Right now, sitting in front of this computer starring at a blank text box, I feel very tiny. Much the same as how I feel in relation to our finances. We’re saving for so much at the moment: a vehicle to replace my aging 1990 Jeep Cherokee that’s on it’s last legs (whom my mechanically inclined dad is buying, fixing up and selling); our wedding, over a year away (August 21, 2010), that we are mostly paying for ourselves; and a 5% down payment for our first house (including some RRSP contributions that we’re taking out tax free under The Federal Home Byers Plan, allowing first time home buyers to withdraw up to $25000 from their RRSP for the buying or building their first home). Then there are the regular payments and additional savings every month: truck loan, quad loan, RRSP’s, and an emergency fund. I realized the other night that we might be spreading ourselves too thin. Focusing our attention, and having one priority, although not necessarily getting us to our goal points any faster, would give us a sense of accomplishment after each allotted amount is saved.
The problem comes, obviously, with trying to prioritize those savings. Every time I go to clean, organize or upgrade our rented home I get frustrated: why am I wasting my time when it’s not ours. I’m borrowing a vehicle from my parents (1986 Mercury Cougar, which has it’s own problems) until we find a vehicle to purchase. Down payments for certain aspects of our wedding will need to be made soon, in order to secure the vendors that we want; the photographers being the most important, but also the most expensive at $3900 for the package we want (I believe GST is on top of that price, of which half is required to secure the date).
I realize we’re doing better than most people, with only two bank loans, and one personal loan to my mum (amounting to a total debt of $36,608.51). The three credit cards we own (rather than them owning us) all have a zero balance; they’ve always been paid off in full every month, but now we’ve stopped using them and have started living on cash. We are living well within our means, and stick to our weekly budget.
This is just the beginning and I want to document all the right, and wrong turns that we’ll be making. All my tips, advice, and strategies compiled in one place. I know there’s tons of different sites or blogs out there on the subject of money; hopefully mine will resonate with a younger crowd, just starting out in their married/successful lives.
March 17, 2009
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