Such is life, we compromised.
We are going to continue to make weekly RRSP contributions, while we aggressively tackle one (other) goal at a time.
Here's the breakdown of our goals:
Our camping/vacation fund is seriously lacking this year. Under some protest (by me), we decided that we just can't have it all - and trying gets us into trouble. So we won't be going on our two annual week long camping trips this year. Instead, we'll hopefully have some long weekends and staycations.
Next are our gift and Christmas funds that Jordan wanted to separate - we never save enough for these, and want to do better this year.
We will reach the first 5 goals by the end of May.
Check out the 2013 Budget Page to see the budget breakdown.
Last for 2013 is the House fund - and all remaining cash flow will go into that account. We are going to be building a fence, installing the grass, building a dog run and a deck - and biggest of all - a garage. Within our current budget, we'll save about $10,000 - so we have to find ways to come up with another $5,000. We've got some ideas for that - but I'll share those in another post.
the baby fund
is on hold.
I had a look at our baby budgets again after considering Jordan's raise, and we can actually now survive without additional savings or income with Jordan's salary and me on EI. There wouldn't be extra's - but it can be done. So, that's on hold. Getting the yard done is the last big thing that Jordan wants to do before we start a family - and so I really want to support us getting that done so we can start our family together with both of us feeling strong and confident about the decision.
Even if you can survive on one income (and EI) while you're on mat leave, I would still recommend saving about $1,000 or so in a baby fund. There is a ton of stuff to buy when you're expecting and while many people will give/gift you items, you'll still want to be sure that you have some extra funds to pay for any essentials (i.e. car seat, stroller, crib, diaper stash, formula just in case, etc.). Plus, maternity clothes are not cheap, so even that can surprise you and your budget. Good luck with your goals!
ReplyDeleteWe didn't start saving for our "baby fund" until I got pregnant...once that little stick had 2 pink lines, we cut WAY back and threw a ton of cash into that fund. Luckily, we met our "goal" ($15k)--I won't get paid anything while on leave. We should have started saving when we started "trying", because honestly if my husband hadn't gotten such a huge check last month (he's commission based), we would have been able to swing it, but we would have felt less comfortable since we didn't reach our "goal".
ReplyDeleteI have about 2 weeks of sick time that will be paid out, and my next goal is to try to make it through December without touching that money. Anything we have left over when I go back to work will go towards a bathroom remodel, so it's a good motivator to stay frugal :)
i think this sounds like a great plan, & loving the way you guys comprimised on your approach to savings. My husband & I have very different ways of handling savings, & we've had many "discussions" about best approach. It eventually all comes together. :-)
ReplyDeleteI think it's great that you and your husband are on the same page with your finances!!! A lot of people out there aren't so you are already way ahead of others!
ReplyDeleteBudget dates! We've realized that just turning off all our devices and making ourselves a nice dinner can totally feel like a date. Napkins and candles are fairly cheap and make it feel all fancy.
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