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It is currently Sat Oct 25, 2014 3:54 pm




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 Post subject: Re: DINKS on track so far
PostPosted: Sun Mar 11, 2012 2:25 pm 

Joined: Sat Feb 12, 2011 5:47 pm
Posts: 90
Location: Ontario, Canada
The mortgage is dropping nicely even with the travel. Well done!

_________________
Kate


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 Post subject: Re: DINKS on track so far
PostPosted: Fri Dec 07, 2012 10:12 pm 

Joined: Tue Mar 11, 2008 12:19 pm
Posts: 1778
Location: Ottawa, Canada
It's been a while, so here's an update:

Code:
Assets

$ 10,231 Cash savings
$ 141,000 RRSPs (Canadian 401(k)'s)
$  1,900 TFSAs (Canadian Roth IRAs)
$ 14,500 Emergency fund (Target: $12,500)
$  5,500 Car replacement fund
$  4,500 Travel fund
$ 500,000 Home value
$ 80,000 Land banking investment

Liabilities

$ 261,000 Mortgage
$   0 Line of credit
$   0 Credit card debt
$   0 Student loan debt
$   0 Car loan(s)

----------------------
$ 496,631 NET WORTH


We're a little behind schedule, because we've repurposed some of the extra mortgage payments toward general expenses. I won't get into it here, but overall, I believe they were worthwhile expenditures, and I'm comfortable with where we are in the overall plan for paying off the mortgage early.


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 Post subject: Re: DINKS on track so far
PostPosted: Sun Dec 16, 2012 7:03 pm 

Joined: Mon Jul 30, 2012 2:10 pm
Posts: 5
Congrats on the continuous mortgage repayment! Any more news on selling the land?


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 Post subject: Re: DINKS on track so far
PostPosted: Tue Dec 03, 2013 5:22 pm 

Joined: Tue Mar 11, 2008 12:19 pm
Posts: 1778
Location: Ottawa, Canada
I don't mean to let so much time pass between updates to this thread, but I suppose occasional updates are better than no updates at all. :)

We've continued to try and pound away at the mortgage. We're hoping to finally get some money back from the ill-advised land banking investment in 2014. If we break even, I'll be ecstatic. Our emergency fund could use a little more beefing up, but I'm OK with it where it is for now. The travel fund is getting a little out of hand, it might be time to repurpose some of that money toward replacing the car (which is approaching 300,000 km). Steady as she goes, I guess. We're both 38 years old.

Code:
Assets

$5,000 Cash savings
$181,500 RRSPs (Canadian 401(k)'s)
$5,870 TFSAs (Canadian Roth IRAs)
$10,780 Emergency fund
$9,100 Car replacement fund
$10,140 Travel fund
$500,000 Home value
$80,000 Land banking investment

Liabilities

$236,000 Mortgage

----------------------
$566,390 NET WORTH


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 Post subject: Re: DINKS on track so far
PostPosted: Wed Sep 10, 2014 5:09 am 

Joined: Tue Mar 11, 2008 12:19 pm
Posts: 1778
Location: Ottawa, Canada
I really admire folks with the discipline to update their journals monthly. :) I tend to wait until there's enough worth reporting before considering posting an update.

2014 has been an expensive year for my wife and I. In the spring, we flew out west twice to visit siblings, then bought a used car, which set us back $14,500. We paid cash though, so no debt. Then in July, we flew out east for a week to visit our families, then immediately followed that up with a quick 3-day trip to Las Vegas with some friends. All paid for with cash, but it's completely drained our Travel fund. We've got 2 big trips planned for next year (Jamaica for my best friend's wedding, and Hawaii with my parents and brother), so we're going to have to beef that fund back up in a hurry.

Then life threw us a curveball a couple of weeks ago when our 13-year old central air conditioner leaked all its freon. They said they could replace the coil for $1,300, but the unit itself (and furnace) were nearing their life expectancy and it would likely only buy us a couple more years. So we replaced the whole system, which set us back $9,000. Again, we had the cash, but that money was supposed to be going toward accelerating paying down the mortgage.

As a result, we haven't been able to pay much extra on the mortgage in the past few months. Our net worth has still crept upwards slowly and steadily, but not as quickly as I would have liked.

Code:
Assets

$5,000 Cash savings
$214,000 RRSPs (Canadian 401(k)'s)
$8,000 TFSAs (Canadian Roth IRAs)
$12,000 Emergency fund
$1,400 Car replacement fund
$0 Travel fund
$500,000 Home value
$80,000 Land banking investment

Liabilities

$220,000 Mortgage

----------------------
$600,400 NET WORTH


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 Post subject: Re: DINKS on track so far
PostPosted: Thu Sep 25, 2014 7:24 am 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 200
Looks like you're making nice progress. Question: how do you decide how much to spend on travel? Do you put a certain amount in an account regularly, or decide on where you want to go and then save up? Just curious...


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 Post subject: Re: DINKS on track so far
PostPosted: Thu Sep 25, 2014 7:30 am 

Joined: Tue Mar 11, 2008 12:19 pm
Posts: 1778
Location: Ottawa, Canada
Good question! We save a set amount ($700) every month earmarked for "Travel," and we make our plans around that budget. We may have to increase that amount however, as we have some expensive travel coming up next year (best friend getting married in Jamaica, my sister getting married out east, and a long-planned trip to Hawaii with my parents and sibling).

Likewise, we set aside $450/month for "Car Replacement," and whenever our car dies and we need to replace it, our maximum budget will be however much we've managed to accumulate in that "Car Fund" by that time.


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