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Monday, January 26, 2009

The next step

I'm playing with the numbers here and planning for what I "might" do when the bank of mom loan is done. I have about $400 to work with (so far) each month and there are just so many possibilities.
  • Emergency Fund to $1500
  • Pay off extra on my current Personal Loan
  • Savings for a deposit on a new vehicle (mine won't last too much longer)
  • No Education Funds for my children
  • No RRSPs YET and I'm almost 40
  • No vacation fund
  • No Savings
  • Finish off my Christmas Savings goal

Just hard to decide where I should go next. They all have their own merits.

4 comments:

jpkittie said...

that is a tough one!!! I never know just what I should do! This is where you just tweak it a bit & when it works best, you will see & you will know :)

Money Minder said...

Sounds like you had a good month!

FB @ FabulouslyBroke.com said...

This sounds to me like you need to figure out 2 or 3 of the goals and concentrate your money on those goals rather than spreading them too thin.

I'd suggest:

1. RRSPs (don't worry about the Education Funds only because you should be able to take care of yourself and not leave THAT burden on your kids)

2. Emergency Fund to $1500 (which doubles as savings)

3. Savings for a new vehicle.

I'd suggest $100 in RRSPs a month, $150 in emergency fund, and $150 in Savings for a new car.

Fabulously Broke in the City

"Just a girl trying to find a balance between being a Shopaholic and a Saver."

Jolie said...

Thanks for your comments, and thank you FB for your suggestions. It was one of the options I am currently toying with. I won't be able to get RRSPs this year without getting a loan so it is a MUST for next year.