I'm 23 and I've been an RN in Canada for about two years. Currently making $36 an hour. My T4 total was about 82k last year including overtime. Just finished paying off a 38K student loan (putting a load of my own money towards in and about 11k in debt reduction grants over the last two years).
I contribute around 220 per pay to retirement savings which my employer matches as well as paying into health/dental/insurance benefits. My current take home biweekly after deductions/pension/tax is about 1600, 2200 when I work an overtime shift which occurs 1-2 times per month. Making my min take home monthly around 3200, max about 4400.
I currently pay about $1300 a month for my one bedroom apartment in the city. My monthly expenses are approximately $2300 saving the difference between my take home and expenses since paying off my loans. I currently have 8k in my savings account (total, so including emergency fund). I have a very old car, currently functioning, not set on buying a new one if it breaks down.
**** I'm going to be leaving my permanent job to do travel contract work for a significant wage increase, making approx $52 an hour with overtime available and housing provided while on assignment. I will not have benefits. Take home min 2800 biweekly without OT.
I am planning on moving out of my apartment to save on living expenses and do back to back assignments to maintain housing. I will be selling all my furniture (nothing expensive or irreplaceable). I have several friends willing to rent me a room on weeks off in their homes as well as a place at my mothers (although in a different province than I'm currently living) I can stay at if I want to take a few weeks between contracts.
Planning on doing this for approximately one year to build up savings for a downpayment or investments before returning to a permanent position.
Looking for advice on whether this is a terrible idea or if anyone does or has done anything similar. The numbers seem to make sense to me but I'm definitely young and haven't made any huge choices like this.
Submitted June 01, 2020 at 09:20PM by existentialcrisisin https://ift.tt/2MmO7Tj
