Give Me Back My Five Bucks

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What I’m going to do with my Travel Fund

Well, BF is just one step away from getting that work-related opportunity, so in light of this situation, I’ve decided how I’m going to split up the $5,000 in my Travel Fund.

  • $1,000 – Travel Fund. Fully funded, this account will hold $3,000. Maybe even $5,000. All of my immediate travel has been paid for. I think next year I might be doing a bit of traveling – Mexico with the family, a possible hiking/kayaking trip to the Queen Charlotte Islands, and J and I were discussing going on a trip … maybe San Francisco, or NYC?
  • $1,000 – Emergency Fund. Fully funded, this account will hold $5,000 at least for the next 3 years. If our situation changes and we end up buying a house, or we are in a position where we have to move, I will definitely think about putting more $ towards the EF. But for right now, $5k represents 6 months of living expenses for me.
  • $3,000 – pay off LASIK eye surgery. That way I won’t have to touch my Savings Fund.

I want to buy a new car

Now, I know what you’re all going to say. That I should buy a used car, because as soon as I buy a new car and drive it off the lot, it will depreciate in value, blah blah blah. I know all of this. But I want to buy a new car just once in my lifetime. Then I will drive it until it falls apart. Whether I actually end up buying a new one is another story. Chances are I’ll balk at the sticker price and end up buying a used one (which is so typical of me). But I know what my preference is.

That being said, my current car is probably going to last me at least another 2-3 years. So I was thinking in the meantime, I can save up money so that I can buy a new car in cash. Or at least put down a very sizable down payment.

I don’t exactly know what kind of car I want to buy, but I do know what I like and what I don’t like. Plus, it’s easy to narrow my selection down to a handful of choices because my tall boyfriend doesn’t fit into a lot of cars. Obviously if I’m not looking to buy for another 2-3 years, I won’t really need to think about what model I want right now … I just want to be able to afford one without monstrous car payments every month for years.

So in the meantime, do you think I should set up a Car Fund? Then I can put money into it for car repairs and insurance for my current car, AND save up for a new one for the future. I like this idea because it keeps my car money separate from my general Savings Fund.

Happy Friday!

Well, today is Friday and pay day – my favourite combination. :) I updated my NetworthIQ and my sidebar totals. This is the first time in a few months where my Retirement Portfolio has taken a hit. Here’s what I did with my money today:

  • $150 rent
  • $200 RRSPs
  • $25 TFSA
  • $200 Savings Fund
  • $100 Emergency Fund

I wish I could have saved more, but I am hoping to buy some things tomorrow when we go down to Seattle. Plus I had to pay off the flight to Calgary that we booked for January.

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