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.