Tuesday, July 14, 2009

Thinking about the Future

Right now my main focus is to prepare for this year long journey to Australia. After that I need to have some money saved for whatever comes next. We really don't know at this time where we'll be living but there are some general goals we have in mind that we can save for.

I have thought about some things I would like to achieve in the next five years and have decided to base my financial goals around that. I don't want to overwhelm myself though so I'll most likely be focusing on one goal at a time much like how I paid off my debt.

I am going to update my sidebars to include 7 financial goals:

Australia EFund - $5000 -This is already 100% funded. I'm hoping to use this money as a reserve only in Australia. I may dip into it to help fund the van we are planning to buy to live out of and travel in over the year. The money that is left over when we return will probably be allotted to a regular EFund.

Australia Trip Fund - $3000 - This money will pay for things before and during the trip. We plan to work throughout the trip as to not dip into our reserved money. This money will include paying for my plane ticket as well.

Future Funds

RRSP Fund - $20,000 - This number is based on the amount I am currently allowed to save based on my last tax assessment. I have not yet started saving towards my retirement which is horrible because I've known the importance of this since I was 14. Bad Dolly! I do plan to put some money in this fund before I go to cover any money that may be due this next year as my taxes will be done late obviously and I don't want to pay interest.

Education/Entrepreneurial Fund - $5000 - I don't want to be a pharmacy technician my whole life. I would really like to go back to school or start up my own business. When I was younger the only thing that held me back from both of these was lack of funds. I don't want to ever come across that problem again.

Future Home Fund - $10,000 - Ten thousand dollars is not a lot I know but BF will also be saving money towards the purchase of a home. I just want to have at least some money put away towards buying a home because its a big dream of mine. I hate paying rent and not having the freedom to make my home mine. We were able to plant a small garden here but I want a place where I can plant a huge garden and build a small green house. I find some of my favorite moments with BF are spent out enjoying the yard. Plus, when we get back we want a puppy!

Wedding Fund - $10,000 - If BF and I can survive a year traveling together in a tiny van we will know we are ready to get married. We differ on our ideas of a wedding. BF wants the big church wedding and I want the small destination wedding. Hmm... we have almost come to an agreement with an outdoor wedding, lol. Problem being my family is on one side of Canada and his the other. We'll work it out some way.

TFSA - $5000 - This number will change each year as I'm allowed to put more into it. Saving for the future is important to me and I want to save what I can to make sure BF and I are secure financially.

It is quite obvious that I'm not going to be able to save all this money in the next year. These are long term goals for me. In the next few months I plan to fully fund the Australia Trip Fund and put some cash into retirement savings before we leave.

1 comment:

The Asian Pear said...

those are great goals Dolly. your post has gotten me started thinking about what my financial goals for the future are as well.