I just paid $2,000 to my Visa! -- YAY! It's in the $6,000 range now...haven't been there in awhile! It's high $6,000 but ti there, lol
I'm very happy about my decision with my new car. I was in a car accident and have no choice but to buy a new car as I need one for my business. The insurance company gave me about $5,800 and I found a car for $6,500. That will be paid for in cash, no car payments! That means no more added debt - yay!
I opened up a TFSA! I plan to have $5000 in it by the end of this year. Right now I'm just putting in $100 a month. I'll just add the rest in as it comes...after this debt id a bit lower and my wedding season starts
I'm so excited to get this debt gone...just a few more months :) -- and then it's onto savings! I think I'll start a new blog for that.
672 days of paying off debt and I'm still not there!
While in Vegas I spent less than $500US in the week on food. It's so expensive there! We got groceries for the hotel room but still had to eat out every day as our room didn't have a fridge. However, it was a great conference, I'm glad I went and I did learn a lot for work.
Yesterday I got my check from my insurance so I have a bit of money for the car shopping. I was given $5,800CA. The car I am going to buy is $17,000. It's a Honda, they hold their value and I'm hoping it will last me abut 5yrs *fingers crossed* I was looking for a car around the $5,800 range but I had to look at cars in the 2004 or older and I worry about how long something like that would last.
I've been taking on more work and should be able to increase my income by $2000 a month. Nice right?!! It will all go to credit, taxes and the money I borrow for the car. Taxes are killing me! Ugh!!!
I just put $150 on my Visa -- still owing $8,889.14
Here is what I got from it and need to apply or in some cases apply as much as I can:
Don't borrow money. If I don't have the money I can't buy it. (OK, how am I going to buy a decent car?!!)
80% behavior and 20% knowledge. Change my behavior. If I don't have the money, don't buy it.
- cut up the credit and only use cash (I do need credit for work - use the envelope system. - get on a budget and give every number a predestination (I never know month to month how much I make) - read books about money (these cost money!)
Budget Baby Steps 1. start an Emergency Fund of $1000 2. set up a plan to get out of debt. Start with the smallest debt to pay off and work your way up. Debt snowball 3. Go back to step 1 and raise it to 3-6 months of expenses 4. Invest 15% of your income into retirement 5. set up a college fund for my son 6. Pay off the house early ( I rent ) 7. build wealth
I kind of have the emergency fund if I need it. There is money in accounts I do not touch so now I guess I work on the snowball affect and pay off the smallest debt which is my taxes and the one that I should be paying. I think I can pay my taxes before I go to Vegas. That would be awesome!
After graduating from post-secondary I set up my business which is doing well but after years of education as a single mom and the ongoing business expenses I have quite the debt. In June of 2008 I went to credit counseling where I was advised to claim bankrupt or my debt will just continue to grow. Seeing neither as an option I looked for advice on the internet, came across a blog (change can be a good thing) and that's what brought me to this blog