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Thu, Apr 18th, 2013, 12:19 PM #916
- Join Date
- Feb 2012
- Location
- Clayton Ontario
- Posts
- 12,649
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- 39634
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- 288 (100%)
well in that case why wait (lol), it's nice having mums around after the baby is born, they love giving babies there baths and you get to nap or take a few minutes for yourself plus by the time your baby comes the weather should be nice and your mom can take the baby for some fresh air in a stroller.
2019 is the year that we continue to save before we buy!!!
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Thu, Apr 18th, 2013, 12:29 PM #917
- Join Date
- May 2011
- Location
- Ottawa
- Posts
- 1,164
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- 1748
- Trading Score
- 1 (100%)
I didn't see any answer for this, but if there is, I apolgize.
iPhones are about $650 when you buy them new. Anything less means and it means the phone comes with strings attached, as in, you'll have to sign a contract. The iPod touch will be cheaper to use in the long run.
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Thu, Apr 18th, 2013, 12:30 PM #918
- Join Date
- Feb 2012
- Location
- Clayton Ontario
- Posts
- 12,649
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- 39634
- Trading Score
- 288 (100%)
You have some amazing goals and priorities and like the rest of us things change over time (lol), don't knock them....baby steps.
Since you work for the gov't you may be aware that there is a work longer hours over the course of the year to get the summers off, inquire with your HR person, it's a fantastic way to get the Summers off.
Nobodies perfect and we've all made financial mistakes in 1 shape or form over the course of our lives - such is life BUT the important thing is to leaarn from your mistakes.
With respect to purchasing a home, Ottawa Carleton Mortgage has an amazing lady there who can work wonders regardless of your past credit. I'm trying to think of her name, I could look it up if you are interested sometime.
I think sticking to 1's budget is key to financial freedom (lol), it's fine to stir off course once in a while but not too often and don't cut everything out of your expenses or it makes it that much more enticing to break the budget. I would suggest a miscellaneous account if you don't already have one it could be for whatever you consider miscellaneous (a treat, a movie rental or movie night out with your little guy, etc....).
I'm personally so in sync with my budget and for us after 4 months of doing it is not so painful anymore, it's like eating, breathing, etc...just another way of life.
Thanks for sharing!
2019 is the year that we continue to save before we buy!!!
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Thu, Apr 18th, 2013, 12:34 PM #919
- Join Date
- Feb 2012
- Location
- Clayton Ontario
- Posts
- 12,649
- Likes Received
- 39634
- Trading Score
- 288 (100%)
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Thu, Apr 18th, 2013, 12:36 PM #920
- Join Date
- Feb 2012
- Location
- Clayton Ontario
- Posts
- 12,649
- Likes Received
- 39634
- Trading Score
- 288 (100%)
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Thu, Apr 18th, 2013, 12:40 PM #921
- Join Date
- Feb 2012
- Location
- Clayton Ontario
- Posts
- 12,649
- Likes Received
- 39634
- Trading Score
- 288 (100%)
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Thu, Apr 18th, 2013, 12:43 PM #922
- Join Date
- Oct 2010
- Location
- Ottawa
- Posts
- 1,915
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- 7547
- Trading Score
- 93 (100%)
I am not quite ready to look at buying but if you do have the name of the mortgage person I'd appreciate and will keep it handy. I am hoping to have the max HBP within two years, partly because I expect to get a big chunk of money when our contracts are negotiated. The longer it takes, the more I get, but of course it takes longer to get it
I know my boss is good about using unpaid time off over the summer, the unpaid time gets prorated over the year so you get a cheque every week, just smaller (leave with income averaging). I will be doing that for sure. I am loathe to work longer hours during the rest of the year only because I would like to be there more during the school week. I will be enquiring about work from home as well though, and hopefully it will be an option in another year or so. I believe this would only be for 5 years or so while my son is young, once he's 10 he will be old enough to go home on his own, I did growing up (though I am a girl, perhaps it's different for boys).
I am trying to prioritize saving vs the instant gratification I get from spending. What do I want more, to buy this whatever it is, or to be able to stay home more with my kid. I have already missed so much it feels, I don't want to miss everything. It is very hard to break so many years of a very ingrained habit though! But then I've managed to actually do dishes every night for the past 3 yaers or so (I used to let them pile up for days lol), and even to bring my lunch 9 days out of 10, and other small things, so I know I can make the changes.
Love love reading/hearing all the tips here for saving, and seeing other people's goals. It's very motivating to me. The meal plans, all of it, it's very helpful.
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Thu, Apr 18th, 2013, 12:45 PM #923
- Join Date
- Oct 2010
- Location
- Ottawa
- Posts
- 1,915
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- 7547
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Thu, Apr 18th, 2013, 12:45 PM #924
- Join Date
- May 2011
- Location
- Ottawa
- Posts
- 1,164
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- 1748
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It's my personal assumption that five-year plans are only good for instances when you have a good control over the situation. For example, I hate being asked on job interviews "where do you see yourself 5 years from now?", because it's just a bunch of hooey that doesn't mean anything. For example, an employee has no say over getting promoted every two years, unless the boss decides they deserve a promotion that first prootion. I actually asked at a meeting once how many people in the room had put down their current job 5 years before - not one. They all seemed surprised by the question, but nobody had in their plans the job they were now doing.
