How I'll Save 50% Of My Income In 2023 - Resetting My Finances (& How Much I Made Last Year!)

[@stephandden]

Happy 2023, everyone! What are your money goals for this new year? Let us know! ✨

[@kelseyh7918]

grow my income and continue investing!

[@m.b8157]

Buy a second home, 50k saved year end 10k invested

[@camillegroulx7420]

Happy New Year Steph. This year, I want to strive to be eligible to own a great credit card that will give me lots of priviledges.

[@fabmontreal25]

Happy New Year Guys 🎉. To pay off car in 10 months. Love your budget videos.

[@EviilMyName]

Happy New Year! To buy a house at the end of the year, be self employed by this time next year, and to increase my current savings of $40k to $60 by December!!

[@kelseyh7918]

It would be interesting to see a video about the details of how you spend less, such as free things to do for entertainment, grocery store apps, DIY etc.

[@stephandden]

Thanks for the suggestion! We can definitely talk about this in a future video 😊

[@alwinhuynh]

i like the financial news and market videos, but these personal ones are always my favourite to watch. awesome start for you guys being self-employed... crazy how it's only going up from here! you guys rock 🎉

[@stephandden]

Thanks so much! We appreciate you 🙌🏿🙌🏻

[@MsEricao]

Would you ever do a video showing how you secured that $225k? Not a detailed breakdown of how much each brand deal paid but a breakdown in percentages of each respective income stream? I think it would be very helpful for those of us that are interested in starting an online business - keep up the great work!

[@stephandden]

Hi! That's a good suggestion, we might talk more about it in a future video! Thanks for watching 😊

[@braveheart9658]

Would be an interesting video for sure!

[@Genzmillenial]

@@stephandden I personally would want to see all the brand deals as well. Not on a case of "x brand paid y", but maybe " we made x from brand deals, which included a, b and c brands"

[@pier-oliviermorin7046]

Awesome video Steph and Den! You guys are an inspiration in the Canadian finance world ✨

[@stephandden]

Thanks so much! 😊✨

[@littlepeach8921]

That pretax revenue is insane!! Congrats guys 🎉 love your uploads.

[@stephandden]

Thanks so much! We're glad you're here 🙌🏿🙌🏻

[@stonecoldhitman7662]

I really enjoy your videos. As you talk through your process, it becomes crystal clear how focused you need to be to stay on target and reach your goals. This is true for finances and any goal in life! Great videos as usual!

[@stephandden]

Thanks so much! 🙏🏿🙏🏻

[@maddielee7270]

I would love to see a video on finances and automation and if your money is automatically transferred to different places when you get paid!

[@stephandden]

Great suggestion! We'll do a more up-to-date video sometime soon - stay tuned 😊 We also have a video titled, ' The Bank Account Set Up I've Used to Save $50,000' where I talked about how I automate my money.

[@daniellemclean8171]

your videos have changed the way I look at my finances overall but mostly budgeting and savings! i love the year in review

[@stephandden]

We love to hear that! So glad you like it 😊

[@thirteenwolfies]

Happy new year Steph & Den! 🥳🌟 I wish you lots of happiness and success this new year! xoxo

[@stephandden]

Happy new year! Thanks so much 😊✨

[@Mareeeyam]

Wow super impressive! Congrats on all your success in 2022! I look forward to your uploads always :)

[@stephandden]

Thank you! More to come 😊

[@lydiahm.445]

Very informative. Great work Steph ❤

[@stephandden]

Thank you! 😊✨

[@Schematex1]

Do you have a new updated google sheet template like shown in the video?

[@maddylovesgood]

youre killing it!!

[@stephandden]

Thank you! 😊

[@bnwo]

You had a great year. Congrats. Keep it up.

[@stephandden]

Thank you! 😊

[@lastking8277]

Very informative and inspirational. I am happy I came across this channel. I have incorporated many things from the videos over the years into my personal finances. Happy 2023 to both of you!!

[@stephandden]

We're happy you're here, too! Thanks so much, happy 2023 😊✨

[@WalkingandTalkingAussieGirl]

happy 2023 will check out how you go 2023

[@stephandden]

Happy 2023! We're glad you're here 😊✨

[@being.compiled]

Steph, if you have $6,500 available to save, do you put it all at once in your TFSA at the start of the year? Or pay small installments throughout the year? ie the longer it's in the market the better vs timing the market. Look forward to your 2023 videos!

[@stephandden]

Hey! Good question - you could do either one, it's up to you. In my case, I'm choosing to invest $1,000 per month instead of putting my full $12,000 in a lump sum because I want to follow the 'dollar cost averaging' concept (ie. investing a set amount on a consistent basis; the idea is if one month the prices to buy are higher, and the next is lower, it averages out to a lower price then if you invested a lump sum on the most expensive date). Let us know if that makes sense. 😊

[@villehollis4150]

WOW! I LOVE LOVE LOVE!! the success you are both seeing, hard work paying off!! Congrats!! Curious, are you paying yourselves a salary with (CPP/EI), or dividends from the corporation? Also, are you investing within the corporation? If you haven't already, a video on the basics of a corporation and investing within it and paying yourself etc. would be very interesting! Keep up the incredible work!!

