Money, Monthly Money Reports

Final 2018 – Income, Expenses And Goals. Finally!

Wow, it has been over 2 months since I published a post! Where does time go? It’s crazy. I took a “little” break from blogging and social media because it was taking over my life again and I had so much going on already. As usual , I will give you “all” (not sure how many of you still read my blog) in an upcoming post. But first here is my Final 2018 – Income, Expenses And Goals for the last two months of 2018, a little overdue.

Highlights – Life & Money

  • This year, my husband’s death was even harder to deal with . Some people said 5 years is a milestone! I don’t think anybody knows, it just happened to be tougher this year and I am so glad the holidays are behind us.
  • I finalized my termination “negotiations” with my company.
  • Reached $13,299 in dividends for 2018! My goal was $12,000:)
  • No issues with the rentals but should have started to plan for my tenants moving out.
  • Finally, things are happening on the volunteer front.
  • Worked on minimizing my impact on the environment by starting to focus a lot more on reducing our plastic consumption. It has been a lot more challenging than expected, but after going to the Anthropocene exhibition and watching several documentaries on plastic waste, such as “Cleaning up the Ocean”on 60 minutes, I want to be part of the solution.

FI CASH INCOME – $1,323/$2,805

Monthly FI (Financial Independence) Income Summary:

FI Income Chart

 Dividend & Interest Income: $739/$1,384

My dividend income for 2018 was $13,299! $1,299 over my $12,000 goal:) It’s a 88.7% increase over last year.  I am hoping to continue that trend in the years to come. I love dividends!

If you want to find out which stocks/ETFs I received income from, check out my Monthly Dividend Income Page Here.

Rental Income: $1,558/$2,369

Rental income from my three rental units, all condos. You can read more info on my units here.

The last two months of the year are “property tax” free since I pay over 10 months from January to October.

I schedule the annual furnace maintenance contracts then so I have the cash available. I have a contract on all three condos, it’s a peace of mind for me and it includes a furnace cleaning for each unit.

What Else Happened In The World Of Condo Rentals?

  • # 1 Condo –  Just one text, there were looking for an extra parking space. I put them in contact with the condo corporation and they are on a waiting list.
  • # 2 Condo – She changed her move-out date to the end of February:) I went for an initial inspection and everything is in pretty good condition. She is taking care of fixing carpet and walls as needed, without me asking, cool! I didn’t start looking for tenants, I wasn’t up to it. Still wondering if I should sell…
  • # 3 Condo – No complaint in the last 2 months! Wow:) But they were short on December’s rent by $395. At least they called me to let me know and I agreed to give them some time. They didn’t give me any updates on when they plan to move out.

I estimate the time spent on rentals in those two months to be maybe 4 hours at most.

My rate this month: $981/hour! (includes principal repayment)

 Related post: Landlord’s Nightmare? Tenant From Hell!

Side Hustle/Other Income:

  • Received $5 from Ebates. Financial Freedom here I come!

EXPENSES – $4,724/$7,641 

See where it all started and why I keep track of my expenses at Monthly Money Reports

Tip: Update your spreadsheets regularly.

You can refer to the December post for details on expenses not covered in a specific monthly report.

Related Page: Monthly Money Reports 

Variations This Month:

Donations: I caught up on my donations! I identified three organizations I wanted to support on a regular basis. I used to do it via payroll but we don’t have that option anymore.

Car Repair: 

I finally had to do it, my car was acting up! I was referred by a co-worker to a small garage and instead of the $2+K my garage was going to charge me, I paid $800 cash and it is all fixed.

Legal Cost:

My biggest expense this month again. I still have one more invoice in January and then I am done! For those of you who are new to my blog, I have been negotiating my termination package at work, or trying to for months! It ended up being worth it (I was starting to have doubts). I will have more on this topic later.

Related post: On The Outside I May Look Cool, Calm And Collected But…

And Free Money! $100

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.

  • Used a $100 Gift Card I received from signing up for one of the many MasterCard programs.

Related post: Travel Hacking? It’s Not For Everyone!

Summary – 2018 Expenses: $56,381 FI ratio 39%

$56,381 is a lot more than I anticipated but considering my three kids still live at home, we went for a wonderful family vacation in Mexico, I paid for legal fees and spent on a lot of little extras, it’s not bad at all.

Actually you must wonder how I managed my expenses considering I had two of my kids in University last year (one graduated since). Curious? Check out my post Why I don’t pay for my kid’ tuition even with RESP!

FI ratio is 39% YTD including ALL expenses.

For Core Expenses, without discretionary & kids; My FI ratio is 65%. 

