June Monthly Report – Two Steps Back

Hiya!

I hope my fellow Canadians had a great Canada Day and that my American readers had a happy Fourth of July!

Social life wise, June was a splendid month for me! Savings and debt reduction wise, not so much :/.

I am too lazy to keep hiding my city so I will just let you know what city I live in:

Toronto skyline
Toronto

Toronto is awesome, especially in the summer! There are numerous events, including many free events, all summer long and I partook in many this past month. I also went to many more meetups. And I went out a lot, eating out and partying, seemingly trying to reclaim the party life I had during b-school. I didn’t reach my b-school heights of partying and I kept my drinking to a minimum but I certainly had almost as much fun!

Excluding rent and the amount I gave to my Mum, here were my biggest expenses for June:

  • Clothes – $210
  • Groceries – $245
  • Dining out – $180
  • Dentist – $150
  • Miscellaneous – $150
  • Gifts – $100
  • Entertainment (clubbing/drinking/movies/recreation/etc) – $85

Looking at my total spending for dining out and partying ($265), I actually did not do that badly for someone who ate out and partied at a club/pub an average of three times a week. It was also less spending in this category than the previous month, my birthday month ($495). The dentist was unavoidable (*siiigh*). However, for groceries, I was hoping to spend $200 per month so I’m quite a ways over my goal. In addition, there were a few expenses that drove up my spending for the month and had they not been present my spending would have been lower than last month’s. My best friend is getting married at the end of summer. I had to buy a bridesmaid dress that cost $200. I also spent about $100 getting sheets, a comforter set and pillows for the bed in my apartment since I had nothing at home that would work and I did not want to have a mismatched, tacky-looking bed. Those were included in the Miscellaneous category. Then a friend told me last-minute about his small wedding. So of course I had to get a gift.

As a consequence of all this fun, extra spending and, this is the main reason, the fact that a client is once again late with a couple payments, I didn’t put too much towards my debt.

As of now, here is a summary of my debt situation.

Name July 31, 2013 June 30, 2014
Mastercard $6,123 CAD $0
Visa $8,653 CAD $0
B-school loan $96,800 USD ($105,503 CAD) $94,944 USD ($103,479 CAD)
Ontario Student Assistance Program (OSAP) loan $20,931 CAD $19,196 CAD
Student Line of Credit (LOC) $9,678 CAD $0
TOTAL $150,888 CAD $122,675 CAD

At the end of May my debt was $123,771.  That means that this month I only paid off $1,096.

TOTAL FAIL! 😦

That’s the lowest I have ever paid off in a month and well below my $2500 minimum and desired $3000. 😦

I’m guessing that July will be very similar with the spending. However, I will make an extra push to put more money towards debt. On the brighter side, I have now paid off $28,213 of my debt and as long as I do that extra push I can still make my goal of paying off $30,000 by the end of July, to mark one year from when I started my debt squashing journey.

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