We have a motley little group of people who get together for what we call Money Mondays. Last week I spent 8 hours doing the write-up below & accompanying deck. It isn’t edited & it’s meant to give an overall view, so it is very lean on details. However, I thought some people may enjoy it so I’m posting it below.
Having said that, I have also recently come across these three interesting articles on retirement, which I found super informative.
TFSAs vs. RRSPs
Basically, the way you should look at them is as if they were buckets. They are just holding places for where you put your money. On their own they are nothing – just places where you can stick money. If you put $100 in each of them today, you would have $100 in 20 years.
BUT, within the buckets you can hold almost any kind of investment: bonds, index or mutual funds, GICs, etc. (OBVZ not real estate) and the investments are allowed to grow tax-free within these buckets.
Part of the confusion surrounding these two (buckets) is the way the finance industry speaks about them. For example, “my RRSP made $1000 in interest last year” is technically correct but what it really means is, “the investments INSIDE my RRSP made $1000 in interest last year.” Some people think they can just stick money into the bucket and leave it. You can but you won’t make any interest on it. Unlike the low interest you may get in chequing and savings accounts, TFSAs and RRSPs generate ZERO interest on their own. You need to choose an investment to generate interest.
What the hell is a pre-tax dollar? The language around RRSPs is often confusing with many articles stating that you will “get half of the money back” when you contribute to an RRSP. That *can* be true – if you are a high-income earner – but it is generally much less than this.
A pre-tax dollar means that you can save money in an RRSP BEFORE the government taxes your salary. So if you make $55000 a year, and you put $6000 into an RRSP, the government treats your income as if you had made $49000 instead. So the government returns the taxes that you “overpaid” on that $6000 when you contributed to your RRSP.
With Group RRSP plans and Pensions, your Pay & Benefits department usually already adjusts your salary based on your contribution. So you get more in your pocket every pay but you won’t see as much of a “return.”
What the hell is an after-tax dollar? That is basically money from your NET pay. You’ve already been taxed on it.
Tax brackets: If you will notice in the above example as well, an RRSP contribution can bring you down a tax bracket:
– On the first 0-$49020 the tax rate is 15%
– On the next $49020 to $98040 the tax rate is 20.5%
– By contributing to an RRSP, that (appx) $6000 is escaping the fate of being taxed at 20.5%
(we can discuss how progressive taxation works another time)
A note on pensions: You will notice that above I mentioned that Pay & Benefits departments usually reduces your tax-payable at the source when calculating how much tax to take off of your paycheque. That is because Pensions and RRSPs use the same contribution room calculations. So if in 2021 you contribute $20000 to a pension (if you are in the max RRSP category), you will only have $7830 left in contribution room should you decide to contribute to an RRSP. It’s all treated as retirement savings.
So how do I choose which one to contribute to?
The basic rule of thumb (I hate rules of thumb) is that if you make less than $50000 you should contribute to a TSFA and if you make more than $50000 you should contribute to an RRSP. But those rules only apply if you DON’T have a pension.
If you do have a pension? Likely, a TFSA (unless you want to retire early).
If you don’t have a pension? Ideally: both. If you can’t do both, RRSP.
The reason for this is that the RRSP is actually a TAX DEFERRAL PROGRAM. The way it works is that you contribute to your retirement during your high-earning years and receive a tax incentive to do so. Between now and retirement your nest egg will grow significantly & tax-free until you go to take it out. The logic is that when you retire your income will be reduced significantly so that when you take money out of your RRSPs you will be in a smaller tax bracket.
A very simplistic example
So let’s play with an example. Say you make $65000 a year and because you are super diligent and amazing and basically don’t exist, you max out your RRSP from the time you are a wee bairn with their first job. So you contribute the maximum – $11700 a year – until you are 65. Give yourself a pat on the back, you non-existent person you!
To make it easy for our example, we are going to assume that nothing changes (no raises, no tax bracket changes, market doesn’t crash etc.) but guaranteed all these things will change. Still, we put our money into index funds which make us a return of 5% a year, compounded for 25 years. So it looks like this:
$11700 x 5% with $11700 added every year and compounded over 25 years = $621353
Another rule of thumb (ugh) is that you need 70% of your working salary as your retirement salary. In the case of this example, that would be a gross income of $37310*.
So without getting into the niggly details, let’s assume that the government is going to give you $18000 a year** meaning that if you want to hit that $37310 amount you are going to have to take out $19310 from your RRSP. Luckily, you have it!
But the devil always gets his due, WHOMP WHOMP and you find yourself paying taxes on that $19310, which means you have to actually take out $22207 to pay off your $2897 tax bill.
