Friday, March 11, 2011

What would I do with $100,000???

I got this idea from Money Rabbit who in turn got her idea from Give Me Back My Five Bucks. Like Money Rabbit I thought to do $100K since I can't even begin to think about $1M at this stage :(

1) Pay off Debt $18,291.73 (approx, not considering interest). Amount remaining: $81,708.27
2) Max out unused RSP contributions $34,291.20. However, I will not deduct all this amount, I would save some for when I'm in a higher tax bracket. Amount Remaining: $47,417.07
3) Max out Emergency Fund $10,000 (1 year expenses). Amount Remaining $37,417.07
4) Down Payment $25,000. We would like a place of our own, the house we are currently renting has so many issues with it! With the amount we already have saved we could put 10-15% down on a nice place (approx $350K). Amount remaining: $12,417.07
5) Planned Savings account: $5,000. For bits and bobs - mostly gifts and medical costs - instead of coming out of monthly budget. Amount remaining: $7,417.07
6) Wedding Fund: $5,000. I still would like to have the wedding I have planned. I know a few people who probably would've spent the whole $100K on their wedding, but that's not our style. Also, the fiance is still expected to put in his share ;) Amount Remaining: $2,417.07
7) Buffer for Chequing Account (rest). I HATE paying bank fees but I love my bank and the unlimited transactions. It would also allow me to purchase what I need to (maybe emergencies or planned spending) without transferring from ING first, I can transfer the amount when I get home. That would be a nice change :) Amount Remaining: $0

So much of that money went to debt it makes me sad :( I need to get rid of that crap ASAP!!! I can't wait to get the raise, I am so excited to put more money towards the debt starting really soon :)

TTFN, Morgaine.

No comments:

Post a Comment