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Tuesday, February 26, 2008

On how it's important to pay credit card debt

I knew, of course, I was paying interests on the 2 549.52$ (which is a little bit more than what I taught), but it just catch my eyes that I was paying 18.89$ per month in fees for that debt. I didn't pay too much attention because my plan was to invest first for my 2007 RRSP and but some money away in mutual funds.

But now that I am done with that for 2007, the next step was to pay, if not my student loan that is more than 10 000$, at least pay that credit card debt. That debt was under 7.99% with American Express. It's a low rate, but knowing it cost me almost 19$ for money that I can easily pay off...

I would like to pay off another 1 000$, but my plan is to wait in 3 weeks, at the next pay.

My living expenses for March (which were made for February) are very low, 170.78$ at my Visa, 520$ rent, 67$ metro pass, 165$ student loan, 200$ (extra, like going out...), for a total of 1122.78$. Which is nice, because this month, I made something like 1 000$ for the 2 pays, so there's an 877.22$ right there this month that can go for savings, but it's not enough if I want to reach 18 000$ in savings this year to reach my fabulous 50 000$.

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