I have come up with a Financial Bucket List so I can win the $500 Give Me Back My Five Bucks competition, sponsored by Life Insurance Finder, the life insurance experts. Here’s what I want to do:
- Put away a portion of my income towards a purchasing a condo in the next 5 years. I currently work part-time so I do not make a whole lot of money at the moment, so it’ll be tough to do this, but I will find a way. Also, I don’t plan on working full-time during the summer so I have to watch my spending.
- Buy a home, when the time is right. A condo will be fine when it’s just me and my boyfriend, however, I do eventually want to have a family. I don’t think a condo will accommodate a family of four. The only issue is where to buy the house; Vancouver is definitely out of the question since I would need to make at least $100K+ a year to afford a mortgage that is to be paid off in 25 years. I guess I could go for a 40 year mortgage, but I want to get the house paid off ASAP. I guess I’m looking in the area of Burnaby or the developing Surrey area.
- Put another $5K towards my TFSA. My parents/grandparents have been encouraging me to put money towards this account since I don’t make enough money now to contribute to RRSPs.
- Start up RRSPS, when I get a real job. RRSPs will be my only income once I retire, since I’m not going to rely on CPP to provide me with enough money to survive on. Hopefully when I have a real job, I can contribute 10% of my income to RRSPs.
- Use more coupons. I think the TV show, Extreme Couponers makes me want to use coupons more. However, the restrictions here are a lot more strict than those in the states. By using more coupons on things that I need, I will be able to save more money and put it towards my first and third goals on my list.
- Buy a car. I don’t plan on living in downtown and I’m not a transit kind of person. I’m not sure if I want to get a brand new car or a used car. My parents usually buy their cars brand new and run them into the ground. My boyfriend on the other hand buys his cars used.
- Put away money for more education. As I’ve learned in my education class, you never stop learning. One day, I may want to go for a Masters degree and those do not come cheap. I do not want to rely on my parents on money to pay for my tuition once I move out of the house.
- Put away money for traveling. I want to travel the world before I start having kids. Once I have kids, all of our vacations will be planned to accommodate them. There’s nothing wrong with Disney World/Land, but I want to see Europe, Asia and Australia and everything in between.
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Tags: give me back my five bucks contest, life insurance finder
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