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

Thursday, April 7, 2011

Letting the Jones Keep up with Themselves

Today is pay day. But I haven't done anything with my accounts because ING isn't taking money out of my account unit tomorrow.  I will hold off that post until tomorrow.  In the mean time I want to chat about something else. There is a girl I work with, actually we were in the same training class, she also works one day a week (Saturday) at the Old Navy as an assistant manager. Now I know her base pay at work because we do the same thing and get paid the same thing.

She just graduated university and had $38,000 in OSAP debt. I know this because she told me. She moved home after graduating but has not been enjoying it since her parents refused to give her her room back, so she is sharing a bed with her sister. As a result she decided about a month ago that she wanted to move out. I remember having the conversations about it with her. She was looking at apartments for about $1200 and than renting condos at $1300. I remember recommending she take the apartments so that she could put the extra $100 into a condo fund of her own. She snidely  remarked that she had enough money stashed away that she could buy her own but was not ready for the responsibility. I remember walking away from the conversation feeling hurt and jealous. After all I wasn't sure on our income it was even possible to pay that kind of rent, but I knew there was no way I could with my debt hanging over my head. In the end she decided to go for the condo at $1300 a month. She is moving in next month and is very excited about it.

Today we were talking about it and she was asking me about Lines of Credits.  She had 'good news to tell me' apparently OSAP has approved her a 6 months loan free period. So she doesn't have to pay OSAP again until September.  She was so excited to tell me. She has also been approved for a 5,000 personal line of credit and was asking me if she max it out how much her monthly payments would be.


Suddenly I am not feeling jealous of her any more...

5 comments:

  1. I imagine there's more of this than we think. People "living the dream" who are really doing it on credit. Their house of cards will eventually collapse ... too bad your friend doesn't want to learn from you. It won't be long before she's jealous of you!

    Sarah

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  2. Well put Sarah.

    I sometimes get those feelings of jealousy as well... and then I remember that that person is probably in debt and I dont' want to be there. The Jones can find other competition cause I'm not interested. Now which family is it that have 40k in an emergency fund... those are the people I want to compete with! lol ;)

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  3. lol Well said little lamb well said!

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  4. That girl is headed for bankruptcy - soon! I've had people look at me strangely because on my income I could afford much more house than what I own which is a condo I bought 16 years ago for $69,900. And sometimes I get those jealous feelings too but in the long run it was what I could afford and the low cost allowed my daughter and I to do other things while she was growing up, like travel. Bigger isn't always better!

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  5. Jane I agree with you 100%!!!

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