About Me

Tuesday, July 27, 2010

Budgeting on No Income

I haven't been working very much this summer. I have received two paycheques in July and one GST cheque which have been helping me a lot this summer. I also have $1000 in vacation money that is unused. I asked XBF to take it or give it to his family but he refused.

So now that money will help fund other things this summer. I depleted my vacation fund but would like to bring it back around $500 in case I decide to do some travelling this year I will have some money on hand. It's a small start, but I have also been thinking about teaching overseas and that will be a start for that as well.

I also over contributed to my Christmas/Birthday fund because I was thinking of buying XBF something big for his bday in September. But since we are no longer together my Christmas fund is at $800 and I think that I could stop funding this and be totally prepared for December.

My TFSA is at $2050 and my goal is $4000 for this. I want to add more to this soon. Also my RRSP is non-existant right now and my goal for that is $1000. I want to get a start on this as well. Not sure if I should use my regular Scotiabank or perhaps ING to start a retirement savings plan. Any suggestions?

I still want to leave some room for other things like my car, entertainment, etc. I will be receiving a small paycheque this friday from working 2 days in July, but I do not know when I will receive another paycheque as I have not been working lately. Maybe I will cash in my EUROS today.


  1. You are doing fantastic on your planning and saving given that you're on limited income. Glad things are ok with XBF.

  2. If you go with ING, get an 'Orange key' referral code from someone who banks with them (like me). Use the code # when opening your ING account. Once you've deposited $100 or more, you get $25 and so does the person who referred you. Win/Win for both involved... ;)

  3. I'm interested in where people suggest you open an RRSP.

    I have savings + mutual funds with ING, and I want to start something that's specifically "RRSP" but the savings account interest is so low (1.3%) and I already have mutual funds...
    Stupid. I'm not going to put money in an RRSP at 1.3% when the TFSA is at 2%.

  4. It sounds hard to budget without an income but if anybody can do it, you can hun! Glad to read that things are smooth with the ex and thats great of him refusing that money. Maybe it can be channeled into a car fund for yourself. :)

  5. sounds like you are doing good --- I am sure it is tough to budget with no income!!! Kudos to you for doing just that