Tuesday, February 10, 2009

When Life Gets Busy

OK. So maybe I was a little too ambitious in my last post of starting two other blogs. haha.

One step at a time, Des.

However, I was definitely serious about taking my finances more seriously and arming myself with knowledge of budgeting and money stuff.

When my real life gets busy, my virtual life is a little bit neglected. And it's not that I don't think about writing, it's just that it never gets done.

However, let's start off with some personal finance.

So, I've been working for the past 7 months or so. After working for 6 months, I saved enough to clear my student debt (about $8000 - so, it's quite small). Then, I realized that my bank balance was pretty much right back where I started before I started my job.

I had about $10,000 sitting in a GIC ever since I started university since I had earned money through a part time job that I had been saving for university. However, I was fortunate enough to get some scholarships to supplement my tuition. Along with working every four months through co-op, I was able to leave my GIC alone.

After traveling, my checking account was pretty much gone, and I borrowed some money from my sister until my first pay check came.

I guess, what really surprised me was that I really didn't know where my money had gone in the last 6 months. I sat down to tally my major purchases and expenses, and it really hit me hard that it was definitely a lot easier to earn money than to save it.

My net income is a little over $2500 a month, plus an initial signing bonus.

Major expenses in the past 6 months:
$8000 Student loans
$1000 New mattress and bed frame
$1100 2 visits to IKEA for small furniture and house hold items (at that time, I only had 1 fork and 1 spoon as utensils)
$2600 Rent for 6 months
$700 Transportation for 6 months
$400 Visit to Ottawa including airfare, a new leather jacket, spending there
$220 Used furniture
$600 groceries (estimated $100 a month)
$120 Sport team league fees
$100 Wedding gift
$50 Beach weekend

Misc --> Eating out, movies, shopping for work clothes


So, this is one of the motivations behind me wanting to track my finances. I don't regret my decisions on my spending. I guess, it just would've been nice to know at the time, how I was spending my money. A lot of it is start up - such as the furniture and house hold stuff. Now I am not that surprised that after I paid of my loans, there isn't much left.

More to come :) and wish me luck.


Andy said...

I personally admire your determination and your order. Really, I'm jealous!!

Greears said...

I think it is really bold of you to be a financial role model like this. Most gals keep their heads under a rock til they can't figure out why they can't retire!

Now you are going to be my rold model and I'm going to start doing quicken for Vince and I...

Wish me luck.

Des said...

Andy - Thanks! I really haven't done too much, yet. I guess I just have this fear of being poor.

Greears - Good Luck! The first step is always getting started. The blogosphere is great for finding out so many success stories of women who have found financial freedom. Tres inspiring for me :) and will be linking them soon.