Still, when you were working you had been paying 20.5% on any money you made over $49000 so you got a bit of a break there and you saved yourself 5.5% in taxes on the $11700 you put into your RRSPs, so it’s a minor win.
Still, even when the tax brackets don’t switch or the amounts are marginal-to-poor, the biggest boon is the ability to have your money grow and make money within the RRSP without paying capital gains on it***. Had you saved the $11700 a year and not invested, you would have $292500 – a far cry from the $621353 above!
*Wait! Why not $65000 x 70% = $45500?! Because I am calculating it on $53300 because that is what you were living on BEFORE as you had actually put $1170 into RRSPs every year: 65000 – 11700 = 53300.
***Capital gains are when you make money on something, 50% of the amount you made is added to your salary and taxed at that tax rate.
We’ll get to more on Pensions, TFSAs and taxes in a minute but wait, there’s more…
A note for Chicken Littles…
A lot of gums flap about how programs like CPP/OAS/GIS won’t be there or will be bankrupt when we go to retire. Honestly, CPP itself is in a pretty healthy state so far which is also why you are seeing the rates go up a lot. I love when I see old, cranky Conservatives go on about how THEY PAID INTO IT and how they want more but none of us really pays what we put in if we live to a ripe old age (some of us will die early and thems the breaks!). CPP is at its core a pyramid scheme so as long as people are working and paying, the longer it will exist.
Also, if these programs go POOF likely the entire economy – or maybe society itself – has collapsed and we’ll have bigger worries than this. I think the finance industry has a vested interest in convincing us to save more by convincing us we can’t rely on it.
Screw rules of thumb, a diatribe
So you aren’t – and I am certainly not – average. A friend and I have discussed our retirements together and she can’t see her expenses going down by 30% at all! So she will need to adjust for that shortfall.
In fact, this is the case for a lot of retirees who often travel, take up hobbies, help grandkids etc. Also, more and more people are heading into retirement with debt be it a mortgage or consumer debt so a reduction just isn’t feasible. We won’t even speak about disability or the price of an LTC!
Conversely, in my household we are spending a lot of money raising two kids as well as saving for their educations. When the girls leave so many of the categories in our budget will go down, from clothes to food to entertainment. Even still, our family is currently on an extremely tight budget for the next three years and we are saving over 50% of our income. What this tells us is that when Mr. Tucker retires, we can reduce our budget exponentially in a couple of different ways and still leave us a pretty good life.
So look at your situation and see if you fit into the industry’s perfect idea of a retiree, I bet you may not!
Choose your own adventure! I have a pension:
If you have a pension, you don’t want to have a HUGE RRSP (unless you plan to retire early but that is an ENTIRE presentation in itself). That is because pensions replace 70% of your income already and when you take money out of an RRSP that gets tacked onto your taxable amount. That’s not particularly bad if you want to take out a few thousand a year but once you hit 71, all hell breaks loose.
At 71 the government forces you to turn your RRSP into an RRIF. We can discuss those in detail at a later date but what is important to remember is that in a RRIF the government FORCES you to take out a percentage of the money every year. The amount increases the longer you live (you can see a chart here) from a 5.40% withdrawal rate at 72 to a 20% rate at 95 or older! So if you have a pension bringing in $60000 a year and you are 80 years old with a RRIF worth $600000, the government will force you to take out 6.82% of your RRIF bringing your taxable salary up to $100920! OUCH IN THE TAX PLACE!
So this is why it is recommended that people with pensions hit up the TFSAs first. If you were 18 before 2009 you have $75500 worth of lifetime contribution room and it goes up (appx) $6000 each year. The money still grows tax free from your investments in the TFSA bucket but the difference is that you aren’t taxed on the money when you take it out. So you won’t get fucked in the butthole by the forced RRIF withdrawal rules.
– It could be worthwhile to contribute to RRSPs as well, especially if you feel you want to top up that 30% that your pension doesn’t cover. I would do the math to figure out the TFSA vs. RRSP contribution amounts.
– If you have a common law partner without a pension, you can income split at 65. You can also split RRIF income so if your spouse made significantly less than you during your working life, spousal RRSPs or splitting RRSP/RRIFs may be right for you.
– If you plan to go to school in the future you may want to contribute to an RRSP to get the tax benefit and to take up to $20000 out for the Lifelong Learning Plan (LLP). The LLP can be used for you OR YOUR PARTNER. You have to pay it back within 10 years but it’s better than a loan.
– If you plan to buy a home and want to use the Home Buyers Plan (HBP). You have to be a first-time home buyer to use the HBP (there are exceptions such as disability) and you can take out $35000 and have to pay it back over 15 years. Again, good if you want to take the tax break and buy a home.
In both the above scenarios, even having $55000 to get an education and buy a home won’t drown you if you have to use an RRIF down the road so it may be a good idea to have some money in RRSPs even if you have a pension.
