First Pay Day!


Today is the first pay day of my debt reduction scheme, and I’ve already been paid- which means my bank account is already almost depleted.

My payments are as follows:

Credit Card #1: $248.00 (I bought something on iTunes yesterday and added the balance to the payment)

Credit Card #2: $75.00

Cell Phone: $61.00

My bank doesn’t let me transfer money to savings the same day, but my account has been set up to transfer $200 into my savings tomorrow, making my balance $600.

One of my co-workers can get me 2 cartons of cigarettes for $70, which cuts my spending for those in half. Once that transaction is done, I’ll have $145 left to last me two weeks. Honestly, as long as I make sure I have lunch every day for work, I can’t see myself spending much of it. I still have about $46 left on my Petro gift card if I want a magazine or some snacks for whatever reason, and I need new jeans but have a gift card to Bluenotes that hasn’t been used. Whatever is left at the end of my pay period will be split in half and each half will be allocated either to credit card #1 or my savings. No stone is left unturned.

I know that I have to look at getting my passport renewed and get contacts, so I might take the half left over going towards savings and put that into a different account for these items. I might decide for simplicity’s sake to leave it in my main savings account and take it out as I need it- who knows. I’m still figuring it out.

For this weekend, I’m going to see The Hunger Games, but I’m taking my sister as a favour to my mom. She’s giving us some of her movie coupons so Jay and I can just enjoy the movie and not worry about what we’re spending (no popcorn, and we’ll smuggle candy in from Petro if necessary). Other than that, Jay’s sister recently moved back to Ontario from Nova Scotia, so we’ll likely spend some time with her when I’m not doing homework. It should be pretty low-key, which sounds AMAZING after the week I’ve had.

Balances After Payments:

Credit Card #1: $202.34

Credit Card #2: $2898.62

Total Debt: $3100.96

Savings: $600.00

Total Net Worth (excluding chequing account)- March 21st, 2012: $-2500.96

Next time I get paid, I can pay off credit card #1 and apply the rest to credit card #2. Then, the real fun begins!

Happy Friday!

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8 responses to “First Pay Day!

  1. good job! Just remember not to leave yourself cash poor because things do come up and you don’t want to get back into using your card for emergencies. Trust me I know the desire to pay off the card as quick as possible, but be patient, you’ll get there!

  2. Thanks Tonya!

    I was worried about going cash poor this past week, because I had a tiny emergency that hindered my chequing account- the last couple of days I had less than $30. So by cutting down my expenses and packing my lunch I’m hoping I can preserve that $145 for a couple weeks. I know I’m going to be paying taxes, so I’m trying to pad my savings account as much as possible.

  3. Just one paycheck away from paying off a credit card… congrats! 🙂 As an aside, I’ve had pretty good luck watching movies for free from preview screenings – if you google “movie screenings” or “movie previews” plus your city, something might pop up.

  4. Congrats! That debt will be gone before you know it.

  5. Congrats! And I definitely agree with Tonya. But it sounds like you have it covered.

  6. Good Job … its always good to make visible progress in paying off your debt! Just make sure you build up some “emergency” savings so that you dont have to dip into your savings unnecessarily.

    Wishing you continued progress 🙂

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