I’m going to try and be a hardass this month, what with me being so close to being debt free. The only difference this month is I anticipate going out for my friend’s birthday, so I’ll up my $30/month dining out budget to $50. I might not need the $20 breathing room, but at least it’s there!
April 2007 goals:
- Pay off the rest of my student loan (!!!). I will achieve this by April 13th. HOORAH!
- $1,200 towards my line of credit. I will try to contribute more, if possible.
- $100 towards RRSP. I want to up my contributions to $150+ bi-weekly in order to exceed my 2007 goal of $3,000, but won’t be able to do that until I finish paying off my line of credit. So until then, I’ll just contribute my regular $50 bi-weekly.
- $200 towards Condo Down Payment Fund.
- $200 into Emergency Fund.
- Stay completely on budget for the month. This means not one single penny over (except for the dining out budget change). The past few months, I’ve been going over budget in certain categories. $5 here, $10 there, and that adds up to a lot!
- Find out whether the client is ready for me to start working on her project. If she has not made up her mind by the end of April, then I will start to take on other projects if they are presented to me.
I got paid today, so I updated the sidebar! $1,000 towards my student loan, $25 to my condo down payment fund (almost not even worth contributing, but at least it’s something), and $50 into my RRSP. The Emergency Fund won’t get much love for a while, but I’m not that concerned. I don’t foresee any major emergency that could cost me over $500 anyway. Plus, it’ll only be for a month or so until I’m completely out of debt. I also paid $150 rent, and $35 for a new field hockey skirt that my team ordered.
My boyfriend and I live in a basement suite that my parents rent out. I lived here rent-free while going to college though. Our total rent is $500 (all utilities included), and since my parents own it, I pay significantly less than market value for rent. So does the BF, but I still pay way less than him. Suites in a college town like this usually go for at least $800-$1,000/mo. It’s a pretty sweet deal. 1100 sq/ft, with in-suite laundry, and 2 bedrooms (one is converted into our gym). The only deal is I’ve gotta be out when I turn 25. My birthday is in October, but my contract runs out at this job in November. So my parents decided I can stay until I’ve found another job. Since I am looking to move to Edmonton after this job is over, it would be very hard to find a place that would let me move in on a month-to-month basis.
Anyway, it’s the end of the month, so it’s time to take a look at the monthly goals I set for myself!
March Goals (end of month review):
- Talk to potential client for my graphic design business, and get a contract signed. She definitely wants to go with me as her web designer, but she is still getting herself (and her budget) finalized. She wants to make sure she has the money to pay me before I start doing any work. It’s taking forever to get this finalized, so it’s a good thing this is my side job, and I’m not counting on the income. It’s just a pain because I’ve turned down a few potential contracts b/c I thought I’d be working for this woman by now.
- Take on a 3rd job that will yield 10-15 hrs/month or less. I’m honestly not sure if I want to take on the 3rd job. It doesn’t pay well, so is it really worth my time? I’m already busy practically every night of the week. I don’t think I’ll pursue this goal any further unless I start to have some free time. Because really, I already work up to 50 hrs/week, not including my design business.
- $2,000 towards my line of credit. I put $900 towards it, which is still pretty good. But since I’ve revised my goals a bit in order to pay off my student loans faster, this debt will have to sit as is.
- $1,000 towards my student loans. $2,000 towards it! Only $1700 remaining!
- $150 towards RRSP. Done!
- $75 towards Condo Down Payment fund. I’m happy to report I’ve contributed $200!
- $300 into my Emergency Fund. I was only able to contribute $200.
All in all, I’d say it was a pretty successful month. I spent more than I wanted to, what with my dental surgery costing me $200, 2 birthday presents, and my accountant’s fee of $95 for doing my taxes.
That little bit of student loan debt has been driving me INSANE. So to stop me from going crazy, here’s what I propose to do over the next 2 weeks:
I currently owe approximately $2,700.
- This Friday is pay day, so I’ll pay $1,000.
- I’ll throw in my entire tax refund of $1,300.
- April 13th pay day, I’ll pay the balance off of around $400!!!
So that means it will have taken me one year to get rid of that dumb student loan debt. One year on the dot, as a matter of fact. The seemingly unbelievable goal will be obtained! I can’t believe it! WAHOO!!!
I will now be completely debt-free by the end of May! :)