I read in some other threads here how good you ladies are about cutting down on expenses and advice on savings vs. debt
Right now I clear $3000 per month and the husband clears $2600-3800 per month
(we own our own business and the minimum he makes is $2600)
We have to pay a minimum of $1440 per month on our mortgage (2.99 perecent interest) but we currently pay $850 bi-weekly to pay it off quicker
Our expenses are follows
$300 per month into work savings account (my work doubles this amount, it is the maximum they will doubt and it vests in three years)
$150 per month work RRSP (Same thing as above, vests in 3 years and doubled)
Heath insurance: Work pays
Vehicle insurance: $160 per month
Home insurance: $180 per month
Electricity: $125 Per month
Heat: $45 per month (in the winter months)
Cable: $75 per month
Internet: $75 per month
Cell phone: $180 per month (one is business)
Private RRSP: $150 per month
Life insurance: $88 per month
Property taxes: $144 per month
Food: $400 month
Gas: $450 month (we even commute together in the car, which is less fuel)
Yoga: $180 per month
Gym memberships: Work pays
We currently have $55,000 in various GIC that mature at different times in the next 5 years, they are currently only making 1.25-2.25% interest (pitiful)
We have RRSPs as well that are locked in until retirement. My questions are follows.
Since the mortgage interest is higher than the GIC's are bringing in should we be pulling them and applying to the mortgage? (we have no other debt than our farm mortgage)
Our vehicles are a 06 & 10, we paid cash for them, but it was before we had a house (and had more money) and we would like to start a savings account for when we have to replace them, what is a resonable amount to save per month to replace vehicles?
The roof on our barns needs to be replaced and the cost is about $5000 this can wait until next year.
Should I lower my RRSP contributions and my higher mortgage payments in order to complete the repairs? I don't feel this is an "emergency" situation to use our emergancy fund (I was off work 22 wks last year with an injury and we depleted our emergency account and we have just started replenshing it)
How much should I be contributing per month for a house hold repair account?
Any suggestions on how to maximize the extra money we have no before we have children and more bills?
How much annually should we be putting towards our retirement? (I am 25 hubby is 27)
I know this is a lot of questions but any input would be appreciated!