Thursday, March 14, 2013

Payday - Thursday, March 14, 2013

Today is payday. My raise came through :) It was a full paycheque (no days off) and its now $32 more than my previous full paycheques. Not a whole lot, but nothing to sneeze at either.

I've been approved for more overtime this week (2 hrs tonight, tomorrow night, and 8 hrs on Saturday). There may be more next week as well. This is good because I lose 2 days at the end of the month for Easter (no paid stat holidays) and it usually takes quite a bite out of my paycheque. I also wanted to come up with a buffer again, maybe not a full EF as I will probably just keep it in my regular savings account so it might be used for other expenses while I try to smooth out my savings after draining them to use as debt repayment.

I'm also waiting on getting my tax refund. According to CRA's website, I will be receiving my $3400 payment on Monday. Its going right back into the RSP for my home downpayment. That should put me at about $23,500 meaning I only have to put in $1500 more to reach my $25K downpayment goal in the RSP. I will still have to save more outside of the RSP as well as pay my aunt back the $4K loan. However, having the $25K amount in the RSP soon is great because the money has to be in there at least 90 days before withdrawal.

In more exciting news, I made a $200 payment to my Visa (will pay more at the end of the month) so now the balance starts with a 3! Well, $3,953.13 is the current balance. To think, I started this blog in 2010 with $21K in debt, most of it consumer debt, that number is a little overwhelming to me. I think I see the finish line, and its gonna be so sweet!

Hope everyone is having a great Thursday!



  1. Why don't you put your entire tax refund to clearing your Visa instead of savings?

    You're paying a higher interest rate than what you're getting in your savings, right?

  2. My agreement with my aunt was to put the $4K loaned and subsequent refund in my RSP for the house. Also, the fact that I have to have the $25K in my RSP for at least 90 days before withdrawal makes me want to just get the RSP to $25K ASAP and then I can leave it and concentrate on other items. Then when we see a home we like we don't have to worry about how long I've had the money in my RSP.

    Also, the Visa has a 0% rate on $3500 of that balance until end of June due to a balance transfer. So, I'm paying 11.4% on $453 right now, to me its not worth it to pay it off. I will pay this off as soon as I can but I just want to take it one goal at a time. At the very least I plan on having it paid by November, but if I can pay it off before the end of June so I won't be paying interest, that would be a better goal, I'm also trying not to go back into debt by spreading my income too thin.

    I guess its kinda strange when I just used savings to pay down debt that I'm not going to use my tax return to do the same, but I'm just working in order of when I need the money. I also have a wedding in Alberta to save for. Since I don't want to back into debt for those, I have to save for them.

    I think this makes sense ???

  3. Way to go on the debt paydown! I remember when I first could see the "light" at the end of the tunnel on my student loan debt.