Immediate (0-6 months)
- Find a second summer job. I will be returning to the job I held for the past few years in Ottawa serving. Looking at the tracking I did last summer while working there, I made about $1500/month. The budget I've created requires an income of $2000 which leaves a gap of about $500.
- Get a job supplying for the 2012-2013 school year. As an almost graduate of teacher's college I'm hopeful that I will get a job supplying for the coming school year. I will be applying to at least 4 different school boards in Ontario in hopes of finding some work.
- Repay my most expensive credit card. This card has the smallest balance (~$1000) but the highest interest rate (19.99%). So it will be a great feeling to get rid of this debt.
- Build my Emergency Fund. This may be the most important goal on the entire list. I have $200 allocated to EF saving on my budget (the other $50 will go to my RRSPs). Additionally, as the service industry is very unpredictable, any extra money will be added to my savings.
Short Term (6-24 months)
- Pay off consumer debt by October 2013 (18 months). I currently have about $12k in consumer debt across three credit cards.
- Get a full teaching contract by the 2014-2015 school year. Similar to my goal of supply teaching, I'm hoping to get a full contract within 2 years.
- Begin saving for a house. By 18 months, I would like to have a "house downpayment" account set up with regular deposits being made.
Medium Term (24-60 months)
- Pay off student loans within 36 months. By funnelling as much money as I can towards my debt I will be entirely debt free. SOOOO amazing to think this is possible!
- Repay LLP within 36 months. I recently borrowed $3000 from my own retirement savings through the Lifelong Learners Plan and have 5 years to pay it back to avoid being taxed. Although, I'm not paying taxes or interest on this loan, I am effectively losing money. So, I want to pay it back as quickly as possible but it is my last priority.
- Save for retirement. Once the LLP loan is repaid I will continue to contribute to my RRSP every month. I plan on maxing out my contributions through work so this saving will be secondary.
- Build emergency fund up to $4,000. I quite strongly believe in emergency funds. While $4000 isn't enough to get me through 3 months of emergencies, it is enough for me to feel comfortable while repaying debt and saving money to buy a house.
- Saving for a house. Continue saving for my down payment. I will be increasing the amount being deposited as my debt is paid off and my salary increases.
Long Term (60+ months)
- Purchase a house with at least 15% down payment. I'm thinking in 5 years I can have about 30-40k saved which would allow me to purchase a house between 150-300k depending on the size of the down payment.
- Begin working towards a retirement fund of $1.5 million. With my debt paid and house fund on it's way I will being to seriously focus on retirement. $1.5 million is a a very random number!
- New car? Vacation? Wedding? Kids? Curve balls that I cannot predict! Who knows?!!? Let life come!!!!!!!!!