2015 goals / financial health check / Personal Finance

Financial Health Check #2 – Payday #2

Today marked Payday #2 and let me be the first to tell you how much I love weekly paychecks. Sure, the lump sums aren’t as high (exactly half, to be exact 😉 ), but I do get to update our finances twice as often. And seeing progress is always super exciting!

Thanks to my lack of management over the last few months, I had completely forgotten when one of our tenant’s rent checks was due since the Mr. has been responsible for depositing the cheques. I honestly thought it was the 18th, but it turns out it’s actually the 10th so it was a nice surprise to see an extra $1,100 in our account.

Most unfortunately, the Mr. has a horrid habit of “cleaning” by gathering all the clutter into one big pile and hiding it in some godforsaken basket and putting it out of sight. Of course, I can’t blame him entirely – he was doing almost all of the work around the house when I was in school.

But that did mean that there were some pretty important letters I never saw until this week when I started to go through his piles, two of which included bills from the government for TFSA over payments. Great…

Anyway, now I’ve had to add $660.82 and $398.12 to our liabilities for the over payment penalty (although I’m really not sure how I crocked that bit up! I couldn’t have had that much money to max out both our TFSAs), as well as $1,451 and $1,655 for our First Time Home Buyers Program repayment. Technically these aren’t liabilities per se since they’re payments going to our RRSPs, but I’ve decided to treat it as a liability since we are obligated to make these payments and there are financial repercussions should we not make them payments.

sept 10 graph

As you can see, these surprise bills haven’t been kind on my little graph 😦 Liabilities have increased enough that you can visually see the increase on the graph, and Net Worth has decreased enough that you can see the dip. The balance on the HELOC has increased slightly (due to interest), but thankfully the increase has not been so significant that there’s a visually obvious jump.

Sept 10 balance sheet

On the bright side, we’ve put aside enough to cover the September 23 Visa bill – all that’s left for the month is the mortgage payment  ($1061.44) and bank fees ($20.27), after which we will finally be able to put some money towards debt reduction!

In total, we have $1,074.22 remaining for our September bills, and between the two of us, we still have 5 paychecks plus 1 rent check to go for the month. This is shaping up to be a very promising month indeed! Looks like we might be able to get out of our position of financial instability this month and achieve Goal #2!

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