3/11/2013

The Big Backyard Project

I have talked about it in passing on a few posts over the last few months, but I have yet to dedicate one to our big, backyard project this year.  Starting in May (depending on frost), we will be contracting out the building of our fence, garage and deck.

We've been doing a lot of research to find a contractor that would be the best fit for us and we've finally settled on one that will be the right choice for us.  They have excellent references, and the most cost effective builder in our town too!

Here's a breakdown of the costs for each project:






It's a large sum of money.  Whoa, is it a large sum of money.  After  5% tax we have a grand total of $22,415.15.

I am however so proud, that Jordan and I have come up with a plan to pay for the project, almost entirely in cash.  Here is a break down of where the money is coming from.



Here's a breakdown:
So - where is it all going to come from? A lot of sacrifice and compromise.  You might remember from our 2013 budget post, that Jordan and I have scaled back our vacation and other planned savings/spending categories in order to maximize how much we have for our backyard project.

We realized just this month after some quotes came in with 2013 pricing, that we hadn't made enough compromises in our first budget for the year.

So, we have made two major changes.  We have stopped our allowances for the remainder of the year and cancelled my participation in my work's share purchase program for the rest of the year.  These two changes ($100/pay for shares and $25/pay/each for allowance) result in an additional $2,700 towards the backyard budget.

The next most significant change is my pay.  My supervisor has advised me of a pay raise this upcoming April.  I don't have 100% confirmation - but am confident that my new rate of pay will be approved.  I have updated our budget to reflect that new rate of pay, as well as accounted for the adjusted CPP&EI contributions (which will now stop in September rather than October).

Overtime - I have 75 hours of overtime in the bank that I will have paid out in a couple of months.  The sum is not the same as my regular pay because of an increase in taxes payable - but it's nothing to sneeze at, that's for sure!

Smaller items include :
  • Incentive compensation is a bonus (of such) for share ownership - I expect that payment in March.
  • Inuvialiut - Jordan receives a small sum of money each year from this trust for members of his Inuit Tribe (for lack of a more appropriate word)
  • Birthday money - we always get a bit of birthday money from our grandparents
So, after all of that - we're going to be about $1,300 shy.

There it is - The Big Backyard Project.

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1 comment:

  1. All that money you paid for your house, and it didn't include a garage??!! Wow.

    Congrats on the pay raise!

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