A New Chapter - Tracking Progress - Page 2
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Thread: A New Chapter - Tracking Progress

  1. #11
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    Hey thanks for the reply. Ya kinda glad I didn't move haha.

    I'm sorry I didn't make it more clear... the layout of the communities isn't obvious to people who don't live here. Aylmer could be thought of as a suburb of Ottawa but it's just over the QC border. I actually work in Ottawa, close to downtown. Living in Aylmer I must have a car due to the commute, which is about 45 minutes. Busing would take 1.5 hours.

    Where I live is very nice and cheap but it's also a bit far from shops. I can't walk to anything.

    If I moved to DT Ottawa, I'd pay more in rent but save on everything else. If I moved to certain areas I could walk or bike to work in the summer and bus in winter (bus commute would be less than now for sure... 15-20min I'd guess). Plus I could walk or bus to shops.

    Car is probably worth more. I'd be hoping for 10k but being conservative with my 8k estimate. I have family in Ottawa to help with the move.

    Not saying it's a guaranteed good decision, but thinking about it. I'd like to not live so far from everything, and having a car in DT Ottawa would be stupid (insurance and parking expensive there). So it's either stay where I am or move to DT and sell the car. Financially it seems DT is better and to your point I don't think I'd seriously impact my convenience on most days. And in a pinch, for around $40 I could use car sharing like VRTUCAR twice a month for things like groceries or vet visits.


  2. #12
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    In that case I think moving is an excellent idea!

  3. #13
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    Quote Originally Posted by motl View Post
    Targets for 2015
    Emergency Fund: $5000
    TFSA: $3000
    Pension: $~3200
    Sounds like you've got a decent plan to get restarted after your divorce. At 29 years old, your income is actually not bad and should allow you to start a decent savings account. Which is why I'm posting From above, I see you are planning to have $5000 in Emergency Funds along with $3000 in TFSA. What I'm wondering is if you are planning to put the entire Emergency funds into a TFSA, therefore bringing your total to $8000.

    A TFSA is a great savings tool for an Emergency Fund as you can typically get funds transferred to a bank account within 24 hours. As long as you're not getting too fancy with what type of investment you've chosen within your TFSA. Plus, it removes the 'temptation' to use your emergency fund for an impulse purchase.

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  5. #14
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    Quote Originally Posted by motl View Post
    Been thinking about things...

    Downside is of course not owning a car. If I lived downtown I think it'd be fine. If right downtown I could walk to work and save more by not buying a bus pass. Ottawa isn't the best city for transit since there are no subway and few LRT options, but I managed for 10+ years and lived in less convenient locations. I enjoy having a car, but I'm not sure it's worth what I'm spending to have it.
    It's been a long time since I've been in the dating game, but how would you pick up your dates for a night out without a car? If you take taxi cabs then you really need to add a budget line for that added expense. Or, check out the various 'Car Sharing Programs' you have available in Ottawa. Should lessen the pain of not owning your own car.

  6. #15
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    Yes dating is one of the biggest issues. In cities like TO, it's very common to not own a car and transit is pretty good. Friends who live there tell me it's common for dates to be expecting public transit.

    Ottawa is a bit different. We have no subway or light rail to speak of. While the buses do reach everywhere in the city, it's not exactly quick if you live in one of the further suburbs. Most dates take place downtown from my experience, and most people automatically take responsibility for their own travel (at least on the first date or first few). So living downtown it could be workable, but perhaps not completely ideal. Then again, living where I do can be inconvenient for dating too... it's a 25m drive minimum to the city, and possibly 35-45 if they are on the other side. Not super ideal for spending the night.

    But I agree. Dating is definitely better with a car. Is that a good reason to keep it though?

  7. #16
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    Probably not.

    In your early 20s as long as you have some wheels it is a big plus with the ladies. But a shitty car into your 30s is probably a liability. If it's not an expensive looking sports car, import, truck, or 4x4 you might as well go car-less. At least then you can be a bit mysterious about yourself and your urban lifestyle. Maybe play up the helping-the-environment aspect with the hippier chicks? Nothing screams "no second date" to an attractive young woman like a man in his 30s with a 5-15 year old fuel efficient sedan... If that's what you're dealing with it's probably best to go car-less, or just hide the car out of sight until you've sealed the deal...

  8. #17
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    Quote Originally Posted by peterk View Post
    Probably not.

