Monday, April 13, 2009

I Hate Tax!

So I signed up for 2 Tax-Free Savings Accounts (TFSAs)!

They're a great option when you need some accessible income (but not that accessible.) Interest rates are taking a dive so it's a sad 1.75%, but never fear, I have faith that it will rebound in the future.

There's a $5000/year max on deposits, but as I mentioned to the Vancity Clerk, I don't make enough for that to be an issue.

As usual, I've been agonizing over my budget and an Easter weekend-long 'Til Debt Do Us Part Marathon I've been eeking out tips to help me out. It's difficult to do this because anyone with as much debt and as little income as I have would be told to declare bankruptcy, but because my debt is Student debt (and Good Debt to boot!) I have no choice but paying it off. I'm trying to do that ASAP, but I need to eat, sleep, and play sometimes too, so working out a budget is challenging. I continually feel strained to live within my budget, but I wanted to get out of debt in 5 years MAX. So, short of moving back to my Mom's basement in Ontario (and share with my college-grad brother?) I've got to spend less or make more money.

Spend Less:

I'm already pretty frugal as it is, but I feel that sharing with more than one person or living in the suburbs wouldn't be worth the sacrafice while I'm sacraficing everything else. My monthly budget is $630 including food, entertainment, clothing, gifts, sports, bank fees, cell phone, medical, personal care. Anything that's not rent, savings, or debt really. To ensure I'm on target I am going back to living on cash - attempting to track spending a bit better this time. I feel like I could cut back even further and cut out sports and never eat out, but since I'm already spending 31% of my income on debt repayment, bending over backwards to pay off Good Debt seems harsh.

Make More Money:

I'm looking for a part-time job!

- I got a job working the Provincial Election in May ($260 one time)
- I have an interview to be a ESL tour guide this Tuesday (not super psyched..)
- Applying for a job taking minutes at Board Meetings (~$240/m)
- Pimped myslef on online job search sites!

I figure I have many skills to offer (since I am pretty great) so hopefully something pays off. Even an extra $150 a month will help me pay off my debts a year earlier!

Do you have any ideas I can do for more money?

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OSAP Repayment
Final Goal Date: Sept 2009

Started: May 2008
Finished: JUNE 2009!!

$0 .

TD Line of Credit
Final Goal Date: Sept 2012

Started: May 2009
Finished: ??

Only $33,326 to go! .

$12000 in Emergency Savings
Final Goal Date: ASAP

Started: Jan 2008
Finished: ??

$12000 in savings .