I started writing this post during the Easter weekend. And though it is now over a week since then, I hope you had a Happy Easter/Passover/break from work last week Friday! Since I am an independent consultant, I never really take a break from work. But it’s ok because I like the other benefits of working for myself. That is, when I have ’em.
Back to business, this past month I again didn’t make much progress reducing my debt. Sad face.
However, the great news is that my monthly income went up, because I got a couple extra contracts! So I pretty much earned almost what I would earn in a normal month. The first new contract is already finishing up. But the other client is longer term so I will have somewhat steadier income for at least the next 6 months. Will still need another contract though to make close to what I was earning before income dried up in October.
My main client, that I will be leaving, also has a deadline to start paying up some of their outstanding debt by the end of this month. And then more next month. Hopefully, that will happen. So I can pay off more than the minimums on my loans, for at least the next 3 months.
Anyways, as implied earlier in this post, I didn’t put much of my earnings into my debt, because I have to build up back my emergency fund. And also, taxes.
I tried to keep down my expenses as though I had no income. Here are some ways I spent my money.
Ok, dining expenses don’t look like the dining of someone living as though she had no income. Most of that money was spent on dinner for a friend on her birthday, along with paying for my dinner. And then I also went to one networking dinner. Besides that, all my “dining” expenses were really coffee/juice at coffee shop meetups with clients.
In March, I spent literally no money on entertainment. Add that to the dining situation and I think you’ll have a good idea of my social life in wintertime in Canada (as mentioned in my last post, February’s spending on recreation was a fluke).
ENTERTAINMENT EXPENSES (TRAVEL, DRINKING/PARTYING, RECREATION)
This was fantastic news for my wallet. Not so fantastic news for my social life. I always question my reason for living in Canada, whenever I go through winter and its associated blues.
In total, apart from money put towards loans and a little money I gave to my Mum, I only spent $310 for the month. That includes the expenses noted here.
Anyway, time to stop putting off the inevitable: the summary of where things stood at the end of March. I’ll give you a hint. It wasn’t much further from where they stood at the end of February.
|NAME||JULY 31, 2013||MARCH 31, 2015|
|Mastercard||$6,123 CAD||$0 CAD|
|Visa||$8,653 CAD||$39 CAD|
|B-school loan||$96,800 USD
|Ontario Student Assistance Program (OSAP) loan||$20,931 CAD||$17,774 CAD|
|Student Line of Credit (LOC)||$9,678 CAD||$0|
|TOTAL||$154,527 CAD||$105,849 CAD|
February’s balance was $106,223. So that means that in March I paid off a paltry $374, even less than the month prior.
What hurts the most is that I dumped well over $1000 CAD into my loans , not to mention the loss I make monthly whenever I convert my CAD$ to USD$ at the bank, for them to wire to my loan account. Also, in March, I actually put in $149USD more than the minimum, whereas in February I had put in just the bare minimum. Yet, I STILL paid off less in March than in February. Furthermore, if the exchange rate wasn’t so horrible, I would be much closer or already at the point where I’d be celebrating getting my loan down to under $100K.
So again I will leave you with a song. What hurts the most, was being so close…
By the way, while I will easily admit to liking country music, I do listen to all types. And I swear country music is not the predominant music that plays in my head!
Also, I am TRULY thankful I live at home and don’t have to truly worry about rent and other expenses that come with living on one’s own. And I am hopeful that the coming months will be better than the Oct to Feb period.