2019-04 Financial Checklist

I will review my financial “to-do” lists regularly. The whole point of blogging is to hold myself accountable and maintain my end goal of keeping only the essentials for my finances.

There is a reason I chose to have a free WordPress site. I have no desire to make any income from this blog. I am not sure where I would even slot it in. Plus as physicians, we already make enough.

It is often the outgoing/ spending problems which hurt many of our colleagues. And just to make you feel really bad, many folks make a fraction of we earn and they do very well financially.

Anyhow, I made a promise to myself that I would strive to simplify my finances. Reviewing checklists show me where my “fluff” lies.

Apr 2019 Checklist

  1. Opco Bank Account:
    1. Transfer excess cash to Holdco
    2. Review account for prior month transactions.
  2. Holdco Bank Account– invest extra cash in short term vehicles (90 days, 1 year GIC)
  3. CCPC Investment Account:
    1. Buy monthly VGRO ETF
  4. Personal Bank Account:
    1. Transfer extra cash to Tangerine High Interest Savings account. It is currently 2.75% and completely liquid so why not?
    2. Review account for prior month transactions.
  5. Pay any bills not automated.
  6. Bank deposits:
    1. Cheques can now be deposited on my iPhone. This is amazing.
  7. Resolve credit cards.
    1. Visa- Corporate
    2. Mastercard- Corporate for Costco
    3. Visa- Personal

Things have gotten simpler. I closed a Corporate entity which only held our office unit. It was easy to make the decision since I was focussed on making things easier for myself.

Note that there is zero activity for my RRSP or TFSA accounts. I invest in these accounts during January so I need to review them minimally. I also set the TFSA VGRO ETF on a dividend reinvestment plan at Questrade. I automate wherever I can.

In 2018, I had wanted to buy my TFSA and RRSP investments each month. Forget about it. If I can front load these, I will. Plus the thought of holding 60 GIC strips instead of 5 strips just makes me shudder now. I can’t control interest rates, it will be what it will be.

I bank with a credit union and Tangerine.

I limit us to one corporate and one personal bank account which has 99% of the transactions. This way I only need to review two accounts which have the autopayments.

I have an MD account for my investments. I started the kids with Questrade. They might as well begin with it set up for them long term.

I also started making my kids resolve their own credit card usage. They might as well get used to resolving accounts as it is a valuable habit.

My monthly checklist also became easier when I stopped shopping for better rates at the local banks. My credit union already offers good rates for savings. Furthermore, I notice they do not seem to have an issue if I break a GIC before the term maturity. This is great since I can roll the funds into a competitive term until a better investment comes along.

I needed to develop checklists after a while. If you are not careful, you will start “collecting” accounts and investments. That was what was happening to us. The current checklist is a fraction of what I used to have to contend with.

It was only from listing all the accounts could I begin to see the redundancies and illogical nightmare I had allowed to occur. It takes energy and vigilance to NOT allow this to happen.

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