Five year plans, imo, are general ideas that you might want to accomplish, but if someone is serious in accomplishing these goals, they become projects where the nitty-gritty is figured out and detailed steps are being followed. Most goals involving big purchases fall into this category. One goal of mine is on target, which is to have the mortgage paid off in 2014.
I guess the biggest hurdle in 5 year plans are other people if you have to depend on them.
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Thu, Apr 18th, 2013, 12:46 PM #925
- Join Date
- Jan 2009
- Location
- Estevan, SK
- Posts
- 17,862
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- 41282
- Trading Score
- 214 (100%)
We pay our mortgage biweekly and have since day one. I am a teachers on maternity leave right now. My student loan is at a higher interest rate than our mortgage, so the extra money goes onto my student loan. When I was working full time last spring (while pregnant) I managed to do double and triple payments onto my student loan, which paid down the principle and helped save money on the interest.
I use coupons (lol) and have always shopped sales. We have a well stocked pantry and chest freezer. I garden in the summer time...love to go in the back yard and pick the vegetables for supper. Garage sales are great for saving money and earning some money from items we no longer need. When it is nicer outside I will be able to take LO for walks to the grocery stores and pick up the occasional things that we need. I will save money on my truck, plus we will both get some exercise and fresh air. I also use two apps on my phone - Checkout 51 and Freshpoints, which helps us save even more money.
edit: our LO is exclusively breastfed and I make all of his baby food.Last edited by Angela273; Thu, Apr 18th, 2013 at 01:22 PM.
Help me out with Swagbucks and we can both earn gift cards and PayPal money
Pm me for a referral link if you’d like to earn a $10 bonus! when you create your Checkout 51 rebate account
Caddle Referral Code: ANGELA67343 and we will both earn $1 bonus
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Thu, Apr 18th, 2013, 01:07 PM #926
- Join Date
- May 2011
- Location
- Ottawa
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Wow, I admire you for wanting all those things. Having said that, you don't think that some of your goals clash with others?
Paying down debt, having another baby, taking summers off, buying a house and retiring by 50, all this on one income, is very ambitious in my mind. Working less will make debt reduction and/or saving a house downpayment take longer, in contrast to wanting to retire early.
Unless you're financially independent at 50, as a federal employee, know that you take a 5% hit on your pension for every year you're not 55. If by age 50, you have 25 years service, it means you'll get 25% of your salary ((25 years X 2%/year) minus (5 years @ 5%)).
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Thu, Apr 18th, 2013, 01:22 PM #927
- Join Date
- Oct 2010
- Location
- Ottawa
- Posts
- 1,915
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I do know it's ambitious. I don't have a tonne of debt at the moment, and it should be paid off by October or November, depending if we get our contracts done and if there is a raise in there. I'll be getting $13k or so in payout for a severence thing in our contracts, which is the downpayment on a house (plus what I already have in RRSP) but at this rate that won't happen until next year. We are, I think, one of the last government areas to have this put in. The part time and summers off is where I know I can afford one, but probably not both, by part time I do mean about 30 hrs instead of 37.5. Unless I have some savings by then to keep me going I don't know that I'll be able to do both. And if I do it pushes what I can save to almost nonesistant. So. The second baby keeps getting put off, and by the time I can afford it I will probably be too old, or my son will be too old, but I hate to put the nail in that one for some reason. I should have done something about it a year or so ago, but the longer I wait the less likely it will happen.
I do hope to have some savings by the time I'm 50, probably not enough to be financially independent but hopefully enough that in combination with what I'd be getting in terms of a pension, it would be enough. But then again, that is longer than 5 years away. And I would possibly need to work part time at something, but not here I am constantly amused by the fact that I have a degree in Biology and work for CRA. Yeah the two are not even close to being related. I would not say that I like my job, more that I like the money, benefits and pension that come with it, so I do it because it's a job. And I don't want to live like that forever. Someday I'd like to have a job I enjoy, even like. I just have no idea what that might be.
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Thu, Apr 18th, 2013, 01:28 PM #928
- Join Date
- May 2011
- Location
- Ottawa
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- 1,164
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What about what I don't do that saved me the most dolloars and cents? I stopped using shopping as a hobby. Not only did it reduce my spending, it freed up a lot of time to do other things that save money. Now I'm very specific that I shop to fill a need as opposed to an activity in itself.
Has anyone here read The Tightwad Gazette? The author expressed a similar sentiment. A big part of being frugal is not doing things.
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Thu, Apr 18th, 2013, 01:30 PM #929
- Join Date
- Oct 2007
- Location
- hay River, NWT
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- 2,103
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- 9930
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- 2 (100%)
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Thu, Apr 18th, 2013, 01:40 PM #930
- Join Date
- May 2011
- Location
- Ottawa
- Posts
- 1,164
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- 1748
- Trading Score
- 1 (100%)
Android is a different operating system then Apple's iThingies. It just means you need to buy an Android powered phone or tablet As far as I know, there is no equivalent iPod Touch in Android, though. Again, don't be fooled by low prices on the smartphones. Always check to see how much the phone costs without a contract, as there will always be a big difference. That's how the phone companies reel people in, they offer a cheaper phone, but they'll more than make up for it over the three year contract. It's a real racket if you're not careful.
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