How Pinterest Helped Shape My Next Goal
Looking at my Pinterest boards last week, I realized I have three boards dedicated to my dream homes (four if you count a board of the farm I would buy if I won the lottery). Only one other topic has an equal number of boards and that is food. But I could care less about beauty or fashion, and it wasn’t until last week that I looked at my boards for what they really were: digital visions of things I want to experience in my lifetime.
I’ve always wanted a house of my own. I have vivid childhood memories of drawing up floor plans of my parents house and rearranging all of the furniture in it. I was addicted to interior design blogs, long before personal finance (I know, big surprise). Heck, $2,000 of my debt came from buying all new furniture to make my apartment what it is today. But I’ve never seriously considered saving for a place to call my own. Until now.
Continuing with the energy I’ve put into trusting my gut instincts and following my dreams, I know that now is the perfect time for me to start saving. It’s going to take a few years but my tentative goal is to buy something before I’m 30. I don’t have any credit card debt to worry about, so nothing major is holding me back. Other than deciding which tool I want to use to save. Here’s where I need a little help from my Canadian friends…
How did you save for your first home? I’ve been thinking about using the Home Buyer’s Plan, which would allow me to withdraw up to $25,000 from my RRSPs tax-free. I like this option for two reasons: 1) it would force me to save money in a place where I couldn’t easily access it, and 2) it should have a higher growth rate than something like a TFSA (tax-free savings account). The only thing I don’t like about it is that RRSPs are obviously meant for your retirement, which this isn’t.
I haven’t worked out the exact numbers of how much I’ll be able to save yet, but $300/month should be doable right now. Every few months, I will reassess how my savings is affecting my budget and see what I can shuffle around to increase it. I’ll never be able to afford what I’ve pinned to those three boards but I can definitely get myself into the market!
Have you ever paid attention to the things you pin on Pinterest?