A big goal

iVillage Member
Registered: 07-14-2008
A big goal
8
Tue, 10-20-2009 - 10:34pm

I have been lurking on here lately, with not a lot of posting. But, I wanted to post because I have set myself a goal, and I want to put it in writing in order to be more committed.
So, my goal is that by December 31st I will have enough in my savings account to purchase my car which I have leased. The lease is up in May and I plan to buy it. I want to pay cash for that (which will leave us with only my husband's car loan and our mortgage for debt).
Once I have the money in the bank for the car I can start saving for some "wants" -a vacation in the winter, new furniture.

I am $3312.14 short of this goal right now. It will mean lots of planning, no surprises and being very diligent with budgeting and sticking to the budget. But, it is doable with the discipline.

So, now it's posted and I will be more accountable.

I need to start posting and responding on here more. It really does help.






Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
In reply to: sillycanadian
Tue, 10-20-2009 - 11:12pm
I'm here to cheer you on! Good luck!

Photobucket


FIVE KIDS.

Sarah
iVillage Member
Registered: 08-24-2007
In reply to: sillycanadian
Wed, 10-21-2009 - 7:01am

I'm here to cheer you on, too!!


You've llikely got about 5 paycheques until December 31st (is that right?) -- which means you need to save about $662 every two weeks to meet your goal.

Kate


empty purse

iVillage Member
Registered: 04-10-2003
In reply to: sillycanadian
Wed, 10-21-2009 - 7:34am

You can do it! Just be diligent and keep your eyes on the prize! Think how great it will be to only have one car payment!!



Bex -

iVillage Member
Registered: 03-27-2005
In reply to: sillycanadian
Wed, 10-21-2009 - 7:50am

You can do this!

stacy

iVillage Member
Registered: 11-14-2008
In reply to: sillycanadian
Wed, 10-21-2009 - 11:15am

I don't want to put a damper on this but have you checked with your leasing agent? In order to buy out the lease you need to make all the payments until May(or the equivalent of) and there will be a buy out fee for the rest. I just wondered if your figure included those numbers. If you have, great, go for it!


iVillage Member
Registered: 10-01-2008
In reply to: sillycanadian
Wed, 10-21-2009 - 12:57pm
Here's another cheer leader....you can do it!

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 10-01-2009
In reply to: sillycanadian
Wed, 10-21-2009 - 5:04pm

Wow...Great goal...


Duke

iVillage Member
Registered: 07-14-2008
In reply to: sillycanadian
Wed, 10-21-2009 - 9:38pm

"You've llikely got about 5 paycheques until December 31st (is that right?) -- which means you need to save about $662 every two weeks to meet your goal. Is this your plan?"

Yep, close to that...
I actually have 6 pay cheques from now until Dec 31st. I have some extras coming in as well...travel cheques, honourarium, etc. Nothing big, but it should all add up.
Plus, I am getting a raise starting on my paycheque tomorrow so i will have about $100 per paycheque more than I am used to. So, it will be easy to put that extra aside.

"I don't want to put a damper on this but have you checked with your leasing agent? In order to buy out the lease you need to make all the payments until May(or the equivalent of) and there will be a buy out fee for the rest. I just wondered if your figure included those numbers. If you have, great, go for it!"

You're not putting a damper on this, you are just being realistic. I don't actually plan to purchase the car until the lease is up. I just want to have to money in my account to buy it in May. I originally had planned to have the money by then. However, in an effort to move things along faster, I have decided to challenge myself to meet the goal sooner. If I can't do it, no worries, I will still have time to reach the goal. But, if I do reach it, I can reallocate the money that I am saving from every paycheque towards the car to other goals. First thing is, I am going to increase my rrsp contributions, and start my 6 month emergency fund.

Thanks for the encouragement, I really appreciate it!




Edited 10/21/2009 9:44 pm ET by sillycanadian