This millennial couple had a baby without financial pain, but buying ‘forever home’ a bigger challenge
“It comes down to having a good understanding of what your core values are in life,” Campbell said. “For some people having that really expensive house is a really big goal … whereas others are willing to really reduce their living expenses so they have more disposable cash flows because their values might lie in seeing friends and going to fancy restaurants and travelling.”Article content
Campbell errs to the side of conservatism when it comes to investing and so he’d suggest that Silvio place the monthly $2,500 portion of his cash into a high-interest savings account that can generate around 1.5 per cent. He’ll need to ensure he doesn’t lose any of the cash if he wants to meet his timeline for the condo, Campbell said, and investing it will always put him at risk.
That’s the easy part. Now comes the hard ask: To be able to consistently save $3,000, Silvio will have to limit his discretionary spending to $1,600 per month, Campbell said. As far as my categories, that covers food and drink, entertainment, shopping and other, where I only spent a combined $1,072. In most months, Silvio can hit $1,500 on food alone.Article content
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