Browsing through some sites the other day I came upon this site talking about unemployment rates in the United States. I'm sure it's similar to Canada's. It's quite interesting to see especially for visual learners :)
In other news, I got paid today yay! It was a good paycheque as I worked almost full-time during that pay period. My next pay day will be quite small as I only got one full day of teaching in the past two weeks, however I did work a day and a half at the local rec centre as well.
I was also reading a lot of blogs yesterday and think that my original goal to payback my family by the end of February may not be the best use of my money especially since they have told me many times that they don't care when I pay them back. I asked them if it was okay if I paid them $3000 by the end of Feb and then the rest in the near future and they said of course. So I was thinking it would be more beneficial if I started putting at least SOME money into savings, as I have none. By the way have a look at Jason's post here about the difference saving early can make on your retirement. Quite amazing, although so are return interest rates of 10%, but still it gets the point across quite clearly.
I am going to make a 2010 budget plan soon that is going to have to change from my current plan which is basically 80-90% goes toward debt. It was my priority and I'm glad I finished my OSAP that way, but I think now with only my family loan left, that it is important to start saving as well.
Showing posts with label OSAP. Show all posts
Showing posts with label OSAP. Show all posts
Friday, November 27, 2009
Tuesday, November 3, 2009
DEBT-FREE TODAY!!!!!!
Well at least OSAP debt-free. My final payment went through to OSAP today! I am now OSAP debt-free!!! I looked at the statement online today and then literally jumped up and down. Was nice!
In 17 months I paid off $31,000!
What would I do with $31,000??? Oh to have that money back! I would save $20,000 toward a downpayment on a house, $5000 into a TFSA, $3000 into an emergency fund, and $3000 toward a car fund.
Now just $5000 more that I owe to my family then I will really be debt-free. Yay!
In 17 months I paid off $31,000!
What would I do with $31,000??? Oh to have that money back! I would save $20,000 toward a downpayment on a house, $5000 into a TFSA, $3000 into an emergency fund, and $3000 toward a car fund.
Now just $5000 more that I owe to my family then I will really be debt-free. Yay!
Monday, November 2, 2009
November Goals
I'm glad November is here. I think that I am OSAP debt-free today however it is not updated yet on the NSLSC site (usually takes 5 days) and it has not been withdrawn from my account yet. If it's not done tomorrow I will call them. I will not update the sidebars until I see that my OSAP account is at $0.
This weekend I went to Toronto with the boyfriend. He had a conference there and then I met up with him at the end of it and we stayed one night. It was really fun. He received spending money from his conference so basically everything was covered for our dates. We went out on Halloween, and went to see Cloudy with a Chance of Meatballs in 3D on Sunday. Was very cool, I have not seen a 3D movie since I was a kid (back when the glasses were one red, one blue). It also covered our eating expenses, was great! I hope he gets to go to more conferences!
I have six new goals for November:
Go to the gym at least twice a week
I didn't do so well at this in September, but am going to give more effort to it this month.
Read a new book
I read one last month right near the beginning and didn't get into a second. I have one on hold at the library but it hasn't come in yet. Hopefully early this month so I can get a good start on it.
Complete the quilt I started
I have all of the materials to do this, I just need to get motivated. I want to start new projects before this one is finished so will have to resist that urge and just get the baby quilt done.
Complete Christmas shopping for my friends
Then I will only have my brothers and dad left to buy for. I can do them in December.
20 No Shopping Days
No spending of any sort. Minimum 20 days this month.
Keep $1500 in my account
This will avoid bank fees at the end of the month, and also start my savings for my family loan. $1500 is somewhat out of my control, but I think I should be able to do it if I continue to get fairly regular work and don't overspend on anything. I have never not paid for this account, so that will be a new experience if I can attain this goal!
Happy November!
This weekend I went to Toronto with the boyfriend. He had a conference there and then I met up with him at the end of it and we stayed one night. It was really fun. He received spending money from his conference so basically everything was covered for our dates. We went out on Halloween, and went to see Cloudy with a Chance of Meatballs in 3D on Sunday. Was very cool, I have not seen a 3D movie since I was a kid (back when the glasses were one red, one blue). It also covered our eating expenses, was great! I hope he gets to go to more conferences!
