Author Topic: What should I do next?  (Read 2371 times)

Omar

  • 5 O'Clock Shadow
  • *
  • Posts: 7
What should I do next?
« on: October 08, 2013, 12:03:00 PM »
Hi, I'm new to the forum. (please excuse the atrocity that is my writing skills)

I don't know what it is but i feel like i need some help

I live in Yellowknife, NWT, Canada where everything is expensive (1,505.00 for a 1 bedroom, anything cheaper would be a room in a house). I moved here for the job (pays 50,000/Year) but it seems i am not able to save much at all.
I put away about $500 a paycheck (barely).
I live with my girlfriend who seems to not care about saving as much as i do. she owes me a bit of money but doesn't seem to mind owing me. I have no debts to speak of aside from what my girlfriend put on my credit card

I am thinking of buying a small house to renovate (see attached) the house is about 3-4 blocks from my work and about the same to a grocery store and a short walk to the gym. my girlfriend wants to buy a 500,000 monstrosity whereas i only want something very small

I have an RRSP through work that automatically takes about 4% of my income and deposits is (i put it to the max that my employer would match) and about the same with a stock purchase plan (also matched by employer)

I guess what I am asking for is advice on what i should do next. I know i have to pay off that credit card and I know i should collect what my girlfriend owes me. but beyond that i'm at a loss as to what to do. should i put more money into my RRSP or Stock purchase plan?

any and all advice would be appreciated.

EDIT: forgot to attach photo.
« Last Edit: October 08, 2013, 12:18:46 PM by Omar »

JohnGalt

  • Bristles
  • ***
  • Posts: 484
  • Age: 35
  • Location: TX
Re: What should I do next?
« Reply #1 on: October 08, 2013, 12:05:22 PM »
What are your goals?

StarryC

  • Bristles
  • ***
  • Posts: 283
Re: What should I do next?
« Reply #2 on: October 08, 2013, 12:07:28 PM »
It seems like the first thing you should do is get on the same page with your girl friend or break up.  It will be super awkward to start talking about finances, dreams, plans, long term goals, expectations for lifestyle, etc.  But, it doesn't get any less awkward.  If you are serious enough that you let her charge things on your credit card, loaned her money, and have heard her opinion on what house to buy, you are serious enough to talk about why you want to save and how you want to live. 

It seems to me that nothing effects your financial success or failure as much as the person you live, eat, shop, and raise children with. 

Omar

  • 5 O'Clock Shadow
  • *
  • Posts: 7
Re: What should I do next?
« Reply #3 on: October 08, 2013, 12:26:14 PM »
Thank you, it seems I should have a talk with her. I don't think its to a point where I would consider breaking up with her. but a conversation on what i want to do and where i want to be in a few years would seem to be in order.

any other advice on the financial side? put more money into RRSP? or into the stock purchase plan?

Thanks,

swick

  • Magnum Stache
  • ******
  • Posts: 2881
Re: What should I do next?
« Reply #4 on: October 08, 2013, 01:46:36 PM »
Hi Omar,

It totally depends on what your goals are, until you have a clear idea it is hard for us to offer help.

It is hard for us to say if you should be utilizing the stock purchase plan, given we don't know what company it is.

If you are going to be up Yellowknife for a long time it would make sense to look at buying, but you don't include a purchase price, or mention how hard/expensive it would be to get renovation supplies.

I don't mean to sound harsh, but everything you have said about your GF makes me believe she isn't interested in FI or early retirement. You need to see what her goals and dreams and financial plans are as well - especially if you are putting her purchases on your cc and loaning her money. My advice would be to ask her about her hopes/dreams/plans before you share yours it might give you some food for thought.

Feel free to post more info the forums are a great place to gain a different perspective.

apennysaved

  • 5 O'Clock Shadow
  • *
  • Posts: 56
Re: What should I do next?
« Reply #5 on: October 08, 2013, 02:01:11 PM »
I would definitely pay off the credit card first as I am assuming that the interest rate will be higher than a return you could get on any other investment.  If you happen to have a low or zero interest rate just make sure to pay it off before the rate goes up.  I would also try to figure out your short & long term financial goals as this will help determine where you should invest your savings.  You may want to show your girlfriend some of the posts about getting your significant other on board and definitely try to lead by example.