September to November Monthly Reports

Hi,

The last few months of the year are when I really started to feel the effects of having little income. And the Canadian dollar kept falling. So I had to tighten my belt a bit more, so to speak.

Please note that as of September 2015, I began using a $1.35 USD-CAD rate.

September 2015

NAME JULY 31, 2013 SEPTEMBER 30, 2015
Mastercard $6,123 CAD $12,427 CAD
Visa $8,653 CAD $35 CAD
B-school loan $96,800 USD
($125,840 CAD)
$76,504 USD
($103,281 CAD)
Ontario Student Assistance Program (OSAP) loan $20,931 CAD $2,249 CAD
Student Line of Credit (LOC) $9,678 CAD $0
TOTAL $171,225 CAD $117,992 CAD

I reduced my CAD$ debt by $1611 , but since the CAD$ fell yet again and my US loan accumulated over $500 USD interest, my total loan balance went up. Depressing.

October 2015

NAME JULY 31, 2013 OCTOBER 31, 2015
Mastercard $6,123 CAD $11,977 CAD
Visa $8,653 CAD $0 CAD
B-school loan $96,800 USD
($125,840 CAD)
$76,940 USD
($103,869 CAD)
Ontario Student Assistance Program (OSAP) loan $20,931 CAD $1,719 CAD
Student Line of Credit (LOC) $9,678 CAD $0
TOTAL $171,225 CAD $117,565 CAD

In October, I paid off $1015 CAD of my Canadian debt, but again because of exchange rate and interest on my US$ loan, my total debt only went down by just a few hundred CAD dollars.

November 2015

NAME JULY 31, 2013 NOVEMBER 30, 2015
Mastercard $6,123 CAD $11,777 CAD
Visa $8,653 CAD $685 CAD
B-school loan $96,800 USD
($125,840 CAD)
$77,462 USD
($104,574 CAD)
Ontario Student Assistance Program (OSAP) loan $20,931 CAD $486 CAD
Student Line of Credit (LOC) $9,678 CAD $0
TOTAL $171,225 CAD $117,522 CAD

November was the same story as in October. Actually, it was worse…as my total balance was only down $43 CAD, although I poured in over $1400 CAD into debt…

I’m trying to focus on a bright side, anything: I only took home under $3000 CAD per month in income, so being able to put $1400 of it towards debt was not bad. Depressing though it was to the overall picture…

In my next post I will do my 2015 year end report.

March Monthly Report – Hopeful

Hullo,

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.

DINING EXPENSES

JANUARY FEBRUARY MARCH
$59 $81 $143

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)

DEC JAN FEB MAR
$0 $10 $136 $0

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
($109,142 CAD)
$77,984 USD
($88,036 CAD)
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.

February Monthly Report – I’m Blue

Hola,

I’ve been feeling like it doesn’t make sense to update when things are going downhill. But hey, maybe I can be inspiration to others for persevering, to show the dark before the light.  You know, when my luck turns around as I know it will. Eventually.

Actually, I thought I’d have a great post for you today, thanks to an expected influx of cash. Main client who owes me a ton of money had promised they’d be able to pay me this week. Alas, it doesn’t seem like it is going to happen, as the money they received is now tied up and might be going to someone else they owed money before me. *Siiigggghhh*

I have told them that I am likely going to leave entirely at the end of this month if things don’t change. And in two weeks, no matter what, I will start doing more hours for another client and reduce my time working for main client. Because I need to start getting more regular income again.

This month, I uncharacteristically counted my chickens before they were hatched (expected windfall from overdue invoices). I waited until last week but the client was so good at convincing me that I would for sure have gotten paid by this week that I went ahead and splurged a little to try a winter sport. So I spent quite a bit on doing outdoor recreation last week and also paid in advance for it again next week. Ended up losing my phone during last week’s excursion, of course. So I then had to buy a new phone…I was planning to get a new phone in May anyways, but it would’ve been nice to not have to unexpectedly spend hundreds with my precarious financial situation.

And I believe the Canadian dollar fell more.