Choose your own adventure: I don’t have a pension & don’t make a lot of money:
The TFSA was really a program brought in to allow low income earners to save money and reap benefits that the high-income earners got with the RRSP. Since you don’t save a lot in taxes when you are a low income earner, the only real benefit of the RRSP before the TFSA came along was the lack of capital gains on what your investments made.
The TFSA works well because the amount you take out of it isn’t clawed back by the government programs. If your primary source of income is going to be CPP/GIS/OAS using TFSAs means that when you take out money without having your primary source of income reduced. When you use RRSPs, that changes your calculation of your yearly income thus reducing the amount from government programs.
Right now – let’s assume you have never contributed to a TFSA – if you were 18 in 2009, you have $75500 in contribution room in your TFSA. You will also get $6000 worth of room for the next 20 years. Assuming that you decide today to max out your TFSA by the time you are 65 and you are 40 now, you will need to contribute $9020 or $752 a month for the next 25 years. At the end of that 25 years at 5% compounded, you will have $479225.
I admit, that is really high for a low-income earner in after-tax dollars. But let’s do the math with various amounts:
$100 – $63729
$150 – $95593
$200 – $127458
$300 – $191186
It could also just look like you using your tax return to fund your retirement.
Choose your own adventure: I don’t have a pension but I make a good salary:
This is where RRSPs truly shine! You want to max that 18%, baby! Did you already do that? Let’s hit up that MOFO TFSA for some investment action! Honestly, you can’t really go wrong here. Just put all the money in all of the things, is your motto! I think it’s unrealistic to think you will have $33830 to max them all out but maybe you do? I don’t know your life!
Your situation is similar to the non-pension low-income earners except you probably have a more high-falutin’ lifestyle you will need to support. So you are better off taking the tax break now, having more money down the road, and accepting the clawback on government benefits.
The HBP and the LLP are both great programs that you should take advantage of if you want. A strong caveat that if you can both save for a house/education AND max out your RRSP you should do that. Losing 15 years of interest payments can really hurt the end result of your retirement strategy.
You can also pension-split RRSPs/RRIFs when you are 65 so it may be worthwhile to run the numbers on how to fund an RRSP. For example if the husband’s 18% is $20000 but the wife’s entitled to the maximum of $27830 and you only have $30000 the smarter thing would be to fund the higher-income earner from a tax perspective because you can income split down the road AND you are probably dodging the highest tax bracket.
Choose your own adventure: I don’t have a pension but my work has a group RRSP:
Max it out. It’s free money. Don’t ever say no to free money.
Most employer-sponsored plans have rules such as:
– Company will match 100% of your contributions up until 3% of your gross salary
– Company will then match 50% of your contributions up until another 3% of your gross
Honestly, it’s the best deal going. Turning it down is like saying no to a 4.5% pay raise.
So which is better TFSA or RRSP?
This argument has gone on forever with some people claiming that they are equal and some claiming that one is better than the other. I feel like it’s splitting hairs but here is a really long and complicated article detailing everything you need to know about TFSAs/RRSPs/OAS/CPP/GIS. Sadly, the answer is always: DO THE MATH.
At the end of the day just save something, anything, somewhere, hopefully in an investment that AT LEAST beats inflation.
One of my favourite quotes is “The best time to plant an oak tree was 20 years ago. The second best time to plant one is now.” If you are feeling overwhelmed and behind right now please don’t, you are not alone. At the end of the day doing something is always doing nothing and even if you don’t manage to get a million dollars in the bank would you rather be 65 with $100000 in the bank or 65 with nothing? It may not seem like a lot of money in the grand scheme but it is money that could dig you out of a very big hole if you need it!
Note: I use The Calculator Site but if you want to use your own, YMMV.
The problem with having a rare disease is that almost no money goes towards research. With PLS it’s even more complicated by the fact that ALS – also a rare disease – tends to be the MND most likely to get research money. Of course, that is with good reason as ALS is a horrific disease that I would like to see cured as soon as possible. Unfortunately, even though it would be handy to have people with other UMN/LMN diseases grouped into ALS studies, rarely does that happen. I get it, but it is a bit demoralizing.
A group of researchers at Northwestern have done some research on UMNs leading to some interesting discoveries of late. One, they released a paper, Better understanding the neurobiology of primary lateral sclerosis which has a lot of great info about metabolism and mitochondria etc. The thing that really struck me though is that they posit that PLS is just ALS with some genetic or environmental thing preventing it from developing. I don’t know why that is really my important takeaway but it’s a question I get asked all the time.
