1. I will wave at you as you go by ;) (I am in Brighton.)

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  2. You are doing so well on your exercising! I don't think I've gotten off the couch...ugh.

    I think your plan for February is a good one. I need to save as much as I can to add to my depleted funds and get ready for the basement re-do. It looks like it will be about $1500.00 out of pocket...


    Congrats on the check! I'm sure that helps!

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  3. Great job on allocating that check!

    You sure are moving through Ontario fast on your bike :-)

    Good plan for Feb and March!

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  4. Woohoo for upping your emergency fund!! I always love doing that too! :) Good luck in Feb, i'm sure you'll do awesome! I'm still trying to figure things out for my no spend month...

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  5. You did a great job of allocating your refund check Jane! And isn't it wonderful to be putting money away for Christmas while it is still January?? I am automatically transferring money every paycheck and when I look at the balance, it definitely makes me smile.

    Still have not made it to the gym yet... Sheeeesh!

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  6. Of course you must continue to pay of your line of credit, good for you this should be an awesome Month coming up.
    Although like yourself I have trimmed myself into a corner this year, still I, m sure I can tweak it again.

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