Needless to say, I didn’t make much progress reducing debt this month.

My dining expenses went back up but is still not too bad. I went out a little more overall in February because I could feel myself getting hit with a big case of S.A.D. And I wanted to curb it by distracting myself. That’s why I did the winter activity too – I need to find something that will lessen my winter depression. Still in the process of trying to improve my mood at the moment, especially since it seems like winter WILL NEVER END in Canada.

DINING EXPENSES

DECEMBER JANUARY FEBRUARY
$201 $59 $81

Groceries went down from $83 to $35.

Entertainment wise there is that outdoor thing I did. So my entertainment expenses definitely increased in February. And will likely be a similar figure next month.

ENTERTAINMENT EXPENSES (TRAVEL, DRINKING/PARTYING, RECREATION)

NOV DEC JAN FEB
$13 $0 $10 $136

You should really add another $120 for the gear I had to buy to be properly dressed. Got the cheapest gear available but cheapest available is still darn expensive. Winter sports is a pretty expensive pastime! Another reason to intensely dislike, nay abhor, winter!

Here is where things stood at the end of February:

NAME JULY 31, 2013 FEBRUARY 28, 2015
Mastercard $6,123 CAD $0 CAD
Visa $8,653 CAD $0 CAD
B-school loan $96,800 USD
($109,142 CAD)
$78,302 USD
($88,286 CAD)
Ontario Student Assistance Program (OSAP) loan $20,931 CAD $17,937 CAD
Student Line of Credit (LOC) $9,678 CAD $0
TOTAL $154,527 CAD $106,223 CAD

January’s balance was $106,705. So that means that in February I paid off a paltry $482. Not even $500. The heart is low. The heart is so low…

January Monthly Report – Giving Thanks

Hi all,

I am back with my January report!

I’ll start with the good news. I got a small contract that will help cover my monthly expenses for January and February! Very thankful for it, especially because I wasn’t out looking for another contract (got my hands full with my current contracts). It literally just came to me.

The bad news is that the loonie, i.e. the Canadian dollar, keeps falling. I will probably have to re-adjust my debt reduction tables in 3 or 4 months to better reflect the average exchange rate. Not looking forward to that at all as it will increase my amount owing by at least $10K CAD. *sigh*

Anyways, let’s go back to business.

My dining expenses went back down! Only went out to eat with friends once and the rest was for family takeout.

DINING EXPENSES

NOVEMBER DECEMBER JANUARY
$133 $201 $59

My spending on gifts actually went up from the $240 it was at Christmastime. I spent $291 in January! That was mainly for a snowblower for my Mum because I was tired of having to shovel snow and I didn’t want my mother to be breaking her back to do it either. And, since I earned money this month, I gave a little to my Mum.

I also spent $82 on groceries.

For entertainment, it was again another good month spending-wise. Not so good though for my social life. I only spent $10 for a Groupon type recreation deal that I will be using in the next couple months.

ENTERTAINMENT EXPENSES (TRAVEL, DRINKING/PARTYING, RECREATION)

OCT NOV DEC JAN
$30 $13 $0 $10

And my dental expenses went back down to normal monthly levels.

Here is where things stood at the end of January:

NAME JULY 31, 2013 JANUARY 31, 2015
Mastercard $6,123 CAD $0 CAD
Visa $8,653 CAD $15 CAD
B-school loan $96,800 USD
($109,142 CAD)
$78,555 USD
($88,571 CAD)
Ontario Student Assistance Program (OSAP) loan $20,931 CAD $18,134 CAD
Student Line of Credit (LOC) $9,678 CAD $0
TOTAL $154,527 CAD $106,705 CAD

December’s balance was $108,196. So that means that in January I paid off $1491, far below my minimum threshold of $2500 per month in debt reduction. But I’m in lockdown mode financially now so I am okay with that number.

I have started out the year behind schedule. But one of my clients promised to pay me the massive amount owing by the end of this month. Hopefully that happens. So that by March I will be square again and can make up the payments. At the same time, if things don’t improve I will have to start finding new contracts around then too.

