Friday, November 22, 2019

Savings Goal For A Rainy Day

Hi Friends :)

It's that time of year when it is way too easy to overspend! What is it about Christmas and the winter holidays that turns people into heavy spenders? It's almost like I forget that I have a budget this time of year and my attitude towards borrowing from the credit card is very lax. I always figured, ah heck, I'll pay it back in the new year! At least that's how I used to be! Now I have other goals in mind and despite the flashy advertising and the Christmas spirit, I am sticking to my budget!

As many of you know, my biggest goal is to purchase a home in 2020. My pre-approved mortgage from last year expired in May, so I'll be re-applying at the beginning of March. I have savings goals and debt-repayment goals. These are coming along as planned so far despite some surprise expenses over the last few months.

During the months of October through to January is the time period where I spend the most money; so I make sure to budget accordingly. That way I don't feel deprived. I know myself well, and if I feel as though I'm forced to live like a pauper...I'll fail at sticking to the budget.

Alex and I don't go out at all anymore and it's just us and the furballs. When it comes to celebrations, we basically eat and drink our way through them! :) We still give each other gifts, but we have spending limits and we stick to them.

This week I'm actually starting my holiday planning. I'm figuring out the holiday meals, baking, and crafts I want to prepare. I'm starting to paint a few Christmas cards that I want to put in the mail next week. I'm thinking of how we'll be ringing in the New Year as well. Then Alex's birthday is in January. In order to reign in the spending, I am planning for all of that during the next few weeks.

How do you set goals? I think that having a plan is the most successful way to do it. I use three keys to goal setting/planning:

1. Intention
2. Action
3. Affirmation

For example: 

1. My intention is to buy my home and property in the spring of 2020. 

2. The action I'll take involves saving enough for the down payment; paying down more of my debt; searching the real estate pages; contacting agents; planning visits and working with my bank for the mortgage and purchase of the home. (As part of the "action" plan, I have all of this in much greater detail but it's very long so I won't copy it here!)

3. I am creating financial success. I will "nest" in 2020. I happily discover new ways to be frugal. I enjoy the process of the home search. I love myself enough to take care of myself during this process. I am excited to start this new chapter of my life. I will find my home in 2020!

I'll admit that last year there was a lot of negativity surrounding the home search. I think this was due to our lack of knowledge of the way things work and our frustration over dishonest real estate agents. We learned a lot about mortgages, insurances, real estate agents, property taxes, legal aspects of the buying process, zoning and the value of due diligence. We learned to take what most seller's agents say with a grain of salt and rely on our own research, our buyer's agent's wisdom and our instincts. 

This year it's all positive and it will happen. :)


Leanna said...

It is a gratifying feeling owning your own home. It is a much better feeling knowing the mortgage is paid off. David and I know this first hand and I do hope you get the chance to become a homeowner very soon. It's a special feeling only few realize.

The Happy Whisk said...

Oh my gosh, yes.
Sellers and their agents will lie.
Lie, lie, lie.
Glad you're doing your own research.
Not all lie but we've had our share.
Same with on QVC when they are pushing food gadgets.
They tell what's a lie and a truth.
Same with the mega pixels on a camera.
Another lie and a truth.
About the preapproval on a mortgage.
I don't know about your village, but in ours,
we were able to get pre-pre approved.
Which meant no ding on our score and we had time to look.
Which was good, because we didn't find land.
But eventually we will and then we'll move.
It's not a rush for us, because we own our trailer.
And our lot rent is cheap.
But harder I think, if I were renting in full, like you guys.
Anyway, love the money goals and the intent!

Rain said...

I'm really happy for you Leanna :) Home ownership is a dream for me. I simply cannot afford to rent anymore!

Rain said...

Hi Ivy :) Yeah, we learned a lot about the seller's agents...that's why we are going with a buyer's agent now, he has OUR best interest in mind. We found a really good one in New Brunswick. But we still do our own research as well. I guess ours is a pre-pre approval too. I get pre-approved then I have 3 months to look before it's finalized. Yeah, renting is a money pit here, we just can't get ahead! 2020 has to be the year.

Pam said...

I am so hoping that house comes around this coming yr for you. I had hoped for it last yr but sometimes it don't work out for a reason. Spending, I don't over spend, I stay within my means. This yr is easier with me working part time again, and working at the venue. The extra income has been great. Helps for buying extra stuff I want. A couple pairs of boots and clothes..haha..Like I needed more clothes. But anyway, I have my fingers crossed on the house.

Rain said...

Thanks so much WILL be the year for sure because we just can't afford to rent anymore. We figured if we can't find the dream home, we'll buy something very inexpensive that we can live in for a few years then sell as we continue to look. We're just throwing money down the drain renting!