I have six new goals for November:
Go to the gym at least twice a week
I didn't do so well at this in September, but am going to give more effort to it this month.
Read a new book
I read one last month right near the beginning and didn't get into a second. I have one on hold at the library but it hasn't come in yet. Hopefully early this month so I can get a good start on it.
Complete the quilt I started
I have all of the materials to do this, I just need to get motivated. I want to start new projects before this one is finished so will have to resist that urge and just get the baby quilt done.
Complete Christmas shopping for my friends
Then I will only have my brothers and dad left to buy for. I can do them in December.
20 No Shopping Days
No spending of any sort. Minimum 20 days this month.
Keep $1500 in my account
This will avoid bank fees at the end of the month, and also start my savings for my family loan. $1500 is somewhat out of my control, but I think I should be able to do it if I continue to get fairly regular work and don't overspend on anything. I have never not paid for this account, so that will be a new experience if I can attain this goal!
Happy November!
Friday, October 30, 2009
Lump Sums
Today was payday. I got paid $480. And for one of the first times I didn't make a lump sum payment toward OSAP. Pretty much every payday since July 2008 I have been making extra payments on my student loan based on what I could afford until next payday. But now I am going to be watching my account grow until I have $5000 to give to my family. They gave it to be at the end of Feb 2009, so my goal is to have it paid back at the end of Feb 2010, giving just over $100 in interest. They said no interest, but it's a small way to say thank you. I'll likely have a debt-free party then too and take them out to dinner.
Thursday, October 29, 2009
Almost Pay Day!
With my bi-weekly payment schedule, tomorrow is payday. I only taught two days in that time-period but I worked one full day at the rec centre so I should bring home $440 not great for two weeks but not bad for three days of work. I already have enough left-over in my account to pay off the rest of my OSAP. I am soo excited. OSAP sent me a message yesterday saying that because the last day of the month falls on a Saturday, my payment will be taken from my account on Monday. So that's it, Monday I will be done my student loan!
It's then on to the $5000 loan I owe my family. I think I should be able to do this by the end of February. Sooner if the supply calls continue to come regularly and I work at the rec centre full time over Christmas break. However, I am going to give them one big lump sum payment at the end of February instead of paying once or twice a month. This way I will soon be able to maintain a $1500 balance in my chequing account at my bank and therefore waive the $3.95 per month fee.
By the way, I watched the movie UP today, and I highly recommend it. It is sooo funny and sweet I nearly cried!
It's then on to the $5000 loan I owe my family. I think I should be able to do this by the end of February. Sooner if the supply calls continue to come regularly and I work at the rec centre full time over Christmas break. However, I am going to give them one big lump sum payment at the end of February instead of paying once or twice a month. This way I will soon be able to maintain a $1500 balance in my chequing account at my bank and therefore waive the $3.95 per month fee.
By the way, I watched the movie UP today, and I highly recommend it. It is sooo funny and sweet I nearly cried!
Tuesday, October 27, 2009
Monday Already?
Sorry, I have not taken the time to take and upload pictures of my sewing adventures yet. I started working on the borders on Saturday and let me tell you, they are tricky to do! Yesterday and today I didn't do anything on it. But today I worked in the city and picked up some more fabric (40% off!). I might even make some Christmas pillowcases for my friends. I will get some taken and uploaded soon...
It has been busy though lately. Today I worked a full day just over an hour from home. I had such a nice Grade Three class!! Then I volunteered after work for 2 hours with my Brownie group. Tomorrow I am working another full day a town 25min from here, after work going to bingo with my mom (maybe I'll win big, ha). Thursday I am working a half-day morning 40 min from here. That is the price you pay living in a small town, you often need to travel for work. Seems like work is picking up at least! Means paycheques will also be picking up. I received my paystub by e-mail today and it's going to be a small one - $360.44, oh well, that will cover the rest of my OSAP and then I can start saving to pay off my family loan!