Two, they released a second paper which has received a lot of hype (for good reason). Here is the Northwestern presser ALS neuron damage reversed with new compound. NU-9, a protein, seems to be well tolerated in mice models and will move forward with animal toxicology studies with human trials being about 1 – 2 years out. Still, Dr. Silverman – the man who engineered the compound – has started a drug company and hopefully there will be some movement soon.
The news is a welcome relief for many sufferers of MNDs and we are all super excited to see how quickly NU-9 can to human trials. As I joked on facebook, I will fly to Chicago every darn week if it means I can be included in them. Still, one of the researchers Dr. Hande Ozdinler cautions that the word “reverses” is a bit excessive. In their study the diseased neurons were still alive when they saw an improvement in them. So in that case the statement is correct. However, if the neurons are dead there is no evidence that this compound will bring them back to life. A better statement may be that it reverses the damage in diseased neurons, not dead ones. The mice studies also took place in a short period of time so there is no telling (yet!) how the compound works on subjects who have had an MND for a longer period of time. Also, probably people read the headlines and see “reverses” and they think that the compound “reverses” the disease itself. Unfortunately, there is no evidence that it cures the diseases themselves. It may very well be that this protein will be a drug you have to be on the rest of your life much like diabetics are on insulin.
Still, this is exciting news from the research community and I am looking forward to the further studies on NU-9. I am also curious if the “Right to Try” legislation will push the studies on this compound through a quicker process.
Here are two videos, the first one has Dr. Ozdinler discussing the research & the second is more of a snapshot social media promo video:
When you set a goal – especially a financial goal – you need to leave some room for the unseen. In November when we had planned to save enough money so Mr. Tucker could retire in 2023 there is no way that we could foresee every disaster. Furnaces fail, cars die, and sometimes dental surgery must be had.
We discovered earlier this month that Mr. Tucker needs $8500 worth of dental surgery which will happen in two appointments next month. Since we both have benefits we submitted a preapproval and it looks like the maximum we will get back is $3000 from both plans. This leaves us on the hook for $5500. The surgery isn’t really optional if he wants to keep his teeth so we are definitely rolling with it. While it’s a (literal?) kick in the teeth, I am grateful that we can at least afford to have the procedure done.
Sunday morning is all about coffee and chats here at The Mullet so we ended up discussing our financial goals this morning (spoiler: we discuss goals a lot – financial and otherwise). In the end, we always have pretty tight goals but we are also flexible enough to change them when the need arises. Some people will encounter a blip in their plans and just throw their hands up and give in but that doesn’t solve the problem. The correct way to look at it is to see goalsetting and your budget as flexible and to adjust when necessary. Even the best saver can’t account for every financial blindside that they will experience but they can just shrug their shoulders, adjust their course, take the detour and then continue on their way.
This surgery will probably set us back from reaching our goals by a month given our current trajectory. Of course, more things will happen as well – both positive and negative: we will get a tax credit from the surgery but we also may have our furnace die (it’s from 2003 so I’d be stupid if I said we didn’t see it coming). Given our timeline of 3 years, a lot can happen between now and then.
So after our chat this morning I took another look at our budget and adjusted our activities and hobbies spending. As depressing as it is to think about, there probably won’t be summer camps, dragon boat paddling, or roller derby next year so I can remove these items temporarily and funnel the money into the dental surgery fund. My hope is that people will be vaccinated by autumn and life may return to some semblance of normal (or new normal – life has changed, that is for sure). But I also have a sneaking suspicion that this is an overly-optimistic view. Still, we can use the money we are saving now on the surgery instead of hoping that activities will happen again soon. Of course, if things do go better than the current outlook, I can be flexible to adjust for that, too.
You can only control so many parameters in your life so you do have to be flexible in order to reach your goals. Sure, it may take longer and cost more than you anticipated. It’s important to realize that we are lucky to be in a position to be able to take a hit like this, and that comes from having good financial planning skills previously. I just keep telling myself that it is a marathon and not a sprint. Even though it may not go 100% as planned, it will eventually happen as long as we stay on the path.
Mr. Tucker has worked from home since the kids were little and back then I was a stay-at-home-parent. It used to be that I would take the kids to the YMCA when they were young, stick them in daycare for a couple of hours & then I would be able to work out and shower. Afterwards, I would take them to a drop in for pre-kindergarten kids that was run by the school board. All of this excitement and then we’d be home by noon where I would make lunch for everyone and then put the kids down for naptime.
Of course, when Sprout was around two I went back to work during the winter months. Bean was in kindergarten and Sprout went to a combo of nursery school/daycare until she hit kindergarten. So lunches together at home went to packed lunches* for the three of us while Mr. Tucker now made his own lunch. By the time they were 6 & 8 I was back at work all year round and that meant that brown back lunch was pretty much an every day thing.
