I've been very busy in the last few weeks, as you might have noticed by the lack of posts. I'm trying to get everything finished in our yard before the cold weather hits next month. A lot of money has been spent this summer on our yard and the coffers are lower then I'd like them to be. I'm going to initiate a savings spree over the winter to get back on track to maximize our TFSA and put extra money on my wife's student loan. I can hear my wife sighing with excitement already!
We were carrying two mortgages for the first 5 months this year and we were so relieved when our condo sold in May. It set us back quite a bit financially and it took us a few months to get back into our regular savings routine. My goal was to put an extra $1000 down each month on our mortgage but because of the setback, I'll only be able to put $5000 down this year. That means I'm going to have to try and make up the difference next year. I guess I could always play guitar on the street corner and jam with that guy who plays the nose flute...
As for my wife's student loan, we are on track for paying it off in one year's time with $1000 being paid down each month. Once her student loan is paid off we can redirect the money towards more suitable things like paying off the last vehicle, paying down the mortgage, maximizing TFSAs or putting it towards the baby fund. We are very blessed to have two well paying jobs and could not be moving this fast to retirement without them. I know once we have kids things are going to change big time when one of us stops working, but with anything in life you have to hang on and take the good with the bad.
At this stage of our lives I thinks its more important to focus on debt repayment rather then investing, especially with all the recessions and economic uncertainty. Paying down debt is a guaranteed return on your money and once it's gone it can take a lot of excess worry off your plate and let you enjoy life to its fullest.
What stage are you at in your own road to retirement?
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