It has been busy though lately. Today I worked a full day just over an hour from home. I had such a nice Grade Three class!! Then I volunteered after work for 2 hours with my Brownie group. Tomorrow I am working another full day a town 25min from here, after work going to bingo with my mom (maybe I'll win big, ha). Thursday I am working a half-day morning 40 min from here. That is the price you pay living in a small town, you often need to travel for work. Seems like work is picking up at least! Means paycheques will also be picking up. I received my paystub by e-mail today and it's going to be a small one - $360.44, oh well, that will cover the rest of my OSAP and then I can start saving to pay off my family loan!
Tuesday, October 20, 2009
Are You Interested...
In what you are spending in interest?
I cannot believe how much I have already spent in interest in just 17 months of having my OSAP loan. Imagine I took the 120 months (making only minimum payments) to actually pay it back...
When I first graduated I was paying the floating rate which I am pretty sure was 6% interest. Since then, actually only a few months after I graduated prime went down and I was paying 4.75% for the rest of the time. I am so glad I chose the floating rate instead of the fixed rate! Just so you know, "floating" is prime plus 2.5% where "fixed" is prime plus 5%! Currently prime is at 2.25%.
Consider this: if I took the full 10 years (including grace period) at the floating interest rate it is now I would have paid $8003.36 in interest. If I took the fixed rate at the rate it is now I would have paid $12673.19 just in interest!! Craziness!
One thing many people get "tricked" on is the "grace period" they give you. Many people believe that during these 6 months there is no interest accumulating. Unfortunately that is wrong, you need to read the fine print. Interest starts accumulating the day you graduate. However, you do not have to make any minimum payments or pay the interest during these 6 months. If you are able to though it is great to make lump sum payments anyway to get decrease that interest building up.
You may be wondering how much interest I paid over the 17 months (including grace period) I have been done for. Well just a bit of background, when I graduated I owed $5.95 A DAY in interest!! Earlier this month I got down to $0.14 wow that felt nice. Currently it is probably at $0.02 but it takes several days to update on the NSLC website. So in total, after 17 months (drum roll please) I will have paid $1247.15 in interest. Not too bad considering what it COULD have been.
If you would like to calculate how much you are spending in interest I recommend the Canlearn site or this Loan Calculator site which will show you your interest accumulated once you click "show/recalculate amortization table." Good to figure out what you are paying in interest to student loans, mortgage, family loans, car loans etc. Fun to play with!
Main advice: make lump sum payments in addition to your minimum payments whenever you can. It could literally save you thousands!!
I cannot believe how much I have already spent in interest in just 17 months of having my OSAP loan. Imagine I took the 120 months (making only minimum payments) to actually pay it back...
When I first graduated I was paying the floating rate which I am pretty sure was 6% interest. Since then, actually only a few months after I graduated prime went down and I was paying 4.75% for the rest of the time. I am so glad I chose the floating rate instead of the fixed rate! Just so you know, "floating" is prime plus 2.5% where "fixed" is prime plus 5%! Currently prime is at 2.25%.
Consider this: if I took the full 10 years (including grace period) at the floating interest rate it is now I would have paid $8003.36 in interest. If I took the fixed rate at the rate it is now I would have paid $12673.19 just in interest!! Craziness!
One thing many people get "tricked" on is the "grace period" they give you. Many people believe that during these 6 months there is no interest accumulating. Unfortunately that is wrong, you need to read the fine print. Interest starts accumulating the day you graduate. However, you do not have to make any minimum payments or pay the interest during these 6 months. If you are able to though it is great to make lump sum payments anyway to get decrease that interest building up.
You may be wondering how much interest I paid over the 17 months (including grace period) I have been done for. Well just a bit of background, when I graduated I owed $5.95 A DAY in interest!! Earlier this month I got down to $0.14 wow that felt nice. Currently it is probably at $0.02 but it takes several days to update on the NSLC website. So in total, after 17 months (drum roll please) I will have paid $1247.15 in interest. Not too bad considering what it COULD have been.
If you would like to calculate how much you are spending in interest I recommend the Canlearn site or this Loan Calculator site which will show you your interest accumulated once you click "show/recalculate amortization table." Good to figure out what you are paying in interest to student loans, mortgage, family loans, car loans etc. Fun to play with!
Main advice: make lump sum payments in addition to your minimum payments whenever you can. It could literally save you thousands!!
Sunday, October 18, 2009
Does Anyone Else Have This Problem??
