I also love this.
Really enjoyed this piece. It's not what I expected to read in the Billfold, but in a good way!
I mean, to pay off a large amount of debt, or to save up a large amount of money, sacrifices have to be made. I've had many friends tell me they envy me for having no debt and when I tell them that they too can do it, it just requires some math and some dedication, they brush me off. People get really self-defeating when it comes to money so tough-love might be needed. This girl's style of paying off debt may not appeal to me, but I also have friends who traveled abroad to do it and loved every minute of it. I wish I had that spirit, instead i just buckled down with multiple jobs and a strict budget.
I could, but the problem would be withdrawing that much in cash. I can think of three ways. 1. Transfer the amount (if I don't have it already) to my chequing account, call my bank and get them to up my $500 cash-per-day limit to $700 for this transaction. 2. If they give me grief, withdraw $500 and then do cashback for $200 at the liquor store or the pharmacy or something. 3. Bypass my bank entirely and withdraw the entire amount from my credit card and e-transfer the money back to my credit card that same day. That's what an emergency fund is for!
Legitimate Question! If your husband is working part-time right now, have you considered reducing day-care costs by having him become the primary care giver at least a few days a week? I'm not sure how much day care costs where you are but it could be significant until he's got a full-time job AND very rewarding to spend time when them at home while they are so young.
@Erica The cost of not paying (socially) is probably much higher than the cost of paying it ($5). And if it's just $5 a month, if you use it ONCE it's worth it, I'm sure the person has occasionally drunk from it too.
This is why a solid emergency fund is key. Your leakage won't end up costing you in penalties. I'm currently plopping 2x what I put in my RRSPs into an Emergency Fund right now for when my contract dries up this summer, so I don't have to absolutely scrape by while I find another job.
As much as I love my e-reader, things like this just reinforce my belief that I will always have musty tomes in my house :) Minimalism be damned.
As a fellow person who is absolutely not raking in 'the dough' but has successfully lived independently AND saved at the same time, I find that the biggest barrier to really buckling down with goals is making ones that are measurable and realistic. You don't have to bank serious dough to save serious dough. I have a lot of friends who live paycheque to paycheque or just throw around their disposable income because they believe that they will make more later, so they shouldn't bother with savings now. Except that your cost of living only increases with time and age, and that stuff you save longterm now has tons of time to gain interest and grow, grow, grow (like a GIC or some bonds maybe?) Increasing your savings rate is a good goal to have, especially if you want to be like your friends and get a home in Toronto (eek, I share that horror.) Take advantage of the opportunity you have with your parents, don't rush to move out, but if you make a firm savings goal or plan in place you'll probably stay away from home longer the next time. PROBABLY for good!
@bgprincipessa Yeahhh, Gilmore Girls is not a sitcom at all. Dramedy for sure, but I'd even say drama. It's FUNNY but it's by no means a sitcom. And it's an hour? I had a hard time finishing this piece because it fundamentally misunderstood GG so it's initial argument about Rory is misguided.