Pay Day (ep 3)

Hallelujah , after a long week of being on the road for work, pay day is more welcomed than ever. I can’t remember the last time I got to the end of the week and felt so relieved to sit down for just a few minutes. I’ve been planning for days (again) on where my dollars need to head for the next 2 weeks.

Here’s the summary:

Total applied to LOC debt:          $857

Current LOC debt balance:         $13,613.62

Progress on LOC to date:                   $756 – if you’re wondering why progress isn’t more than the $857 applied, welcome to the dark, dark world of interest. Blech.

Car Loan:                                          $16,424.01 -no change, but I haven’t checked the balance in the last 2 weeks since I’m paying the standard regular payments until the line of credit is dead

I’m so happy that I’m below $14k on the line of credit, let’s have a little happy dance. I was really hoping to be able stretch my pennies a little further and get below the $13k mark, but sometimes a girl just needs to get rid of the grey and a car needs an oil change. It is what it is.

The car loan progress will remain slow as I pay just the agreed amount for the loan until I kill  line of credit.

I’ll admit that I cheated a little bit to make the extra payment – in that I worked hard over the last 5 years and just got a nice little raise for a move to a new role last year. I haven’t increased my spending in the last 6 months so the additional income gets added to debt repayment.

Wondering where I have penny pinched in order to make an additional $857 towards my debt?

  • Called my insurance agent to review both my home and car insurance
  • Stopped my magazine subscriptions – I didn’t really have time to read them in full anyway
  • I haven’t purchased any clothing since January – no new running gear, work clothes, or (gasp!) shoes. Something switched in me in January, and new clothes just became extra clutter around the house.
  • I cancelled my auto-reload Tim’s card – this alone saved me $340 over 3 months!!

This doesn’t add up to $857, but it sure helps.

The big change is  in my own home, which is now a rental property. April is my first month with tenants, and by May I’ll have my first profit cheque. It’s not much, but it’s a positive return. Last pay cheque saw me paying the last of most of the utility bills, which were higher than average given some of the ‘closing costs’. I budget for utility bills every 2 weeks, whether they are due or not, so without those there was a little more cash in the bank this week.

I’m already counting down to next pay day, and writing the list of things I need to do before then. I need a side-hustle, running doesn’t pay squat when your’ as slow as I am!


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