# Getting myself out of the ****



## gladiator (Oct 26, 2015)

32 year old, basically immigrated to Canada 4 years back on student visa and now working.
Married and currently renting a apartment. Wife is in school right now, so only earning member for now.

Today, when I decided to book trip to see my parents and suddenly, I realized I have only 203$ in my account which make me depress. Going to see my parents is costing me close to 4000$, i could have avoided it but i already book my vacations and couldn't ignore this visit as its been 3 years. It could have been booked for 2600$ but December is a high season ..Anyway, After this visit I decided to be more frugal and will focus on building wealth.

Income before Tax: 75000
RRSP Contribution:75000*.18=13,500
Income after RRSP:61500
Monthly income all deductions:1825*2=3650$

Assets
RRSP:22500$
TFSA:4200$ right now its 3800 since stock market is down
Car:15000$ (Car value)

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Debt:1000 on credit card


I need to keep on my expenses for next few months to see where things are really and how much I can save.

K


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## Jaberwock (Aug 22, 2012)

Relax gladiator - you are not up to your neck in sh1t, you don't even have more than the tip of your toe in it.

You are better off than 95% of persons of your age. The $1,000 debt is negligible - if you can't meet the bill when it is due, take the money from your TFSA, and replace it next year.

You seem to be already focused on building wealth, but you don't need to max out your RRSP every year. The contribution room accumulates, top it up when your wife leaves school and you have two incomes. You have plenty of time to save for retirement.

Go and see your parents, they won't be here forever, they are much more important than a few dollars.


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## multifaceted (Dec 27, 2015)

*Agreed - relax*

I agree Gladiator. Enjoy your trip. You are aware and want to build a good financial plan so that is over half the battle. One word of advice from a 47 yo man with 3 kids, hold off on kids until your wife gets some work under her belt. Kids are not cheap as they cost money and they also alter / prevent your ability to work to you and your wife's full income potential!! They are great but costly and I love them!


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## sags (May 15, 2010)

Take the trip and enjoy yourself. Start "earnestly" saving for retirement at age 33 and voila..........you are well ahead of the plan already.


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