Road map for the remainder of 2017 – personal finance freedom
It’s already been a tiring week, trying to improve my personal finance position and a long month of September. Reason? I am tired paying back my bills waiting for salary (pay check) and am still left with close to 4000 CAD of credit card bills to pay before rest.
Also the other reason, I was on long vacations in August (we had to utilize all our vacations days and personal day at work by the end of august. It’s a part of the company policy. You are only supposed to carry forward maximum of 5 days per calendar year)
After all those vacations, enjoying family time, summer time J coming back to work/office in full swing, every single day without any holidays is definitely a lot more tiring isn’t it :D:P , but managing personal finance is very important as well.
Anyways moving on, I am waiting for my next salary which in on 6th of October, need to pay at least something towards my outstanding credit card balance. Forget savings for now.
As I have mentioned in my previous posts, my only aim in 2017 is to reduce the outstanding credit card balances (multiple card balance) so that I can start off fresh from Jan 2018 with my investments and less worry about the interest charges on my credit cards
With that in mind, I am trying to squeeze in every dime of spending, improving savings – personal finance and paying off towards my credit card balance.
The problem is as I pay the balances upfront, due to my monthly/daily expenses I am again using my credit card to make purchases for grocery etc. Now this is against my persona finance goal for the year. I hope I can reduce this further. This habit will go a long way in increasing my saving next year too. Trying to practice this more often and make it a routine.
Apart from that, next year I will have my TFSA contribution room open for the financial year and can invest wisely. Preference is dividend stocks.
I will invest money only on dividend stocks with greater than 7-8% monthly dividends in my TFSA. I am going for this approach to increase my monthly income.
Talking about RRSP’s, I am going to hold all my US stocks only in my RRSP’s (I can save the tax on dividends). Also RRSP’s is going for long term so I plan to invest in growth defining stocks especially. Right now I am betting big on Snap Inc. Bought around 800 of it at 14 odd price.
I still have three months left this year, got to improve my personal finance, the month of December should be very good for me (I get paid thrice in December – biweekly. I get paid thrice two months a year – July and December so looking forward to December)
The overall goal I want to achieve in 2017 is reduce all the interest excess payments that’s going out of my checking account which will lead to increase in savings as time passes by.
From 2018 start, I want to reduce my expenses by using less credit cards and more of debit card purchases so that I get a better hold of my funds.
Meanwhile, I am making a list of high level dividend stocks. The list will continue over a period of time. Anyways I have substantial time before the start of the New Year.
I will invest at least 15000 dollars next year to my TFSA account. The dividend of it should be 80 dollars or so a month. Will continue to max out my RRSP’s going forward as I am doing it now. That’s a total of little over 25 grand of savings next year which I am actively targeting towards.
Also need to keep money towards the emergency funds and vacation money set apart. Vacation time should never be kept aside especially when family life with a cute little boy.
Not to forget, Ms PFF has her complete TFSA contribution room which is around 30k for investments next year. She is not working yet so I can actively invest in that too once I reach my account limit and off course have money left to invest.
That’s it for now. Hope you and your family enjoy the first week of fall, it’s pretty hot in Toronto right now (30+ degrees). See you all around in the next post.
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