The Numbers Have Been Updated

There you have it folks, over there on the right sidebar you’ll see my new Current Debt ticker. It now shows the one-and-only debt that I currently have, my consolidation loan. Yippee! You might also notice that the number is almost $9,000 more than my previous current debt, and that’s because we paid out my car lease at the same time. In order to get the consolidation loan the bank said I had to get rid of absolutely every credit vehicle I had, which included the car lease, so we paid that off and rolled it into the consolidation loan. Not bad as that essentially reduces the number of bills I pay to one, my combo cable/internet/cell phone. Isn’t that crazy? Oh, and rent too, but that’s not really a bill now, is it?

I am so excited that:

• I am only paying one creditor right now.
• My loan payment is manageable enough that I’ll be able to save for both my retirement and regular savings.
• I’ll be saving for my retirement
• I’ll be saving for both an emergency and to pay off the car when the lease is up next year.

Gotta love it when things come together and life gets a bit easier. Me and my FA are going to meet again in 3 months to see how things are going, and to tweak any of the numbers. If my life isn’t impacted too much by the current RRSP and savings withdrawals, we might increase those to maximize things. By increasing the savings, I’d be able to pay off the car next year in cash. I could actually do that by dumping all of my current extra money into the savings account, but then I wouldn’t have anything left over for RRSP contributions, so by splitting it I’ll have both. And the RRSP contribution also gets me a refund from the government on this year’s income when I file next year, which I could then use for the car as well. It won’t make up the difference by any stretch of the imagination, but it’ll bring me a little closer, that’s for sure.

Success, huzzah!