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 …
5 Mistakes You’re Making With Your Debt
There’s a reason that the average Canadian’s non-mortgage debt hit $28,853 in 2014 and that’s because it’s hard to pay off debt. It’s a long, slow process and there is zero tangible reward to it until you get to the very end and can proclaim yourself debt free. That said, paying off debt is an important part of personal finance, …
2014: a Year in Review
Since it’s almost the end of the year I thought I’d take a moment to look at how I’ve done on my goals for 2014. This year was my most ambitious year yet in terms of goal setting. Overall I planned to save $23,000, and with some well timed tax returns and other windfall money, along with $7,500 in freelance …
Emergency Fund: Full
My emergency fund is done! It took me 20 weeks, but I managed to take my emergency fund from $2,610 to a fully completed level of $10,000. I completed this 2014 goal of mine on Friday after receiving some long awaited freelance income, as readers of this post know. This goal was almost as important to me as paying off …
My Emergency Fund is Almost Full!
Normally a post like this would be accompanied by a screenshot of my Mint.com account proudly declaring that my rebate was processed, but since ING Direct changed its name to Tangerine, Mint.com has decided it’s not going to load transactions from my accounts anymore. Get on this anytime Mint, I’d love to have my tracking software back please. So no …
Nova Scotia & Newfoundland Improving Student Loan Policies
Who says that our governments aren’t listening to us? We’ve been seeing some awesome improvements to student loan relief in Atlantic Canada lately. Here are the highlights: Newfoundland, I Love You Last week it was announced that Newfoundland is eliminating student loans altogether, in favour of grants that don’t need to be repaid. That’s right, that’s not a typo. Going to …
How I Will Bank $23,000
*Throughout this post, when I say “my income”, I mean our income, as my husband and I have combined finances.* While 2013 was my year of paying off debt (actually it was more like my second year of paying off debt), 2014 is my year of saving. I’ve talked a bit about my savings goals in previous posts, but for …
How I paid Off $38,000 in 24 Months
Paying off $38,000 in 24 months is no joke. It’s a huge sum of money in a very short amount of time. So how did I do that? Well, I didn’t do it by getting a job that paid $60k a year or marrying a rich husband, I also didn’t acquire magical cash printing powers that none of you know …
Government Incentives Part 2
Otherwise known as: Do your research and receive free money people! I’ve written about this topic before. Back when I first got my student loan notice, I didn’t owe the original $26,720 that I frequently mention here on the blog. I used student loans to finance my education and living expenses, and actually left school with a whooping $42,000 in …