Monthly Archives

May 2014

New Savings Goals for 2014

May 28, 2014

gold piggy bank

At the beginning of the year, I made some pretty lofty savings goals for myself. After two years of allocating anywhere from 25-55% of my monthly budget for debt repayment, I was certain I could allocate 33% for savings in 2014. The first thing I wanted to do was top up my Emergency Fund to my $10,000 goal. Since I already had $2,300 saved, my goal was to save the other $7,700 in 2014 – or $642 each month. On top of that, I also randomly decided that I wanted to save $5,000 for retirement, which meant I needed to save an additional $417 each month.

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TGIF: Island Inspiration

May 23, 2014

victoria bc beaches hikes

I’ve said it before and I’ll say it again: I love coming home to Victoria. The minute I drive off the ferry (and get past the ferry traffic on the highway), I breathe a sigh of relief. The tree-lined streets are quiet enough that you can drive across the city in just 15 minutes. Running errands takes minutes, not hours. And most of my friends are here, so I can be walking along the beach or hiking up a mountain with a familiar face, almost as soon as I’m off work.

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What a Year of Being Debt-Free Has Taught Me

May 21, 2014

Freedom

One year ago today, I made my final debt repayment. I had just gotten back from a weekend in Tofino and was in Victoria, when I checked my online banking and realized how little I still owed: $495 to be exact. Knowing my next paycheque would wipe it out, I announced “10 days ’til $0!” on Facebook. While family and friends liked my status update, I started to wonder if I should just pull $500 out of savings to make the final payment. I imagined how good it would feel to see “$0”, and to have the weight that had held me back for years finally be lifted. With no hesitation, I put my shoes on, got in the car, drove to the bank and made the final payment – and I’ve been debt-free ever since.

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