Give Me Back My Five Bucks

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One final push to the end!

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! :)

Have I been doing it wrong the entire time?

I was thinking yesterday, is it a smart move to pay off my debts as fast as I can? Should I be saving more aggressively for my condo down payment?

Every pay cheque, after taxes, I make around $1,500. Currently $1,000 goes towards my debt, $50 goes towards my RRSP, and whatever is left goes towards my condo down payment fund after I’ve paid off all my bills and expenses. My plan is to put at least that $2000/month into my condo fund as soon as I finish paying off my debts. But, it occurred to me yesterday – is this the smartest idea? Since I want to buy in about a year (and I need to be out of my current place by this time next year), should I be saving up as much as possible now? If I stick to my plan, by this time next year, I will have saved $20,000. That’ s a lot to save in just one year!

The biggest reason why I’ve been paying off my debt as aggressively as I have been, is because I hate paying interest. HATE it. And I hate the fact that I’m in debt, and my net worth in Quicken is still in the red. But maybe it’s better to pay a little interest, and stay in debt a little longer in order to secure my short-term goal of buying a condo.

My friend who’s a mortgage broker told me to get rid of all my debts as fast as I can, and then build up a down payment. He said it’s easier to get approved for a mortgage with a smaller down payment and no debt, than with a larger down payment and a little debt. Is that true? Because if it isn’t, then I’ve been doing this whole debt reduction thing backwards from the beginning. Over the past 8 months, I’ve put $12,000 towards my debt. If I just paid a little over the minimum payments to my student loans, I could have saved up $10,000 of that money by now. And if that’s what I should have been doing all along, then I think I’m going to have to go throw up a little.

Updated the sidebar totals

Well, it’s not a big change b/c I don’t have a lot of money left over from Friday’s paycheque (I already put $1,000 towards my student loans), but I managed to put an extra $50 into my condo down payment fund, and $200 towards my line of credit. That’ll stretch me thin until next Friday, but since I’m getting surgery done tomorrow, I’ll be stuck in the house for at least 4 days. I have $50 left in the chequing account, and I’m sure that’s more than enough to last me. In fact, I’m positive.

Last night, the BF and I went to watch Happy Feet at the IMAX. For Christmas, he bought us both an annual membership to IMAX for $45 each. To see a movie without a membership is about $15, so it’s a pretty good deal. Anyway, whoever’s seen Happy Feet before knows how ridiculously cute it is. Too bad the BF didn’t like it (his idea of a good movie involves lots of violence, helicopters, and guns), but what did he expect? I told him it was an animated movie about a dancing penguin, so he knew what he was getting himself into when he took me to see it!

Also, I hate how my sidebar looks in Internet Explorer. I use Firefox at home, and the status bars look perfect and nice, but when I get to work and look at it through IE, it looks like someone crapped all over it. And I know it’s due to my poor coding, but to be honest I’m just too lazy to fix it. So I guess it’ll stay ugly like that until I can get the % amount high enough in the bars to accomodate the actual number. Some website developer I am!

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