I am having an issue with some blogs. It could be my fault as I am relatively new to this still. I cannot post comments on their blogs. Is there something that I am doing wrong here? Does this happen with anyone else?
In other news, the boyfriend just left today, he was up since Friday after school. We had a great weekend. We went out for supper on Saturday which was $15 each. We also carved pumpkins today but he paid for those. I made a haunted house and he made a goofy face. The rest of the weekend we were fairly lazy which was kind of nice. We played some Rock Band and watched some TV, just hung out.
I got paid on Friday ($620) and made a $400 payment today to OSAP. I will be updating those side bars shortly to reflect this change. So that means that my minimum payment will cover the rest of what I owe for this month and then I will be DONE!
In other news, the boyfriend just left today, he was up since Friday after school. We had a great weekend. We went out for supper on Saturday which was $15 each. We also carved pumpkins today but he paid for those. I made a haunted house and he made a goofy face. The rest of the weekend we were fairly lazy which was kind of nice. We played some Rock Band and watched some TV, just hung out.
I got paid on Friday ($620) and made a $400 payment today to OSAP. I will be updating those side bars shortly to reflect this change. So that means that my minimum payment will cover the rest of what I owe for this month and then I will be DONE!
Thursday, October 15, 2009
I Have Money Left!
After all that shopping, I actually have money left over! I did not anticipate being given any money from my mom or boyfriend so I did not budget for it, and saved up for the trip myself. So I probably spent a little more on myself than I thought I would, but with free money why not? I still have money left over, so I made a $500 payment to OSAP today. My progress bars reflect this change...98.01% complete!! I get paid tomorrow as well, so I might make another payment next week. Then I get paid AGAIN on the 30th. I love three paycheque months. So if I make a big enough payment with tomorrow's paycheque I could potentially be done my OSAP loan by Halloween! I still haven't cashed my GST cheque or put my leftover Canadian or US cash into the bank. Which will be about $200 all together. So new October goal to add to the list - pay off OSAP!
Wednesday, October 7, 2009
GST cheque!
My GST cheque came in the mail today! An extra $75 woohoo! I love "free" money! I think I will put it in my bank account and use it toward my shopping in the states fund.
I also worked two half days this week so far (approximately $150 net). I am working at the rec centre on Friday and I worked a half day there yesterday (approximately $130 net). My goal is now to finish the rest of my student loan by the end of November. I just paid off my credit card, and I have about $1000 to spend on my shopping trip (budgeted), but I doubt I will spend that much! Hope the jobs keep coming and this goal will actually happen, so I can move onto the next debt...wow life is expensive!
I also worked two half days this week so far (approximately $150 net). I am working at the rec centre on Friday and I worked a half day there yesterday (approximately $130 net). My goal is now to finish the rest of my student loan by the end of November. I just paid off my credit card, and I have about $1000 to spend on my shopping trip (budgeted), but I doubt I will spend that much! Hope the jobs keep coming and this goal will actually happen, so I can move onto the next debt...wow life is expensive!
Monday, October 5, 2009
These are a few of my favourite things...
I love weekends
cartoons
my boyfriend
my best friend
making lists
photographs
my family
pink, blue and green
flip flops
swimming in lakes
my hometown
country music
books
stickers
chocolate
chick flicks
watching hockey (go leafs go)
fresh sheets
board games
I love weekends. I had a great weekend with the boyfriend. We went to a football game, and out dancing. We played some games at home and hung out with his family and some friends which was a lot of fun. He also gave me $250 american for my shopping trip! Wow, he really is amazing! Very generous of him. My mom also gave me the same amount in american dollars for my shopping trip. So I have $500 american in free money!! I cannot wait. After being careful not to spend too much it's going to be weird to do so much shopping/spending! But I am sooo looking forward to it!
I also paid $600 to OSAP today! Updated the progress bar to reflect this! I owe under $1200 now! Could I have it finished by the end of November??
cartoons
my boyfriend
my best friend
making lists
photographs
my family
pink, blue and green
flip flops
swimming in lakes
my hometown
country music
books
stickers
chocolate
chick flicks
watching hockey (go leafs go)
fresh sheets
board games
I love weekends. I had a great weekend with the boyfriend. We went to a football game, and out dancing. We played some games at home and hung out with his family and some friends which was a lot of fun. He also gave me $250 american for my shopping trip! Wow, he really is amazing! Very generous of him. My mom also gave me the same amount in american dollars for my shopping trip. So I have $500 american in free money!! I cannot wait. After being careful not to spend too much it's going to be weird to do so much shopping/spending! But I am sooo looking forward to it!