Here’s to hoping things work out financially for me this month!

 

September Monthly Report – Home Again

Hi everyone.

I come to you shame-faced and more than a little disappointed in my progress for September.

September was a busy traveling month for me. I was barely home.

The month started with a visit by two of my best friends from business school for the Labour Day weekend. That was an expensive long weekend! Probably the most expensive one in a while since my friends were foodies who wanted to try as much of the cool food/desserts in Toronto as possible. Including one of my favourite Canadian meals, also probably the most unhealthy thing one can eat.

poutinePoutine is the most delicious heart-attack-in-a-box ever!

Anyway, a few days after my friends left, I moved back home. However, within a few days of moving back, I left again. On a long weekend trip to visit a friend in Montreal. Then the weekend after that I went on a five day trip to attend my best friend’s wedding in the US. I saved greatly on transportation to visit these friends.

I saved money on the travel costs to visit my friends (more on that later) and, for the first trip, was actually pretty good on minizing spending once I arrived. However, for my friend’s wedding I spent more. Mainly because of gift-giving. I didn’t skip on the gift for my best friend and her husband. Also, I treated myself to a couple extra purchases there (namely the always-expensive fro-yo and a nice meal).

My Pinkberry fro-yo was great but I think my $6.57 could have been spent much better. Or not spent at all! This is my dilemma whenever I buy Starbucks coffee, coffee from independent coffee shops or little treats such as frozen yoghurt from specialty shops. I always think how I could have bought a meal for the same price as one little cup of coffee. A meal would have been much more filling and much less of a waste of money. That’s my Third World Mentality coming through. But seriously, if I never had to meet clients in coffee shops I would hardly go to coffee shops. They are a money drain!

Moving right along!

I thought August’s spending on dining out was bad but September got it beat by far.

DINING EXPENSES

July August September
$237 $371(!) $440 (!!!)

I am beginning to accept that dining is the category that benefits from my extreme frugality in other areas. I save extra hard in other areas so I can put a little more towards dining without feeling too guilty. Because I love trying new food. So I’m ok with spending a little more on dining, now that I am earning more money. However, I would like to keep my spending in the category to maximum $250 per month and ideally $150 or less.

I had only one week in the condo in September but I spent a whopping $62 on groceries. To be honest though, some of that was money I gave my Mum to buy me some things at the supermarket once I moved back home.

July August September
Dining Out $237 $371 $440
Groceries $94 $101 $62
TOTAL $331 $472 $502

All in all, minus rent, my total spending for September was $2133, which is just slightly less than August’s total. But September’s total includes only around $645 of interest payments for August, compared to the closer to $1000 figure it had been for the previous 3 months.

Also, unlike in August, in September I did not put much money toward debt. My spending total was around the same but my incoming cash flow was less in September than in previous months. So I was hesitant to throw extra money at debt.

As of the end of September, here is where things stand.

Oh, before I get to that, I decided to use the $1.1275 USD-CAD exchange rate to keep track of my progress from last year July til now. So my 2013 debt numbers will change a bit from this post onwards. Of course, now that I am using the $1.1275 rate though, looking at the currency history for this week, I am wondering if I shouldn’t just use a rate like $1.3 just to be safe…Hmmm, I will revisit this rate in 6 months.

Also, the credit card balances are not overdue. Just haven’t paid them yet but will do so in full before the balance due dates.

Ok, here is the latest:

Name July 31, 2013 September 30, 2014
Mastercard $6,123 CAD $57 CAD
Visa $8,653 CAD $167 CAD
B-school loan $96,800 USD
($109,142 CAD)
$86,650 USD
($96,698 CAD)
Ontario Student Assistance Program (OSAP) loan $20,931 CAD $18,730 CAD
Student Line of Credit (LOC) $9,678 CAD $0
TOTAL $154,527 CAD $115,652 CAD

August’s balance at the same rate was $118,011. So that means that in September I paid off $2359, which is below my monthly minimum goal of $2500 – hence the reason for the shame-faced greeting.

Sigh.