# Bear2Bull Money Diary from 23



## Bear2Bull (Nov 11, 2013)

I am 24 and got a job making ~60K/yr

Assets:
Chequing Account 1: $5800
Chequing Accoung 2: $450
US Account: $300
Vacation Fund: $600
TFSA: $11,200 (Stocks/ETFs)
RRSP: $700 (Cash)
Car: $20,000 
*TOTAL: $19,050 (excludes car)*

Monthly expenses:

Insurance: $280
Credit Card Debt: $0
Gas/Maintenance: 250
Internet/Phone Bill/Netflix: $50
Gym Membership: $50
*TOTAL: $630*


Goals for the next 3 years:
Max out TFSA
Max RRSP contributions
Save enough for a DP for a house/condo ($100K)

I currently save $2200/month and at this rate should save 100K in 3 years.


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## Janus (Oct 23, 2013)

I assume you have no student debt or loans? The things you list as liabilities are actually expenses.

Looks like you're doing well. What's your job? Where do you want to buy a house/condo?


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## Bear2Bull (Nov 11, 2013)

Janus said:


> I assume you have no student debt or loans? The things you list as liabilities are actually expenses.
> 
> Looks like you're doing well. What's your job? Where do you want to buy a house/condo?


Paid off student debt and currently doing an IT gig. I am not sure where I want to buy a house/condo at the moment. I will have to evaluate my situation in 3 yrs and decide. If I had to choose now it would have to be North York or Mississauga.


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## Feruk (Aug 15, 2012)

So you make $3,600/month net, save $2,200, listed $580 in car/travel expenses. That means you spend another $820/month on everything else. If you live with parents (guessing you do), this seems high. Also, why is your insurance so high? Can this be lowered?

So that's advice, here's opinion: You're 24... move out of your parents house and live your life. Rent for a while. You don't make enough to fall under the "sacrifice for a few years to get way ahead" mentality.


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## Bear2Bull (Nov 11, 2013)

Feruk said:


> So you make $3,600/month net, save $2,200, listed $580 in car/travel expenses. That means you spend another $820/month on everything else. If you live with parents (guessing you do), this seems high. Also, why is your insurance so high? Can this be lowered?
> 
> So that's advice, here's opinion: You're 24... move out of your parents house and live your life. Rent for a while. You don't make enough to fall under the "sacrifice for a few years to get way ahead" mentality.



I contribute about $500 into my employers defined benefits pension plan. The remaining $300 is money I use for my hobbies/groceries/eating out/spending money. Anything left over gets put into my savings.

I have talked about moving out with my parents but they would prefer I stay with them a little longer so I can aggressively save for a down payment.


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## Bear2Bull (Nov 11, 2013)

UPDATE: 4 Months later....

Assets:
Chequing Account 1: $5600
Chequing Accoung 2: $30
US Account: $300
Vacation Fund: $700
TFSA: $23,250 (Stocks/ETFs)
RRSP: $700 (Cash)
Car: $20,000 
TOTAL: $29,880 (excludes car)

Monthly expenses:

Insurance: $280
Credit Card Debt: $0
Gas/Maintenance: 250
Internet/Phone Bill/Netflix: $50
TOTAL: $580

My Goal:

$100,000 by June 2016

Currently 30% complete!

I will update this log quarterly


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## peterk (May 16, 2010)

Aweseome work Bull. Do you intend on living at home for the next 2 years until you have the downpayment saved up?


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## Bear2Bull (Nov 11, 2013)

UPDATE: 3 Months later....

Assets:
Chequing Account 1: $5600
Chequing Accoung 2: $40
US Account: $0
Vacation Fund: $700
TFSA: $30000 (Stocks/ETFs)
RRSP: $1500 (Cash)
Car: $20,000 
TOTAL: $37 840 (excludes car)

Monthly expenses:

Insurance: $210 (Paid for until June 2015)
Credit Card Debt: $0
Gas/Maintenance: 250
Internet/Phone Bill/Netflix: $50
Gym Membership: $0 (paid off until Feb 2015)
TOTAL: $300

My Goal:

$50,000 by the end of the year
$100,000 by June 2016

Currently 37.5% complete!

I will update this log quarterly


Its been a good quarter for my savings. Most of my gains were from putting money away and appreciation of my TFSA investment portfolio. 

@Peterk: I am now targeting moving out next spring.


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## MasterCard (Aug 2, 2013)

How did you lower your car insurance by $70/mo?


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## Bear2Bull (Nov 11, 2013)

MasterCard said:


> How did you lower your car insurance by $70/mo?


Extra year of driving experience and switching companies


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## Bear2Bull (Nov 11, 2013)

Here is my update for the quarter. I added about 7.5K into my savings in the past 3 months. I also opened a US Margin account to trade options. Hopefully this pans out to be another source of income for me in the long run.

UPDATE: 3 Months later....

Assets:
Chequing Account 1: $5500
Chequing Accoung 2: $46
US Account: $0
Vacation Fund: $1000
TFSA: $32000 (Stocks/ETFs)
RRSP: $880 (Cash)
US Margin Account: $5900
Car: $20,000 
TOTAL: $45 326 (excludes car)

Monthly expenses:

Insurance: $210 (Paid for until June 2015)
Credit Card Debt: $0
Gas/Maintenance: 250
Internet/Phone Bill/Netflix: $50
Gym Membership: $0 (paid off until Feb 2015)
TOTAL: $300

My Goal:

$50,000 by the end of the year
$100,000 by June 2016

Currently 45% complete!

I will update this log quarterly


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