June 2011 Net Worth Update
Currently I am 100% debt free and tracking my Net Worth. My current Net Worth is $391,807.
The monthly percentage increase is: 1.71%
The year to date percentage increase is 7.26%
The break down is as follows:
Savings / Future Home Down Payment: $148,930 Percentage Increase: 4.13%
This has an abnormally large increase because I am not including the balance in my chequing account at the beginning of the month Normally it is around $2,000.
RRSP: $142,733 Percentage Increase: -0.26%
Pension Plan: $91,291 (estimated)
Vehicle: $8,853 Percentage Decrease: N/A (Depreciates 3% per month)
I have set my goal of having a 1% increase per month in my Net Worth so I am happy to see an increase of 1.71%, although some of that is due to me adding another account. I will have a bit of business income in June which will help, but I have also been using my credit card a little more freely than usual so it may even out.
It seems I have been spending more money than usual as my credit card bill has been substantially higher the last couple of months. I will have to look at this in greater detail.
In August I have 24 days off and I will be spending a great deal of this time mountain biking in Banff National Park. This will end up being fairly expensive, but definitely worth it. I am not going to concern myself that much about my progress in June, July and August and I will get focused again in September.
Gotta Live a Little
As with most personal finance blogs my topics revolves mainly around money, making more and spending less. Every once and awhile I have to be reminded to slow down and "smell the roses" as they say.
This weekend I was reminded how beneficial getting away for a couple of days can be. I love the mountains and biking so I decided it was about time I did some biking in the mountains again. After some use of Google I found that a new trail from the East Gate of Banff Nation Park to the town of Banff had been built. The runs between the TransCanada highway and the wildlife fence. The trip is approximately 12 KM one way. I road into Banff, had lunch and rode back in 2.5 hours. It was definitely an experience.
After my ride I went back and soaked in the hot tub at the . I don't normally endorse anything on my blog, but this resort is worth a mention. The rooms were fabulous, the staff was friendly and the setting was incredible. It is different than a hotel in that it comes equipped with a full kitchen. Rather than eat out 3 times a day I was able to bring my own food and buy some groceries to save a few bucks. I woke up in the morning to 6 - 8 deer about 100 feet from my suite. The last two days have prompted me to take my vacation in the same place. Two days was not enough, two weeks should be!
Remember to get out and enjoy once and awhile because you can`t take it with you!
May 2011 Net Worth Update
Currently I am 100% debt free and tracking my Net Worth. My current Net Worth is $385,219
The monthly percentage increase is: 1.68%
The year to date percentage increase is 5.46%
The break down is as follows:
Savings / Future Home Down Payment: $143,202 Percentage Increase: 2.67%
RRSP: $141,505 Percentage Increase: 1.13%
Pension Plan: $89,963 (estimated)
Vehicle: $9,127 Percentage Decrease: N/A (Depreciates 3% per month)
I have set my goal of having a 1% increase per month in my Net Worth so I am happy to see an increase of 1.68%. I will have some business income in April and May so I should be able to exceed my goals for those months as well.
No major changes for income or expenses this month, but I did tend to eat out a bit more than usual. I will be moving my RRSPs this coming month to a different institution which will cut the fees in half. I am looking forward to the end of June when I will be done paying CPP and EI for the year. Some extra money on the pay cheques never hurts.
Reasons to Refinance Your Home Loan
There are just too many refinance home loan products that are currently available in the market. You may have a hard time choosing the best and most ideal among those for your personal and financial condition. More and more loan providers are coming up with new refinance mortgages as years come by. This could be a clear indication that the number of refinance borrowers continue to rise.
Refinancing is basically a process of replacing a current debt obligation with a new or better debt obligation, which could have different terms. To date, the most common type of consumer refinancing revolves around home loans or mortgages.
Benefit from more competitive interest rates
Borrowers who apply for and obtain home loan refinancing products are usually those who intend to take advantage of more competitive or better interest rates. Your current home loan may have an interest rate that is higher by 2% or greater compared to the rates of the current products in the market. Refinancing could be your best and most feasible strategy to reduce your monthly payment amount for a home loan or to shorten your loan term.
Your decision to lower your monthly repayment amount each month could also bring about several effects to your mortgage. Your home loan refinance initiative could lead to a longer term. Remember that when it comes to loans, there is a general principle that the longer the term is, the lower the monthly repayment becomes. Short term loans could make your monthly repayments higher.
Cash generation and debt consolidation
The second most common reason to refinance your mortgage would be to free up some cash. The refinance mortgage could be your strategy to obtain liquidity, which you may need to finance your important investment activities. You may opt to use the refinance mortgage amount to repay your current home loan in full and then use the remaining money to fund your investment or business needs. You could also opt to use the full amount for investment activities.
Debt consolidation is another common reason to refinance. Use the loan amount from the mortgage refinance to repay all or some of your current loans or debts. This way, you are consolidating those into one, with a single and lower interest rate. Debt consolidation would make your life easier as you would pay for a single loan every month. It could also help avoid the risk of delayed repayments or possible default.
Where to get mortgage refinance
You should start scouting the market to find and choose the best mortgage refinance product that would suit your personal and financial situation. You may ask lenders and other mortgage loan providers for such products. It is also ideal to talk to your current mortgage lender if it could offer you a refinance product with better rates and terms so you would not have to change your loan provider.
The Internet has also become a good venue to find and get such refinance mortgage products. You could be surprised at how numerous such refinance loans have become. Most traditional lenders and mortgage loan providers have established their online presence now to cope with rising and intensifying competition.
Andrew Black has been helping people to their home loans for several years. When he is not working, Andrew likes to share his knowledge online.
April 2011 Net Worth Update
Currently I am 100% debt free and tracking my Net Worth. My current Net Worth is $378,856.
The monthly percentage increase is: 1.28%
The year to date percentage increase is 3.72%
The break down is as follows:
Savings / Future Home Down Payment: $139,303 Percentage Increase: 2.28%
RRSP: $141,505 Percentage Increase: 0.48%
Pension Plan: $88,369 (estimated)
Vehicle: $9,409 Percentage Decrease: N/A (Depreciates 3% per month)
I have set my goal of having a 1% increase per month in my Net Worth so I am happy to see an increase of 1.28%. I will have some business income in April and May so I should be able to exceed my goals for those months as well.
My major expense is rent and I pay it every 3 months so there will be months where the increases are not as prominent. This was a rent month.