# My Diary : Time to become responsible



## whenbreathbecomeair (Jan 16, 2019)

I moved to this beautiful country in 2010, graduated in 2012. Its been close to 6 years since I am working. Need to mention my Unemployment in 2013 for sometime.
My wife started working in mid 2015 and went on maternity leave recently. 
I am 34 and she is 31.

This diary motive for me is to :
1)Be more responsible with my money 
2)Having goals for end of year and to make sure I achieve it



Our income:5000 monthly
After deduction for Defined contribution plan where 10% of income goes
My son will be going to day care from May but income will also be increased when wife goes back.
Bought house in 2017:

Expenses :


Mortgage	1800
Car insurance	110
Home insurance	112
Property tax	277
Utilities	300
internet/cable	110
Gas	250
TFSA	100
Grocery	500



Net expense : 3600$

Debt:

Mortgage : 371,000 
Parent loan:25000 
HBP loan:25000

Asset

House Equity:110,000
My RRSP: 44000
MY TFSA : 800
Wife TFSA:12000
Baby RESP (He is 8 month old now):2500
Wife DC :15000
Emergency:5000$

2019 Goals:

To grow Wife TFSA by at least 12,000 by end of this year (Started putting 1000$ away)

Grow my DC by 14450 (It should be ok, as I already put money there pre tax)

Return HBP loan installment of 1700
Parent loan :2000$ 
RESP:6000$ (Already started 210$ deduction )
travel fund :3600$ 
Start side gig for Data analytics project : Get some income form tht this year.

we are also planning to buy a used car as it might be required for picking and droping my son to daycare.


----------



## whenbreathbecomeair (Jan 16, 2019)

it didn't give me option to edit. 



whenbreathbecomeair said:


> I moved to this beautiful country in 2010, graduated in 2012. Its been close to 6 years since I am working. Need to mention my Unemployment in 2013 for sometime.
> My wife started working in mid 2015 and went on maternity leave recently.
> I am 34 and she is 31.
> 
> ...


----------



## humble_pie (Jun 7, 2009)

this profile looks downright awesome. You clearly have a talent for successful family financial management. Congratulations on the newborn, he's a little boy, right.

my only concern is that you are too hardworking! there's no room in your budget for fun items. You mention a monthly income of $5000 - i'm assuming that's net income - while your frugal expenses total $3,600.

but i notice that your expenses don't include such highly discretionary items as clothing, entertainment, travel, dentists, hairdressers, taxis or other transport until you buy that used car, restaurant meals or home maintenance. These could easily add up to another $1400 per month & poof! there goes all of your income.

i assume the above is one of the reasons why your wife is returning to work so soon after her maternity leave. But you will both be so busy, what with the infant & the day care & all. It will be an unbelievably demanding change of lifestyle.

me i would truly like to see you & your wife treating yourselves to frequent nice small rewards that will make life easier, even if it means slowing down the savings growth rate.

reading between the lines here ... but how is the parental loan? can the parents manage without repayment or with a token low repayment for a couple more years, while you & the new mother get the baby's routine organized into a two-parent working schedule? with the odd "date night" out now & then, just for fun?

if i were your parent & if could afford it, i would certainly not be looking for re-payment at this point in time. I'd be totally content just seeing my son & grandson thriving so well. I'd be happy to wait for re-payment until the young family gets itself solidly established.

perhaps it's a point of pride with yourself to scrub your debts as rapidly as possible. But the way i see it, you don't have any serious debts. You have a home buyer loan from the RRSP, which is a normal RRSP extension that you'll easily be able to tuck back into place. You also have a small but generous family loan, at precisely the time when every young family with a brand-new baby is entitled to support from its community. What wise parents you have!


----------

