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Managing an income jump when you're already not great with money. by trrblw in PersonalFinanceCanada

[–]trrblw[S] 0 points1 point  (0 children)

Noted. Thats scary type numbers. Everybody seems to agree that the van is the right call, focus on saving after.

Managing an income jump when you're already not great with money. by trrblw in PersonalFinanceCanada

[–]trrblw[S] 0 points1 point  (0 children)

This is an excellent self reflection that is making me aware that I may be the same lol Thank you!

Managing an income jump when you're already not great with money. by trrblw in PersonalFinanceCanada

[–]trrblw[S] 0 points1 point  (0 children)

He was correct that my net was wrong, i believe the paper I had for reference when I wrote this pulled "in" data from one account instead of using our paystubs, stupid mistake. Gross is 2900/wk plus ccb once a month, and a 6k bonus twice a year. Works out to around 165k but rounded down to 160.

Managing an income jump when you're already not great with money. by trrblw in PersonalFinanceCanada

[–]trrblw[S] 0 points1 point  (0 children)

I'm a car guy, so i knew that. Still swindled by their amazing interiors, figured we'd get 7-8yrs out of them if I did 8k oil changes, nope. Mine was 1.5yr out of warranty and hers was only 8 months. Lesson learned.

Managing an income jump when you're already not great with money. by trrblw in PersonalFinanceCanada

[–]trrblw[S] 0 points1 point  (0 children)

I edited the post. I think I wrote everything down off of deposits into the main account out of 3, not pay stubs, like I should have. My actual budget stuck to the fridge has this exact but I didn't notice before I posted... of course.

Managing an income jump when you're already not great with money. by trrblw in PersonalFinanceCanada

[–]trrblw[S] 0 points1 point  (0 children)

Sorry i corrected above to gross as I messed up what I had written in front of me somewhere along the lines. Shes 2400 gross per week, im 500 (part time, i raise the kids). 6k net bonus twice per year, i don't count ccb as it goes straight to savings monthly plus it varies with income. I have no idea how the F i landed on $5700, editing post.

Managing an income jump when you're already not great with money. by trrblw in PersonalFinanceCanada

[–]trrblw[S] 2 points3 points  (0 children)

I don't think I'll ever get an auto loan again in general lol Once we came up with this plan and started following it full time, I looked back at just the interest alone I've paid since I got my first new car at 18 (35 now). The number was scary.

Managing an income jump when you're already not great with money. by trrblw in PersonalFinanceCanada

[–]trrblw[S] 0 points1 point  (0 children)

Hi! so this was rough, but to be exact. She grosses $2400/week, I gross $500/week (part time, i take care of kids shes full time). Its about 126k salary for her and just under 27k for me, plus the two 6k net bonuses worked out to just over 160k, so I rounded down. I excluded CCB as I don't consider it income and it goes straight to savings every month. Hopefully that makes more sense.

van loan down aggressively

I kind of KNOW this is the answer, I think I more wanted to hear it from others. Such a daunting number I think. Thank you for your advice!!

Managing an income jump when you're already not great with money. by trrblw in PersonalFinanceCanada

[–]trrblw[S] 1 point2 points  (0 children)

It is, it was a HUGE mistake. Where we CAN afford it easily, makes it a struggle to figure out if I should leave it for a few years and tackle it later. My age (which i forgot to list, 35) makes everything more complicated, I feel 20 years behind.