Posted on June 10, 2009
I recently had a lengthy pow-wow with my financial advisor. With so many other aspects of my life on a fast track to exactly where I want them to be, I knew it was high time my finances followed suit. I know that I’m not the only one of my social circle struggling to come to terms with an often crippling student debt load, but I also know that I have the ammo to annihilate it.
Photo: frugg on Flickr
After sitting down with my advisor, we charted out the big picture and proceeded to number crunch. When I got home, I spent two hours mapping out my budget for the next three months on a spreadsheet, something I plan to do every 90 days to keep track of all the ins and outs.
To be honest, budgeting in such a meticulous manner – or any manner – is a new concept to me. No one ever taught me the specifics of the fine art of money management, so it’s something I’ve taken upon myself to gain control of.
The next six-to-eight months will be tight with the next three being especially painful. This means continuing to eat all my meals at home, eating out only once a month, bidding farewell to Starbucks entirely, going to the movies only once a month, kiss shopping for clothes good-bye, switching from Bumble & Bumble to Lush shampoo bars (yes, I know – I can’t believe it either), abstaining from my red wine habit and eating a lot of tofu and noodles.
Sound painful? I’m actually celebrating!
The benefit will be so incredibly worth it. Not only will I be free to travel and open RRSPs, but I’ll be essentially debt-free before turning 30. And even better, by this time next summer I’ll be able to start bankrolling a mortgage down payment.
That said, please don’t be offended if I say “no” to any invites that require more than walking on the seawall over the next year or so. Homemade Christmas presents for everyone this year!