(Discretionary & kids being: kids’cell, donations, kids’ portion of car insurance, bus pass, kids’ expenses, restaurant, travel, learning, legal fees)

GOALS   – Lots of Red! But it’s OK.


  • Reduce Grocery bill by 30% or $200/week.  I lost track but will assume we didn’t do that well leading up to Christmas. You can check all previous reports here.
  •  Increase my dividend to $12,000. Surpassed my goal with $13,299 in dividend for 2018.


  • Working on making it TWO years! Some goals need to be reachable:)
  • No comment on traffic increase. I didn’t post or use social media for over two months. Also, what is the deal with WordPress? I can’t figure out how to do half the stuff now! Apparently it was an upgrade.
  • Twitter followers are increasing slowly but steadily. I will remove this goal for 2019. I am losing interest.

Did you read my last post about missing bloggers:  Where Did They Go?


  • It was the holidays and I wasn’t feeling that great, YES I “stuffed my face” with sweets!
  • My average daily steps wasn’t good but it has been VERY cold. That is my excuse and I will stick to it.

Other Goals

  • No progress on planning any trip. My partner and I are struggling to agree on timing and destination. We suck!
  • Lots of updates to share on this topic. I was finally offered an opportunity to volunteer at the hospital but I had to turn it down because of another volunteer project I started working on. I am very excited about it and plan to share more soon.

As usual , this report is probably way too long. But hopefully you missed me enough to put up with it:) Hope everybody is doing well and takes good care of their health, life and everything else beside their blog (if you are a blogger)!

My 2019 goals? Coming your way soon:)

A special thank you to any blogs/bloggers that featured one of Money Scrap’s posts in the last few months. I apologize if I didn’t keep up this time.

How much did we spend in 2018?
Pin me please:)

18 thoughts on “Final 2018 – Income, Expenses And Goals. Finally!

  1. Hello, Caroline, welcome back. I’m so glad to hear from you again. Yes, dealing with the loss of loved ones is very hard, especially on the holidays.

    It looks you had a terrific 2018, that’s wonderful. Congrats! That’s good you got a decent termination package, and the legals fees were worth it.

    I just came back from China after the 3.5 month long stay. Glad to be home in Ohio again. You take care.

  2. my long lost friend is back to writing and i’m glad for that. we hit just about 13k in dividends too but don’t have that sweet rental income. i’m glad you’re using mastercard. we own a lot of those shares. it’s good you got that negotiation out of the way. i hope you got a lot. stay warm up there!

    1. Hi Freddy, yes the diversification with the rental income is pretty nice (when things go well in the landlord’s world). Hoping to bring that dividend income to $15-16K this year. How about you?
      And just for you, I will keep on using my Mastercard, wouldn’t want your share to drop because of me!:)

  3. hey hey hey

    welcome back Caroline.

    You do such a great job tracking your finances!
    Nice 2 months on the rental front. congrats thats nice hourly income.

    Also congrats on finally coming to a conclusion on the work front, im sure that was a little stressful.

    You had a great year and its nice to see it written down so clearly. Not all goals were done, but thats fine as long as there was a little improvement on that front.

    keep it up

    1. Thanks Rob. It took me a while this time to get the report done because I was a little behind on tracking the expenses. If I only did it for the blog, I may not have done it but I am keeping track of it for myself mainly so it had to get done.
      I do hope rentals stay good this year too, the market is real hot in Ottawa right now.
      I guess not all goals are meant to be reached if you want to challenge yourself.
      Thanks for the feedback.

  4. Wow Caroline! An 88.7% increase is incredible! Congrats on the impressive cash flow results! Sounds like a busy but impressive year overall. I can also understand how the holidays would be difficult to deal with. Glad to have you back!

    1. Hi Graham, what is crazy about the increase is that I didn’t invest that much more money, I just focused a lot more on dividend investing in 2017 and started tracking it monthly …et voila!
      You keep doing what you are doing and soon enough you will get the same kind of dividend income. I wish I started as young as you:)

  5. Welcome back, missed you!!!

    I have been having a chocolate (or a few) every day for the past few months so you’re not alone.

    $12K in dividend income is amazing!!

    Have you ever calculated what your FI ratio is if you didn’t have the 3 kids to take care of? You’ve probably reached it by now, I would think?

    1. I missed you too:) But I wasn’t gone that long!
      Purdy chocolate? lol
      I do look at my FI ratio without kids and other discretionary expenses (usually in my post) but I will always have expenses related to my kids I think.
      And I do want to travel a lot more so I need to generate more FI income. Once I move my group RRSP to my self directed account and invest more in dividend stocks, I should be set:)

Leave a Reply