One of the things that has been really great during the pandemic is home cooked lunches together every day. Sure, more often than not it is leftovers or soup & grilled cheese but it’s a nice change from what we used to do. I make the kids head out for a walk every day at lunch (rain or shine – and cold or snow) and while they are out, I whip up their lunch. Of course, at 10 & 12 they are more than capable of making their own food but I find it’s something I enjoy. When they come in we all sit at the table and chat while we eat.
Honestly, it’s just nice to break up the day this way. I want them to get a change of scenery (as small as it is) and have some structure instead of just sitting at their desks or staying inside all of the time. It’s also nice to have a mid-day chat to gauge how things are going at school. It reminds me of those busy days when I was mobile and the kids were young and how much time we used to spend together. It’s pretty nice.
Next year (vaccine willing) the Bean will be heading into a new school for her second year of junior high and will probably want more control over her lunches. The Sprout will also be heading into her last year of elementary school and it will be her last year as one of the oldest kids in the school. Teenagehood is approaching fast here and so even if everything has gone to hell in a handbasket in 2020 (and 2021 doesn’t look that great either) at least we do have a year of homecooked lunches together to look back on.
Honestly, we are heading into a year now and we are all cracking a bit at the seams. So looking at the little things that have positively come out of the pandemic keeps us all a little bit saner.
*Where I am there are no school lunch programs so everyone brown bags it. There is however, a breakfast program for kids who don’t get a nutritious breakfast at home. Bean came home one day and said, “I sure do love the free breakfast at school!” As it turns out she was eating Second Breakfast at school. I had to explain to her that she shouldn’t be taking that food and why they provide it.
When we moved in 2018 it was a chaotic rush. We found out in September that the house we were living in that we had agreed to buy wasn’t being sold to us for the price we had agreed upon. Instead of getting angry, we got focused & so we switched gears and started househunting. In the end we found the perfect house for us with a closing date of December.
During this time, it became clear that the surgery I had didn’t completely cure my mobility problems. My arms were tingling and my gait was still bad. My neurosurgeon ordered an MRI, discovered everything was fine with the surgical site and referred me back to the neurologist for more tests. Of course, we were packing, we both had stressful full-time jobs and two young children to take care of. It was a miserable time for us. Did I mention our closing date was less than two weeks before Christmas? So we just threw everything into boxes, shoved it into the rental container and when we moved it was just shoved it into the basement. We could deal with it at the new house when we had more time, right?
A month after we moved I received the startling diagnosis of Motor Neuron Disease – Primary Lateral Sclerosis. My life came to a sudden halt. Nothing seemed more important than traveling and spending time with my family. We focused on other things.
It’s been three years since we’ve moved though, I have stabilized and may have plateaued. The craziness of tests, doctor’s appointments, and paperwork for disability has passed. I am now medically retired and Mr. Tucker and I have a plan for the future. All’s well that…well, is at least stable.
Despite having a family room down in the basement the stairs are steep and difficult for me to navigate. Recently though, Mr. Tucker put up the second bannister so I could get up-and-down easier from the basement, so it made sense to make the effort to get down there more. As I went down to the workshop I noticed how disorganized it was and he admitted that this room gave him so much anxiety that he just ignored it. So we made a commitment to inventory the freezers & pantry items and go through some of the junk.
Sunday afternoon we grabbed the kids, headed downstairs and did just that.
As with most things, just starting it was half the battle. The floor was just covered in boxes, wrappers and other packaging from purchases and once we got rid of that, it came down to what we wanted to throw away, donate, or keep. We set up some space for gardening supplies, another space for household goods, and we tidied our boxes of baking supplies & gift wrap/bags. Everything now has a place and some items will go off to new homes. Our old party supplies gave us the gift of a multitude of napkins and paper plates from parties past that we will use at future get-togethers (I mean, no one said no to a piece of cake just because it was on a Tinkerbell plate). The mismatched paper napkins I brought upstairs & we can use them now.
In the end, it only took the four of us a couple of hours to tackle the space & I think Mr. Tucker was happy that he wasn’t the only one on the hook to clean it all. Of course, we have a small storage area for seasonal stuff and old baby clothes that I need to rummage through but that won’t take too long, either. It just needs to be started. Once we pull it all out, it shouldn’t take more than an hour or so.
I think what has saved us is that a> we’ve never been shoppers; and, b> we’ve never been hoarders. While I will admit that I am a notoriously disorganized person in my everyday life, I do tend to get it together a few times a year and clear out swaths of space. Having said that, I am no minimalist and I like a bit of messiness to my space. Mr. Tucker and I started off in a 530sq foot space, landed into a 1200sq foot space for the first 9 years of raising our family. We’ve never owned a lot of stuff and our last home was partially furnished so we had to actually buy a few things. Now our new home is a mid-century bungalow that has 1300sq feet – and a family room, office space, laundry and some storage in the basement. It’s partially finished so I would say it has another 600sq feet of livable space. While the family room is large, there is almost nothing in it. How much space is open? Well the Sprout uses it to roller skate every day, so enough space that she can do that.
