Thursday, 24 September 2009

It's nice not having so many bills to pay!

At least, the type that keep you in debt - like credit cards, or student loans, or whatnot. I like having ONE debt payment each month, and a flexible one at that. I'm certainly not stressing out about things like I was before and because I got a larger paycheque today, I slapped down an extra $100 on my LOC, which makes me feel good.

Canada Savings Bonds go on sale soon. I currently pay $10 per paycheque (indefinitely) through work and am considering upping that to about $25. It's after-tax deduction and is a really painless way to save, although admittedly the interest rates are pretty awful right now. I started looking at the website today and didn't realize there were two different kinds: "C" bonds and "P" bonds. The first are compounding, so although the interest rate is a little bit lower, the rate compounds and they can grow a little faster. They're redeemable at any time. The latter are premium bonds. The initial interest rate is a bit higher and the interest is paid annually, on the bonds' "birthday", so to speak. Both have a ten-year maturity term. But they're redeemable only once per year; a good idea for anyone who finds it difficult to save.

My paycheque was $1302.48 this week. I think it's because the extra hours I worked are reflected on it, but that's okay. It goes a lot further these days anyway. I disbursed it as follows:

Rent: $700
Jars/allowance: $300 (Jars $260, Allowance $40)
LOC: $150
RRSP: $125
TFSA: $50
ING: $60

Total in: $1302.48
Total spent: $1385.00

I had a couple of hundred left over from my last paycheque, so still have a bit of a cushion in the bank at the moment. I'm also writing up a list of wants & needs, as I've made some changes to my sidebars. I've realized I already had a house downpayment bar, as I'm saving $50 a month to an RSP which I can use for that. It'll be a while yet, but why save twice? So I moved the funds from that (ING) fund to my new computer fund, which I think is more reasonable.

I'm going to use one of my TFSA's as my "planned spending" fund, as this year I need new winter tires. I've found a place (Fountain Tire) where I can get 4 for $500 (studded will cost me another $100) and this includes install and balancing, so is the best deal by far around these here parts! That will get done before Thanksgiving, as I don't want to wait until the snow falls before getting them done. I also need a decent parka; one of these, please! They're costly, but will last forever, so are well worth it, particularly on those nasty below 40C mornings.

My "rent" TFSA is now my EF fund, as I get auto deposits in there and I'm comfortable leaving that exactly as it is.

So. One more hotel paycheque tomorrow and that's it. I can't say I miss working 6 or 7 days a week, that's for sure, and already I'm getting into a routine that takes me dreamily through 3 days off each week. Curling starts on Sunday and tomorrow a friend and I are trying out an Aikido class. The curling will definitely stick, the Aikido I'm not so sure about, although it IS something that I feel I need to pursue (the self-defence aspect of it if nothing else). We'll see.


dinah34 said...

i've been thinking about upping my payroll savings bond contributions as well. currently i do $20 a pay ($15 for saving for me and $5 goes for my son for later). i've been thinking of upping it to $30, because it is such a painless way to save and quite easy to redem.

Canadian Saver said...

I've never purchased Savings Bonds, I might need to investigate them...

It must be nice to have the extra time off :-)

The Asian Pear said...

thanks for the heads up on savings bonds. I never thought about purchasing them as a savings mechanism. I'll have to see how I can purchase some through work.