[@stephandden]

Thank you so much! 😊✨ We're on payroll on a monthly basis, but we have a blended approach where we can pay ourselves out dividends, as well. Thanks for the video suggestion, we'll definitely keep that in mind!

[@autobotdiva9268]

Gotta get back on track.

[@Parallel-Videos]

you may want to look at creating filters or sumif criteria so you can change the dates at the top of your monthly template and the data with change... ive gone your route of having tabs per month and the doc just gets unruly quickly... also if u have a design change idea or want to add a category its super annoying to change 12 pages of stuff/year... so i just change the date range at the top and then all the calculations update... so just a master monthly tab that can automatically show you the data for whatever month you want - not that you asked for suggestions, just thought i'd share :p

[@stephandden758]

✍✍✍🗼🗼🗼⬆️⬆️⬆️⬆️☎️☎️☎️☎️

[@nncynguyen]

Hi Steph & Den! I used your budget template in the past year and it has helped so much with my budgeting goals! I love that you added an expense tracker this year. Do you by chance have this posted on your website as well? I'd love to start using it too!

[@christopherszewczyk9683]

You could probably earn more on your emergency fund by going to discover bank or ally bank or capital one, it's at 3.30% right now.

[@tn98544]

Great vid as usual. Also good to see that rent hasn't increased either. Good landlord

[@stephandden]

Thanks so much! Agreed, it's definitely a huge benefit 🙏🏿🙏🏻

[@AMMandrea123]

Where are your transportation costs? Heath insurance? Travel/vacations? Clothes?

[@stephandden]

I don’t have transportation costs on a monthly basis - I walk everywhere! A few times a year I’ll take public transportation - in that case, I have a prepared card that auto reloads with $100 (last year I only reloaded once I believe!). No health insurance costs at the moment, and I would include clothes under ‘Personal Care’! Re: travel costs - I don’t budget for that on a monthly basis either, but I do plan on doing some travelling this year. Those expenses would come out of my savings account as needed (and I’d re-fill that amount used at the end of the year). 😊

[@gracetien8751]

this is so helpful, thanks, Steph! will you also be adding the monthly budget updated page to your resource that you linked?

[@stephandden]

So glad it's helpful! Good question, we'll update the community tab if/when we update the spreadsheet that's linked 😊

[@simplelifeofrouge]

Happy new year Steph and Den! Great video as usual… its interesting to see that I have the same savings, investment and checking accounts like yours! 😊 hope I become more financial savvy like you guys…all the best for your financial goals this year ✌🏻

[@stephandden]

Happy new year! Ha, that is fun to see 😊 we hope you have a great (financially and otherwise) year ahead 🙌🏿🙌🏻

[@TwiinStar1224]

My WealthSimple account has been negative for a year lol and I'm on risk 8 or 9 I think. Now that I'm only down ~$800, I'm finally going to open an EQ Bank account and just put half of it there for some steady gains.

[@mhairirobertson]

Congrats on a very successful first year! 🎉 One question: why do you move the $1,000 over one month at a time rather than doing a lump sum?

[@stephandden]

Thanks so much 😊 Good question - for me, I'd prefer to 'dollar cost average' into the market (we've talked about this in a past video if you search 'dollar cost average' into our channel's search bar), and it also keeps me in the habit of investing consistently vs once per year. But, some people might choose to just invest in a lump sum amount!

[@WithSandra]

how did you find an accountant that understood how to work with creators? thanks so much!

[@stephandden]

We found our accountant through Instagram! 😊

[@okikiconsulting]

That's incredible!

[@stephandden]

Thank you!

[@Parallel-Videos]

how are you paying yourselves? are you treating yourselves as T4 employees or just e-Transferring yourself ~$2,000 each month? Curious about your system, thanks

[@modernpicasso_]

Great video. Would be interested in seeing your approach in terms of budgeting for your personal income tax. I assume the $2k per month income is the "after tax" amount. As such, I am guessing there was a process in place as part of your corporation entity to breakdown the fed tax etc. to payout to the government.

[@KalU7376]

Is there a reason why you're keeping the TD checking/savings accounts when you can open a Simplii checking account for your bills and put the excess money you have in your TD accounts into your EQ Savings account and or invest and make more money?

[@stephandden]

Great question! 😊 I (Den) have an account with Simplii that I use as my main bank/money hub - Steph on the other hand has always met the minimum account threshold at TD in order to maintain a 'no-fee' account so there's never been a sense of urgency or need to switch. We explain this a bit further in a video titled ' How to Reach Your First $100,000 and Beyond (The Truth For ALL Beginner's)'

[@morzariadeep]

Woaaaaah.......goood for you !!!

