Monthly Archives

September 2011

Goodbye, Credit Card #1!

September 30, 2011

Today is pay day. It’s also the first pay day where I haven’t had to give a single penny to the ‘rents for school. School is 100% paid for now, so it’s time to tackle the ~$6,500 I have in credit card debt.

With a couple clicks of my mouse, and a few taps on my keyboard, I logged onto my online banking this morning and paid off Credit Card #1. Ok, the balance was only like -$480, but still! It’s done. Gone. Goodbye. See you never!

Seriously, see you never. I cut it up into probably 30 or 40 pieces, last night. Am I going to cancel it? Not right now, because I want to have some available credit (in case anyone is checking my credit rating). But once Credit Card #2 is down to 50% of it’s available limit, I will be cancelling CC#1.

So, what card was it? A CIBC Classic Visa Card, to be exact. At 19.99% interest with no annual fee, it is the second credit card I was approved for, at the young age of 19. (Hmm, maybe I should be calling it Credit Card #2…) Over the years, CIBC increased my limit more and more until I had $14,500 of it. I obviously couldn’t handle that, so I lowered it to $500 and have used it as my credit card for making online purchases ever since.

While I have always been happy with CIBC, I really just don’t need this card. And with that, #5 is crossed off of my On a Budget list! Onto #6…

Weekly Spending Report

September 18, 2011

Monday
-$3.91 Subway
-$36.33 groceries

Tuesday
-$4.31 Starbucks (decaf, of course!)

Wednesday
No spend day!

Thursday
-$50 RRSP

Friday
+$1,362.07
-$500 School Loan (dunzo!)
-$149 Personal Loan
-$135 credit cards
-$88.11 cell phone
-$15 pizza

Saturday
-$34.96 gas

Sunday
-$30.71 two gifts and two cards
-$102.37 work clothes
-$33.59 work shoes
-$28.95 groceries

In: +$1,362.07
Out: -$290.13
Bill Payments: -$88.11

Debt Payments: -$784

My Next Debt Repayment Plan

September 18, 2011

Now that my education is fully paid for, it’s time for me to start tackling my credit card debt. I only have a few months to make aggressive payments on it, before I need to move out of the ‘rents house again. So, let’s see what I can do…

I have five paycheques from now until the end of November. My plan is to put at least +$600 per paycheque on my credit card debt. If I can do this, my debt should go from -$6,500 to approx. -$3,500 (plus some interest, of course), by December 1st of this year.

During these next 2.5 months, I am going to continue doing what has been working for me so far: not going to the bar, not drinking much alcohol at all, and basically never shopping. But Baby Bro’s 16th birthday is coming up, as is the biggest holiday of the year… dun dun dun, Christmas! And, I desperately need a haircut now. Anyway…

If I move out January 1st, December is going to be tight tight tight. A huge part of me is hoping the ‘rents will let me stay at home until February or March but we’ll see what happens closer to then. Either way, moving out with -$3,500 of debt in comparison to -$6,500 puts me way ahead of the game.

My payments will obviously slow down, once I move out, so I need to get as much paid off as I am comfortable with. The biggest issue will be whether or not I can ignore my soon-to-be available credit… cross your fingers I have the strength!