Still, if you don’t keep on top of stuff it gets out of hand, especially if it is “out of sight, out of mind.” But I don’t want to be one of those people who dies and leaves their kids 1900sq feet of junk to haul out to the dump. I would rather sell/donate/trash items as we go along. As we are working on organizing our lives it only makes sense to start with the clutter. Better late than never!
My goal to write every day isn’t really happening but I don’t want to let perfect be the enemy of the good & give up completely. So I am going to try and keep up with the practice even though it may mean not posting everyday. C’est la vie!
Mr. Tucker and I ended up heading down to the basement to take stock of what we had in the freezers and on the shelves. This was partly an organizational exercise and partly a recon mission to figure out what we had to work with for future meals. Since the stay-at-home order we’re trying to spread out any trips we have to make & that means using what we have in meals instead of making extra trips. Meal planning is a good strategy but it only works if you know what you have.
I also want to see how things are going in terms of the things we canned from our garden and from local farms. Knowing what we eat in 6 months allows us to plan for next summer. We have to plan our garden for the spring soon and I would like to expand a bit. So hopefully this knowledge will help us figure out how to get the most bang for our buck.
For the freezers, my main goal is to see how much of our local meat we have go through. It looks like we will be getting a pig in March, which works because we are pretty low on the stock we had from last year. We already miscalculated our chickens which means that this summer we are going to have to double order. We bought too much beef last year and so we won’t have to buy more until the summer, so that’s a plus. My biggest regret was not buying more garlic from our CSA! I purchased 8lbs in September and if they last until the end of March, I will be surprised. Next year I am aiming to either buy 16lbs or see if growing them is feasible – maybe a combination of both! My garlic wasn’t fantastic this year but I could pay them more attention (aaaaaand I just learned I have to plant in fall. Oh well! I am happy to buy it!).
In the end, I have a lot more rice noodles and instant Pho bowls than I thought I had but very little in the way of Italian-style pasta. So until our next grocery pick-up it will be more Pad Thai and less pasta bake. We also have a ton of canned soup that my dad had brought us in the fall. So lunches will be a lot more soup and sandwich meals. Thankfully, my pickle canning endeavors were fruitful and our homemade pickles are not only amazing but we still have a lot, so those will go well with lunches.
In the end, I have three pages of inventory on my desk now and I can see at-a-glance what we have a lot of, what we have very little of, and what needs to last until we can replenish it. Whenever we make meals I update the inventory and that way we can get a variety of food in our diet without running out of things.
This weekend we will head down to our basement and tidy this storage room. It’s become pretty unwieldy as a junk room so between the four of us it should only take an hour or two to tidy, get rid of some things we don’t need & organize the rest. Poor Mr. Tucker is often in charge of managing our storage because I can’t get downstairs as easily. Now that he’s installed a second bannister I can head down and help.
Last week I was cleaning out my computer and I came across my resumes. “WELP,” I thought. “I guess I can discard these.” It shook me in the moment to think that I will never need them again. My entire career took 10 seconds to delete.
After I did that I realized that I still hadn’t opened the boxes of the contents of my office that work had sent me in fall of 2019. I had spent 8+ hours a day surrounded by this stuff and it was boxed off and sent off without ceremony. Unlike retirement, there is no grand party, no congratulations, no watch to mark your years of service. You are just canceled. They send you your work life by mail, and that is that.
After they arrived, they sat upstairs for over a month, untouched, when Mr. Tucker had taken them downstairs and out of the way. They sat there for over a year. I couldn’t bear to deal with unboxing my work life and putting it up all on a shelf. I guess I wasn’t ready to say goodbye.
This weekend though, I bit the bullet and I had Mr. Tucker bring up the boxes. I have a couple of pairs of Fluevog high heel shoes that I (obviously) can’t wear anymore so I made the decision to sell them & put the money towards some stuff the girls want for their birthdays. It made sense to just open them up and go through it.
In the end, it was less traumatizing to go through it than I realized. On one hand, I was missing my favourite San Francisco mug (SNIF) which I am not surprised was taken. I also had a giant soup bowl that had disappeared. On the other hand I got an iPod classic and some stress ball swag? The shoes were all there so that was what I really wanted. You win some, you lose some.
