Personal Finance

What should I do with my money once I'm out of debt?

  • Last Updated:
  • Sep 16th, 2014 6:00 pm
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[OP]
Member
Apr 9, 2008
459 posts
168 upvotes
Bby

What should I do with my money once I'm out of debt?

I just got out of school, got myself a decent job and am working on paying down my student debt.

Currently I've got about 13k in a student line of credit and 2k on a credit card. I should have that all paid off in 4-5 months or so.

This is the first time I've made a decent wage, and the first time I'll be out of the hole in a long time. What should I be doing with my money once the debt is gone? I'd like to make up for lost time in terms of savings and investment. Right now we've budgeted to live off my girlfriend's salary, and we can continue to do so, leaving most of mine available to do smart things with. My company will match up to 6% of my earnings in stock, so even if it's been doing poorly lately I see that as 50% off stock if I also contribute 6% of my earnings.

Thanks for any input
6 replies
Deal Expert
Aug 22, 2011
27396 posts
13343 upvotes
Ottawa
Maximize RRSP, TFSA and the rest into investments!
Sr. Member
Mar 4, 2007
539 posts
414 upvotes
Halifax
Stop being a leech on your GF and chip in your wages you cheap chump.
Deal Addict
Jul 21, 2005
1388 posts
491 upvotes
cheruboo wrote:
Sep 16th, 2014 2:49 pm
Stop being a leech on your GF and chip in your wages you cheap chump.
I'm with you on this one. I am sure OP is planning long term with the gf and the money and see it as "their" money, but it does come off sounding pretty bad
Deal Fanatic
Dec 11, 2008
9310 posts
1084 upvotes
OP needs a goal with his gf.

Ensure you pay your fair share of expenses and work as a team to come up with a common goal with the rest of the money. Is it to pay off all debt, buy a car, save for a house, save for higher education or just continue what you do now and save/invest?

Once you pay your fair share of the expenses, you will both have some money left over so it's best to decide how you want to work with that money together. Whether you treat the money separatly or not etc.
Deal Fanatic
User avatar
Nov 26, 2003
9802 posts
1210 upvotes
At first we started out real cool
Taking me places I ain't never been
But now, you're getting comfortable
Ain't doing those things you did no more
You're slowly making me pay for things
Your money should be handling
Member
User avatar
Mar 7, 2014
289 posts
50 upvotes
Mississauga
Take advantage of any stock purchasing plan your company offers.

Then put any left over money into your TFSA or RRSP. If you make over 70k, then RRSP. Otherwise, TFSA. You can put up to $31,000 in your TFSA now, and another $5500 in January. Make sure you buy stocks or ETFs in your TFSA, or at least index mutual funds, do not put a savings account or GIC in your TFSA. Same with RRSP.

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