She Strengthens

Saving for the Future: My Journey to $70,000

As I embark on my undergraduate degree, I’ve set a daunting goal for myself: to save $70,000 CAD ($54,881 USD) over the next six years. This amount will serve as a down payment on a home, or perhaps even a nest egg for retirement. Living with my parents has made it easier to save, but I’m determined to reach my target, no matter what.

Year One: A Strong Start

In my first year, I managed to save $14,400 CAD ($11,293 USD), thanks to my part-time jobs and some initial savings. To reach my goal, I need to save an average of $11,667 CAD ($9,150 USD) every year. Breaking it down, I aim to save $10,000 CAD ($7,843 USD) annually for the next three years, and then make up for any shortfall once I graduate and start working.

The Challenges of Saving

My work-study job limits me to 15 hours a week, and I take home $443.72 CAD ($348 USD) bi-weekly. To meet my goal, I transfer $300 CAD ($235 USD) into my High-Interest Savings Account every payday, leaving me with just $143.72 CAD ($112 USD) for expenses. It’s tough, but I’ve had to cut back on discretionary spending to make it work.

Cutting Back and Finding Efficiency

I’ve made significant changes to my lifestyle to save money. I’ve found affordable eats on campus, curbed my latte habit, and stopped buying non-essential items like shoes and makeup. My commute, though long, saves me from the high cost of living in Toronto. I’ve also optimized my work schedule to minimize transit costs and make the most of my time.

Side Hustles and Summer Goals

To supplement my income, I’ve started transcribing audio files at Rev.com. Though I’m still slow, I’m hoping to improve with practice. As summer approaches, I plan to increase my monthly contribution goal to $1,300 CAD ($1,020 USD) and make up for any shortfall.

Staying Motivated

Reaching my goal won’t be easy, but it’s shaped my priorities and helped me live below my means. I still enjoy spending time with friends, buying clothes and shoes when needed, and pursuing free or cheap hobbies. The thought of having $70,000 in my bank account in a few years is exhilarating, and I hope to inspire others to set similar goals.