I also paid $600 to OSAP today! Updated the progress bar to reflect this! I owe under $1200 now! Could I have it finished by the end of November??
Thursday, October 1, 2009
October Goals
Where did September even go? It's already October, which means the snow is going to be coming soon :(
Now for my first set of monthly goals!
1. Go to the gym at least twice a week
I bought a 6 month gym membership through this online auction. Great deal and I have not been in to start it up yet so today is the day! My goal here is to go twice a week minimum, and hopefully tone up a bit. I am not really into the equipment at a gym but I have always enjoyed fitness classes, so we will find out today what they have to offer in that regard. Hopefully they offer spin classes too!
2. Complete half of my Christmas shopping
Yep that's right, Christmas! It's coming up fast and I am usually a giant procrastinator so now is the time to start. I am also going on a shopping trip in the States on Thanksgiving so it gives me the chance to complete a lot of my shopping that needs to be done.
3. Start volunteering at schools
I called the other board in my area to see if they were hiring. They said they were not but the best chance I have of getting on their supply list is to start volunteering in their schools. My goal is to do about two days a week, but if I get called in to supply teach then I will obviously take that over volunteering that day. I did this last year and although nothing came of it, it was still a good learning experience. I am also volunteering one night a week as a Girl Guide's leader.
4. Advertise as a tutor
I ordered some magnetic business cards online for tutoring services and some flyers. I hope to put them up around town (mailboxes, rec centre, library) and see if anything comes of it. If I am able to tutor one or a couple of kids it would be great, it would be good experience and I would earn a little extra revenue.
5. Read a new book
I just finished a book, and I am trying to get back into reading. I have time during the day when I am not called in to work. I prefer the chick-lit books (authors like Sophie Kinsella and Meg Cabot). Any recommendations??
I finally figured out how to make progress bars! I just love them! So hopefully they will keep me motivated to fill them up! I like seeing the bar move...
In other news, I started babysitting this new family and made $30 on Tuesday. Now that I am no longer working at the rec centre this will help to have a bit of extra income. Although it may not be very often that I am called to babysit. I also made my minimum payment on my student loan today and will change the progress bars to reflect that, yay!
Now for my first set of monthly goals!
1. Go to the gym at least twice a week
I bought a 6 month gym membership through this online auction. Great deal and I have not been in to start it up yet so today is the day! My goal here is to go twice a week minimum, and hopefully tone up a bit. I am not really into the equipment at a gym but I have always enjoyed fitness classes, so we will find out today what they have to offer in that regard. Hopefully they offer spin classes too!
2. Complete half of my Christmas shopping
Yep that's right, Christmas! It's coming up fast and I am usually a giant procrastinator so now is the time to start. I am also going on a shopping trip in the States on Thanksgiving so it gives me the chance to complete a lot of my shopping that needs to be done.
3. Start volunteering at schools
I called the other board in my area to see if they were hiring. They said they were not but the best chance I have of getting on their supply list is to start volunteering in their schools. My goal is to do about two days a week, but if I get called in to supply teach then I will obviously take that over volunteering that day. I did this last year and although nothing came of it, it was still a good learning experience. I am also volunteering one night a week as a Girl Guide's leader.
4. Advertise as a tutor
I ordered some magnetic business cards online for tutoring services and some flyers. I hope to put them up around town (mailboxes, rec centre, library) and see if anything comes of it. If I am able to tutor one or a couple of kids it would be great, it would be good experience and I would earn a little extra revenue.
5. Read a new book
I just finished a book, and I am trying to get back into reading. I have time during the day when I am not called in to work. I prefer the chick-lit books (authors like Sophie Kinsella and Meg Cabot). Any recommendations??
I finally figured out how to make progress bars! I just love them! So hopefully they will keep me motivated to fill them up! I like seeing the bar move...
