Friday, January 18, 2008

Pay Day Friday!

Today is the first paycheck after I upped my my automated RRSP contributions at work. This of course means a much smaller paycheck until I max out the company match (100% match up to 6% of income, plus 20% match up to 16% of pay).

The smaller paycheck will actually be a good thing since I will force me to live on a much tighter budget, which is a good thing. I’m all for living below my means as much as possible.

With the increased contribution (and match), plus other savings and investment income, I should have no trouble with $100k net worth by June. Now I need to do some research to make sure the contributions are invested wisely.


SavingDiva said...

I was considering raising my 410k contributions because I find it easier to save if I don't have access to the money. However, I'm pretty cash poor right now (my EF has $500), so I really need to save more cash before I up my 401k contributions.