Financial Report Update – July 2017 – Net Worth $28,660 (+3.65%)

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Financial Report Update – July 2017 – Net Worth $28,660 (+3.65%)

Welcome to my 11th Financial Report Update in a row! With a $20k increase since I started tracking my Net Worth (which was in August 2016) and a $16k Net Worth increase since the end of last year, we’re definitely on our way to crushing our goals this year! Since being a single income couple and with a newly born child as of early July, we had to adjust our savings expectation for the summer. We still managed to reach a 20% Savings Rate this month (37% on average for the year) but only a small $1k Net Worth increase since last month.

As expected I’m once again really late regarding the publishing date of my July financial report but I have a good reason (again!), as we’re currently on vacation in Europe with our family for a long 6-week trip. Anyway, here’s what happened in July!

If you have already read the following introduction section at least once, feel free to skip down to the juicy new content starting here: Financial Report July 2017.

Once a month I’m publishing a detailed report regarding my financial stats, in which I try to reflect over the past month – what went well or what didn’t go as planned. This also allows me to stay motivated towards the dream of being financially independent someday. My goal with these monthly reports is also transparency and I’d like my readers to emulate my successes and avoid my failures.

It feels kind of strange to publish all my financial details here, but it’s also a very motivating feeling. We have all pretty much different backgrounds regarding our personal finances, but hopefully my detailed reports will motivate you to keep on pushing harder. Whether it is to start a blog, or at the very least to start tracking your Net Worth, you can’t go wrong here as there are no bad choices! You can check out my favorite resources if you don’t know where to begin with.

My go-to tool to track all the data to generate these reports are extracted from my Mint account. I find it really easy to budget / analyze and visualize the trends, and I’m also a big fan of their iOS App! A nice feature is that it can be integrated very easily with Wealthsimple (since early January, Wealthsimple is now also available to people living in the US and it’s already in beta for people in the UK). Feel free to read my complete Wealthsimple review here, if you want to start investing easily and you’ll get a nice $50 bonus when you register with my referral link.

If you’re living in the US, you should also definitely check out Personal Capital. I have many friends back in the US using it and they absolutely love it! Basically it’s like Mint, still totally free, but more focused on investments, and it allows you to see your checking, savings, investments and retirement accounts in one secure, convenient place. Unfortunately, it’s not available in Canada (hopefully this will change someday).

Personal Capital

All stats on this report are combined for Mrs. FFG and I, and are in Canadian dollars, as we’re currently living in Canada. Here is a list of the sub parts of my report (you can click on each link to reach directly one specific part):

Table of Contents

If you’re interested, all the reports I have written since I started this website are listed on my financial stats page!

So here it is, my complete financial report of July 2017. I hope you’ll find it inspiring, and perhaps this will motivate you to start your own website.

July 2017 Income

Our income for July was surprisingly high, and will stay the same for the whole duration of my parental leave. At first, I had miscalculated how much I would be earning while on parental leave and I have nearly 25% more than what I was expecting, which is a good thing (around $1k gross per week)! This is due to the fact that the calculation for parental leave pay here in Canada is that you get 75% of your average pay from the last six months. But they count every single bonus in this calculation, so all-in-all as I had quite a lot of bonus, I get the equivalent of nearly 100% of my old paychecks. How wonderful!

Total Gross Income July 2017: $4,000

  • Previous Month: $5,660
  • Difference: $1,660

July 2017 Expenses

July was great once again in terms of spending. It was still a bit more than last month but we still managed to keep our expenses below $3k which is 75% of my $4k per month goal! We’re at around $22.5k expenses for the last seven months, so we should definitely be able to stay below our cumulative goal of $48k expenses per year. In fact I’m quite sure it will be done easily as we’re already away on vacation for a 6-week trip in our family since late July, where our expenses will be basically… nothing.

  • Home: $1,175
  • Bills & Utilities: $260
  • Auto & Transport: $300
  • Health & Fitness: $50
  • Food & Dining: $560
  • Travel: $275
  • Shopping & Entertainment: $100

Total Expenses July 2017: $2,720

  • Previous Month: $2,443
  • Difference: +$277

July 2017 Investments & Savings

For the past few months, we’ve been investing and saving in five (back to three) different ways which are nearly all on auto-pilot:

  • My Simplified Pension Plan (SIPP), where my employer offers a 100% match of my contributions, up to 2% of my salary (pre-tax). This was ended last month, as I’m on parental leave I can’t contribute anymore to this account until I’m back to work.
  • Our emergency fund in an High Interest Savings Account (HISA) with Tangerine in which I contribute $100 per paycheck. This was also ended as of this month as we reached a nice $6k buffer as en emergency fund and we feel comfortable with it. We might however increase it to $10k in the near future.
  • My Registered Retirement Savings Plan (RRSP) account with Wealthsimple, in which I contribute $100 per paycheck.
  • Our vacation fund with Mylo (Non-Registered Account). So far the last few months, Mylo has invested automatically a total of $198 from rounding up my usual transactions!
  • Our car loan. This category of savings includes only the extra one-time payments we make to our car loan.

