I’ve been one of the lucky people who has been able to work at home with no income interruption.  But, the pandemic made me reflect on where I am now and where I really want to be in terms of finances and lifestyle.

Being home 24/7 has been an eye-opener for me in a number of ways.  I have realized how much “stuff” I have and how little I need.  I am determined to work down my pile of clothes and craft supplies.  I will not bring a new item into my house unless an item leaves.

I am a person who carries no debt other than a small mortgage.  Oh, I use my credit card.  However, nothing goes on it unless I can pay it off in the same month.  I refuse to pay a credit card interest.

I want to retire sooner, rather than later.  In preparation for that, I sat down and made a list of things my house will need in the next 2 – 5 years and how much I expect the cost to be.  A roof, several new windows, a deck.  Plus, some emergency money.  It is a shockingly large number.

Currently, my savings are meager.  I have a house full of dogs who could blast through that savings account with one small surgery bill.

Here’s where the true taking stock comes in.  I went through my credit card statements to see how much money I spent on “fluff”.  I’m not going to lie, it wasn’t good!

I pulled out a budget sheet and recorded an accurate accounting of my monthly expenses.  I do this quite regularly but I know my spending slides a bit in between.  Truth!  I made some adjustments.

After a close examination, my retirement goal might be somewhat optimistic.  But, if I really stick to the budget, I can pay a bit extra on my mortgage while systematically increasing my savings.  Every baby step closer to my goal is a win!

All this is my convoluted way of saying, sit down and really examine your spending.  Don’t lie to yourself about where you spend your money.  Do a realistic budget.  Set goals.  If you are carrying debt, seriously look at ways you can pay it down faster to save yourself a small fortune in interest.  

As a Financial and Credit Counsellor, I’m here to help people examine their own finances and work toward goals. Give us a call at 1 800-379-5556….. we are here to help.