Setting up new financial goals during a move is a fantastic idea! Allocating funds from the syncing fund for home expenses is a strategic move, providing a financial cushion. Estimating costs like double mortgage payment and utilities reflects thorough planning and responsible budgeting.
I’m new here from the moving blogs and I love the transparency. As an influencer it’s so easy to say oh is not appropriate to talk about money. So many people don’t have access to this type of knowledge and the importance of understanding where your money is going before it gets there
Yes, personal finance has been a big part of my channel my life for a few years now and I truly enjoy creating this kind of contact because not a lot of people talk about it!
Your budget videos always make me so excited about my finances! I really appreciate your authenticity and transparency. I feel so supported, even though that's such a dorky thing to say! All of your videos are just wonderful and they've really helped me through the past couple of months. So grateful for you!
It's so interesting hearing about the taxes of personal vs business in Canada! I feel like it's the opposite in the US since business income gets way more tax breaks even when you pay yourself while W-2 income (basically any 9-5 income) is taxed ridiculously high with state, federal, sometimes city tax, medicare, social security, etc 😅
I mean, don't get me wrong there's definitely pros and cons to both here! But last year I got talk still like 40% on the personal side with the business😅 luckily, I switched over to a different systems. I'm only getting taxed at about 9% but I still trying to avoid paying myself if I can because you're literally just double taxing!
Yes, I think that's a lot of people do it! But because I have a separate credit card linked to the sinking fund savings account, and I just paid off from that sinking fund every time I use the credit card I'm not too sure if it makes sense for me to track! If you use the same credit card for everything however I do think it makes sense to track because then you're seeing which part of your credit card is coming from sinking funds, etc.
Interesting so in Canada your electric company does the “time of day rates also”. Here in michigan our time of day higher rate goes from 3 pm to 7pm on Monday through Friday (not on weekend or holidays). Also during winter months the extra time of day rate is close to regular rate but in the summer months is a bigger difference.
Yes! So our electricity "off peak" aka cheap times to use are from 7pm-7am, on weekends and holidays! So we never do laundry or anything during the day, always at night or weekends!
@@CarterSullivan Wow with the 12 hours I can imagine it being worse in the summer when the AC is running. It only being 4 hours here usually I can turn the AC up a few degrees during peak hours and not even notice it. However with 12 hours I would most likely feel the difference.
Hey Carter! Love these financial videos so much! Personally how I handle paying for things with sinking funds is by adding the sinking fund as an income stream and then adding the purchases as a regular expense. It helps me better track what amount I’ll need to throw on my credit card. However if you like a clear view of your annual income without “paying yourself” from savings. It throws that off a bit. I personally just subtract off sinking fund income from the annual income to see how much I actually made. Hope this helps!!
So helpful thanks! For those sinking fund expenses I have a specific credit card and savings account that are linked that I use so I don't feel the need to track it because I'm paying off my credit card immediately with that linked sinking fund account if that makes sense! So that's why I struggle to decide if I want to track it or not! Since I'm not using my main credit card that he's for every day spending I have like a set credit card for sinking fund purchases!
@@CarterSullivan that makes sense, and is a great idea! Defs nice to keep things seperate. I definitely cluster everything onto the same card and it can get confusing 😅
We have always opted to pay our property taxes in full and not add it on to our mortgage payment! So we pay our property taxes in I believe it's March and June here in Ontario!
I’m in Canada too and wanted to mention mail forwarding through Canada Post is just for letter mail! So make sure you contact anyone sending you packages! Great video!
Interesting because we've definitely had some packages forwarded to us! Maybe it was just a specific post office thing since they knew me well lol! but they said that they would send packages that don't require signature! ☺️ So maybe its post office dependent?
Super interesting that it says it doesn’t forward parcels on Canada Post website! I remember being worried about that when I moved. But I’m so glad you get the packages forwarded!! ☺️
Wow a great mortgage cost. Wondering if it was ever mentioned the total cost of the house and down payment? We’re shopping here and 10% down on a 500k house our monthly is still like 3600.
