Saturday, July 2, 2011

Financial independence

A few times a year I do a financial sanity cheque to make sure we are still on target for our goals -- pay down debt as quickly as possible, live comfortably, save for the future. When it came time to renew our mortgage a few weeks ago my partner suggested upping it by $100 since he got a small raise. Sadly, I had no idea if we could afford that or not -- in fact, I have no idea how much of our income goes towards housing! So I sat down and crunched the numbers and while it would be great to be mortgage free one day, it doesn't eat away as much of our income as I thought it would. And there's no way that one of us could afford to quit our jobs when that fateful day arrives. So what does this pie chart tell me. Vacation is embarrassingly low until the kids get older. They are plenty happy doing little day trips around town, camping or weekends in Mtl -- all of which are super economical. I have not added in rainy day savings because we just drained our emergency fund to cover our solar project -- but we should start re-building it soon. I feel guilty about how little we give to charity. In fact I'm ashamed. I also feel badly that I haven't kicked my restaurant habit, eventhough I feel chained to my stove. Is there any wiggle room? Can I afford to get a housekeeper @ $240/month? FFS, I'm a Business student. I'm supposed to be good with money. Maybe I should just hand it over to my partner. He's really good at scraping pennies. He'll have us on Mr. Noodle and canned peaches in no time.

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