More today from my magical spreadsheet!
As I have mentioned before, the amount of yearly saving is dependant on my income. For 2009, I have approached my income projections conservatively. What I decided to do is use my slowest month this year as the starting point for next year.
I certainly hope I will beat my minimum monthly projection but it was a great exercise to see whether or not our current lifestyle can be maintained.
In light of what has and still is happening to world markets, increasing our cash position thus liquidity next year has been heavily favoured.
Here are our savings numbers for '09.
Non tax savings acct -- $10000
(this is the new acct announced by the Canadian gov which allows $5000 to be invested each year whereby monies earned will not be taxed)
Workings accts --
(these accts have been an evolution to combat cash flow issues, provide a quick way to track how much is spent per category and also as specific "emergency" accts for what can happen in life -- eventual goal is to have $5500 in each acct -- enough to pay for new roofs / furnace / car issues or enough to make a dent in the most costly unplanned thing that can happen)
Dream acct -- $5520
(this is my fun fund -- where I draw from to take my solo journeys -- my husband's fun stuff is budgeted each year as an expense in one lump sum)
Real estate fund / Entrepreneurial -- $5520
(towards creation of a side business -- some form of passive income -- or towards the next property -- mid life celebration fund -- or towards a new office for me if my work conditions deteriorate)
RSP's -- $2500
(this is a sheltered savings vehicle for Canadians that allows monies made to be tax free until mandatory withdrawal age of 71 yrs)
Total savings 2009 $ 29540
I consider extra payments towards the mortgages "Savings" as well.
Extra mortgage payments -- $ 15600
Grand Savings Total 2009 $ 45140