As we’re on a single income at the moment, I have stopped doing some lump-sum contributions, and will probably resume some in September. Mainly due to this, our savings & investments were quite low this month (only around $600), and should remain the same next month.

  1. RRSP Account (Wealthsimple): +$200
  2. Emergency Fund (Tangerine): +$200
  3. Vacation Fund (Mylo): +$20
  4. Car: +$240

Total Investments & Savings July 2017: +$660

  • Previous Month: +$2,696
  • Difference: -$2,036

July 2017 Net Worth

Since buying back our car a few months ago, our car loan is now our only liability. Our assets are slowly progressing and this should be the same at least until September as we’re currently on a long family vacation! Anyway here are the details of our assets and liabilities as of early July.


  1. SIPP Account (employer & employee): $11,534
  2. RRSP Account (Wealthsimple): $6,298
  3. Emergency Fund (Tangerine): $6,350
  4. Vacation Fund (Mylo): $198
  5. Car: $14,800


  1. Car Loan: $10,520

Net Worth July 2017: $28,660

  • Previous Month: $27,653
  • Difference: +$1,007 [+3.65%]

My short-term goal is to reach a Net Worth of $100,000 (which we should be able to reach before 2019). We’re currently at 28.66% on this goal.

Net Worth short-term goal: 28.66%

July 2017 Savings Rate

In terms of savings, we were aiming at a 15% Net Savings Rate last year and an average of 20% for 2017. This is the first month that we’ve failed this goal this year, but this is really expected as we’re on a single income at the moment. As of early August we’re currently sitting on an average 37% Savings Rate for 2017. We’re still on track to reach our 20% savings rate goal on average this year, but I’ll have to check back after the summer to check how it went to adjust it if required. And it will also depend on when my SO starts her new job!

Net Savings Rate = Savings / (Gross Income – Taxes + Pre-Tax Contributions)

Financial Report Update – July 2017 – Net Worth $28,660 (+3.65%)

  • July 2017 Savings: $660
  • July 2017 Gross Income: $4000
  • July 2017 Taxes: $620
  • July 2017 Pre-Tax Contributions: $0

Net Savings Rate: 660 / (4000 – 620 + 0)

Net Savings Rate July 2017: 19.53%

  • Previous Month: 50.82%
  • Difference: -31.29%

July 2017 Summary

I’m always planning ahead with a zero-based budget in mind. This is an easy way to figure out where everything we’re earning is going. Keeping this in mind, let’s summarize where our gross income for the month of July 2017 went to:

  • Gross Income (I): $4,000
  • Expenses (E): $2,720
  • Investments & Savings Post-Tax (S): $660
  • Taxes (T): $620
  • Transfer from Savings (TR): $0

As a zero-based approach, here are the details:

I – E – S – T + TR = $4000$2720$660$620 + $0 = $0

Final thoughts

And this wraps up my detailed financial report of July 2017! I hope I’ve inspired you with this report (my complete list of reports are listed on my financial stats page), and that you had as much fun looking at mine as I had looking at others! Remember that it’s not a race though, even if the journey seems like a marathon sometimes.

It took me a few months before deciding to start a blog, but this really helped me to focus on my long-term goal of reaching financial independence. Everyone has to take the first steps if they are willing to reach financial freedom, and I’m convinced that everyone with the right resources and some reading can reach its goal!

– Vincent

What about you? Has your Net Worth increased last month? Let me know in the comments!

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  • Avatar for Finance For Geek
    Aug 26, 2017 at 8:26 AM

    I enjoy reading your updates. You are doing great. Please keep sharing.

  • Avatar for Finance For Geek
    Lance @ My Strategic Dollar
    Aug 26, 2017 at 10:35 AM

    Nice work! Still impressed with your progress considering the newborn situation! Keep it up and enjoy your vacation!

  • Avatar for Finance For Geek
    The 76K Project
    Aug 26, 2017 at 12:59 PM

    Great job making it work on a single income! And yay for parental leave pay – Canada, you’re doing it right.

    I’m intrigued by Mylo and will need to check it out. We need to start a vacation fund. Travel is important to us, and although we really dialed it back this year, I’d like to save for something pretty great next summer.

    Enjoy Europe!

    • Avatar for Finance For Geek
      Finance For Geek
      Aug 27, 2017 at 1:02 PM

      Thanks! I must say that even if we’re on a single income, it’s nearly the same as before as my SO was paid the minimum wage while finishing her PhD, so that’s not such a difference!

      Regarding Mylo, I really like it but it’s only available in Canada at the moment. It’s really the equivalent of Acorns for Canada with only a few difference.

  • Avatar for Finance For Geek
    Sep 02, 2017 at 6:49 PM

    What is your goal with the emergency fund? Many suggest 6mo of minimum expenses. I am comfortable with around 3. I think of it this way: how many months would it take for you to replace your income streams, without feeling stressed or pressured.

    • Avatar for Finance For Geek
      Finance For Geek
      Sep 03, 2017 at 11:16 AM

      It’s only really a buffer for us, as in unexpected expenses do happen (a lot!), and I do not want to take out money from investment accounts when that happens!

      Also we’re comfortable with $6k because it’s a bit below three months of expenses for us, but I might add more to it in a near future to reach $10k.

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