Here are my competing priorities (in no particular order):
- Pay my Aunt back the $4K I borrowed for my RSP
- Pay off remaining credit card debt ($3900)
- Save for house down payment outside of RSP (approx $5K)
- Re-establish Emergency Fund (at least $1K)
- Save for trip to Alberta in summer ($200, flight paid for w/Airmiles) - July
- Save for gifts/Christmas/misc (at least $500)
- Buy a bike ($150-250)
After March we have 9 more months in the year (yes, already!) 14,150/9=1572.22 per month that I would need to pay/save (not including interest) each month for the rest of the year. That's pretty much a whole paycheque! Also, since some of those goals need to be completed before the end of the year, that number isn't completely correct, its more for example purposes.
I will have to give my budget a look over to determine how much I will be able to give to each of these goals and how to make the best use of my money.
I will post my budget at the end of the month once I have an average of money spent for the last 3 months. I also get my OT "bonus" at the end of the month so I will have a better idea of the total I have left to repay/save. I will then try to determine how to best fit these payments into my budget going forward. I will post that to this blog.
How about you? How do you deal with competing priorities?