Every year after I file my taxes I dutifully apply for the New Brunswick Tuition Rebate. This rebate is in place for New Brunswick residents with tuition certificates, and it gives you back your provincial income tax payable, whatever that may be.
In the past, I’ve always used it to better my financial situation. I’ve used it to pay off debt, last year I used it to boost my emergency fund, and this year I’m depositing the $3,000 rebate into my house down payment fund.
House Down Payment Fund Goal: Reached
This year I set a modest goal of saving $5,000 for a house down payment. It’s so modest because when I set the goal, my husband didn’t have a job because we’d recently moved. I didn’t know how much money he was going to make, so I wasn’t sure how much we could save.
Up until now I’ve been using windfall money and freelance income to fund my house down payment goal and had managed to raise $3,461. Now, with this new deposit, it sits at $6,461, which is awesome! I’ve blown this goal out of the water in just five months!
What Do I Do When I Reach a Goal?
Most people stop when they reach a goal they’ve set for themselves. They consider it accomplished and move on to something else. Not me. If you look back over my goals from 2012, 2013 and 2014, you’ll see a theme. I don’t just accomplish my goals; I go above and beyond.
I don’t see why this should be any different. I’m not going to stop saving. My $5,000 house down payment goal is part of an overall goal to save $40,000. So I’m going to keep putting the bulk of my freelance income into my house down payment fund. I want to see just how much I can save in this account before the end of the year.
Unofficially, I’ve revised this goal to $8,000, but now I think that might even be too low.
The End of the New Brunswick Tuition Rebate
There were a lot of financial incentives that made living in New Brunswick appealing. The biggest one by far though was the New Brunswick Tuition Rebate. It was a huge bonus, and I’m not even close to reaching the $20,000 cap. When we decided to move, I was sad to be giving it up because Nova Scotia does not offer a similar program.
Fortunately, my sadness was short-lived because when the new government released their budget, they announced that 2014 was the last year for the rebate. So it turns out I’m not losing out on thousands of dollars every year by living in Halifax. That eases the pain a little, but I’m still very grateful to have been able to take part in a program like that.
Overall I’m super pumped that I’ve been able to save almost $6,500 in only five months. I know the next five months won’t be as stellar, but that’s ok. I’ll keep on chugging and eventually I’ll have enough to buy a home of my own.
Tell me about your savings goals for 2015. Are you making progress on them? I want to know!