July Monthly Report – I Believe I Can Fly

Hello all :). I hope those of you in Ontario are having a great long weekend. I know I am! There were so many free events this weekend in Toronto that it was hard to choose where to go. Long weekends are especially fun in the city because there are usually more events than normal. And normally summer weekends in Toronto are already packed with events.

I love Toronto

This month I continued to spend a lot. Sad face. However, I should note that while it is a lot compared to the spending I did when I was at home it is not that much considering that I am on my own and am going out a helluva lot! Also, after last month’s total and utter failure I made a big effort to put way more towards my debt, although I once again was dealing with some late payments.

In July, I made a bunch of extra payments towards my b-school loan. In so doing, I finally paid off the accumulated interest part of the loan and now some of my monthly payments are being applied to the principal balance. This is great news. It is great to see the principal going down now, after well over a year of seeing every payment I made only being applied to interest. THAT was depressing because it felt like my principal balance owing was never gonna go down.

I had a big credit card bill of over $1500 at the end of the month. Over $600 of it was towards my dentist fees. I forgot to pay off the credit card balance before the month’s end. Otherwise, my debt reduction progress for July would have been much better! Don’t worry though, I didn’t carry the credit card balance past the due date. I actually just paid it off, before the due date, so I’m good.

 

Name July 31, 2013 July 31, 2014
Mastercard $6,123 CAD $0
Visa $8,653 CAD $1167 CAD
B-school loan $96,800 USD ($105,503 CAD) $91,038 USD ($99,222 CAD)
Ontario Student Assistance Program (OSAP) loan $20,931 CAD $19,039 CAD
Student Line of Credit (LOC) $9,678 CAD $0
TOTAL $150,888 CAD $119,428 CAD

At the end of June my debt total was $122,675. So that means that in July I paid off $3247, thereby meeting both my minimum monthly goal of $2500 and paying off more than my desired goal of $3000 per month! I still have some catching up to do though since June’s progress was so dismal. I need at least a couple more months of paying off more than the desired goal to be fine again.

In great news though, I met my goal of paying off $30,000 in one year! I paid off $31,460 of debt from July 2013 to July 2014! So I am on track, actually a little ahead, of my goal to be debt-free five years from July 31, 2013!

I am extremely grateful that I was afforded the ability to be able to pay down so much in one year, while still living my life in a way that worked well and was enjoyable for me. I love this feeling of having met a goal. Believing that I can fly does get me places! I pray and hope that next year I will be in a similarly joyful position when it comes to my debt reduction progress!