$5000. In 24 weeks.
That’s $208 a week. Just less than $30 a day.
Daunting, to say the least.
But never fear. I do have a background in financial planning, after all. I know the golden rule of saving: pay yourself first. Not only do I know it – I’ve been following it. While the numbers aren’t stunning, I have been stashing a little bit away with every pay period. Every two weeks, $35 is deducted at source and invested in Canada Savings Bonds, and another $25 goes into my Tax-Free Savings Account.
While the current balance of those accounts was already allocated for another purpose, the future deposits are as yet unspoken for. I have thirteen pay periods between now and July 1. 13 x $60 is $780. There’s a good start.
As well, for company, and a little extra cash, I have been renting out the spare room. This month I will make $400 in rent. If all goes well, that can go into savings as well. I have no future tenants lined up as of yet, but if I can rent the room from February – June, there’s another potential $2000.
Where am I now? $780 + 400 + 2000 = $3180. Here’s hoping I find another agreeable tenant.
This is where I usually get ahead of myself and say “This is going to be easy! I should try to save $8000.” Or something like that. Keep in mind $2000 of that is still speculative. As is the assumption I won’t have to apply any of these funds to home maintenance issues, car repairs, or any of the 101 other things that could happen.
That said it is looking positive so far.