Sunday, June 13, 2010

Mid Year 2010 Review!

So, its mid-June, half of 2010 is gone! I decided now would be a good time to see how far I've come this year in my savings and debt repayment goals. I'm about half way with my emergency fund goal for 2010 ($1000) - I will be adding more to this in the upcoming years until I have 6 months of essential expenses tucked away. I've also had to deduct money from this account to pay my portion of the trip to Alberta in July, but from now on it will be devoted 100% to emergency fund. After the emergency fund is at $1000, the $100 a month that is going into that account will be diverted into my "Christmas and Gift" fund, which I hope to have $500 by the end of the year.

My RRSP isn't showing a big difference even though I've contributed over $500 to that account! Oh mutual funds and stock market, how you make my life more difficult! (In more ways than one! - my career is in the financial industry, BTW). I may be looking into some different options for my money in the upcoming year, right now I will stick to it.

Student Loan and Visa are PAID OFF!!! I've put $3800 towards my consolidation loan, but its only gone down by $2200 - damn 29.9 interest rate :(((( I've put $1200 towards my MasterCard, but interest, and the fact that I still sometimes use it - I know, bad pf blogger, bad! - it hasn't gone down much at all. But, overall, my debt has gone down by about $5000 so I think that's not too shabby. I just REALLY need to leave that MasterCard alone!!! I'm hoping that at my next review (December) it will have actually gone down by the amount I've put on it (less interest of course, boo). Credit Gods, please give me strength! ;)

TTFN, Morgaine.


  1. Love the graph and the progress it shows. What a difference a half year can make!! Your hard work is paying off.

  2. Wow! You're doing awesome! You knocked over $4000 off your debt, and that's a pretty big amount considering that you are battling interest rates that try to eat up your payments! Good for you!!!

    It's hard to pay off debt but you are doing great!
    My advice about the Mastercard? - Leave it at home! :) That was what I had to do and it worked. I left it at home for over a year and now I can carry it without using it. Good luck.

    And one more quick thing, I've recently started following your blog because... well, your name caught my eye. It's almost the same as my daughter's name. Is it pronounced the way it is spelled or is it just a spelling variation on Morgan? Anyway, just wanted to let you know I'm really enjoying your blog!

  3. Jolie - thanks! I think just seeing the numbers made me feel a bit better. I sometimes feel that I'm not doing enough to pay off the debt and save, but I'm coming to realize that it takes time and I just need to keep plugging along.

    Makky's Mom - thanks! I REALLY hate that I even signed up for that consolidation loan, the interest rate makes me feel dumb everytime I think about it. If the interest rate was even close to a "normal" rate, I would be saving so much on interest and be paying that off so much sooner, it makes me angry!

    I have been leaving the Mastercard at home, the real issue has been that I have the ability to transfer from my credit card to my bank account using online banking (read: cash advance). I know this is really awful, but sometimes I just can't help myself. I think this is my #1 challenge that I have to face for the second half of 2010.

    Morgaine is actually a pseudonym for me, I got it from Marion Zimmer Bradley's "The Mists of Avalon" I used to blog under my real name and I got "outed" by a co-worker and lost my last job over it! It is just a spelling variation though.

    Thank you very much! I hope you keep dropping by! :D

  4. Morgaine, that really sucks that someone you work with caused you to lose your job! I don't use my real name either, and none of my kids' names are posted on my blog. Even though I call myself "Makky's Mom", none of my kids are called "Makky". :) It's all in an attempt to stay anonymous, so I totally get why you chose a pseudo-name. :) And I will definitely keep reading!!!