Why am I poor this year?

3 May

Number one reason as to why I am poor this year is moving out of my parent’s house.  I have a true appreciation for them nowadays.  It is time for me to branch out and support myself which I have done for the past five months.  Rent, food, bills are certainly cutting into my savings.  This is a cost that everyone must take at one point in their lives.

Second reason is that my hours at my part-time have dramatically decreased from the previous year.  Last year, I was generating on average $300 per month.  From January to March 2012, I only made $100 per month.  For April, I did not work at all which is always welcomed on my end.  This extra free time allows me to be free to do whatever my heart desires!

My goal for 2012 is to save $12,500!  Thanks to my tax refund, I am almost half way there!  This is from my hefty contribution into my RRSPs of $20,000 in 2011.  You’re probably wondering why am I putting so much into my RRSPs… It’s to protect myself if I ever get audited by you know who.

So what am I really saving for?  I am saving for a sizable down payment!  My ultimate goal is to put 50% towards my down payment.  I’m far from it right now, but if I keep on top of my stocks, it’s quite possible.  Right now, all my stocks are slumping and it’s hard to picture my goal.  But in all due’s time, it may blossom into a fortune.  I signed a contract to buy a pre-construction condo that won’t be completed in two years.  It is a small little 1 bedroom, 1 den condo out in New Westminster just on the outskirts of Vancouver which is one of the most expensive cities to live in North America.  Unfortunately, I can not touch any money from my RRSP since I do not qualify as a first time home buyer.  That means I have to save and invest in the market aggressively to achieve my goal of paying off the condo in 10 yrs.

Life is full of twists and turns… who knows where I’ll be in the next couple of years.  But I think I have most things under control.

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