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So getting down to specifics here goes:
- save $1000 a month, $5000 of which will go into my slightly depleted TFSA and the rest to use next summer to: replace old septic system at my new old home in PEI and purchase appliances for it
- save $90 a month for my RRSP (max allowable due to my teacher's defined pension plan)
- save $100 a month for the Emergency Account
- pay down my line of credit $1000 monthly plus interest
- pay off Visa (balance is only around $70)
- save enough for Christmas - guessing around $750
- contribute "creatively" to Crofter's Lane savings jar every month (this month I have 2 HUGE boxes of LPs that a friend was going to THROW out which we will take to a dealer who exchanges them for cash; also partner is going to put his tips into the jar)
- donate $100 to charity monthly
- cut down on gas and mileage of shared vehicle: use bikes more, daughter to contribute to HER share of the gas; co-ordinate rides to use the least amount of gas possible
- cut down on electric and natural gas bill (switched my natural gas to a different and much cheaper provider - second year I've done this and it made quite a difference), power down computers
- cut down on entertainment expenses by borrowing movies and books from the library instead of renting movies and buying books; eat out less
- buy coffee at Tim Hortons (or make at home) instead of expensive Starbucks Lattes)
- cut down on grocery bill by eating less meat (Meatless Monday every week) and using up leftovers in soups and stews; planning a list by using store flyers
- write all purchases down on my newly minted monthly budget form; stick to alloted amounts for groceries and gas
You have set yourself a lot of goals there, but all of them are definitely doable.
ReplyDeleteYou say you have a trailer, do you rent this out I was just wondering as you own quite a few properties to any of them generate passive income for you.
I love when you respond to my blog you seem to know exactly what to say, so thanks.
So glad you are joining all of us!!!! Sam reminded me to add you!!! I'm looking forward to this year, with so much support, we can't possibly fail! :)!
ReplyDeleteYour welcome Maureen, I think our situations are not that much different being just a few years from retirement and scrambling to get into a better financial position before it's too late. I was a single parent for quite a few years so only had one income and have only had a good salary for a few years now. Re - passive income. We are considering renting out the house in PEI if we can find a teacher to rent it Sept. - June as there is a highschool close by. We haven't rented the trailer but I did put it up for sale this summer. Being an older model it will be difficult to sell so renting would be another option.
ReplyDeleteHi Sharon - thanks for including me - it seems that this challenge is right up my alley and the timing couldn't be better so I feel I really lucked out finding out about it on Maureen's blog.
ReplyDeleteA financial support group - what could be better!
I just discovered your blog and I have to say I am very jealous! I am a teacher in Eastern Ontario who is desperately trying to convince my husband that we should move to PEI! While for us we would still have to have jobs (I still have 20 years of teaching left!) I would still love to do it. He's not convinced ;)
ReplyDeleteGood luck with your 4 year plan!
Keep trying Christy - it's well worth it! Look at the MLS listings and see how inexpensive land and houses are - tell your husband you'd be SAVING big time if you moved! Unfortunately there are no teaching jobs currently available - I checked that out as I would move earlier if I could!
ReplyDeleteThanks for stopping by:)
Thanks Jane. Yes that is the angle I am trying - we could practically sell our house here and buy one there with just the equity we have in this house.
ReplyDeleteI have looked into jobs too - I am a French teacher so there are some available. I have my Masters degree too so am also exploring the idea of working at the university. I would love to do that.
Amazing set of goals - so excited to track your progress!!!
ReplyDeleteWell, I could rent you MY house - it's right around the corner from a highschool (near Elmsdale)! lol
ReplyDeleteFrench is a great teachable - my daughter is in her 3rd year of university taking French (UWO)and hopes to teach also. LOTS of teachers in my family. My older brother started teaching when he was 20 (before the BA requirement) and so was able to retire at 52, lucky sod.
Thanks jp - I'll be tracking your as well:)
ReplyDeleteThanks for the offer Jane but I teach elementary school :) I started at 23 so 54 is my magic age.
ReplyDeleteLots of teachers in my family too - including one in London!
Wow! What a coincidence! It really is a small world.
ReplyDeleteI had a career in banking before I went back to university so didn't start teaching until 36. So my magic number is 60 but I plan to go early - hence the budget, the home purchase on PEI etc. Hopefully it will all come together as per plan:)