February wasn’t the greatest on the income side but it was awesome as far as expenses and my volunteer goal. Maybe March will be perfect? Check out my latest monthly money report: February 2019 – Income, Expenses & Goals.
Highlights – Life & Money
- Lots of my time was spent nagging my son again! This time it was about applying for scholarships and finding a summer job. The kid is so hard to motivate sometimes.
- Following his MIR (follow up from previous post), we now have to schedule a biopsy! Our health care process can be so slow!
- Not a great dividend income month; $618 compared to $1,457 last month!
- I had to prepare the rental for new tenants, I always forget how much work it can be!
- I had my orientation for my new volunteer position.
FI CASH INCOME – $965
Monthly FI (Financial Independence) Income Summary:
Dividend & Interest Income: $618
My dividend income in February was $618! A DECREASE of 14% over last year:) Corus Entertainment Inc.(CRJ-B.TO) and Crescent Point Energy Corp. (CPG.TO) used to pay monthly dividends but they both switched to quarterly and drastically slashed their dividend payout too.
If you want to find out which stocks/ETFs I received income from, check out my Monthly Dividend Income Page Here.
Stock Purchases this month:
I bought a few shares of Kraft Heinz after it crashed! Did you?
Rental Income: $1,301 – Cash Income: ($60)
Rental income from my three rental units, all condos. You can read more info on my units here.
What Happened In The World Of Condo Rentals?
- # 1 Condo – All good in condo #1. I hope they stay forever.
- # 2 Condo – My tenant ended up moving all her furniture on the 24th so it gave me a few days to get some painting done, fix a few things, have the carpets professionally cleaned and clean up the place a little better.
- I hired her step son, who does renovations, to do the painting where needed, fix some of the ceiling tiles in the basement, tidy up all cables, fix the door bell, fix sliding doors on two closets. The estimate was $500 for labour plus material. I didn’t receive his invoice yet.
- The professional steam cleaning is something I usually do in between tenants. It cost me $240 cash and it looks much better. I think with proper maintenance, it helps to keep the carpet looking “fresher” longer.
- Scheduled an overdue furnace cleaning while the house was empty. It is included in my annual maintenance agreement.
- I checked and replaced light bulbs, floor vents, door stoppers, furnace filter, batteries (smoke alarm) as needed.
- Also had to purchase an additional carbon monoxide detector because I didn’t have one near the sleeping area (required by law in Ontario). I bought another one for Condo #3 too but still need one more for Condo #1.
- Finally I spent a few hours cleaning! In the past, I hired a cleaning service but it didn’t look that dirty… until I started cleaning.
- I gave the keys to the new tenant on the 28th after she E-transferred March’s rent, an additional $100 a month with the new lease.
- #3 Condo – They paid another $100 towards the outstanding amount due, so still $195 to go. They asked me to come and check out some mold in the bathroom. I have been procrastinating but will go sometimes next week, probably when I drop off the carbon monoxide detector. They didn’t give me their move out notice yet so I gave them a formal notice back in January that rent would go up as of April 1st by 1.8% (as per Ontario’s Guideline).
Estimated time spent on rentals in February is around 8 hours – Trip to the store, meeting the handy man, house cleaning, meet new tenants and answering texts.
My hourly rate (includes principal repayment)
- February: $162/hour
- Year To Date: $208/hour (approx. 14 hrs to date)
Related post: Why You Shouldn’t Be Too Nice To Your Tenants!
Side Hustle/Other Income:
- As mentioned last month I answered a few surveys online and I made $3.50 while waiting at the dentist office! But I didn’t receive the cash yet so not included in the report.
EXPENSES – $2,718
Finally back to normal! No lawyer to pay:)
See where it all started and why I keep track of my expenses at Monthly Money Reports
Tip: Update your spreadsheets regularly.
Variations This Month:
I missed January so will do a catch up over the next 11 months. “Giving back” is very important to me, whether it is money or time. I plan to donate the same amount each month, to various charities that have a special meaning to me.
Cell phone cost was in line with what it should be going forward for the three plans. I am getting a discount over the next 5 months on all plans from switching provider back in December.
A lot more reasonable this month:
- $147 for a two days First Aid course for my son so he could apply for summer jobs with the city.
- My daughter sold one of her uni books so I got $90 back.
- The rest was miscellaneous expenses such as parking at the hospital for my son’s MRI, a special trip to Bulk barn after the MRI, kids personal care products.
Coffee Shop & Restaurant/Take Out
I noticed my partner and I were going to the coffee shop a lot more often than we used to, so I decided to keep track of it separately. It’s a nice little break (away from my kids!) on the week-end but it does add up. I can’t believe we spent $63 in February! It doesn’t help that the place we go to has an amazing almond croissant at an amazingly expensive price!
Restaurant expense was higher this month.
- One night, the kids and I had a craving for our favorite Malaysian restaurant so we ordered
quitea few dishes. Total spent: $156! I had to feed the boyfriends too! It was totally worth it and we had leftovers for lunch the next day.
- One of my cousin’s daughter was visiting from France for a few days so one evening all the kids went downtown and had pizza; $70.
- My partner and I went to the movies with my son, he paid for the movie and I paid for diner: $35.
- $75 at the SPA! I had a couple of gift certificate from Christmas but added a few extras and a tip. It was so nice!
- The balance is a mix of Dollar Store
junkitems, special grocery for Valentine’s Day dinner, parking for my volunteering and a few personal care products for me.
And Free Money! None
Since I am not very good with travel hacking, I am going to try to keep track of stuff I get for free by using rewards points.
- No free money this month.
Summary – FI ratio 26%
FI ratio is 26% YTD including ALL expenses. Not very good but mainly due to the high expense ratio in January.
For Core Expenses, without kids related expenses and legal;
My FI ratio is 67%.
(Kids related expenses include kids’ cell, kids’ portion of car insurance & CAA, bus pass, kids’ expense category)
GOALS Update – Lots of RED!
- Keep Grocery budget at or below $200/week. It almost feel like we are back to square one! Our average was around $240. We were doing so well last year. You can check all previous reports here.
- Updated goal: From 4 NO SPEND days per week to 50% NO SPEND days per month. It will be easier to keep track of since I use my credit card for ALL purchases. February was a fail.
- Increase my dividend to $16,000. February was not a good month, let’s hope I manage to make up for the loss of dividends from Crescent Point & Corus.
- Working on making it TWO years! In progress.
- Post at least once a week. I almost made it except for one week.
- Figure out Pinterest! I didn’t have time to look into it.
Related Blog: Personal Finance Bloggers Wanted!
- No sweet during the week. Major fail in this area too, but I will keep trying.
- Spring is just around the corner, I should start seeing an improvement soon. With the weather we have been having, there is no way I wanted to go out.
- Travel: No progress on planning any trip. But planning a two day trip to Waterloo…for my son to spend the day at the University (of Waterloo!) with a student, in the program he hopes to get into! It’s called “Shadow Day”, I had never heard of it before. Pretty cool, even if it’s not the kind of trip I had in mind:(
- Volunteering: I finished my required training and did my two hours orientation. I am now officially volunteering. FINALLY!
That’s it for February. The one rental kept me busy in addition to my volunteer project. How about you, how was your February?
Thank you for your on-going support!