Here is another Team MDJ Net Worth update. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. SmilingSaver was selected as a team member and will post net worth updates on a regular basis. Here is more about him.


  • Name: SmilingSaver
  • Age: 30
  • Net Worth: negative $48,247
  • Day Job: Engineer
  • Family Income: $72,000
  • Goals: Save For Wedding in May $15,000 – Done August 2014. Start 2016 Debt free.
  • Notes: Fiancé still in school (second Degree), graduating May 2015. Wedding is scheduled for May 2015.  Immigrated to Canada 13 years ago (full story here).

Hey Everyone.

I hope everyone had an amazing New Year celebration.

I think I will start with the good news since my last update.

  • Thank you for your responses regarding the food budget, we were able to curb it to around $170 every 1.5 weeks. This does include all the small household items like shaving cream and shampoo.
  • My fiancé just received a scholarship; she IS the smart one in this family. So as you can see from the numbers below, her student loan has decreased a good amount.
  • I was able to do some overtime; so we went to visit the family, buy some decent presents, and put more aside to close the loan when the time comes.

I do have some bad news though – I think my car is starting is on its last legs. Since MDJ readers were so nice in helping me out with my questions I do have one now regarding the vehicles.

I did not have a budget set aside for the car, but now I am thinking of putting around 250$ per month for repairs. So the question is, how do you guys and gals purchase your cars or how much do you set aside for repairs? Buying new is too pricey and financing is not attractive to me. Buying a used car sounds a bit scary without my dad. He can always pick out a diamond in the rough; I however do not possess such a skill. So I am in a tough spot here.

My plan right now is to fix my current vehicle which will result in a $400 repair bill. Overall it needs about $1,000 worth of repairs over a short time. This is just parts and I think I can do the fixing myself (Thank you Youtube). The car is 14 years old with 160k km and is showing its age, so I am getting a bit nervous. Before you ask, I do need a vehicle to get to work.

On to the net worth numbers:

I did some rearranging based on the recommendation from FT. I am putting the saved up money as our Assets and the money owed for the wedding as liability.

Assets: $23,862 (+252%)

  • Cash: $2,000 (+0.00%)
  • Registered/Retirement Investment Accounts (RRSP): $0 (+0.00%)
  • Tax Free Savings Accounts (TFSA): $9,862 (+32.7%)
  • Tax Free Savings Accounts (TFSA) (set aside for wedding): $12,000.00 (0.00%)

Liabilities: $72,109 (+10.9%)

  • Student Loan (Fiancé) : $60,109 (-7.6%)
  • Wedding Expenses : $12,000 (0.00%)

Total Net Worth: ~LOSS: $48,247 (+13.2%)

Some quick notes and explanations to common questions:

The Cash
We have $2,000 as an emergency fund sitting in Tangerine checking account.

$12,000 In TFSA for Wedding, It is sitting in regular Savings account for interest.

$9,862 in TFSA in Tangerine Balanced Portfolio. The moment fiancés student loan will be called for, all this money will go into lump sum to pay it off. I am thinking off selling Tangerine Balanced Portfolio and putting it into regular TFSA savings to make sure I don’t lose any of it

Here we go, have a great 2015.

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