General Goals 1) to be debt free in 3.5 years 2) save lots of money

Sunday, November 28, 2010

Commitments- How Debt Paralyses Me

When I first committed to paying down my student debt after the first $700.00. I was only able to put in $150.00 a pay cheque. This was because I also had all the sundry debts to take care off. Now that I have taken care of most of the Sundry debt, I have bumped it up to $200.00 a pay cheque. Once the Sundry debt is completely gone and christmas is gone, things are going to change. I am making a stance and committing to it now and you are all going to be my witnesses this World Wide Web of information and mass of people.

Starting January 1st I will put $300 per pay cheque into my student debt. This will only add up to $600.00 a month which is less then 50% of what I want to be putting into it. But its a start. I wanted to get a second job by February but if I get to go on this conference it looks like March 1st will have to be the official second job start date now.... sigh...

Its November now and I am silently freaking over February 2011. So much will come at me all at once:
* I will have a car by then
* I will have a car payment in what ever form
* I will have insurance and gas
* My first OSAP payment hits plus the 6 months of interest that has added up
*Feb. 23 I will en-role in my company stock option (10% of my income)
* The conference (if I can go)

All these extras and now I am committing to $600 into debt repayment

Breath, Sarah, Breath

I can do it, I can do it!!!


  1. Sarah I think you need to take a deep breath and think long and hard about if you can afford to make such a commitment to your debt. I know you want to get rid of it, but you also want to live a little while you are young and saddling yourself with a huge payment is going to be crippling.
    Make out a budget with all the worst case scenarios, a sudden dinner invitation, a friends new baby, a holiday with friends, a car breakdown, birthdays and more Birthdays. If you can meet all these payments and pay off your debt at $300 then go girl you will get it paid back in double quick time.

  2. humm that is solid advice. ok when the new year come a little closer and i am sorting out budgets and new years resolutions I will take your advice in hand. Another thing is though that Ugly debty's current post is about starting a gift fund in Jan so that when the next xmas roles around your not feeling stressed about the money and I think I am goin to do that as welll

  3. I love ugly debty,s idea of a gift fund and it,s something I was thinking about as well.

  4. Ya I think its a great idea and I don't know why I didn't think about it before, given the fact that I have a cat fund.