Martha said...

UGH...real estate agents. You do find some nice ones but there are some really crappy ones around tarnishing the rest. We quit them and went independent in our selling and buying when we were leaving Kingston. Do your homework and trust your instincts. And if you need to drive far to see a house, here's a suggestion: have your agent visit the house before you and do a walkthrough with video messaging (Skype or Facebook Messenger or whatever you use). That way you can see the house and decide if it's even worth a drive. When we were selling our home in Kingston, a woman who had moved to the area did that for her husband who hadn't relocated yet from Vancouver. I thought it was such a great idea!

Rain said...

It's a fantastic idea Martha. Actually our buyer's agent offered to do that for us! He said he sold a few houses to happy homeowners that way from Europe, they bought sight unseen based on his video calls. I don't think we'd go that far, but he even offered up references. Plus he looks like Spencer Tracy so what's not to like lol? He's been good to us though. I also like to do videos because the last few times, I traveled alone to visit while Alex stayed home with the furballs. We're lucky New Brunswick isn't too large overall so he said he'll travel an hour or two to do visits for us if we want. We're trying to stick to the south-east parts though, around Moncton and Saint John. The northern areas are still a bit too french-quebec for our liking. Nova Scotia is still an option but we had worse luck finding a place there!

Fundy Blue said...

Kuddos to you for taking a wise approach to money and home buying. Imho, you are taking all the right steps, and you will find the property that is the one for you. I absolutely believe that you made the right choice by not rushing in and buying last year. Terry and I have seriously considered moving over the past several years and came very close a number of times. We're still here, and for right now I believe this is where we're supposed to be. It's better to be cautious and not impulsive, because a real estate mistake is costly. Sending you a big hug!

Rain said...

Thanks Louise! I believe things happen for a reason, and the Universe has a plan for me...but I will NOT be renting come next July that's for sure. Unless the Universe's plan for me is to be a derelict lol...I doubt that though! We would have bought one of the places we saw except we got outbid. A rather crooked seller's agent called his clients after our buyer's agent made our offer and of course, he told them how much we offered, and they bid just $500 more and got the sale. That was devastating. But that's the game I guess. I'm glad you feel like that's where you are Terry should be! Alex and I don't feel that way here at all. We don't feel welcome in Quebec and honestly, really are itching to live somewhere English. Hugs back! :)

Geraldine said...

What a positive post!

Goals are SO important, working toward them, keeping them in mind when other decisions are made too.

Yours all sound great and I hope they all come together as you wish, right time, right way. Sending our intentions out into the universe is so powerful, I have seen the results, again and again.

Our goal of moving to the Caribbean within two years is the BIG one. But we are making plans, doing things in steps...none of us live forever so today is the day to act on our dreams.

Hugs Rain, I love your blog, I think we would have a lot to talk about, if we ever meet in person.😊

Rain said...

Geraldine...moving to the Caribbean??? OMGOSH that is simply fantastic! I really hope you achieve that! How fun!!! Taking steps and setting important and yes sending out intentions to the universe does work! I've seen it too! I did that last year, but not in a good way. I had so much stress and negativity surrounding the home search that I was pleading rather than intending, if that makes sense! But you know I did learn so much and I'm tackling this with a whole new positive attitude that will be successful, I'm sure of it! I think you and I do have a lot in common! :)

Geraldine said...

Pleading NEVER works, been there, done that. When things aren't falling into place as we THINK they should, there is always a reason. I totally agree Rain. Here's to sending it out into the universe and having the patience and wisdom to let things come together as they should.

I wish you a wonderful, productive week.😊

Rain said...

Thanks Geraldine! :)

Fundy Blue said...

Hi, Rain! It's so sad to think that you don't feel welcome in Quebec. I've been there and felt that too. :( We were outbid a number of times in our quest to get a place, once in a situation very similar to yours. One contract we broke after the inspection revealed problems, and a second we didn't accept a counter offer from the owner. Now I'm thanking my lucky stars. Although, we have had a foot (30 centimeters) of snow overnight, and it is still snowing lightly ~ LOL! I am very grateful that I don't have to go anywhere today! I hope that you, Alex, and all the critters ae doing well!

Rain said...

Thanks Louise :) We Canadians know what Quebec thinks of the rest of us, so I'm used to feeling unwelcome here. It's definitely time to move away though. My tolerance is really weakening for that prejudice!!! I do regret that we didn't get that one home we were outbid on, I dream of that area a lot! But I'm very sure something better will come along! Oh we're getting more snow tomorrow! And I'm definitely hibernating!!! :)