Thanks but no thanks, BMO – Part Deux.

Remember a few months ago, when I got an offer from BMO for a line of credit I didn’t need? I do, because Gail tweeted it and I died, but that’s not the point. Read up on it here.

Well, they did it again. Except instead of a line of credit, they offered me an increase in my credit card limit. That’s all fine and good, because hey, sometimes increases are warranted. The problem lies in their sales pitch and the way they’re framing an increase.

Oops, they did it again.

They tell me a higher limit would give [me] a little extra for everyday shopping, larger purchases, travel, entertainment, and anything else. BUT they then go on to say that You’ll also enjoy peace of mind knowing you have available funds in case of an emergency.

Oh no you did not, BMO. Did I hear you try to play on my fear of an emergency? 

Two things: you’ll see I’ve handy dandily crossed out “funds” and helpfully written in “DEBT”. Because that’s what it is. Let’s call a spade a spade. Secondly, the way I prepare for an emergency is to build up a proper emergency fund. It took me awhile, but I did it and I’m proud of it. One of the main reasons why I did it was to ensure I didn’t get myself into a debt trap during a stressful time, and that works for me. I’m a type A, ready-for-every-scenario person and I do a lot of worrying so it’s natural for me to have a substantial safety net.

So in short, BMO is plain old wasting their time on me. I’d say I want them to stop sending me mail, but I really enjoy writing posts about how wrong they are, and I take an unhealthy joy in shredding ALL the things.

Paying the stupid tax and goals for March.

I’m still mad at myself for this, but on February 4th I did the dumbest thing I’ve done in a long time: I lost my bus pass.

It must’ve fell out of my pocket on the bus, therefore I had absolutely zero chance of anyone actually turning it in. I waited a couple of days, got ridiculously upset with myself, and looked everywhere I could think of but I definitely lost it. I think the most infuriating thing about it was that I was now going to have to pay around $150 to ride the Edmonton Transit System to and from work, which is NOT worth it given its many inefficiencies. I didn’t want to give them any more of my hard earned money! But I had to get to work somehow, so I bought $68 worth of bus tickets (it was too late to buy a new monthly pass for $89). That $68 was my stupid tax, and coincidentally I had just read Cassie’s post about stupid tax on my way to work, about eight hours before I lost my pass! I’m still very upset with myself for being so careless, but I’ve learned my lesson: bus pass will ALWAYS go into my purse after I show it to the driver. Not my pocket, not my lunch bag, my (secure) purse.

The $68 I spent on tickets actually helped me save money by not being able to go anywhere after my transfer expired. I’m guessing I saved at least that much (if not more) by being restricted to a walkable radius near my apartment. I’m willing to admit it now, as it may have been a blessing in disguise.

Which leads me to my February summary and March goal. I saved 49% of my net income in February (seriously, who am I, I don’t even know anymore), and since I pay my credit cards from my first cheque in March, I’m on track to save about 50% in March as well.

I love seeing my savings grow, but I’m probably going to have to shell out for a few things in March considering that while I was walking home from work one day, I realized that my left boot was no longer waterproof. It’s actually pretty good timing considering winter boots are on sale right now, so I’m hoping to find a good deal. I also need a couple of new clothing items (mainly a black cardigan), so hopefully I can find something reasonably priced in that department. I may or may not be getting my hair did in March, because I’m now officially closer to 27 than I am to 26, so the greys are taking over in full force. The worst thing I might have to shell out for is taxes. My return last year was small, and I didn’t get my T4 on time to do anything extra on my RRSPs (maybe it’ll be in the mailbox tonight!), so I might be owing this year (yuck).

What’s the biggest stupid tax you’ve ever paid? Do you have any big goals for March?

I had January goals – they were just secret, that’s all.

You know how sometimes you set a goal for yourself, tell everyone about it, and then fail miserably and have to tell everyone how you were on the front seat of the fail bus all the way to Failtown?

Yeah. That’s why I didn’t post about my January goal.

I mentioned in December that I was going to try and control my Christmas spending and actually hoard money throughout the Christmas season! Well, I got carried away with Christmas consumerism and vacation spending, and didn’t manage to save that much.

