:::: MENU ::::

Browsing posts in: Debt

Two Years to Be Debt Free if…


I spent some time today playing with forecasting my debt free date based on the two remaining debts – student loans and car. If I pay right at double the minimums – $307 and $500 (self set minimum) – I have two more years until I will be debt free.

That does not make me happy. And for the first time, I felt a significant twinge regarding our car loan. But it did pass quickly. I truly love and Princess does truly love our car. So moving on…

My goal is to look at my budget and see if I can squeeze out some additional debt payments to expedite my debt free date. I don’t know how…but I would like to be debt free no later than Princess high school graduation date, May, 2021.

Just a year and a half to pay off $50K in debt. It’s not insurmountable. But it is going to take some serious work and dedication.

I think that date is ideal as I will be essentially “done” with children at home at that point. (Not saying they won’t be living here anymore, but those that are will be working and contributing in some form or fashion.)

I’m not sure how I will do it quite yet. But I have learned that when I work backwards from a goal or deadline, I tend to me much more successful. Perhaps I have been going about this all wrong since the beginning…

Any thoughts for feedback on this goal? This plan? This mindset? Any tips for accomplishing this?

Monthly Net Worth Update and Financial Progress



Debt Reduction

July 2019:

September 2019: (-$731.37)


October 2019: (-$395.14)

October Debt Reduction


Not so great for debt reduction at all this month. I did end up buying winter boots, a pair of black dress shoes for work, and a therapy session that won’t be covered by my benefits. This is eye opening for me, though. I plan on paying an absolute minimum of $600 a month to the line of credit now that I have some savings and my credit cards are consolidated.


Savings account: $2350 (+$350)

I want to keep saving but I need to put a pause on this now and focus on debt reduction. I feel so conflicted about this, because I have been watching my financial stress dissipate as savings have grown.

Investment account: $506.91 (+$127.91)

This is a fun little investment account I have set up with Weathsimple.com. I’m using it because it’s easy to withdraw from and I’m planning on using this money if I owe for my taxes next year. I throw odd job money in here.

Registered Retirement Savings Plan: $13649.70 (+$382.87)


Total savings: $16 506.61(+$860.78). Frankly, this isn’t enough. I need to be saving way more for retirement.

Net worth (based on total savings – total debt):

$-17 573.62 (increase of $1255.42)

The line of credit payment comes out on the 15th and I’m planning on making a large lump sum payment each month. I want to pay a minimum of $600 a month to that, and increase my payroll deductions to my RRSP.

Yep. I need to spend less money.

Little Victories: 

  • applied for a no-fee credit card and no-fee checking account through Simplii (goal to close my expensive accounts by end of November)
  • My credit score became Excellent, but I don’t think that will last
  • I have a Rover gig in two weeks!