I needed time to process, I suppose. I think I needed to realize that maybe that was the end of one life but the beginning of another. Honestly, life is all about moving from one aspect to life to another. From elementary school to high school, from high school to university, from university to my first office job, from job to job…it’s always in flux and it’s always changing. For sure I needed to mourn my old life – I didn’t choose this change – but it doesn’t mean that every aspect of it needs to be negative. Having a motor neuron disease is absolutely awful but the flip side is that I am able to have less stress in my life. If I focus on the positive things, there are a lot of positives.
So good bye, old work life. I enjoyed our time together. I am now going to live a new life.
The last weekday of the month is payday for Mr. Tucker and so it’s a good time to review our spreadsheet and make sure we’re on track. It’s also a good time to move money into categories that I didn’t use the previous month.
I budget pretty tightly and I can see now that our grocery bill is a lot higher now and that I’ve actually budgeted too low for groceries. One of the things about eating at home all the time is that we prefer not to scrimp on food. However, it does look like one of my medications has gone generic so I may be saving significantly there. That’s a huge win for me because one of my drugs is really expensive even after my benefits. I am going to call to make sure that I can make the switch. That should mitigate the food budget.
It’s also a new tax year so that means Mr. Tucker has EI and CPP contributions again until July. That ate a larger chunk of the pie than I had thought, so I need to make a small adjustment there. EI and CPP have gone up a lot in 2021 with the new maximums being 884.54 and $3166.45, respectively. Once August comes around though, Mr. Tucker will be all paid up and that will mean $220ish will be added to our budget.
Gas and pocket money are down because there is a stay-at-home order so we don’t go anywhere or do anything. Our alcohol budget was up in 2020 but since we quit drinking in November & we’re not eating out at all (even takeout) we really don’t have anywhere to spend it. Wow, we sound really sad! But I guarantee you that we’ve been enjoying doing music, playing games with the kids, reading library books & Zoom chats with family and friends!
My benefits aren’t covering the Bean’s braces as much as they were, so instead of having to pay $87.50, we are now paying $100. Thankfully, we can add those receipts to our taxes & come November she will be all done with braces! Probably just in time for her sister to need braces but it is what it is.
One of the things we’re still debating is whether or not to borrow from our Line of Credit to bring Mr. Tucker down a tax bracket. On one hand, a $4400 contribution will net us another $2000 in tax refunds. On the other hand, just using the cash we have will still net us a significant refund. I am leaning towards not borrowing the money as even though it is a low interest rate, I hate the idea of $4k sitting on my LoC for two months or more. Ehhhh. This is one of the times where the emotional choice isn’t the logical choice. Sometimes you have to make the decision that helps you sleep at night.
With the new covid variant being more virulent, we are also considering limiting our big shop at Costco to every two months instead of once-a-month. Right now we hit Costco once, the fruit & veggie place twice a month, and then get a curbside pickup for anything else we may need. I also try and time our library book pickup for those times but it doesn’t always work out. Our city’s infection rate is 0.8% (anything under 1 is supposedly manageable) but if it goes up, we may have to switch our plans. With schools opening Monday, we’ll see how it goes.
That’s pretty much it: some minor changes this month but we also were able to add some extra money to savings so I am calling it a win.
Since March break 2020 I think I have been outside of the house less than 15 times (full disclosure: twice was to go to a rental cottage). We made the decision to keep the kids home in remote school because a> I am compromised, so getting covid would be potentially devastating or me; b> I figured in-person school would shut down & that it would be worse to have to transition the kids a back-and-forth. Sure enough, that happened.
In the spring online schooling was a mishmash of trials and errors to figure things out. The day flowed in the same way that a regular school day would and it was a super long day for the kids. In the fall they re-did their online learning and it turned out to be amazing:
– first synchronous session 9-11:00
– 40 minute break – 11:45 – 1:30
– second synchronous session until 1:30
– asynchronous learning with the teachers available to help kids with their work until 2:30+
– In the Bean’s class they even have an art program at 2pm on Tuesdays
This allowed the kids to have the same lunch at 11-11:45 so I send them out for a 20 minute walk while I prep lunch. It’s a pretty good system, really! The kids miss their friends & have had to make due with socially distanced walks (pre- stay-at-home order) and online chats where they play games or just hangout but overall, it is working well. We play a lot of games in the evening to sort of fill in around the edges for social time & we do mandate offline time where they engage in analog activities.
Unfortunately, when the in-school kids were sent home at Christmas they stuck to the same full school day they had when it was in-person. YIKES. That is a really long day staring at a screen as the school day typically runs 6 hours or so. No wonder kids and parents alike have been struggling. Today we learned that those kids will return to school on Monday.