So in Canada, you can port your mortgage! So we bought our first house in 2021 when interest rates were 1.8%. And because we bought roughly around the same price we were just able to port over our mortgage and keep our interest rate! The differences in house cost was about $20,000 which is why you see our new mortgage is an extra $140 a month but it's still calculated at that low interest rate. We never shared exact price of this house for privacy/safety reasons but it was under $500k! We were told on our second home we had no choice but to put 20% down if the funds were available through equity/profits in our home so that's what we did. We had hoped to put 15% down, so we could have some extra money in her pocket for renovations, but we were told no by our mortgage broker! I'm sure there was some like logistics behind it (or not who knows because our mortgage renewal process was not good in terms of communicating with us) so we put 20% down on our second home because we had enough equity in our first house to do so and had no choice as per the bank honestly. Anyways, hope this was helpful! As I mentioned in the video, there are some parts of our home and finances that we choose to keep private because like I said Matt didn't ask to put his finances online and he is of course, 1/2 of the house but I hope this was helpful and answered your question! 🥰❤️
@@CarterSullivan absolutely, thank you!! That is a nice feature “porting” the mortgage! I forgot you mentioned that earlier. Didn’t mean to pry for specifics 😂 thanks for your transparency as always, and I would respect if you didn’t wanna share. Helpful to know how people “make it work” lol it’s rough out here.
@@kalisue6573omg not prying at all don't even worry, I'd be curious too especially since interest rates are high right now! Truthfully if we hadn't bought back in 2021 and settled for that first home we would probably not be able to afford to buy now because of rates😅
@@CarterSullivan in our area it’s 7.6% right now 🤯 can always renegotiate when they go down but yeah, yikes. We’re a year or so out from pulling the trigger but it’s painful lol
I have had the sinking fund issue as well. I have a sinking fund for Christmas/Gifts and because the holidays are coming up, I've been purchasing gifts. I haven't counted it as an expense because I already have the money saved for it in that savings account but I suppose you could put it as income and then deduct what you spend?
Your lawyer sounds like our version of a title company in the US. You pay a fee to them and they handle the papers and research to ensure the home is clear with no liens. They also should have the lawyers if something happens to handle it. The 20% seems odd but maybe it had something to do with porting? Do you guys have private mortgage insurance (PMI) required when you have under 20% equity in your home? The lack of communication makes me think they just made you do it for that.
Yes that is exactly why we get lawyers in Canada- so that seems to be the comparable in the US (good to know)! I think the 20% had something to do with porting (they knew we'd have the funds from selling our home) and we already had to be re-approved to qualify for the bridge loan so we were told we couldn't put less than 20% down. In Canada if you pay less than 20% you have to pay a mortgage insurance (CMHC) so I think they just auto assumed since we "had" the funds we would put 20% down. Honestly the whole mortgage process the 2nd time was a nightmare and night and day from the first- big lack of communication with the bank on almost everything.
How do you decide the amount of money to put in each category of your budget? I fear that I'll put a random number and in the end it's not going to be enough
So I thought about it but because I have a designated credit card and attached savings account to use for sinking funds thats not used for anything else it feels like more work for no reason LOL I feel like if you use the same credit card for everything then yes track your sinking funds in income and expenses but because I buy something and immediately pay off with sinking funds and only use the credit card for that it feels kinda silly I've decided!
So the 2 previous owners renovated the structural part of the home top to bottom so any asbestos would have been found then when they re-did the insulation. Our home inspection did find a small piece of potential asbestos in the basement which we got removed to be on the safe side. One of the first things we did was an asbestos consult and it was looked at from top to bottom and was all clear besides that one potential spot in the basement. We truly got a best case scenario with this home since the walls have all been re-insulated recently and the one piece flagged is removed! Of course asbestos is fine if left undisturbed but we wanted it gone for peace of mind!
Our new foster dog!! My videos are a week or so behind from real time but we're introducing her to the vlog next week!! 🥰 She just decided she wanted to make an appearance early LOL
I decided not too! As you can see in the comments- I have a designated credit card for sinking funds which is attached to a sinking finds savings account! Therefore it isn't necessary to track it since its all within one account. If you were someone using 1 credit card for EVERYTHING then yes you need to track which spending you're paying off from said sinking funds but for me with a credit card solely for sinking funds I realized its just unnecessary work!
Setting up new financial goals during a move is a fantastic idea! Allocating funds from the syncing fund for home expenses is a strategic move, providing a financial cushion. Estimating costs like double mortgage payment and utilities reflects thorough planning and responsible budgeting.
I’m new here from the moving blogs and I love the transparency. As an influencer it’s so easy to say oh is not appropriate to talk about money. So many people don’t have access to this type of knowledge and the importance of understanding where your money is going before it gets there
Yes, personal finance has been a big part of my channel my life for a few years now and I truly enjoy creating this kind of contact because not a lot of people talk about it!
Your budget videos always make me so excited about my finances! I really appreciate your authenticity and transparency. I feel so supported, even though that's such a dorky thing to say! All of your videos are just wonderful and they've really helped me through the past couple of months. So grateful for you!
This is such a sweet comment, thank you!!!! I love how supported you feel- that's always the goal here!
