Upcoming New Budget

With the loan almost paid off and some extra cash about to be floating around, I need to do some tinkering with the budget. If I don't, that money will pull an awesome magic trick and disappear. I haven't really tinkered with the budget since I bought the here were lots of possibilities, but the result was rather a simple one.

warning: if you were expecting something really exciting, this is not the post for you :P

Combining my vehicle payment with the money I previously had going towards savings goals and paying down my LOC, I now have $1350 /month to redistribute. While I would have loved to add money to the clothing budget or given myself a little shopping cash, the voice of reason came through. I have savings goals that need to be met and a line of credit that needs to be paid off. DS2 will be driving soon so we need to think about transportation. He also will get a school trip to Europe but not for 2 years. I will need time to save.

My first plan is to go meet with the bank and up the boys' RESP (education) savings amount. I currently am putting $100 for each of them in the plan, each month. I want to up this to $250 each. I don't really have a lot of time to save for either of them, but every little bit helps.

That leaves me with $1050 to put towards debt repayment and savings goals. Since I sacrificed putting money towards my savings to speed up the finale of the loan, I need to refocus on the savings for a few months to balance things all out.

The distribution
$1350

• $300 more to RESP
• $50 to LOC
• $1000 to Savings goals.

I plan to tackle the following savings goals in the following order:

• $800 for plates (insurance) for DS1's car. He saved $300
• $1500 Back to School
• $1400 for Xmas

After these I will still have the RRSP and TFSA goals to meet. I guess we shall see how fast I can meet the first three goals above.

This budget will take effect at the end of June with that cheque.

Source: http://shakingthemoneytree.blogspot.com/2012/05/upcoming-new-budget.html

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