Posts Tagged ‘Make Money’

Making More Money

In Uncategorized on March 15, 2010 at 12:59 pm

One of the things Gail Vaz-Oxlade always insists on when she helps people on her show Til Debt Do Us Part (my long-time TV show crush) is that to help get yourself out of debt, you need to make more money.

I’ve known this for as long as I’ve had my debt repayment plan in place. It makes sense. You want to pay off your debt as soon as possible, as fast as possible, so you pay the least in interest and get to your DEBT FREE DAY sooner.

Well, I’ve done it!

I will be contributing an extra $400 a month to my debt. My income increased!

It just goes to show that you CAN get what you want, but you do sometimes have to suck it up and ASK for it. I sucked it up, and I asked for it, and I got exactly what I wanted.

My salary is substantially higher now, and it fits into the bracket I was at 2 years ago when I left my old job to start a new career.

Two years to climb back to where I was? Not bad!

If you recall, I posted about my D-Day back in October 2009. Back then, I was hoping I would be getting this raise, and with those hopes in place, the plan I had would have me free of debt by November 2011. You’ll see below that I have moved my debt free day up to August of 2011: a whole 3 months sooner than planned! This was as a result of the aggressive payments I made to clear Credit Card #3, and the negotiation of a lower interest rate for Credit Card #2 (from 18.5% down to 11%), and now the increase in my salary.

Credit Card #2:
Old Repayment Date: January 2011
New Repayment Date: August 2010

Credit Card #4:
Old Repayment Date: October 2012
New Repayment Date: August 2011

Old Debt Free Day: February 2012
New Debt Free Day: August 2011 – less than 17 months away!


Vacation Fund

In Uncategorized on August 7, 2009 at 6:00 am

As some of you know, I believe that life has to go on even when you are debt repayment mode. So what you may not know is that I’ve also been contributing to a small vacation fund. I have two upcoming plans to travel that will need to be funded somehow.

Luckily, my side hustle keeps the extra income coming in, and some of it gets put into savings – divided between vacation fund, emergency fund, and long-term savings. The other half goes right onto my debt snowball as snowflakes.

My vacation savings is pretty small right now, but that is because we are taking small trips. And I mean small as in ‘small budget’ not necessarily short distance or duration. Each will be a week off.

It will be well-deserved time off for each of us as we work hard, and the summer is the busiest season for me in both my full-time job and my part-time job.

Budget for August

In Uncategorized on August 6, 2009 at 7:56 am

Well, July was not a great month for my budget. Luckily, I brought in a lot more income than I normally do – thanks to my side hussle – so it worked out. And I still contributed to my debt repayment so I am no worse off.

HOWEVER: the point was to stay WITHIN my budget not BLOW it!

But here are some reasons why the budget went over.

It was the month for our kitty’s veterinary checkup. This amount is an amount I put away for every month, so in my monthly budget it was not reflected since it came out of my savings but will get replaced in the few months to come by the amount I contribute every month to ‘my kitty fund’.

I had several weddings to attend in July. Not that I didn’t know in advance and plan for these weddings, but being out of town I of course forgot some staple toiletries that I had to pick up and this threw my ‘personal effects’ line off. *sigh* Luckily I can replenish this line with the coming months by refraining from buying any more toiletries or makeup and my clothes should be fine now until fall.

Speaking of clothing, I am going to be sorting through my closet and placing several of my fall items from a couple years ago on consignment. Hopefully this amount will be able to see me through any new fall clothing I need to purchase this year. The hope is to come out even. Since I only buy secondhand clothing or items on deep discount, this shouldn’t be a problem.

My goals for August are to track every expense weekly and to stay within my budget.

I’ve also come close to obtaining my $500 cushion in my chequing account so I will attain my goal of having $1000 emergency fund too.

As some of you know, my emergency fund is not to cover lost income if I lose my job, but to cover any unforeseen expenses that in the past would have been covered using my credit cards. This is to keep me from racking up more debt while I pay it off.

Eventually I would love to have an e-fund that covers 6 months of expenses, but right now my main priority is to eliminate as much debt as possible. Maybe once I am down to only paying off my line of credit I can really build up that fund.

Happy Thursday all!

Paying off $4,800 of debt!

In Uncategorized on May 22, 2009 at 1:57 pm

This is a really happy post for me. I’ve got some amazing things happening that are really pushing me forward in my debt repayment. At the end of this week, I will be finished a freelance project that will allow me to pay off the entire balance on my highest interest credit card! This is a huge milestone for me. Instead of worry keeping me up at night, it is now anticipation. What a big reward it will be to go straight into the bank and pay off the card in cash. For me, a very electronic person who never visits bank branches or uses a teller, I think this method will allow me to relish in my success. Baby steps, yes, but this is a big baby step. Just the first of many big baby steps on my pathway to freedom from debt. You keep watching for that number on the sidebar to go down – I know I can’t wait to update it in about a week’s time!

Selling Prized Possessions

In Uncategorized on May 13, 2009 at 7:17 am

My new life goal to get out of debt has reorganized my priorities. I’m cutting back all my material possessions – selling things off to help pay off my debt. Two things I’d been holding onto and not really using are being sold this weekend.

It is a liberating feeling to get rid of them, but an even better feeling to have that cold hard cash transferred to my first credit card.

Whew. That will take a significant chunk out of my debt and I think seeing the number go down will really motivate me to keep going.

My husband will be so pleased to see what I’ve sold as one of the items has been his pet peeve since it doesn’t get used all that much and has just been taking up room in the basement. Whenever he suggested I sell it, I would balk and exclaim ‘I plan to use it this summer, why would I sell it?!’

You will be happy to know that I have in fact used it, but am able to sell it at the same price I bought it for. It is very rare that something doesn’t depreciate in value.