I’ve gone through two significant debt repayment stints in my lifetime. Round one started in 2011. My husband and I were young and newly graduated, and together we earned less than $50,000 per year. At that point, I owed about $38,000 in debt between my student loan and car loan. My minimum monthly payments ate up 25% of our combined …
How to Use the Lifelong Learning Plan to Avoid Debt
On Thursday my husband will get in our car and drive to university for the first time in almost ten years. He’s excited and a little bit nervous. He hasn’t had to worry about deadlines and papers in nearly a decade it’s going to take some time to adjust. But one aspect of school that he won’t have to worry …
Destroy Your Debt with this Spreadsheet (I Did)
Raise your hand if you’ve tried to become debt free and failed. You aren’t alone. In fact, you’re with the majority of Canadians who try, time and again, to finally pay off their debt and fail at it over and over. So many people fail at their debt payoff, but why? Is it because they’re lazy and entitled? Because they …
The 5 Stages of Debt Repayment
It’s been over a year since I signed up for an $18,500 car loan. Since then I’ve rolled through so many emotions regarding this debt – because debt is an emotional thing. It shapes our lives, and it ties itself to our net worth and our self-worth. For me, it’s an incredibly public thing that opens me up to scrutiny. …
How I Paid Off My Car Loan in 1 Year
Happy New Year! We’re only a few days into 2018, and already this year is starting off so much stronger than 2017. On January 1st, 2017, I spent the day in the emergency room, my willpower was at an all-time low, and when our 2007 Volkswagen Golf started making yet another set of weird sounds, I threw in the towel …
Debt by Numbers: An Update on My Car Loan
It’s been almost six months since I caved and replaced my aging Volkswagen Golf with a used Subaru Crosstrek. While I was able to sell the Golf to a third-party and net enough to cover the down payment, and after taxes and fees I was left owing $18,335 on the new vehicle. Since then I’ve been diligently paying it off …
The One Where I Bought a Car
On New Year’s Eve, my husband and I were coming home from a trip to suburbia to a walk-in clinic so I could get a prescription for an ailment. It was about 9 in the morning, and there was no traffic because it was Saturday. We stopped at a red light and felt something…weird happen to our car. Like …
How I Could Pay Off My Mortgage in 10 Years (But I’m Not Going To)
Photo Credit: Christian Koch Buying a home is an exciting time in a millennial’s life. There’s the moving, the unpacking, the slow discovery of your home’s quirks. But make no mistake, it’s also a big responsibility. Now that I’m a homeowner, I’m responsible for everything about this home. There are the little things, like ensuring the garbage gets picked up …
Goodbye Credit Card Debt, Once and For All
I’ve always thought of myself as pretty good at paying off debt. I paid off my student loans just 18 months after they went into repayment, and was totally debt free two years after setting my mind to it. But there’s always been one type of debt that I’ve struggled with, and that’s credit card debt. Over the past five …
Your Guide to Canada Student Loan Forgiveness
Student loan debt is a big problem in Canada, and it’s not going away any time soon. The average new graduate is carrying $28,000 in student loan debt. Pair that with high housing costs and low wages, and it’s no surprise that most millennials are putting off major life milestones because they simply can’t afford it. There is a small …