    In your early 20s as long as you have some wheels it is a big plus with the ladies. But a shitty car into your 30s is probably a liability. If it's not an expensive looking sports car, import, truck, or 4x4 you might as well go car-less. At least then you can be a bit mysterious about yourself and your urban lifestyle. Maybe play up the helping-the-environment aspect with the hippier chicks? Nothing screams "no second date" to an attractive young woman like a man in his 30s with a 5-15 year old fuel efficient sedan... If that's what you're dealing with it's probably best to go car-less, or just hide the car out of sight until you've sealed the deal...
    Ya, I'd say it's an attractive car (2010 Kia Forte SX - high trim model with leather seats). Also decent on gas, so it sort of fits various needs. I enjoy the freedom of a vehicle for sure, so I'm still thinking about it. But I'm honestly not enjoying living so far from the city and my friends (30 minutes) and family (45-70 minutes). It also makes going out with friends/dates annoying, since everything takes place within the city and I always have the account for commuting time.

    Financially I'd be nice to get a chunk of money for the car, especially if I can also save going forward (even breaking even might be worth it). I enjoy public transit and do believe in using it when one can (would love to bike/walk to work too). I suppose I'm struggling also with the lifestyle decision of giving up the car, since financially it seems to make perfect sense.

  9. #18
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    Went to NYC in April as planned so only saved about $500 that month, but expect to put at least $1000 away from pay cheque next week. Switched dog food to save $20 per month and was approved for OT at work. Should bring in an extra $1500 between now and September working OT. I also got more information about my potential for raises at work. I am basically guaranteed a bonus of at least $1000 in April next year (more likely $1500, but can go into the $2000s or 3000s). I'm also working hard to stand out (and succeeding) so I can earn a great performance review, which should come with a 6-8% raise.

    Still considering the move, but close to pulling the trigger.

    I found a beautiful new apartment building in the perfect location. It has every amenity I want and is the type of place I could see myself rent for years (until I decide I may want to buy again). Downside is the rent would be $1280 with utilities, or 48% of my net income. The funny thing is, my expenses would stay the exact same - the money saved from car expenses (gas, insurance, parking) + income tax savings would cancel out the higher rent. I'd spend the same after the move as before. Little disappointing because I'd hoped to save monthly by moving, but I'm attracted to the major lifestyle upgrade of the location AND the building itself. The other options in downtown Ottawa have been seriously underwhelming. Either the cost is nearly the same ($1100-1200) and not nearly as nice or perhaps $200 cheaper monthly, but rundown piles of junk. Lots of good 'deals' on century homes for around $1000, but they are often poorly maintained, kind of gross and not at all appealing for the long-term. I'd rather not be looking to move again next year due to unhappiness with my place. I'm currently not splurging on anything really, and I'm feeling like perhaps spending a bit more to be truly happy with my living situation would be an OK financial sacrifice.

    I know it's generally not smart to have such a high portion of income for rent, but my other expenses are quite low. Even with rent at $1280, my total fixed monthly expenses would be around $1500 (about $1575 now). I've currently reduced my spending and changed my habits (ie. food) and can continue saving 30%+ of net income after the move (higher during OT months).

    Of course the move would still involve selling the car and using the profit to complete my EF and begin investing later this year.

    Should I?
    Last edited by motl; 2015-05-28 at 09:06 PM.

  10. #19
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    First real update in a while. I ended up moving downtown July 1st and am quite happy so far. My rent is expensive and I've yet to sell my car (will be gone by end of the month), but my building is amazing and I love being so central. My total housing + transportation costs are equal to what I was paying before, but the percentage going to rent vs transportation is much higher now. Doing a lot more walking and debating buying a bike this summer instead of waiting until next year as planned.

    No funds from the car yet, but still adding to savings as I also got approved for some OT this summer. Worked some OT in June, but doing even more in July (9-10 hours of OT per week). All together, if OT is extended through August, I should end up adding about $2500 net income from OT this summer. All planned major expenses for the year have been paid for except a vacation in Sept, which I'll keep between $500 and $800.

    Liabilities
    Debt: $0

    Savings
    Emergency Fund: $3000
    Pension: $1600

    New Projected Targets for 2015
    Emergency Fund: $5000
    Investments: $7500
    Pension: $~3500
    Total by December 2015: $16000

  11. #20
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    Car is sold. Sold for less than I'd planned, but I don't care. Just wanted to get rid of it and move on, and stop paying for insurance, etc. unnecessarily. I do have an upcoming vet bill for my dog that wasn't original planned, but incoming overtime for August should help pay for that without impacting target. Also taking a trip in Sept that was planned for.

    My current budget allows for about $300 to cover food and entertainment. I've found this pretty easy to stay within, which may allow for extra money saved over expected budget.

    This weekend I plan to begin process to open e-Series account so I can begin investing. Will leave $5000 in savings account as emergency fund, rest will be invested shortly.

    Updates below.

    Liabilities
    Debt: $0

    Savings
    Emergency Fund: $9950
    Pension: $1890

    Projected Targets for 2015
    Emergency Fund: $5000
    Investments: $7500
    Pension: $~3500
    Total Net Worth by End of 2015: $16000

    Last edited by motl; 2015-08-13 at 11:43 AM.

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