We spent the first half of this year taking care of some short term financial priorities.  We finished paying off my wife’s student loan, and then we started saving for a couple of major bills that were due in July.  We completed the fence and landscaping at our new house earlier in July.  Then last week we bought out our car lease.

Directing the majority of our extra monthly cash flow toward these short term priorities meant we weren’t contributing to our tax free savings accounts or RRSP this year.  Now that these major expenses are behind us, it’s time to start ramping up our savings again.  Here’s how we’ll do it:

  • $1,000 a month will get transferred to my tax free savings account
  • $500 a month will get transferred to my RRSP
  • $500 a month will get transferred to our high interest savings account

This plan will max out my TFSA contributions for the year and use up my available RRSP contribution room for the year.  The transfers to our high interest savings account will top-up our emergency funds.

Speaking of high interest savings, ING Direct has a promotion right now where they’ll give you a $50 bonus when you open an account with them using an Orange Key promo code.  You can use my code – 35965713S1 – and sign up for your account here.

Weekend Reading

Here are some great personal finance articles for you to enjoy this weekend:

  1. Young and Thrifty asks, Do I need a personal trainer?  Hint: You don’t.
  2. Canadian Finance Blog looks at the ridiculous obsession with short-term earnings
  3. Financial Highway lists 10 travel fees and how you can avoid them
  4. Million Dollar Journey looks at the cost of Canadian Ivy League schools
  5. Squawkfox says, Do you really need that upgrade?
  6. The Passive Income Earner gives some reasons to hold high yield stocks
  7. Free From Broke lists 5 keys to a frugal retirement
  8. Bible Money Matters looks at the cost of raising an Olympian
  9. My Own Advisor asks, Are you living your financial values?
  10. She Thinks I’m Cheap reviews the classic personal finance book, The Millionaire Next Door
  11. Frugal Zeitgeist says, I don’t give a damn about my credit score
  12. Retire Happy Blog explains how investing is a science
  13. Wise Bread looks at the best and worst things to buy in August
  14. My Wife Quit Her Job explains where your next good business idea will come from
  15. MoneySense comments on the rose-coloured retirement dreams of the young

We were also included in the following blog carnivals:

Have a great weekend, everyone!


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