Thursday, March 28, 2013

Payday! OT Edition

The last two weeks (Mar 8-21) I worked 89.75 hours and it paid off ... literally :)

I made an extra $666 net. And its practically spent already :(

Hmm, $666 is this a sign this money is cursed or something?

Here's the breakdown:

$275 rent
$40 share of groceries
$50 share of parking
$500 to T to partially pay back $1000 borrowed to go into my RSP
$400 to my aunt to partially pay back loan
$100 share of renters insurance
$100 to EF
$500 to Planned Spending (want to purchase a bike this month and need to pay for taxes for flight to Alberta)
= $1965 out of $2308 = $343 which is around what I typically leave for myself.

You may notice that I didn't put any money towards debt repayment. I feel like I'm spinning my wheels a bit. At the same time that I really want this debt gone, it is at 0% (balance transfer) and the amount (just under $4K) isn't causing me stress or causing me to lose sleep.

But, anytime I have to make a large purchase, if I don't have savings, I have to put it on credit. So, the goal right now is to not accumulate any more debt than the $4K I have and then pay it off. That's why I decided to put the $500 in savings (planned spending) rather than on debt. That money's going to get spent eventually.

Hopefully that makes sense.

What about you? What would you do with the extra money? Would you pay down debt even though its at 0% or would you put it in savings for future purchases that would avoid adding to debt?



  1. If interest was at 0% I would put it in savings and pay some debt off! That way, my money is still working for me and I am still lowering that debt.

  2. That's awesome about your extra money! I'm working on paying down my student loans with my extra money, they are at a 6.8% interest rate!

  3. I would pay down some debt - if I had a 0% balance transfer rate I'd want to pay it off (or as much of it off as possible) before that great rate goes up.

  4. Hi everyone,

    I've paid off $1,300 in debt in March (including the closing of 1 credit card). I agree that I should try and pay it down (preferably all) before I start getting charged interest (end of June) but I don't see the point in paying it down more and then having to put other purchases (bicycle, taxes on flight) on credit and pay 19.9% interest which is the interest rate for new purchases.

    April I am planning on putting more on my debt since I will already have the savings part taken care of.

    I love getting this kind of feedback, keep it coming! :)