Wednesday, February 01, 2006

A Frugal Focus Monthly Recap - January 2006

Budget Summary
I cleared $855.95 in January against a plan of $695 representing a savings rate of 16.6% (bleh - for a good savings rate check out Frugal Canadian's performance for January). These results were actually aided by a $400 refund for an upgrade my home builder never installed. I was over budget in a number of areas in January, including gasoline, groceries, household items and electricity.

Investment Summary
I'm allocating my my entire budgeted savings for January to future investments. My accounts look like:
  • RRSP: $379.92 (including a YTD gain of 0.2%)
  • Non-registered: $695 (all currently cash)
Frugal Focus Savings this Month - $18.62
As noted throughout the month I made a number of small changes in January that should reduce my regular monthly expenses by $18.62 - enough to cover a new subscription to say, Canadian Money Saver (almost).

Goals for February
  1. If anything, keeping this online account has really prompted me to take a critical look at all the nooks and crannies in my fiscal behaviour, even the untouchables like personal banking. In February I will do (and share) some cost-benefit analysis around switching banks.
  2. As a stretch savings goal, I also want to do some really quick market surveying to see if I can't get better rates on my home and auto insurance. More on this will follow.
  3. Start a DRIP investment.
  4. Pretty up this blog. Just because the material tends to be a little staid and stodgy, there's no reason why it can't be a little easier on the eyes; have a look at WordPress.
In all, a modest beginning, but a start nonetheless.


Anonymous Anonymous said...

I would like to start a Drip too. Hopefully I can get some insight from you,

2/03/2006 8:11 AM  
Anonymous Anonymous said...


You could eliminate all your banking expences if you did the following at your current bank

1. Cancel a chequing account

2. Get a line of credit with the cheque writing privileges and arrange from your work to change a direct payroll deposit to a line of credit account using a void line of credit cheque.

Now you got an unlimited free chequing and free overdraft with $0 to pay to your bank


2/11/2006 5:01 PM  

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Disclaimer: These articles are for information only, and are not to be construed as financial advice, legal advice, or a solicitation to buy or sell securities.