Category Archives: Pay Days

Debt update for June 2012

I just got paid, and my money is already gone.

HOWEVER, that’s totally a good thing, because I currently owe under $1000!

+760.54  PAYCHEQUE

-435.40  CREDIT CARD 2 (PAID OFF!)

-56.57    TELUS




My balance leftover on the low interest (1.99%) transfer card is $958.14. My debt on March 15th was $3415.97 split between two cards at 19.95% and 11.99% interest. That means I’ve paid off $2457.83 of credit card debt in 3 and a half months.


Now, paying that much to my debt left 0, zip, nada in my chequing account. But that’s okay. I’ve gotten pretty used to having no money whatsoever in preparation for this move. I’m also expecting to be paid back by my brother, who owes me $40, and I’m due for a Trillium Benefit/HST cheque from the government, which should be about $60. Both of those tiny windfalls will be deposited and immediately redirected to my debt. Every cent counts right now, because in July I’ll only be able to put about $437.50 towards debt, and in August that amount will have to be allocated to rent. In August, I’ll be lucky to put up $200 on debt. I’m still hoping to have all my debt paid off by the end of September, by whatever means possible (Cue me singing I Believe in Miracles).

This has been the best start to summer I’ve ever had. I’m really proud of myself for being so vigilant, and I’m looking forward to being able to tell all of you that I’m debt free!

This weekend I’m driving down to Niagara Falls with my mom, step-dad, brother and sister to see Death Cab for Cutie and The Tragically Hip tomorrow, which I’m so excited for! The Hip is Canadiana at its finest, and I grew up listening to them. Their songs remind me of a simpler time- it’s like listening to home. Don’t even get me started on Death Cab, either. I was obsessed with them in my senior year of high school. Hearing any song off Transatlanticism makes me feel like a teenager again.

On Sunday we’re going to do the Maid of the Mist boat ride under the falls, because none of us have ever done it before. You couldn’t pick a better weekend than Canada Day to be in the falls. Plus, my mom knows how hard I’m working to save for the move and become debt-free, so she offered to cover my weekend. That’s why I was able to pay so much down on debt this week. So, since I know she will read this as she found the blog earlier this week, thanks mom! I love you!

Just in case anyone is interested in hearing what I’ll be rocking out to tomorrow, here are my favourite songs from The Tragically Hip and Death Cab for Cutie.

Happy Canada Day, and to all my readers from elsewhere, have a great weekend!


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!