Joined
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281 Posts
Hi there - just throwing out the state of my finances to get any advice for improvement. Thanks in advance!
Age
======
Me: 27
Girlfriend: 27
Retirement age: 65.
Incoming
=======
Our joint salary: $132,000
Outgoing
=======
Mortgage: [$432k] $1,313 every 2 weeks @ 5 year fixed - 5.29% (4 years remaining)
Car: [$25k] $450 per month @ 2.9% (4 years remaining)
Student Loan (Hers): [$19k] $300 per month @ 8% ish?
Student Loan (Mine): [$19k] $210 per month @ 3%
Credit Card Average: $2597 paid off in full every month
Current Net Worth
==============
Assets: $474788.1
House: 450000
RRSP: 1530.69
Savings: 1257.41
Car1: 18000
Car2: 4000
Liabilities: (491703.07)
Mortgage: (429807)
Car: (22795)
Girlfriends Student Loan: (18741.27)
My Student Loan (19509.8)
Money owed to Family Member: (850)
Net Worth: (16914.97)
I've implemented Pay Yourself First and our immediate goals are saving for wedding ~12k. There after I was thinking of tackling her student loan. As my loan is cheap (3%) I'm prepared to leave it for some time.
Hopefully once her loan is paid off we would have a better Gross Debt to Service Ratio.
After this I aim to save up 6 months of emergency funds then I have a choice of RRSP payments OR extra mortgage payments OR saving up for some real estate. To be honest I prefer having hands on with an investment rather than investing it in some semi-uncontrollable investment vehicle.
She pays into a union pension every month and they contribute equally. This contribution is taken off before she receives her net payment every month. I believe it pays out around 50% ~ of your final 5 working years salary per year.
Any input? Am I steering the wrong way?
Thanks!
Age
======
Me: 27
Girlfriend: 27
Retirement age: 65.
Incoming
=======
Our joint salary: $132,000
Outgoing
=======
Mortgage: [$432k] $1,313 every 2 weeks @ 5 year fixed - 5.29% (4 years remaining)
Car: [$25k] $450 per month @ 2.9% (4 years remaining)
Student Loan (Hers): [$19k] $300 per month @ 8% ish?
Student Loan (Mine): [$19k] $210 per month @ 3%
Credit Card Average: $2597 paid off in full every month
Current Net Worth
==============
Assets: $474788.1
House: 450000
RRSP: 1530.69
Savings: 1257.41
Car1: 18000
Car2: 4000
Liabilities: (491703.07)
Mortgage: (429807)
Car: (22795)
Girlfriends Student Loan: (18741.27)
My Student Loan (19509.8)
Money owed to Family Member: (850)
Net Worth: (16914.97)
I've implemented Pay Yourself First and our immediate goals are saving for wedding ~12k. There after I was thinking of tackling her student loan. As my loan is cheap (3%) I'm prepared to leave it for some time.
Hopefully once her loan is paid off we would have a better Gross Debt to Service Ratio.
After this I aim to save up 6 months of emergency funds then I have a choice of RRSP payments OR extra mortgage payments OR saving up for some real estate. To be honest I prefer having hands on with an investment rather than investing it in some semi-uncontrollable investment vehicle.
She pays into a union pension every month and they contribute equally. This contribution is taken off before she receives her net payment every month. I believe it pays out around 50% ~ of your final 5 working years salary per year.
Any input? Am I steering the wrong way?
Thanks!