February 2017

Assets February 1st, 2017 March 1st, 2017 Change
Cash $4,208.63 $4,070.67 -$137.96
Emergency Fund $3,421.06 $3,427.26 +$6.20
RRSP $11,102.31 $12,312.80 +$1,210.49
TFSA $3719.58 $3,771.95 +$52.37
Lending Loop $608.77 $615.69 +$6.92
Total $23,060.35 $24,198.37 +$1,138.02
 
Debts      
Student Debt $34,236.64 $31,436.64 +$2,800.00
CIBC Credit Card $0.00 $51.95 -$51.95
AMEX Card $244.07 $1,349.49 -$1,105.42
Total $34,480.71 $32,838.08 +$1,642.63
 
Net-Worth -$11,420.36 -$8,639.71 +$2,780.65

February 2017

Spring weather is in the air… sort of? Maybe? Who knows anymore. This is my progress update for February 2017. This February I was able to pay down $2800.00 on my student loans, which was a big deal for me, as I want to my loan to be completely paid off before I start to save for a rental property. I also managed to invest another $1000.00 into my RRSP. This occurred just two days before the contribution deadline of March 1st, 2017 aka today. I was able to contribute around $7000 to my RRSP for the year of 2016 that should result in a nice tax return that will likely be put into my RRSP again (the way it was designed to work).

In February I was absent from posting that often. I did manage to do a review of Lending Loop, a peer-to-peer lending platform that allows investors to fund Canadian business loans. If you are interested in an alternative investing option check out Lending Loop.

Lending Loop Review

I have also opened a TFSA account with another “robo-advisor”. I choose to open this account with Wealthbar. I have not yet funded my account but I was interested in the financial advising they offer with of the use of their services. Once I fund that account I will promptly write a review in case you are interested in their services.

Well that is enough about the financial part of this monthly update. That is the main purpose of this blog but this is also a blog about life. What is the point of saving up all this money if I can’t enjoy some of it on the way to retirement? This month I have been roughing out a few trips I want to take in 2017.

The first trip is back out west to British Columbia to visit one of my best friends. He will be moving back to his home province and will be driving so I will be tagging along for the ride. I really love BC and any chance I have to go out there, for any reason, is jumped all over. A chance to see the middle provinces of Canada will almost check off most of Canada for myself. Then it will be the territories and more of Quebec than just the bars in Hull.

The second trip is with my girlfriend to Iceland. Iceland has become quite the hotspot recently and I guess we got caught up in the craze as well! Not sure what the dates are for this trip yet but I will make sure to let those interested know as the details sorts themselves out!

Oh also if you are following along with my Monthly Challenges, March will see a lucky few be awarded $50 Tim Hortons cards for their participation! I will be posting March’s challenge by the end of this week.

That is all for February 2017! As always, if you have any products you want to be reviewed or have any questions or suggestions I would be glad to hear about them.

 

2 thoughts on “February 2017

  1. Are your student loans with either OSAP or the Federal gov.? If so, any interest you pay is tax deductible. I’m taking my sweet time paying down student loans compared to other bank/line of credit loans because of this.

    1. My parents actually took over my loan from OSAP so I make payments to them. I was extremely lucky and grateful as the interest rate is only 2.7% +prime. I understand that I could make more money investing that money and only paying the minimum. That being said owing money to family is not something I want to be involved with so I pay it off as much as I can.

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