Laughing all the way to the bank...

So remember that I had posted that TD had turned me down twice for a student line of credit? Well, I also have an ING Direct Savings account, so on a whim today (while I was in class none the less) I applied for their credit account. Now I don't need $5000, but since that is the minimum one could apply for, I went for that. I filled in all the details, thinking that this is never going to get approved. BAM! Less than 15 minutes later I received an email saying that my application had been approved and the paperwork was in the mail to me. So I'm clueless why TD would turn me down for $2000 but ING Direct happily forwarded me $5000. I'm beginning to lean closer and closer to the idea of dropping TD altogether and sticking with ING Direct.

I also made a budget for the upcomming year. The first few months will be difficult because I don't quite know how often I get paid or how many deductions will be comming off my paycheque. Once I know that this budget will be much better. However, I've decided that I will put away 85% of my paycheque (roughly $20,000) into my savings account. This will provide me with the funds to purchase a vehicle or start investing or make a downpayment on a home - whatever I'd like. I think that that is a reasonable amount. On top of that 10% (roughly $2,500) will be dedicated to my newly-created 'emergency fund.' Although at the moment if I had an emergency I am still living at home and would most likely be able to make it without a fund, I think it's good to get on top of it. The remaining 10% will be mine to enjoy. I have a $500/year cellphone to pay off, plus driver's ed classes to take and possibly a laptop to upgrade.

I'm thinking about opening an RSP - I think it's really good to start young. However, I know absolutely nothing about RSPs, so I'm going to have to either talk to my dad or talk to a finance professional. I find it difficult to find information on the internet about Canadian RSPs - everything from America isn't completely relevent. If I did open an RSP, I think I would try to put into it the maximum possible this year (I think it ends up being less than $1,500) and maybe re-allocate some funds. We'll see.

While I do have some savings and have the next 6 weekends or so at my old job before I quit, I'll probably end up spending much of it on vacation. It'll end up being about $800 that I'll have acquired before I quit. Last time I went on vacation I was pinching the penny and ended up comming home and regretting not purchasing some things. I'd like to feel, this time around, that I have the funds to make some purchases without feeling horrably guilty. The American money that I am saving is for a day when I decide to visit the United States. Until then it remains locked up, change rolls and all.

Whatever is left of that spending money when I return will be forwarded to the line of credit that I used to pay for the Directed Field Study (the work practicum - that's right, I have to pay my school in order to earn the credits while working at my job - yes it does suck). Hopefully that will be paid off completely by June 1st.

That's all for today, folks.