One of my goals for this month was to get all my savings organized. Basically I just had one large sum of money in one account, and I needed to get it organized into an Emergency fund, RSP, etc.
First I had to decide how much I wanted to designate for an Emergency Fund. I needed 3 months bare minimum living expenses. I pay my parents $200 rent a month, my minimum student loan payment is $115 and my cell phone is $67 a month. This is $382, but I decided on $500 a month to have some extra money for whatever. If I really did lost my job, I don't think my parents would make me pay rent anyways until I found a new one.
Whenever I do move out of my parents house, I will begin to put more into the emergency fund to account for a higher living expense. Same with if I get a car.
I also put $500 into an RSP Investment savings account. Just in time to claim it on my 2008 tax return (which is another story btw).
Then I opened a second savings account, basically for the rest of my savings which doesnt really have a designated use so it will just be like fun savings, basically I think this will pretty much become a car savings fund.
Then I also put $100 into a mutal fund account. The ING Streetwise Mutual fund has investments from 4 stock and bond market indexes which are: canadian bonds (DEX universal bond index), canadian stocks (S&P/TSX 60), US stocks (S&P 500) , and international stocks (MSCI EAFE). I am still getting educated about mutual funds, so I didn't want to invest too much yet. I just thought I would throw in $100 and see what happens to it! LOL
So at the beginning of the month I had $2793.95
Here's where it went:
Emergency Fund: $1500
RSP: $500
Fun Savings: $600
Mutual Fund: $100
I left the other 93.95 in there to keep for my trip savings. So now I have 2 savings accounts with my regular bank, and 2 with ING. The two at my regular bank are going to be a portugal fund and a holding tank. Basically the holding tank will be the place where I keep my rent money, student loan money until it actually gets paid. I like to keep my rent money in a seperate account until I actually pay the rent to keep from spending it. I also put aside money from each paycheck for my student loan, and make one large payment once a month.
So there is my savings for you? Any thoughts?
3 comments:
I think that looks great! Good think you increased from $382 to $500 because you didn't account food! You gots to eat ;) Unless you eat at home and don't have to worry about a food cost?
Regardless, it looks great!
I think if your parents are willing to feed and house you for pretty cheap, you are definitely taking advantage of the situation which is great!
I would try to save a little extra in your emergency fund (not right away, but as time passes), because when you move out of your parent's house, you will be spending more and might have some trouble saving as much.
But I am an excessive worrier, so you're probably fine!
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