Wednesday, January 20, 2010

Becoming Adults

Last night, DH and I took another step to becoming real adults: we now have tax-free savings accounts and RRSPs (Registered Retirement Savings Plan for my non-Canadian readers). DH is very happy about this, while my head just ached for hours afterward.

I had no idea how complicated all of this was. I seriously thought you just "bought" RRSPs and that was that. I didn't know that you had to buy different things (mutual funds, GICs, etc.) with them, and there are hundreds of choices with a zillion variations.

It was so overwhelming, but we got through it and now are planning for the future (gasp!). Of course, we both have so many years of unused RRSPs that it will take us a while to max it out. But, we're on our way!

One thing we both keep worrying about is putting too much away into savings and then not having money available to us now for vacations or other large purchases. This will definitely be a factor once we buy a house because our monthly expenses will increase. Hopefully though, after a couple of months of paying those bills, we'll have a good idea of how much we can save and we'll just split that up into different accounts.

Sigh. I remember being 15 and just could not wait to be an "adult". What the hell was I thinking?