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?


Comments on: "Becoming Adults" (7)

  1. ha! so true – being a grown-up is full of responsiblities…it was much easier to be in denial while in grad school:)


  2. Yeahhhh… that statement is *so true*!

    Seriously though, good for you – starting to save for retirement at an early age is the single best way to gain wealth in the long term! 🙂 (Can you tell I teach this stuff?)


  3. I remember wishing to be an adult. Then I became one.

    Well done for getting the RRSP and TFSA figured out – I updated mine a couple of months ago and felt nothing but relief. It had needed to be done for far too long.


  4. I remember wanting to be an adult when I was a teenager, too. If only I had known how complicated it was, I wouldn't have wished for it quite so hard!

    Getting a retirement account plan put together is something DH and I want/need to do but so far haven't. It all seems so intimidating!


  5. Good for you! We have TFSA's too.

    Did your bank notify you can use those RRSP's for your first home purchase?! Check into it because there are some tax bennies with it. We didnt have that for our home (still dont…we need to grow up a bit more, lol) but check it out!


  6. hahaha!!! spot on…


  7. I hear ya! I'm still waiting until I've got a steady job before starting an RRSP but Jason and I are learning (ok, trying to learn…) how to do our taxes now that we're married. My dad has alwasy done them for me before but I am determined to figure it out for ourselves now. Adulthood blows 🙂


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