My Financial Bucket List

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?

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One response to “My Financial Bucket List

  1. Good for you for giving some thought to your finances at such a young age. It’s important to have goals, and I think that number 3 should be your number 1 goal.

    Is home ownership really your goal in 3 years? If so, I would skip the RRSP contributions and max out your TFSA first.

    I made the mistake of contributing to my RRSP too early when I had other financial priorities to take care of, and I ended up withdrawing the money a short time later (paying hefty taxes to do so). The TFSA gives you much more flexibility in case you change your mind in a few years.

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