Finally out of debt!

[Taxsaver]

I`m officially today debt-free for the first time since 2003! It`s a greet feeling! :D I can now open a TSFA. :) It was all bad debt, burning money. Next time I have debt, it will be a mortgage!

[the-royal-mail]

Congratulations! One milestone reached, and now, onto the next one. ;)

What is your strategy for preventing a reoccurence?

Any thoughts on a rainy day fund?

[Taxsaver]

The source of our problems are almost always coming from inside. In my case, it's my out-of-control emotions that were the problem. I have a budget that I look at least twice a week to keep an eye on what is coming in and coming out. Had I been that way since 2003, I would have a house almost mortgage-free by now! :eek: Now I'm 45, so I am serious about things like finance.

Regarding an emergency, I am accumulating all my extra money in a TSFA. I don't have any costy project for 2010 (traveling, buying a car, buying a house, etc.). I earn good money, and will live a $300 a month room in a house. I don't have a car; commute to work with a bike. It costs me $200 a month for food, and don't go out. Some people say I live a priest's life.

My project for 2010 is to create my own business. I have an idea on which I'm working with a business consultant.

[the-royal-mail]

Sounds very good. Here's something else to think about:

1. what is your goal for the amount of rainy day savings (in TFSA) you would like to have?
2. what is your goal for the amount of money you would like to save for possible house downpayment?
3. How long have you given yourself to achieve these goals? The budget you mention above should allow you to see these projections in a second, or can be extended out to see how much time you will need.

You're doing great! Keep it up! And starting a business is a good way to help your situation! Good luck with that!

[Dana]

Congratulations! That is an awesome acheivement!

[CanadianCapitalist]

Some people say I live a priest's life.


Others might say that you are on the fast track to financial freedom. It really is a good feeling knowing that you don't own a single red cent to anyone. Congratulations!

[Four Pillars]

Congratulations TS!

[moneymusing]

That's great news Taxsaver!! It's a great feeling transferring that last payment over.

It's also great that you're starting up a business. There's something great about taking control of your life as well as your finances through running your own business rather than "working for the man"

[canadianbanks]

Congratulations TaxSaver! Just keep in mind that mortgage is also debt that can become a nightmare if you borrow more than you can service. I like the idea of starting a business, because if your business succeeds you'll be on the way to a real financial freedom.

[Taxsaver]

I opened a TSFA with ING today! Nothing in it yet. ;)