Give Me Back My Five Bucks

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Updated the sidebar

Okay, so today is pay day. Unfortunately because I work for a professional hockey team (farm team to an NHL team) as my part-time job, they were away for the past two weeks, so I didn’t get any shifts. Just one pay cheque today, but that’s okay.

The sidebar is updated with new totals. I paid off my doctor’s bill of $200 for my surgery. Then I put $100 into my emergency fund – yahhh I’m over $500 now too NIUiceprincess! :) I put $125 in my condo down payment fund, and $50 into my RRSP contribution. Unfortunately, because I didn’t get a second pay cheque, and because I had that doctor’s bill, I’m now off track for my monthly debt repayment goal. I wanted to put $1,000 away every pay cheque, but I’ll have to settle for $700 this time. I’ll try to make up the extra $300 on the next cheque, but that might be pushing it a little too tight.

March Goals (mid-month review):

  • Talk to potential client for my graphic design business, and get a contract signed. I have yet to touch base with the client, though I do know that she is finalizing her budget for the year. I should be hearing from her soon.
  • Take on a 3rd job that will yield 10-15 hrs/month or less. I spoke with the supervisor of the organization I want to work for, and he told me to fill in an application and submit my resume, and he’ll get the ball rolling. There’s a 95% chance I’ll get hired, so I’m not really worried. But I still should get on submitting that resume.
  • $2,000 towards my line of credit. Currently, I’ve put $700 towards the LOC. $1300 to go, and one pay cheque remaining this month.
  • $1,000 towards my student loans. DONE!!! :)
  • $150 towards RRSP. $100 contributed so far, so I’m right on track.
  • $75 towards Condo Down Payment fund. I’m happy to report I’ve contributed $200 so far!
  • $300 into my Emergency Fund. $200 so far, so I’m on track for this one.

One step forward, two steps back

Well, not quite. Yesterday, an hour before I launched this website I dropped just over $3,000 on a new 24″ iMac computer. Let me be the first to admit that 1) I did not need to get an iMac, and 2) I did not need to load it up with a ton of add-ons. That being said, I’m considering it an investment in my graphic design business. Let’s face it, working on a crappy Seanix PC laptop just wasn’t cutting it anymore. Plus, if it’s any consoloation, it’s tax deductible. I know I shouldn’t have to justify splurging a little lot. What’s done is done, and I’m very happy with my purchase. I should get it in the next week or so, and I’l be sure to post pictures. :)

Let me start off by saying that I am by no means a financial expert. In fact, I hardly know anything about investing. Up until a year ago, I was living paycheque to paycheque, up to my eyeballs in debt. Some months, I could barely make ends meet. It was horrifying and embarrassing. I made some dumb mistakes when I was younger (including lending money to a significant other, who obviously never paid me back), and I am determined to make up for lost time. Just thinking about all the money I’ve wasted over the years makes me sick to my stomach. I think a lot of my friends think I’m “money-obsessed” these days, and think I’m too wound up in it all. Maybe I am, but maybe I’m okay with that. I want to have the financial freedom to do anything I want to do, and that is my ultimate goal.

My job. I currently have one full-time job @ 35hrs/week, and one part-time job that gives me approximately 20-35 hrs/month. Combined, I gross about $4000/month, and actually net around $3000/month. That’s a decent salary for someone my age, and with my education. That’s also not including any graphic design contract work I receive.

After fixed expenses such as my cell phone bill, rent, groceries, RRSP contributions, and Mutual Fund contributions, I am able to put $2000 towards my debt. Any money left over at the end of the month gets put into my emergency fund. As I write this, I’m carrying about $6,500 worth of debt. Because March is a 3-paycheque month, I’ll be able to put away a little more. Hopefully.

March 2007 Goals:

  • Sit down with a potential client for my graphic design business, and get a contract signed
  • Take on a 3rd job that will yield 10-15 hrs/month or less
  • $2,000 towards my line of credit
  • $1,000 towards my student loans
  • $150 towards RRSP
  • $75 towards Condo Down Payment
  • $300 into my Emergency Fund
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