Timeframes - do you know what yours is?

Today I was going over my budget (again) and realized something. I set up some arbitrary goals that I am saving towards. The goals section of my blog has some arbitary dates for said goals. I haven't actually sat down to figure out if the plan I have will help me realize my goals in time.


I spent some time on excel and it looks like it will take about:

• Emergency Fund - 27.05 months


• House Deposit - 108.57 months


• RRSP - 106.35 months


• Planned Spending - 11.32 months


• Shares at Work - 14.73 months

I considered the current interest rates when I did the calculations, but I didn't count any extra funds I will get once my CC is paid off. As once that is paid off, the monies will go towards my student loans. That whole debt repayment process will take about a year and a half. That said, once that year and a half is up, most of that money will go into my savings.

I am also going to start reinvesting any tax refunds I receive in my RRSP's as well so this will help with that timeline. If I get any raises at work, I will also adjust my numbers accordingly. The house deposit timeline is a little deceiving because J also puts $300/month into the same savings account that I do. If I consider that it will take about 3 years (depending on interest rates).

So I think i'm fairly on track, but the numbers will defninatly deserve some re-vamping once my debt is paid off.

Do you have a plan to pay off your debt? Do you know if your plan will pay off your debt within a certain timeline?