I've been stalking this forum for a few months now and thought it would be time to get into the discussion.
Here are our details:
We are both 24 years old.
Been dating for approx. 8 years (high school sweethearts) -- saving up for marriage in next few years. We just want a small simple wedding. Not looking to spend more than $15-20k (maybe $25k since these things always go over budget).
Combined gross income of ~110k (65/45 him/me)
Just purchased a house this month -- just felt like the right time, and our 600sq ft apartment is really too small for us now.
2006 Ford Fusion - University graduation gift from his parents
2004 Ford Taurus - University graduation gift from my parents
TFSA (GICs): $20k
Non-Registered GICS (@ on average 4.6% expiring in 2013/2014): $16k
Chequing Account: $6k
TFSA (Cash): 1.5k (we just withdrew most of it for the downpayment)
Chequing Account: $5k
Savings Account: $1k
We both have pension plans at work. He contributes ~150 per bi-weekly pay check and I contribute ~100 per bi-weekly pay check (matched by employers)
Current Credit Card Balance: $2.1k (bought paint/stuff for new home)
No credit card debt/other loans
General Expenses/Spending Habits (monthly)
Car stuff (insurance, gas, parking): $520
Cell Phones $100
Property Tax $335
Utilities (not sure yet since we haven't been billed) -- I've budgeted $600
Home Insurance (choose to do this on a yearly basis -- paid for this year, but normally: $55
Remainder to Savings/Emergency ~$1800
Goals / Future plan of action:
1. We've budgeted being able to pay between $10-$15k in an annual lump sum towards our mortgage. Hoping to pay it off in 10 years.
2. Since my TFSA is maxed and we withdrew $15k from his for the downpayment (it was cashable) -- apply $5k towards his TFSA this year and $10k in 2013 towards marriage fund/emergencies
3. Learn more about financial planning and the TD e-series account
4. Cut back and food expenses -- I've noticed we really waste a lot of food.
1. Is this the best way to allocate our money?
2. We estimate approx. $20k a year we can allocate to lump sum or TFSA/RRSP. We were thinking of doing 15k for lump sum and 5k for TFSA or 10k/10k Lump Sum/TFSA -- any advice/suggestions?
3. I opened a CIBC TFSA Investors Edge account -- is the TD e-series a better option?