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Today I started my University fund!

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by , 06-25-2009 at 11:49 PM (1013 Views)
I decided that it was important that I start in this.

I have a tax free savings account that I opened, and today I deposited $516 So that is a great feeling. That's nearly 2 classes paid for. I should have more money coming in tomorrow. And that check will got to the FFEF

There may be more when it's all said and done. We're on holidays for two weeks camping, and really other than groceries and a case or 2 of beer, we don't spend, so I'll likely have another $300 then to put on the college fund

Now, once I get the 3rd and 4th child in the dayhome, I have the budget to the point that we are living almost entirely on dh. So child 1 and 2 are FFEF. Child 3 and 4 will be my Unversity fund And when FFEF is done, that'll be extra principal on the mortage. I hope we get there before the anniversary. I only have 18 mo to 2 years to do the extra principal, as after that I'm hoping to be in school full time and it will be a super tight budget. But with a FFEF and a University fund to pay for that.

It feels absolutely fantastic to have a plan And to think 6 mo ago, I was so stressed month to month as to how everything would be paid off. Now we are accerating the mortgage pay have a great start the FFEF and now a University fund. Who'd have thought it? Dh had his hours cut, they did a round of layoffs. It was terribly scary.

And now my outlook is so fantastic! I think I could concur anything!

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  1. madhen's Avatar
    Fantastic job!! Isn't it funny how luck follows hard work?
  2. mommy4ever's Avatar
    Yes, dh still isn't 100% on it. BUt I think when things are funded, he'll breathe easier and be ok. We had been talking that I could be mom and wife if I chose in a couple years when we have our FFEF settled and a smaller mortgage. Or go to school or work out of home.

    So it's about 98% decided. We just need some details.

    From his check we pay mortgage, insurances, groceries, spending money and still put money in savings, and often there's more left to put in savings, plus his rrsp and pension are deducted directly. So if I adjust things, we'll be able to pay the $400 in utilities that I pay from my income. It would only be $100/check, and it's easily done because right now we are paying $189 extra a week on the mortgage, that could be reduced for the 3 years I'm in school, not the end of the world.
    Updated 06-26-2009 at 09:54 AM by mommy4ever
  3. Debbie-cat's Avatar
    Way to go mommy4ever! Another suggestion. I know in Canada there is a special fund that is only for people who are planning on going to school but I am not sure if it for adults in addition to children. For every $1000 you put in the fund the government will give you $400 at the end of your saving period you can easily pull out all that money and use it for school. Now if you change your mind and don't attend university the government will take back each of the $400 they put in the fund but if you do it is yours free to use. I would check it to it. I did it for my son through the Royal Bank in Ontario.
  4. mommy4ever's Avatar
    I believe the RESP is only for the kids. And it is taxable at withdrawal, the tax free savings isn't. I will have have some in a regular savings too, but may as well use that as much as possible.