Give Me Back My Five Bucks

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Saving for Retirement

I started saving for retirement again. Luckily I only lost 6 weeks, but even then … with all the savings goals I have this year, I don’t think I can make that time up. But anyway, starting this Friday I’ll be putting away $300 bi-weekly.

RRSPs
$50 Money Market
$50 CDN Bond Index
$50 European Index
$50 International Index
$25 CDN Index
$25 US Index

TFSA
$25 ING Direct (3%)
$25 PC Financial (2%)

According to the pay stub I received yesterday, I’ll be bringing in approximately $1,380 bi-weekly after taxes. So my Retirement Porfolio savings represents almost 22% of my net income. And based on the TD Canada Trust RRSP calculator at an average rate of return of 7%, if I keep saving at the rate I am, I can retire at age 55 (my goal retirement age) and will have $1.1 million in my Retirement Portfolio. That doesn’t even take into consideration the fact that I would increase my savings amount with any increase in salary over the years. So I’m feeling really good about the future, and I’m so glad that I took saving for my RRSPs seriously during my 20’s.

I heart Fridays

Well today is pay day, so I updated the sidebars and my NetworthIQ. For the month of November, my net worth increased by 2.96%. I’m pleased about that, especially because I decided to buy out my entire private car insurance for the year (so now I only have approx. $78 payments per month for ICBC basic insurance). And that was pretty expensive.

I was also able to throw more money towards my Retirement Portfolio this month. I’m really trying to debate whether I should lower my RRSP contributions and concentrate on my TFSA. Right now about 90% of my Retirement Portfolio is in RRSPs. I’d like to build up my TFSA, but I’m having a hard time getting my head wrapped around it. Ideally I’d like to max out my TFSA each year, but it’s clearly not going to happen this year.

Happy Pay Day!

Well today is pay day (!!!). $150 went into my RRSPs, and I didn’t put $500 into my Travel Fund like I usually do. Instead, I put it on my Visa to pay off those mountaineering boots that I bought earlier this week.

I also updated my sidebars and NetworthIQ, and I’m happy to report a 5.58% increase this month. I haven’t said much about this, but BF thinks that it’s important to talk about – regarding my RRSP investments, I am now back in positive territory. It was a quick recovery for me because of a lot of different reasons (namely a good but simple strategy – buy low) … and now that I am in the black I’m looking to keep on gaining.

Also … I checked back to see what my September Monthly Goals were, and ouch. I’m not going to hit a lot of those goals. One of them was “go running 3x/week?” hahahaha I haven’t gone once this month. I think for October I’m going to stick to realistic goals, not idealistic goals.

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