This month my hubby got an unexpected HUGE raise. It was very unexpected but very welcome, I had been stressing about money a little bit when I got the news. He got a 39% raise!
That is right! THIRTY NINE PERCENT! When does that even happen? He is one lucky boy and he knows he will probably never get that big of a raise at once again.
He is now making the same amount we were combined when we bought out house two years ago. I thought, well paying off debt should be super easy now since we would have been able to live off his paycheque alone two years ago. I looked through our expenses and our expenses have gone up, especially our utility bills! We also have a newer car, more money on insurance, and we have car payments. We also weren't saving anything and I was only saving 2% for retirement and my husband wasn't saving anything.
Now we are putting about 60% of my paycheque towards debt (including the car payment) and another 20% of my paycheque into savings. Meaning we are living on his paycheck plus 20% of mine.
I finally feel like having children is a possibility in my future! By the time we have children - we can be debt free!
Wednesday 25 April 2012
Wednesday 4 April 2012
To the Bank, To the Bank!
So I went to the bank last week, my husband was supposed to go with me, but he had to wait at home while we dealt with our series of unfortunate events. I went in looked at different things to do with my RRSPs, and my advisor helped me look at what I need to save to retire.
Moral of the story, I'm 23 and I don't think I'll ever be able to retire!!!!!!! *end panic*
It just goes to show that you need to start planning early. I would like to get to a point where I can save my whole income and we can just live off my husbands. We would certainly have a chance at retiring happily if we could live off of one income and save the other.
Right now though, we have to pay off our debt. We are paying more interest than we are making, so it makes sense to keep snowballing our debt payments and then start snowballing our savings payments once we can really afford too.
My goal is to one day life off of one income, and save the other.
Moral of the story, I'm 23 and I don't think I'll ever be able to retire!!!!!!! *end panic*
It just goes to show that you need to start planning early. I would like to get to a point where I can save my whole income and we can just live off my husbands. We would certainly have a chance at retiring happily if we could live off of one income and save the other.
Right now though, we have to pay off our debt. We are paying more interest than we are making, so it makes sense to keep snowballing our debt payments and then start snowballing our savings payments once we can really afford too.
My goal is to one day life off of one income, and save the other.
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