Final Debt Repayment Overview

Just incase you didn't see my last post: G & I finished paying off our line of credit! And as promised I'm going to break down where the last payment came from.

We started June with a balance of $3500, after the interest was posted we owed a total of $3515.09. After one of my pay days we did a payment of $515.09 -- leaving us $3000 left to pay. This seemed impossible to be able to pay and I really had my doubts of even reaching our goal of putting $2000 towards of debt this month (let alone eliminating it complete)! But G's last pay cheque of the month had a huge pay out of overtime he had been owed. I never count this or rely on these payments in our monthly budget as: 1. it's just extra and we shouldn't get used to living on it and 2. it could be months before we actually see a pay out even if he has banked overtime hours. So, once that hit the our bank account we made a payment of $1800. This is were I got real antsy. Seeing the LOC at only $1200 left. I just wanted it gone. G & I discussed and we made a transfer from our emergency fund to our chequing account (so we can track it on our budget) and then made the final payment to our LOC leaving it at $0.00 owing. Damn, that feels good to write even a few days later, haha.

No the decision to drain our emergency fund wasn't easy, but what sealed the deal for us is that we both have our TFSA account which we can withdrawal from anytime. We consider these retirement funds separate from G's pension and my RRSP, but that money is there just incase.

So now our #1 goal is refilling our emergency fund! I'm really hoping to hit our goal of $10,000 by the end of the year and definitely think it's doable considering how much debt we paid off in just 10 months (still pinching myself).

Now I guess this blog can finally be about what I named it Saskatchewan Savings!

- M