Okay, so happy new year to everyone and all the best in 2018. Not to rub it in or anything, but this year, I will be focussing on building up my savings, (come hell or highwater).
Why? Because I have spent the last seven years mired in debt and the last 4 years living rough just to dig myself out of that debt.
Newsflash: I don’t want to do this for the rest of my life.
So, this year I will focus on stuffing as much as I can predictably put into savings. Thus this is the dawn of the year of savings . . .
I still have some things to take care of and other expenses to look after. So,
What I am going to do is to put them on my low interest credit card and budget $100.00 a payday to pay on each card.
Also, I will put whatever extra cash I can save in my budget. I am not going to go crazy, or anything but there is that mattress, and a few repairs that are needed on Wanda.
I could and probably should pause my savings to pay these as I go, but I just can’t stomach doing that. I am doing this to buy land and I will do that.
This credit card is an extremely low-rate card and so the interest is negligible. By putting cash into savings, I could, if I so chose simply pay it off at any time.
At least, this is the theory that I am going forward with. My goals going forward are as follows:
1. Put 2 years worth of living expenses in Mid-Term Savings (by April 22, 2018)
2. Put 45% of my “Land Buying Goal” into the Long-Term Savings (By Dec 22, 2018)
3. Contribute to my RRSP
4. All extra cash to go to knock down that Credit Card.
Again, as with all plans this one will be evaluated as it goes. It may work or it may suck, I don’t see me carrying this card for all that long a time.
However, if things continue like this, then by Sept 22, 2019, without dipping into my Mid-Term Savings I should be ready to start shopping for Land. (1/4 Section Minimum).
What I do know is that I feel like I have turned a page on debt, I may have one credit card, but it is a low rate card (not maxed out) and can be paid off at anytime.
As always: Keep your head up, your attitude positive, and keep moving forward!
PS: here are some mountain shots from my Christmas Break.