I love these monthly budget videos. ❤
It's so interesting hearing about the taxes of personal vs business in Canada! I feel like it's the opposite in the US since business income gets way more tax breaks even when you pay yourself while W-2 income (basically any 9-5 income) is taxed ridiculously high with state, federal, sometimes city tax, medicare, social security, etc 😅
I mean, don't get me wrong there's definitely pros and cons to both here! But last year I got talk still like 40% on the personal side with the business😅 luckily, I switched over to a different systems. I'm only getting taxed at about 9% but I still trying to avoid paying myself if I can because you're literally just double taxing!
I always put my sinking funds used in income. Makes is so coherent to track all spending without making it seem you’re over budget.
Yes, I think that's a lot of people do it! But because I have a separate credit card linked to the sinking fund savings account, and I just paid off from that sinking fund every time I use the credit card I'm not too sure if it makes sense for me to track! If you use the same credit card for everything however I do think it makes sense to track because then you're seeing which part of your credit card is coming from sinking funds, etc.
ps: your skin looks flawless!
Interesting so in Canada your electric company does the “time of day rates also”. Here in michigan our time of day higher rate goes from 3 pm to 7pm on Monday through Friday (not on weekend or holidays). Also during winter months the extra time of day rate is close to regular rate but in the summer months is a bigger difference.
Yes! So our electricity "off peak" aka cheap times to use are from 7pm-7am, on weekends and holidays! So we never do laundry or anything during the day, always at night or weekends!
@@CarterSullivan Wow with the 12 hours I can imagine it being worse in the summer when the AC is running. It only being 4 hours here usually I can turn the AC up a few degrees during peak hours and not even notice it. However with 12 hours I would most likely feel the difference.
Hey Carter! Love these financial videos so much!
Personally how I handle paying for things with sinking funds is by adding the sinking fund as an income stream and then adding the purchases as a regular expense. It helps me better track what amount I’ll need to throw on my credit card. However if you like a clear view of your annual income without “paying yourself” from savings. It throws that off a bit. I personally just subtract off sinking fund income from the annual income to see how much I actually made.
Hope this helps!!
So helpful thanks! For those sinking fund expenses I have a specific credit card and savings account that are linked that I use so I don't feel the need to track it because I'm paying off my credit card immediately with that linked sinking fund account if that makes sense! So that's why I struggle to decide if I want to track it or not! Since I'm not using my main credit card that he's for every day spending I have like a set credit card for sinking fund purchases!
@@CarterSullivan that makes sense, and is a great idea! Defs nice to keep things seperate. I definitely cluster everything onto the same card and it can get confusing 😅
Great video Carter! Do you and Matt pay your home taxes in full then or will you start in January going monthly?
We have always opted to pay our property taxes in full and not add it on to our mortgage payment! So we pay our property taxes in I believe it's March and June here in Ontario!
I’m in Canada too and wanted to mention mail forwarding through Canada Post is just for letter mail! So make sure you contact anyone sending you packages! Great video!
Interesting because we've definitely had some packages forwarded to us! Maybe it was just a specific post office thing since they knew me well lol! but they said that they would send packages that don't require signature! ☺️ So maybe its post office dependent?
Super interesting that it says it doesn’t forward parcels on Canada Post website! I remember being worried about that when I moved. But I’m so glad you get the packages forwarded!! ☺️
Happy almost December
Love these so much!
Wow a great mortgage cost. Wondering if it was ever mentioned the total cost of the house and down payment?
We’re shopping here and 10% down on a 500k house our monthly is still like 3600.
So in Canada, you can port your mortgage! So we bought our first house in 2021 when interest rates were 1.8%. And because we bought roughly around the same price we were just able to port over our mortgage and keep our interest rate! The differences in house cost was about $20,000 which is why you see our new mortgage is an extra $140 a month but it's still calculated at that low interest rate.
We never shared exact price of this house for privacy/safety reasons but it was under $500k! We were told on our second home we had no choice but to put 20% down if the funds were available through equity/profits in our home so that's what we did. We had hoped to put 15% down, so we could have some extra money in her pocket for renovations, but we were told no by our mortgage broker! I'm sure there was some like logistics behind it (or not who knows because our mortgage renewal process was not good in terms of communicating with us) so we put 20% down on our second home because we had enough equity in our first house to do so and had no choice as per the bank honestly.
Anyways, hope this was helpful! As I mentioned in the video, there are some parts of our home and finances that we choose to keep private because like I said Matt didn't ask to put his finances online and he is of course, 1/2 of the house but I hope this was helpful and answered your question! 🥰❤️
@@CarterSullivan absolutely, thank you!! That is a nice feature “porting” the mortgage! I forgot you mentioned that earlier. Didn’t mean to pry for specifics 😂 thanks for your transparency as always, and I would respect if you didn’t wanna share. Helpful to know how people “make it work” lol it’s rough out here.