In other news, I started babysitting this new family and made $30 on Tuesday. Now that I am no longer working at the rec centre this will help to have a bit of extra income. Although it may not be very often that I am called to babysit. I also made my minimum payment on my student loan today and will change the progress bars to reflect that, yay!
Student Loans....
Oh how I wish this was gone! It's been 16 months since I have graduated. My original loan amount was $31,000 (well $24 short of that). That is 5 years of school (4 undergrad, 1 teacher's college). I also had a bank loan my first two years of school.
I have paid $1246 in interest on my OSAP loan SO FAR!! Wow the price of education. No full-time job yet, but I still think it was worth it!
I now owe $1975 to osap 16 months after graduation. I should have it paid off by new years. I owe family an additional $5000 (goal is end of February for this).
I think I have done quite well so far. I wish it was gone now but I'm close! Some friends I know are only making the minimum payments which means that it will take them 10 years to pay off their student loans. I would have been 33 by the time my student loans were paid off if I had done that! I will be done at 24.
My education was paid for almost entirely by me. My parents gave me approximately $3000 over the course of 5 years. The rest I received from OSAP or working during the summers and part-time during the school years. I think this is a good thing too, I feel more accomplished knowing I paid for my own education. I knew people who had their way paid for them and went out all the time and didn't care as much about their studies. My boyfriend has also offered to pay the rest of my loan off, but I won't let him. I don't want help with that either.
However, what I did not know graduating is that my uncle and my mom had set up education funds for me when I was a kid, and together they gave me $5500 when I graduated. That went straight toward a lump sum OSAP payment. Decreased my interest accured daily by a lot!
A great tool that I LOVE is the CanLearn website has a loan repayment calculator (http://tools.canlearn.ca/cslgs-scpse/cln-cln/40/crp-lrc/af.nlindex-eng.do). I look at this often and input the amount I owe, the interest rate I have and then how many months I would like to repay it in. It calculates what my monthly payments would have to be, and the total amount of interest I would be paying. Very interesting to see how making some extra payments can take off months or even YEARS of paying off the loan and how much you are saving in interest.
I have always been fairly wise with my money in high school I set up my own RESPs. But I think I learned a lot more when I went to school. Cost of living! I had never before paid any bill! Internet, phone! We decided against cable in my first year, and set up some bunny ears, talk about lifestyle deflation! I had also never paid for groceries before my first year of university! I quickly learned to stock up on non-perishables during sales, and that meat was very expensive. I often went without it in my diet due to cost. For Christmas my wishlist consisted of needs like laundry soap, toilet paper, and groceries! It made me almost as excited to open a set of oven mitts as it did a new movie I had been wanting. Priorities change.
Tuesday, September 22, 2009
My Financial Goals....the basics
I have so many goals, let's start with the money ones. I'll get into some of the life ones later on. I've seen some posts by others on their 26 goals of their 26th year. Maybe I'll do the same of my 24th year later. Okay now for the BASIC financial goals.
Pay off the rest of my OSAP by new years 2009 ($1975)
Pay off my family loans by the end of Feb 2010 ($5000)
Maintain a $1500 balance in my current bank account at all time (this is to avoid the monthly fees - what a waste!)
Create a TFSA (tax-free savings account) by July 2010
THEN after these goals have been completed I want to start saving for a down-payment on a house. I want to create a planned spending fund (AKA wedding fund). I also want to create an emergency fund. Those amounts are yet to be decided.
PS If anyone can give me tips on how to create those goal/debt tracking bars on the side of your blog please share how I can do this too! I think it would be great motivation seeing that bar move!!
Pay off the rest of my OSAP by new years 2009 ($1975)
Pay off my family loans by the end of Feb 2010 ($5000)
Maintain a $1500 balance in my current bank account at all time (this is to avoid the monthly fees - what a waste!)
Create a TFSA (tax-free savings account) by July 2010
THEN after these goals have been completed I want to start saving for a down-payment on a house. I want to create a planned spending fund (AKA wedding fund). I also want to create an emergency fund. Those amounts are yet to be decided.
PS If anyone can give me tips on how to create those goal/debt tracking bars on the side of your blog please share how I can do this too! I think it would be great motivation seeing that bar move!!
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