But in January, I decided that I would save as much as possible – no more frivolous spending. It was a new year, and it would be a new me. I was tired of never having extra savings, and knew it was because I wasn’t giving much thought to my day-to-day purchases. I had a hard look at my spending, and my paycheques, and decided that I could save even more than the 29% of every cheque I have deducted via automatic savings plans.

And I didn’t tell the blog about it.

For some people, public goal setting is beneficial in that it motivates them to do well or face the embarrassment of admitting to everyone they failed. Not me! Have you seen some of my goal setting posts? I basically fail every single goal I set and laugh it off/make excuses, except for the automatic savings plans. That’s money I know I can’t touch.

After I decided to save as much as possible it was like a switch flipped inside me. I gave every purchase a second, even third or fourth thought. I stopped going to the mall, I stopped getting sushi for dinner on a whim, I stopped reloading my Starbucks card at every opportunity. I slashed my disposable spending in half.

I feel like the worst personal finance blogger ever, because I can’t tell you why or how it happened. For some reason I just stopped, and I ended up saving 44% of my net income last month. That’s my motivation to continue this spending holiday into February, because I’ve already cut my spending in half so I can just keep it going (and February is a short month!). In fact, I found it so easy to keep going that I’m on track to save 52% of my upcoming paycheque. Seeing the boost in my savings account is my motivation, even if I’m not setting SMART goals for dollar amounts, I’m still seeing the balance in my accounts go up. That’s good enough for me.

Have you ever done a complete 180 when it comes to your spending or saving? What precipitated it? Have you made it a habit or did you go back to your old ways?

Money truths nobody else will tell you.

So in the whole lead-up toward MoneyAfterGrad’s event, Money Truths Nobody Else Will Tell You, I kept wondering to myself: was Metric right when they sang that we should never meet our heroes?

Nope, definitely not.

Me and Gail Vaz-Oxlade. Or, the best day ever.

Not only does Gail have a wicked sense of humour (I tweeted a few of her quotes last night, but there were many more that were less than PG), she is kind, gracious, and thoughtful. Her talk was filled with passion and humour, and afterward at the book signing, she greeted everyone warmly. She gave advice to anyone who asked, and signed dozens of books. I was her official post-it writer (she makes sure they’re all personalized), and chief PF fangirl for the event (thanks Bridget!). I can’t tell you how fantastic it was how she engaged with every single person who approached the table, even giving her email address to one person and asking her to email her story. She gave one woman a post-it note to settle an argument between spouses, and along with books, signed a grocery money jar and a wallet (!).

Gail Vaz-Oxlade speaks on Money Truths at the UofA.

I even got my own special validation hug when I told her I had a $10K Emergency Fund and no debt! It was an amazing night. Then, like the Personal Finance Fairy Godmother she is, the clock struck 7:00 p.m. and she was whisked away to the airport, to impart personal finance wisdom to another group of University students.

My Personal Finance Hero. Will be here. Monday.

Well, thanks to all of Bridget’s hard work, I will be attending a very special free lecture at the UofA on Monday. GAIL VAZ-OXLADE IS COMING, YOU GUYS.

Money Truths. Image from moneyaftergraduation.com

Not only is Gail giving a 100% free lecture, she’ll be sticking around afterward to sign some books! Bridget made sure that copies of both Gail’s new book, Money Rules, along with Debt Free Forever will be available for purchase at the event so after you listen to an inspirational get-your-ass-into-gear talk by Gail, you can buy her book and get her autograph (which, let’s be honest, is priceless)!

I get to help out with the event (I’ve asked Bridget for a headset and clipboard, no word yet on whether she’s going to deliver) and I could not be more excited. If you’re in Edmonton, you don’t want to miss this!

I am ridiculously excited for this day. Remember when she tweeted me and it was the best day of my life? And then she wished me a happy blogiversary and I almost died? Yeah. I don’t think I’ll make it through the night. As I told Bridget when she asked me to help, I don’t want to math, I just want to fangirl. And that’s what I’ll be doing.