My diary
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Thread: My diary

  1. #1
    Senior Member
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    Sep 2009
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    My diary

    So, I am 25, graduated a year ago working full time since. I live with my parents. This gravy train will end in January when I will be moving in with my girlfriend.

    Major achievements: paid about $30k of university debt (OSAP+LOC)
    Salary: $65k + bonuses (i.e. around $2k twice a month after taxes)

    Monthly liabilities:
    car: $660 (financing 2.9%/y ends in feb 2013)
    insurance: $250
    minor debt: $150 (0% ends july 2010)
    commute: $160
    TOTAL: $1,220

    Assets:
    TFSA: $1,500
    RRSP: $0
    10% emergency: $9,000 (Savings acct, to be deposited to RRSP soon)


    TFSA Target: $5,000
    RRSP Room: $13,600
    10% target: $10,000

    I am trying to put away around $2.5k a month and fill up my TFSA and RRSP. In 2009 I should I accumulate about 12k more in RRSP. I want to fill this up so I can use the 25k for the "first home buyer". The TFSA is mainly for my boat when I retire (joking). My main obstacle is eating (drinking) out and vacations (for two).

    As it stands right now I will be 10k short. I hope to make that up with my bonuses/raises next year.

    September: deposited $2,100 - however I will be lucky to get $200 from the second paycheque since my visa is already at $600 (all monthly expenses are paid with the second paycheque each month).

    I will update this 1-2 times per month. Any suggestions/comments will be nice.

    Last edited by Saniokca; 2009-09-29 at 08:51 PM.

  2. #2
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    I'll start by saying you won't regret paying off that student debt. I paid off the same amount in the same time, and it's the best financial move I ever made.

  3. #3
    Banned
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    A good start! This brings back memories...

  4. #4
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    So, September was a pretty bad month...

    Visa is about $1,100 and a big portion of it was on eating out and alcohol... (A friend came from overseas and we went out almost every day)

    Consequently, this means no more contributions for Setember. Furthermore, October's contributions budget is now at $2,000 (conservative-hopefully I can get it to $2,200).

    Hopefully October will go better...

  5. #5
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    Wow, you got your finances under control. Pretty admirable for a 25-year-old unmarried guy.

  6. #6
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    Quote Originally Posted by tom_ford View Post
    Wow, you got your finances under control. Pretty admirable for a 25-year-old unmarried guy.
    Haha thanks Tom! I won't be unmarried for too long though

    Regarding October... Did not go well in terms of my savings but it was worth it... Booked a cottage for Christmas with another couple... Went out a few times... Oh well I need to live for today too.

    So, September and October contributions combined are $3,500. Well short of the $5,000 originally planned but I think the shortfall was well spent.

    TFSA is full.

    Let's see how "bad" December will be. I'll be lucky if I'll have 1k to save.

  7. #7
    Junior Member
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    Oct 2009
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    Well, you also need to live and enjoy your life. Being too busy being frugal and conscious of our expenses takes away our ability to enjoy life sometimes. It's good to spend on getaways and vacations every once in a while. Reward yourself for being responsible and all.

  8. #8
    Member
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    Jul 2009
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    Looks like your kicking butt. Just a thought though, if it were me, I would use a bit of your cash for an older car and sell that one and have another 660 per month for your investing situation. Obviously, in your case this isn't an urgency though. Either that, or maybe be more aggressive about paying it down within 2 years instead of the 3 ish? If my math is right, it looks like you have about 23,000 or so left to pay on it, is that right?

  9. #9
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    Quote Originally Posted by specialk View Post
    Looks like your kicking butt. Just a thought though, if it were me, I would use a bit of your cash for an older car and sell that one and have another 660 per month for your investing situation. Obviously, in your case this isn't an urgency though. Either that, or maybe be more aggressive about paying it down within 2 years instead of the 3 ish? If my math is right, it looks like you have about 23,000 or so left to pay on it, is that right?
    You're pretty close - it's 24k. Don't really want to give it up lol. I was debating about paying it off sooner but I decided that and emergency fund is worth the price (2.9% that I'm paying for the car loan).

    No more savings in 2009... Bought new tires for $900

    Time to sum up May2008 - Dec2009:
    Paid off school debt ~ 30k
    $10,000 in emergency money (will go to RRSP in February)
    $5,000 in TFSA
    Total Savings = $45,000

    Big ticket Luxuries:
    Raptors season seats (last season) - $2,000 + countless bar visits with my buddy before the game
    Laptop = $1,700
    Trip to London = $1,000 (cheap flight & stayed at friend's place)
    Car = $30,000 (660/month)
    Insurance = $3,000 (250/month - first car, never had insurance before)
    Cottage for Christmas = 600
    Winter tires = 900
    Total Luxuries = Don't want to count

    I would say I had a decent year and a half. My biggest regrets are: too much bar food, too many bar drinks, too much junk food.

  10. #10
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    Congratulations, good for you!! One thing to mention, if you're not planning to be unmarried for long, I hope you know where your potential fiance's stance is regarding saving and investing.... I am thankful my husband and I think similiarly because if we didn't then our relationship would be awkward to put it nicely!


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