I had never given my finances much thought until a year ago. I luckily did not have any student loans to pay off and I had a good chunk of savings from working every summer since Grade 11. I never had any set budget or any clue really how much I was spending on my non-fixed expenses like groceries, entertainment, personal care etc.
So about a year ago, I tried tracking my spending and creating some sort of budget. Once I got the iPhone 4, I downloaded a great app called iXpenseit that allows you to track all your expenses and income (and you can even download a PDF of your report)!
Since then, I have become very aware of what I spend during an average month. Most of it was not surprising – transportation and groceries were my main expenses, after rent. But it definitely made me realize how much little things, here and there, add up.
A few days ago, Financial Blogger Krystal Yee posted a contest on her blog. To receive an extra ten entries, you had to write a blog post with your “Financial Bucket List.”
I would love to win the $500 Give Me Back My Five Bucks competition, sponsored by Life Insurance Finder, the life insurance experts, but I also think a financial bucket list is a great way to have clear financial goals.
My Financial Bucket List
1. Save 30% of my income to be able to afford a down-payment on a house by the time I’m 25 (three years).
2. Start an RRSP and an RESP (yes, thinking ahead).
3. Figure out what I’m saving for – what my goals are. Just to save for a rainy day? To save for retirement, a house? Or to save so I can splurge on other things I love, like pretty notebooks, nice clothes and more scrapbooking pieces?
What are your financial goals for the new year?