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?


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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