Tomorrow is the last time work will be taking out money from my pay cheque to pay the loan off.. that’s right as of tomorrow we have paid back the entire loan we lent from my work in order to pay for the immigration lawyer.
Little over $10,000.00 in exactly a year. I am very proud of myself and the BF right now. We managed to stick it out without resorted to credit AND managed to save for a trip to Cuba and Portland (which we leave tomorrow) in the process. And a Christmas in the middle of it. Right now I am glad I have my budget, our goals and determination to do that.. many people I know would have crumbled but we stuck to it, planned in advance and worked our assess of.. now its all come together and we paid a $10k debt in a year.. Now its focus on other savings goals and the rest of the debt.
So what are we going to do with the extra funds we will have you might ask. Well
we have decided on that to. Over the last year every pay cheque my work was taking $388 to pay for that loan so since we haven’t missed it since we stopped getting it we are going continue to remove $380 from my pay every fortnight. Making it roughly $760.00 a month.
So its going to divided like so (monthly)..
- 80 extra into debt repayment
- 200 Into RSP account
- 200 into an emergency fund
- 380 into travel, as we have another big trip planned for later this year
So that’s about it. This is what we are planning on doing until at least November when we start looking for deals on leasing a vehicle, our is on its way out. But even then we want to continue putting in for RSP’s and the emergency fund (even if its small its better than
nothing). We could put in extra into our debt repayment but with our current plan in place we are going strong and steady and if all goes well will be completely debt free by mid-late
2014.
I can’t believe it. We managed to pay off a big debt and still managed to travel and have fun
with life. I love budgets..