Tuesday, 23 June 2020

Better Than Expected

So, yesterday I was reporting that I was switching focus in my savings plan. I said that I was pausing funding my TFSA for now and instead focussing on funding my Mid-Term Account.

I had dipped into my Mid-Term Account when the pandemic first hit and I had funded it back to the half-way mark.

I was going to wait until perhaps next year before funding it the rest of the way. This was because I wanted to focus on funding my TFSA and investing in the markets.

Well, with the unstable times that we are in, I recently realized that having ready cash I can lay my hands on, if I need to “run for the hills” so to speak would be wise.

So, starting from yesterday’s payday, I shifted to putting money into my Mid-Term Account until it was fully-funded again.

My original predictions was that it would take until the payday at the end of August (August 22) before it would be fully-funded, but that is not correct.

After refiguring my budgets, I was able to find a way to fund my Mid-Term Account fully by the August 7 payday.

It is one payday forward, but it is still a shorter amount of time that I will be not funding my TFSA

It is important, however, to stick to my Fiscal Directives and have both my Main Account and my Mid-Term Account fully-funded before I resume building my Long-
Term Savings Account (which the TFSA is a part of).

It is a small bit of good news, but I will take any bit of good news these days.

As always: keep your head up, your attitude positive, and keep moving forward!

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