HST/GST Cheque and Vacation Fund

Today I came home from work to find a letter in the mail. It came in a nondescript grey envelope with Revenue Canada as the return address. It turns out the Government is sending out Christmas bonuses as well this year as they sent me a cheque for $100. Getting 'free' money in the mail is always good however the dilemma is what does one do with it now... sigh

So yesterday I said I would put what was left over from my chequing account into my TD line of credit. Now though with this cheque (which is definitely going into my line of credit) maybe I should use the extra money for my vacation fund; which needs major work.

Oh I have great news I got the vacation I wanted so besides being able afford it and booking it I am all set to go to Cuba for my academic conference. I am so excited!!!

decisions decisions...

This is such a pain I had it all mapped out yesterday. I was feeling really happy about it all the bases (car fund, vacation fund, student debt) were all getting a little something, something. Now its all off balance.

Who ever thought that having something would be more complicated then having nothing.

Any advice?

Plan of Attack: Student Debt Part 2

I blogged a little while back about the size of my student debt. To recap my TD Canadatrust Student line of credit is $34, 380.00. Now my line of credit was originally only support to go to $34,000.00, but for a couple of months during the summer I did not pay my minimum payment on it. This happened because for a couple of months while I was still taking my last summer course to finish my degree I was not working. Never do as I did. Not paying your monthly minimum is a bad idea. So when it came time to catch up my first payment was $700.00. It was a real squeeze. Since I started my new full time job I have been putting in $150.00 every bi-weekly paycheque. So about $300.00 a month. As well in Ontario we get GST/ HST cheques from the government. So every one I get I will continue to put into my student debt. My goal before September 2011 is to get a significant about of the principle down. So that when October 2011 roles around and they add principle on top of the interest to my monthly payments I will hopefully not be paying $700.00 each month.

What about my National Student Loan you ask? Well I do not start making payments on it until February 2011. So until then I am focusing on my TD student loan.

Of course don't forget that I have also had several other sundry debts as well. In total $727. 41 which I have systematically reduced down to $192.80.

Focusing only on the TD line of credit at $34,380.81 and my sundry debts at $727.41, how much have I paid off since August 23, 2010?

As of the end of October 2010 I have put in $776.44 bringing by debt down to $33,604.37.

As of November 10th 2010 I have paid down $534.61 in sundry debt.

In total I have paid down $776.44 + $ 533.61= $1310.05 in debt.

So that leaves me with $34,380.81 +$776.44+ 13,058.00 -$1310.05 =$46,905.20 in debt

As of November 16th 2010 debt remaining: $46,905.20 (including OSAP debt)