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Monday, December 3, 2012

My $100 Challenge

I am about to have my RRSP loan completely paid off. I am using my TD Visa at 1.9% for a credit card balance transfer. My RBC Visa is completely paid off, my I have requested to transfer over $7 500. Once the transaction completed, this should leave a positive balance on the credit card. Following what, I will transfer the funds over my banking account and write a cheque to completely pay off my RRSP loan. This is about to happen soon!

My TD Visa will be at a balance of 16k for about 6 months. At the end of the 6 months period, I plan to pay off $7 500 on the credit card. But during the 6 months, all the money I save will be applied on my margin. I should be able to pay off the debt in 5 months. That’s the plan.

In the in-between, the goal is to watch my spending. I have giving myself $100 to cover my grocery and coffees until December 21 (day I am finally leaving Montreal for a few days). This is what $100 look like. 

I may completely skip my coffee treat and other delicious treats but hey, there’s nothing I cannot work around right. I am the Dividend Girl after all.

I haven’t spent one cent of the $100 yet. The challenge started today. Basically, the $100 is for my grocery. There’s will be no eating out (for once) and I guess I will be eating more vegetables and turn into a sexy little rabbit. In the mean time, don’t you ever worry for me, love, I have a few items pack in my fridge and I have some pasta too, eggs, cereal. So calm down.

I am doing this because I need to stop my spending habits NOW. I am leaving my credit cards home. Basically, I will have just a $40 or so in my purse. I won’t have anything to spend, basically. Just like if the end of the world will be coming.

I have over $1 100 to pay on my BMO MasterCard you see. I really have to slow down on my expensive. I don’t need any lipstick, any mascara, any makeup. I don’t need any clothes. I have everything I need. Now, I just need to get back on track, I need to get on the same discipline that I use to have. I really know what I need to do. CONTROL. 

Enjoy those pictures of me in the meantime:


Liquid said...

Good luck with the challenge. Only 18 days left, so that's a little over $5 on average per day. Should be no problem for you I think. Heh, we get to look at the D-Girls laptop, very cool. Take good care of it, because it will be worth a lot of money some day :D

Anonymous said...

Hi DG,
I would bring a credit card...just in case and for peace of mind.

I have written "Debt Free" on all my cards with a Sharpie marker. I have no choice but to notice it when I am about to use it for something.

It helps to remind me of the continuing goal and gives you those few seconds to reconsider the purchase.

It also gives the sales clerk a reason to stare at the card and wonder.


Anonymous said...

Have you followed the news on Sprott, people are losing all kinds of money in mutual funds run by Sprott. I can't see how this can be good for other Sprott funds and Sprott share price.

Anonymous said...

May I recommend dumpster diving ? Just kidding girl !!!

Anonymous said...

At least you use firefox and not something dumb like internet explorer.

Sunny said...

Thank you Liquid.

That's actually a nice tip Drmchsr66. It will make look my credit cards funky. I may add in a credit card in later on, but not for now. Especially with all those Christmas things going on in the malls.

I have follow Sprott. They have dumbed some of their funds. I am not surprise.

The market is very a difficult place to be right now. Even Jean-François Tardif is not able to deliver. His JFT Strategies Fund (JFS.UN) is at -6% in my portfolio right now and I have been holding the fund since its beginning....

My very own non registered portfolio is at -3.69% and I am an expert. :)

So see, the stock market is really a rough place to be right now.

Anonymous said...

The market has not been a difficult place this year. Investors properly diversified made good money this year. You said the same thing last year. Mawer funds made money in 2011 which was a down year. This year the Mawer Canadian fund is up 9.3%, the Mawer US Equity fund is up 9.84% & the Mawer International fund is up 16.05%. Or if you just want to invest in one fund, all you needed was the Mawer balanced fund which is less risky and still up 9.26%.

You are not making any money for a couple of reason:
First you're only invested in the Canadian market which again under performed the US & International market.
Secondly, you're invested in too many small higher risk companies in which you suffered huge loss (EX. DGI, SII, K, CFX, JE, PGF). If your loser loses more money than your winner makes, it's hard to make any money. This is another lost year on the market. If you can't make money when the market is up, when are you going to make money.

Anonymous said...

No, you are by no means an expert. I, and many others, have done well in the markets this is by no means super difficult or elusive. Your strategy of buying into a stock after a special dividend is announced and then selling at a loss afterwards shows that you have a lot to learn.

Anonymous said...

Hi Sunny-Good luck on going 21 days without spending more than 100 bucks. Don't die from starvation. And always have a balanced meal.

Bon chance:)



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