One of the great benefits of my employer is that – at any time – they can come to me and say ‘Well MyCF, you are going to (insert province/place) next week!’. I love this about my current job but as great as this is it makes it extremely difficult to budget for these trips. I don’t mean budgeting for hotels or food,  because most of my major expenses are paid for. It not uncommon for employers to provide for everything that is work related. They do not however want to pay for your bar tab nor for tattoos. Yes, I have tried to have both reimbursed in the past. Worth the try right? By far those are my two biggest expenses when I travel for my company. It also seems to be amplified because we travel in teams. This causes for some interesting memories as well as dents in the bank account.

What is great about these reimbursements is that I am not required to provide proof of purchase or purchase price. There are set rates for breakfast, lunch and supper. This allows me to make money rather than break even – sometimes. Breakfast and supper are the two biggest ‘allowances’ I am given at $20, and $50 respectively. I can tell you, I do not eat $20 worth of breakfast and not even close to $50 for a supper. So you can probably see where this is going, I have a bad habit for taking the money I have left over for meals and spend it on – you know it already – at the bar with the guys, or on a tattoo. And for those of you who do not know tattoos are extremely expensive. They can easily be over $100 an hour. I do not like small tattoos. So yet again, you can probably see where this will end up? I end up spending more than I have left over.

As some of you are aware, I am currently on such a trip. However, I planned it differently this time. I did not take the advance my company offered me. Instead I will collect the amount at the end. So now I will effectively be paying for everything out of pocket – minus accommodations which are provided. There is not a tattoo parlor or bar in the area (we are working in a pretty remote area). So I am limited to spending my money at a small dinner, a convenience store, a small grocery store and a video rental store. This SHOULD drastically reduce my spending while I am away. So far I have only spent money on food. Not too shabby.

One advantage I have is that I spend the majority of my day away from the town. So I am not tempted to run to the store to grab a snack. Everything must be pre-purchased if I want it. I leave my accommodations at 7:00am and return at roughly 6:00pm in time for supper.  Only downside is I come home very hungry and exhausted so I think I spend a tad more on supper than normal.

Do any of you have opportunities to travel through your employers? Are all, or at least most, of your expenses paid? If it is, do you still have spending problems? I would love to hear from you.

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I would just like to apologize for not being as active as I normally try to to be. I have been very busy with work. But enough excuses for not commenting/participating more and on to the weekly link round-up.

Please do not hesitate to comment or e-mail me through the contact page with any topics you would like me to cover.

Now in the spirit of sharing! This weeks link round-up includes:

1. Money Infographics  with  Canadian Ecommerce Special

Love the idea of pictures. They definitely make things fun and so far I believe Money Infographics is the only blog that posts these. At least I haven’t found any more. Definitely check this out.

2. Financial Confessions of a Former Brat with All of her posts.

Yes. I am linking to this blog for the second week in a row. This blog is great and I think it should have more readers.

3. Saving Money Today with 3 Simple Ways to Lower Your Electric Bill

Extremely simple way to save on electricity. I have saved a ton using #3.

4. The Financial Blogger with Why Students Are Allowed To Go On Strike?

Post about the Quebec student strike. I live in Quebec and mostly do not agree with the strike. I am just glad someone else shared a similar opinion to my own.

5. Dollar Disciple with The Ethics of Unearned Paychecks

I found this read interesting. I have never received an unearned paycheck but I wonder what I would choose to do. I am pretty honest so I would probably just give it back without a fuss.

 

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A year ago if I asked someone to go and have a beer with me, and they repeatedly told me ‘No, I don’t have the money’ I would have complained about them. I would have thought bad of them. My general opinion of them would be greatly reduced and I would have let everyone around me know how ‘cheap’ they were being. My reasoning behind this was because everyone I work with makes almost the same amount of money as I do +/- $5,000 per year. So  if I could afford to go out so could they. Solid logic.

Back then I figured I knew everything there was to know about finances. I thought I was doing OK, especially because I dabbled in the stock market (and lost on penny stocks). I had a small pile of savings. In my mind, I had it made. However, my biggest flaw was that I reasoned that living in the now was more important than the future. You know, we might not be around in ten years right? (Funny how that now I could argue until I turn blue in the face against this thought process)

Everything changed when I realized that if I continued on the road I was on I would end up being buried in debt. Something clicked in my mind – just because I can afford to go out, doesn’t mean I should. But the biggest revelation was that it made more sense to save now so that I could live and enjoy more experiences when I am older. This now seems like the best option. I can retire at age 44 (2 months off from 43 so close enough) which is still very young. My view on money changed that day.

Now saving for my future is my priority. I am much more conscious of my choices and try and base much of what I do now to reflect positively when I am older. So far I feel as if I am doing a good job contributing to my retirement.

If I can contribute the same amount to savings, as I am currently using to pay off my credit card debt by the time I am 44 I will have $217,070 provided a steady rate of return of 4%. This is not including my RRSPs either which I contribute $2400 a year to. At my current rate of savings I should be able to save roughly $300,000 by the time I am 44. I will also be eligible for a pension at that age. So on top of my savings I will be entitled to 60% of my salary. Also I am entitled to a $10,000 raise next year. I can see no reason (aside from buying a house) as to why I would not be able save most of this. I think these are conservative numbers considering most people like using 8%.

For those of you in your 20s, did you ‘click’? Are you on track to meet your financial goal?

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