[@stephandden]

Thank you 😊

[@mamayaaopoku6284]

How is your utility expense $30? Does that include water and electricity? Do you have tips for reducing utility costs?

[@stephandden]

That’s my half - usually it’s a total of between $50-65 (max). One tip is doing your laundry during off peak hours, that helps with that cost specifically!

[@Esther-uo7fs]

All money is saved to spend, eventually! That's zero based budgeting

[@anujaparikh5410]

hi, I know this is an old video but it would be a good idea to incorporate line charts in your year at a glance page (if you haven't added yet) so you can track the expenses visually which has been a game changer for me.

[@wealthyintime1]

Ever consider giving yourselves a raise to your monthly salaries, such as 3% or 5%, to deal with cost of living increases? Considering the government is basically helping people with price of gas (removing or lowering fuel prov fuel tax) ,monthly rebates on electricity , and extra GST rebate checks. When these things will be reduced or removed, it is going to be felt by households

[@stephandden]

We personally won't be looking to raise our salaries based on cost of living increases at this time (as our main expenses haven't changed dramatically - like rent) 😊 but it's definitely something to consider in general!

[@raymondhoho]

This is very inspiring. Thank you! :^)

[@stephandden]

Thanks for watching! 😊

[@Nick-un1em]

Maybe I missed it, but why keep savings in the business account (which is taxable?). Why not pay yourself 6K more, and then just put that extra money in a tfsa? Would that be more efficient?

[@stephandden]

It's actually more tax efficient for us to keep a certain amount of money in the business account 😊

[@tonespeaks]

@Steph & Den That was a great video. I noticed in your Monthly budget that you don't have any money reserved for Big purchases like TV, Sofa and etc. Why wouldn't Dentist Appointments be in a category like personal care/medical care, instead of part of Sinking funds.

[@stephandden]

Thanks so much! Yes, no big purchases planned at the moment 😊 I decided to make it a 'sinking fund' instead, because it's not a recurring monthly costs for me!

[@fasteddy3336]

Hi Steph! Great video. I have a couple of suggestions. When I receive a bonus or a bulk amount of money, I’d like to use the hybrid investing. Put half or 2/3 of the bulk amount invested ASAP and DCA the balance the remaining year. Send Den to massage class and save the cost. I’m sure there’s someway you could figure out how to pay him back for his schooling? If you add in some takeout, you can call it a date night.😂😂😂❤

[@stephandden]

Hahaha, love that idea 😂😂 The massage is one thing I plan to keep, because I have ongoing back issues (scoliosis - I wore a brace for 5+ years when I was younger!). It definitely is a bit pricey without benefits, but I find it helpful. I could always add Den in as the day to day go to, though (ha!) Thanks for watching + your comment 😊

[@ryantsui2802]

IMO if you're going to go for the asset allocation fund you should probably figure out if withdrawing money out of the roboadvisor would save you fees since you're going through the research anyway.

[@stephandden]

Hey Ryan! Good point - I'll definitely be doing a deep dive into the best option(s) for me before changing anything up, and I'll make sure to look into that as well. 😊

[@milhouse7145]

I didn't notice any transportation expense, car, gas or public transportation.

[@stephandden]

I don’t have transportation costs on a monthly basis 😊 I walk most places, and every once and a while use public transportation (my card is preloaded with $100 at a time)

[@being.compiled]

Thoughts on FHSA?

[@stephandden]

We'll be doing a video covering it in the future! 😊

[@dinagalall]

After a year of working for yourself, do you think you can go back to a 9-5?

[@stephandden]

Hi! Could I, yes - but it would be an adjustment for sure (just like adjusting to working for myself was!). It's not in the plans though 😊

[@dinagalall]

@@stephandden I understand. I wish you all the best guys. You guys make great videos. 😊

[@NorthLuckStar]

Do you not have health insurance? 😮

[@stephandden]

Not at the moment! We’re in Canada, so basic healthcare is covered for us 😊

[@sabinepaley6379]

A hair appointment is $800?!

[@stephandden]

For dying it, yes! I have a lot of hair and I go to one place that I trust, but their prices have gone up a lot post pandemic 👀 but it’s not something I do often!

[@sarcasm176]

Is it me or she sounds like hilary duff?

[@stephandden]

Usually I get Amanda Seyfried, ha!

[@kade629]

Why do you talk soooo fast? 😬

[@stephandden]

🤷🏼‍♀️ I try to slow down as much as I can - definitely used to be faster, ha! 😊

[@ActiveRehabMobility]

White guilt?

[@stephandden]

🤔

[@broccoli4036]

Super interested in knowing more about the new Tax-Free First Home Savings Account 🥹 is it only tax-free once we use the money to invest and make profit of it like tfsa?

[@stephandden]

Hi! We'll do a video on this soon to cover all of the details 😊