Personal Finance

Are you meeting your new years savings goals?

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  • Apr 3rd, 2015 5:30 pm
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Banned
Jul 3, 2013
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Are you meeting your new years savings goals?

Hey,

I am assuming that I was not the only one to make a money savings goal for 2015. Now that we are 3 months in, how is your goal coming along?

Mine is coming along well but this year has been unpredictable. I got a promotion at work that has boosted my income but I am also planning an expensive vacation that wasn't in my initial 2015 budget.
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Nov 24, 2012
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Our family is on track with our savings goals. I received a fairly substantial raise as well so hopefully we can save more!. I find the beginning of the year is fine. Summer time can be unpredictable with splurging on trips etc. Winter is when we save tons of money ( hibernation ftw! )
Deal Guru
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Mar 1, 2004
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Pickering
I planned nothing, so I am right on track.
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Jul 3, 2013
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Solsearchin1 wrote: Our family is on track with our savings goals. I received a fairly substantial raise as well so hopefully we can save more!. I find the beginning of the year is fine. Summer time can be unpredictable with splurging on trips etc. Winter is when we save tons of money ( hibernation ftw! )
Agreed. Endless ideas for spending money during the summers. I tend to do the majority of my saving during the winter and late fall.
Deal Addict
Jan 2, 2015
1633 posts
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Toronto, ON
I'm buying a ridiculously expensive gaming computer. I've already saved the money, and am banking the rest.
Newbie
Oct 2, 2011
8 posts
Mississauga
Planned to max out my empty TFSA, so far looking on track. A nice tax return for me and my wife will help get us closer too.

Hoping to use saved up reward points this year to do our travelling and minimize out of pocket expenses.
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Jul 3, 2013
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FoFai2015 wrote: I'm buying a ridiculously expensive gaming computer. I've already saved the money, and am banking the rest.
What is 'ridiculously expensive' when it comes to gaming PCs? Are we talking like $5k?
Deal Addict
Jan 2, 2015
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FutureCEO wrote: What is 'ridiculously expensive' when it comes to gaming PCs? Are we talking like $5k?
$600-$800 pre-tax. I could get a regular desktop for $200+ tax.
Deal Guru
Dec 31, 2005
13306 posts
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Sure...

I have 11 percent of my pretax put into a savings plan at work (RRSP), work adds 6.25%, then a 3% DCP...and this year added 200 a month to SPP.
Outside of work: 100 a month in a TFSA and 100 a month in RESPs.
Will be a 30-35k in "savings" for the year.

We also have "savings" through out the year that we use to buy things...don't measure or set a goal for it.
Banned
Jul 3, 2013
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FoFai2015 wrote: $600-$800 pre-tax. I could get a regular desktop for $200+ tax.
That's very reasonable for a gaming PC.
Sr. Member
Sep 25, 2006
598 posts
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Ottawa
I think we're on track for this year. We're saving 55% of our take home pay, plus 4.6% to RSP. That means we're only spending about 40% of our net income on living.
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Quanger wrote: I think we're on track for this year. We're saving 55% of our take home pay, plus 4.6% to RSP. That means we're only spending about 40% of our net income on living.
That's a lot. What is your secret
Sr. Member
Sep 25, 2006
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We're high earners, small spenders, don't live in the gta, both have dbpp and no kids yet.
Deal Guru
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Nov 30, 2009
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Hell no! However I did meet another goal I set out for myself sooner than later. 2015 will be a transition year, and 2016 will be back on track. Not making excuses, just see it as it is. That doesn't mean I won't give up my saving goals this year! :)
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Aug 18, 2005
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My savings goals were met some years ago but I'm on target for my investment goals.
FoFai2015 wrote: $600-$800 pre-tax. I could get a regular desktop for $200+ tax.
That's pretty economical for a gaming PC.
For my last/current machine, I went full/custom as usual and it cost more than 2X your maximum price (not including monitor, keyboard, etc.)
- casual gastronomist -
Deal Guru
Oct 3, 2006
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Besides putting $375/month into my RRSP which my employer matches 100%, my goal was saving at least $2k a month. I think I'm still on track. But I have a pretty big one time purchase coming up that will set me back pretty much to 0 savings for the first 2-3 months of the year.
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Jul 3, 2013
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Quanger wrote: We're high earners, small spenders, don't live in the gta, both have dbpp and no kids yet.
Congratulations on having good careers. Very smart of you to save while the going is good. Life is unpredictable.
Deal Addict
Jan 2, 2015
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Jucius Maximus wrote: My savings goals were met some years ago but I'm on target for my investment goals.



That's pretty economical for a gaming PC.
For my last/current machine, I went full/custom as usual and it cost more than 2X your maximum price (not including monitor, keyboard, etc.)
I'm getting lots of quotes on this comment :) I'm just going to use my old sound system, mouse and keyboard, so no extra costs (beyond time). Actually one of the computers I've got my eyes on has a full wireless system with bluetooth, and I need to find advice on how to not use it. (I like wired systems, and never use wireless beyond texting the TTC to find out when the next bus is coming.)
Sr. Member
Sep 25, 2006
598 posts
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Ottawa
FutureCEO wrote: Congratulations on having good careers. Very smart of you to save while the going is good. Life is unpredictable.
Thanks. Life is very unpredictable. We're hoping to start a family soon and I'd like to finally buy my dream car (the one I've been deferring since graduating 9years ago).
Deal Guru
Aug 14, 2007
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FutureCEO wrote: Hey,

I am assuming that I was not the only one to make a money savings goal for 2015. Now that we are 3 months in, how is your goal coming along?

Mine is coming along well but this year has been unpredictable. I got a promotion at work that has boosted my income but I am also planning an expensive vacation that wasn't in my initial 2015 budget.
My goal is to save $10k-$15k by the end of the year and so far since my visa and LOC are paid off I'm well on my way to that goal

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