@@kalisue6573omg not prying at all don't even worry, I'd be curious too especially since interest rates are high right now! Truthfully if we hadn't bought back in 2021 and settled for that first home we would probably not be able to afford to buy now because of rates😅
@@CarterSullivan in our area it’s 7.6% right now 🤯 can always renegotiate when they go down but yeah, yikes. We’re a year or so out from pulling the trigger but it’s painful lol
I have had the sinking fund issue as well. I have a sinking fund for Christmas/Gifts and because the holidays are coming up, I've been purchasing gifts. I haven't counted it as an expense because I already have the money saved for it in that savings account but I suppose you could put it as income and then deduct what you spend?
Yea thats always been my dilemma too! I never know what to do😅
Every time I see this sweater I want one - where is it from?! Thank you :)
Its a few years old from Aerie but they always sell it! I think it's called the crew sweatshirt or something similar!
Your lawyer sounds like our version of a title company in the US. You pay a fee to them and they handle the papers and research to ensure the home is clear with no liens. They also should have the lawyers if something happens to handle it. The 20% seems odd but maybe it had something to do with porting? Do you guys have private mortgage insurance (PMI) required when you have under 20% equity in your home? The lack of communication makes me think they just made you do it for that.
Yes that is exactly why we get lawyers in Canada- so that seems to be the comparable in the US (good to know)! I think the 20% had something to do with porting (they knew we'd have the funds from selling our home) and we already had to be re-approved to qualify for the bridge loan so we were told we couldn't put less than 20% down. In Canada if you pay less than 20% you have to pay a mortgage insurance (CMHC) so I think they just auto assumed since we "had" the funds we would put 20% down. Honestly the whole mortgage process the 2nd time was a nightmare and night and day from the first- big lack of communication with the bank on almost everything.
Good morning Carter happy Thursday morning and I loved your vlogs and you are amazing Supporter and I'm proud of you
How do you decide the amount of money to put in each category of your budget?
I fear that I'll put a random number and in the end it's not going to be enough
Trial and error. I've been doing this for years now so I'm pretty comfortable and know my spending well enough to estimate numbers for each category!
Great budget breakdown 😊❤🤑
Glad you liked it!!
Great video as always. I assume rrsp is a retirement account similar to what we have in the US with a 401k?
Correct!
Yes, I would add ‘short term savings’ to income!
So I thought about it but because I have a designated credit card and attached savings account to use for sinking funds thats not used for anything else it feels like more work for no reason LOL I feel like if you use the same credit card for everything then yes track your sinking funds in income and expenses but because I buy something and immediately pay off with sinking funds and only use the credit card for that it feels kinda silly I've decided!
The missing parts of the house never end Carter lol 😄🤗🌸Thanks for the share 🙋🏻♀️
Do you know of a free version of the budget spreadsheet?
I don't sorry- I know she often does sales on her Etsy shop however!
Thank you for sharing this video Carter Because I really really needed this one😀😀♥️
You did a really good job explaining your buying, selling and moving costs in Canada!
Thank you! No one talks about the second house you buy and how it works so hopefully this provided some insight ☺️
Just a question out of curiosity, does this house have asbestos, due to its age?
So the 2 previous owners renovated the structural part of the home top to bottom so any asbestos would have been found then when they re-did the insulation. Our home inspection did find a small piece of potential asbestos in the basement which we got removed to be on the safe side. One of the first things we did was an asbestos consult and it was looked at from top to bottom and was all clear besides that one potential spot in the basement.
We truly got a best case scenario with this home since the walls have all been re-insulated recently and the one piece flagged is removed! Of course asbestos is fine if left undisturbed but we wanted it gone for peace of mind!
Random question…who was that cute golden dog in the background while you were talking house?? 👀
Our foster dog!
@@CarterSullivan so cute!! How exciting!
💸💸💸
Who is the non Stella dog? 😅
Our new foster dog!! My videos are a week or so behind from real time but we're introducing her to the vlog next week!! 🥰 She just decided she wanted to make an appearance early LOL
Sinking
Funds come in as income and out as expenses
I decided not too! As you can see in the comments- I have a designated credit card for sinking funds which is attached to a sinking finds savings account! Therefore it isn't necessary to track it since its all within one account.
If you were someone using 1 credit card for EVERYTHING then yes you need to track which spending you're paying off from said sinking funds but for me with a credit card solely for sinking funds I realized its just unnecessary work!
❤
okay, this camera definitely makes a weird little rattling noise, right? 2:05 it's not just me right?
Weird on my end I hear nothing! It most likely is one of the dogs playing with a bone since they were right beside me!