Wednesday, November 02, 2016

Updates

I just updated the side bars and I noticed - unless I made an error previously - that my student loan balance is going UP instead of DOWN. I have read about this happening to other people, but because I have diligently applied and been accepted for the Repayment Assistance program every six months, I thought my balance was actually going down.

This puts the pressure on me to shift my fast-track payment from the car loan to the student loans. This is starting to feel right, because the student loans are old, so old, from 1996 - 2005 and I don't want to deal with them anymore.

I am making an extra $20 a month car payment and now I am going to increase the student loan payments. I haven't increased the mortgage payment yet.

The big news is that I started a full-time job in August, and I saw my first, full, real paycheque on Oct. 28. I saw an increase of $588 in my take-home pay, which is nothing to sneeze at, but our expenses for before and after-school care will increase dramatically, as will the student loans payments. This is mostly because my gross pay increased by $1600, but of course taxes, etc. took most of it back.

So, once again, I'm finding that it is almost not worth increasing my hours at work, since I see only a small increase to help my budget along. Increasing my work week hours by 14 over the last 3 years brought me only an extra $1000 a month, and I don't actually see much of it due to increased payment obligations.

The benefit to increasing my gross income when I first did so back in 2013, was that I was finally able to qualify for a mortgage.

The good thing about the new job is that it is only a 12-month contract. After 12 months I might return to my previous two part-time positions, and my budget spreadsheet accounts for this.

I am still on-track for the following:

Aug 2019 - car loan paid off
Dec 2021 - student loans paid off
July 2022 - quit secondary part-time job (less seven hours worked per week)
Dec 2024 - RRSP paid back
Dec 2031 - retirement from uni after 30.5 years (aged 57)

Go me!