Give Me Back My Five Bucks

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Lasik Eye Surgery…

I’m thinking about spending my tax refund in the spring on Lasik Eye Surgery.

Thoughts?

Pondering my RRSPs

If I keep up with my contribution pace of $662/month from now until December 31st, I will have contributed approximately $7,700 to my Retirement Portfolio (around $23-24k total).

My 2008 RRSP contribution limit is $9,685, so I’ll be well under that amount.

But … if I just stop contributing once I hit my $22k goal, then I’d have an additional $1-2k to save for other things (like a trip around the world, or my EF, or my Condo Down Payment).

Assuming I gross $45k this year, a $7,700 contribution would earn me a tax refund of $2,360 (according to Morningstar’s RRSP calculator). A $5,700 contribution would earn me $1,747. So to contribute an additional $2k above and beyond my $22k goal for 2008, I would “earn” an extra $613.

Hmm.

How I spent my tax refund this year

Well, my tax refund finally cleared into my chequing account, so this is what I did with my $4,485!

  • $750 – Travel Fund
  • $300 – Emergency Fund
  • $300 – Condo Down Payment Fund
  • $2,425 – Retirement Portfolio
  • $300 – saving for 1/2 May rent

The remaining $410 I used to pay off my Visa card for the month.

This isn’t the exact plan I had for my tax refund (I hadn’t anticipated throwing anything into my Travel Fund or Condo Down Payment Fund), but I’m satisfied with how I split up my money.

My sidebars and NetworthIQ have been updated! :)

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