So I have been thinking about this for a while (well past couple of weeks at least).
I want to have a variable budget with regards to LIFE expenses. However with semi-fixed expenses/savings this is what I want to try to have each month:
$100 for Transportation
$600 to my Family Loan
$200 to TFSA
$50 for Gifts
$50 to E-fund
Transportation would cover gas and hopefully small repairs.
Family Loan is the loan my family gave after I graduated to help reduce interest costs. Contributing at this amount would take me to about June to get it paid off. Anything left over would also go here.
TFSA was started this month and would be "planned spending" but for something at a much later date (i.e. wedding, car)
Gifts is for birthdays and Christmas throughout the year
E-fund is low right now because I live at home and have relatively little expenses so an emergency is not very likely to occur but I still want to get one started to help for when I do move out.
You may be thinking that I should be contributing to an RRSP as well. I have thought about this, and I think for me it's more important to pay off my debt before contributing to retirement. Especially since I have a low income. I will start contributing to an RRSP once I get the family loan paid off. I have a budget for this as well. After loan is paid off I was thinking: $400 to TFSA, $250 to RRSP, $50 to gifts and $100 to E-fund.
*Also I should mention this is for typical paycheque months, some months I will not even make this amount and I will try to cut personal expenses as much as I can to make these payments but may not always happen. Other months I will try to go above these goals as well when I have better paycheque months :)
Any advice is welcome!! What do you think?