I did it. I GOT A CONTRACT.
And it is for slightly more money than the one I gave up to stay local and at home with Baby Bun.
Guess things work out if you just be patient, right?
(Haha… yeah. Right. You should have seen me biting my nails up until this point.)
Anyway, here’s my preliminary budget for how it’ll all break down.
ONE-TIME COSTS = $7500 or so
So this is what I definitely need to spend.
I flirted with the idea of not buying a car and being cheap, but NOPE! I am buying a car.
I could take the metro to get there, but that involves 2 buses that come once every hour or so (and only between certain hours, not all the time), and switching trains.
It takes about 20 minutes to get there by car, but I reckon by metro, it will be at least an hour if not an hour and a half, depending on if I miss one of my connections or not.
Also, I am not a fan of being outside during the dead of winter in Montreal and on foot.
MONTHLY COSTS = $2500 a month
It could be cheaper if Daddy stays at home with Baby Bun but it all depends on if he gets a project too.
I also put a blanket “$500” for “Other” expenses because I don’t know what it’ll cost for Baby Bun going forward in daycare (more disposable diapers for sure).
For instance, we will definitely have to buy a Vitamix blender to make his pureed food and I am SURE I will be buying other things I haven’t thought about.
I am looking at roughly $2500 a month in expenses.
The good news is that when I work, I don’t spend money.
Too tired to.
NET MONTHLY SAVINGS = $12,250 a month
After taxes, the good news is I can bank about $12,250 a month which means I will hit my $250,000 net worth goal for this year, and if I squeeze and scrimp a little harder, $400,000 by the end of next year.
Even if I hit only $300,000 I’d be happy, but I think I’d like to aim for $400,000 or more.
(Half a million would be nice but that would entail getting extended…..)
OTHER THINGS TO CONSIDER
We are considering buying a condo.
We’re kind of sitting around, looking at the market, assessing what’s coming up, what’s been on sale for a while, and what they’re asking.
Our budget is $400,000, which means we each have to stump up $200,000 to make it happen.
BF is paying his half in cash, and depending on how I finagle my finances, I will too.
Actually, we kind of don’t have a choice in paying cash or not because as freelancers you need to show income statements for the past 3 years to get a mortgage and my income has been erratic, so I have nothing to show for it.
I will have the money to put up $200,000 in cash to buy a place, my credit score is decent, but I can’t score a mortgage because my income fluctuates.
We’ll see. I may take out a line of credit instead if the rates are low so that I am not completely out $200,000 at one shot seeing as the market is still making more than 3% these days.