Mistakes? I think maybe ur doin’ it rong.

3 thoughts on “Mistakes? I think maybe ur doin’ it rong.”

  1. Now that we’ve paid off our debts, we’re finding ourselves with little dribs and drabs of extra funds. For the first couple of months we’ve let it sit in the main account where inevitably it gets spent (usually by me), but we’re going to begin socking it away into a TFSA a little bit at a time. Our family income is somewhat variable so it’s hard for me to think about having money “out of reach” but it’s a very good idea! It’s just going to take a bit of a shift in thinking. Reading this post has been good inspiration – thank you!
    Sue´s last blog post ..My Pacific Buffet strategy

  2. I’ve also heard from some people that it’s hard knowing there is money “available” but that shouldn’t be spent. I definitely tend to lean that way myself (if some extra money doesn’t have a purpose, I will quickly and easily think one up for it!). Having the extras funneled into very specific emergency funds at least helps trick my brain into thinking it’s already spoken for.

    As for the variable income, I don’t really have experience with it, because the idea gives me heart palpitations, but the one constant I’ve heard is to make your day-to-day budget based on your minimum monthly earnings, and use the extras to pay for emergency funds, extra debt repayment, etc.

  3. We have a “rainy day” account with the intention of having at least 3 months worth of expenses saved. It came in very handy when we the van needed a new transmission and it’s nice to know we have that extra padding “just in case”. I think we contribute about $50 a month when we’re at or near our target, a bit more when we’ve just had a big expense. Works for us!

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