Overall though, what I think has saved us is our routine. Sure, the school day builds in some routines naturally but we’ve also had to carve out routines for the whole family. We all roll out of bed between 7:30 and 8, eat breakfast, get dressed & brushed. While the girls eat breakfast and get ready, Mr. Tucker and I sip our coffees and chat before he gets ready for work. So while the girls eat breakfast and get ready, Mr. Tucker and I sip our coffees and chat.
In the fall, I bought the girls Big Life Journals so that they would have a prompt for their feelings and a place to write them. So they start and also end the day with journaling to write down any challenges they face. I mean sure, we do discuss their lives but sometimes you need a private place to put your thoughts (and full disclosure: I am an avid diarist & find it super helpful). If they get all of that done they are allowed to have access to their phones to chat with friends until school starts (they are pretty good at getting things done because of this!).
After school they have what we refer to as CHAMP: chores, homework and music practice. They are each supposed to practice their respective instruments for 20 minutes a day and chores can be anything from doing the dishes (they alternate) to checking the mail. Since we get weekly updates from the teachers on what assignments are due, we always know what is happening. Although, they’re pretty great at getting their projects done. After their CHAMP is all done, they have free reign until dinner with their phones to chat with their friends although the Sprout is more likely to be found listening to music and rollerskating in the basement.
Mr. Tucker and I make dinner after he gets off of work & we always eat dinner together (no devices). After dinner cleanup we usually sit down and play games together until bedtime or the odd occasion we will watch movies or shows.
That pretty much sums up our weekdays! Our weekends are more of a free-for-all as the kids have access to devices and generally spend it playing video games and on calls with their friends. We do almost always eat dinner together & we try and do a movie night.
Before the pandemic our schedule was similar but more lackadaisical. It was easier when we could visit friends, go out to restaurants and shop whenever we wanted. But since we are doing all our cooking at home but are minimizing grocery trips we’ve become better at planning. If we run out of eggs, we just eat something else until the next planned trip. We also had a no-devices-on-weekdays rule but since they don’t see their friends as often, we had to bend the rules but still maintain some offline time. But having a schedule that was more rigid in some ways but looser in others demarcates the week so we don’t all lost the plot and spend all of out time watching Netflix.
I think in terms of how we are faring mental health-wise, the routine has helped because at least we know what to expect, and when. We are also talking a lot more and discussing more mature topics than we would have had we not been stuck together more often than not. Of course, we’re still facing challenges and the picture isn’t always rosy but given the current state of the world, we’re pretty ok. Hopefully when the world gets back to normal (or a new normal) we can keep some of the positives we’ve learned such as the importance of building a good routine.
We source our flour from a local farm so we do a lot of baking at home. We still have to buy organic white flour from a bulk store. We’ve had great luck with sourdough, ciabatta, baguette and focaccia but I’ve never found a whole wheat my family has LOVED. Until now! They absolutely love this whole wheat loaf and I think that is because the honey keeps it moist and gives it a bit of sweetness that works just as well with sandwiches as it does with jam. I find one batch a week works for a family of four.
Makes 2 large loaves
Part I: the sponge
• 3 cups warm water (110 degrees F/45 degrees C)
• 2 TB yeast
• ¼ C cup honey
• 5 cups white flour
Part II: the dough
• 1/4 cup honey
• 1 tablespoon salt
• 3 -4 cups whole wheat flour
• 2 tablespoons butter, melted
Using the stand mixer with the dough hook attachment I mix all the ingredients from part I and then let it sit for ½ hour until bubbly. I then add all the ingredients from part II and mix it until it’s combined and let it sit for a few minutes until the water is absorbed into the flour. Then I run the machine for 10 minutes to knead the dough.
After 10 minutes I then remove the bowl from the mixer, cover, and let rise for 2 hours at room temperature until it has doubles in size. Grab two bread pans and line each pan with a piece of parchment that you’ve crunched up into a ball & then rinse the parchment under water so that it’s moist. Remove the dough to a clean, dry surface and cut in half. Take a half and grab a small piece, stretch it (without breaking it) & then fold it over to the middle. I find that this video on shaping sourdough is the best method that works for me. I shape the dough into a more oblong loaf for the bread pans.
Once the dough is in the pans, cover and let rise until doubled again, about 1-2 hours. At this point I usually prefer to pop the bread pans into the fridge to proof overnight but you can do it either way.
Preheat the oven to 350F & if you’d like, you can place a small metal bowl at the bottom of the oven to create steam. Once the oven is at temperature, I add about a cup of water to the bowl right before I insert the pans to help the loaves expand. Bake for 30 minutes (start checking at 25 minutes) or until the bread is nicely browned and sounds hollow. This recipe makes two large loaves and will keep for about a week at room temperature. If you don’t eat this much bread in a week, you can freeze one loaf for later. Never put bread in the fridge as it makes it taste stale