Just started the change

[Mattzlaff]

Well I have been a fan of MMM since about 2013. I read a lot of the blog posts since and even a few from before. It made me think about how I was moving into this life of luxury and consumerism. I grew up in a house of 3 boys with 1 mom. We didn't have enough money for even two boys to play hockey. Fast forward to 2012. I graduate college and pick up a starting salary of 73000$. I start off slow, I move out into 600$ apartment I buy a 1800$ car. I quickly develop huge savings, in part to my job having lots of available overtime and fast promotions, and keep them solely in my bank account. Then I ramp up spendy pantsness, new truck, new motorcycle, 1100$ rent. Then I find MMM late 2013. I read a lot of article and I changed my spending, albeit I didn't sell my truck or my bike. But I never had any money owing on them anyways. Which I know isn't a great excuse but I'm 24 at the time with 24 year old friends doing the same things as me, I like it. I mass up a good lump sum and buy a modest house in my hometown near work. Carrying a mortgage of ~300k and a salary at 101k. Now I spend another year attempting to change into less spending more saving and it's kinda working but I'm still into my vices and I forget about MMM for a bit.

2016 rolls around. I have 20k savings in my bank and 40k from my savings plan at work. My student loans are paid off and I'm paying into my mortgage. Everything’s great. I started a self directed RRSP account in questtrade built a portfolio with the help of Canadian couch potato and just put 10k in at the start of February. I started at mint.com it's really eye opening and I've set up better budgets on my part going to see in the next month or two what my saving % is. I’m going to say 30-35% salary.

Then my garage door opener crapped out, and I thought well I am a DIY guy I don't spend for someone to do it for me. However ordinarily I would have just gone to HD and bought the swankiest opener I could. But I'm trying to change, hit up kijiji(craigslist) and I find a guy selling the swankiest opener because it didn't fit in his garage 100$, half the job is done the rail is set up and all I really need to do it bolt everything in place of my old one. I wave 75$ to him and he has a hard time saying no, retail is 250$ on this at HD. spent 2 hours installing it and no issues to date.

Just wanted to post this blurb because not everyone may be able to change their ways and change is hard just take it slow if you overload yourself to quickly you'll throw out your big changes the next week.


Big plans for this year in saving. Might be able to look into a targeted FIRE date by the end.

[JTD1968]

You appear to be on the right track , and I just wanted to say good job so far. I'm like you and tend to be more comfortable with smaller gradual changes. While I respect and appreciate the more extreme and dedicated in this forum, you have to know yourself and do it in a way that works for you . Don't worry, we'll all get there in our own way and time.

[Rosy]

What you are really doing is using MMM as a tool to keep you on the right financial path. So many of us on this board are here because we blew it and made stupid choices in the past. You are one of the lucky ones:)

I don't understand the extreme measures some people are compelled to go to as a lifestyle. To me it is like deliberately setting yourself up to be poor - that is just strange. Extreme measures are fine for a time, if you need to shovel yourself out of some $hit, beyond that it is foolish. Life is to be enjoyed and if you grew up poor, you know how it is as a kid to be told we can't afford that.
Maybe in adulthood you have a little catching up to do or maybe you tend to go overly tightwad, because you never want to be poor again - so watch yourself and keep that balance in your life - you are doing great!:)

To have no debt, not even student debt, sets you apart from the beginning. You have a great start in life. You've done everything right, so I don't begrudge you the car or the motorcycle - you are young you should enjoy your life.
Looking at your numbers through mint brings clarity and you will make a few changes when you see exactly where your money is going.

My only comment for improvement and there is always room for improvement:) pay extra on your mortgage. I like the idea of a paid off mortgage, because if I own it, then it's really mine and I have the security of knowing I will not sleep under the bridge when things go wrong.
Maybe renegotiate the life of the mortgage or pay an extra X every month or anytime you get a raise it goes toward your mortgage. It will be motivating to see how quickly you can pay it off.

You go - all those repairs add up to a nice chunk of savings and you'll only get better the more you practice. Nice job on getting that garage door opener for $75. $200 savings cha ching:)
 

[Mattzlaff]

I do like the idea of the mortgage being paid off. As it is, it's a low percent it's not the highest priority to add extra funds to. I am planning on maxing out non-taxable accounts before I add to the mortgage pay offs. I haven't quite done the math on when that will be probably ~3-5 years. Depends on if we get that 10k TFSA yearly limit back that the Liberal government abolished from the PC government...damn liberals...