Consumer debt free!!!!!!

iVillage Member
Registered: 04-10-2003
Consumer debt free!!!!!!
6
Fri, 11-29-2013 - 11:30am

Hi all!!! I just wanted to share my good news ... I am debt free except my mortgage!!! My bonus from my last job came in an it was almost exactly what I needed to pay off the student loan!!! So I paid it off today and it is gone! I can't tell you how amazing this feels! I have freed up $300 a month! My next plan is to bulk up my emergency fund which is quite sad and then tackle te mortgage or bump up my RRSPs and put the refund on the mortgage. Just wanted to thank all of you for your support throughout this journey! You are all amazing!


Bex -

iVillage Member
Registered: 11-14-2008
Fri, 11-29-2013 - 3:04pm
WOW. That is soooooo awesome Bex. Your plan is just great!! Kevin O'leary published a new book(some love him some hate him, but he is often right!) that says go to war on your mortgage. The future is blindingly bright for you! You deserve this! Karen
iVillage Member
Registered: 11-14-2008
Fri, 11-29-2013 - 3:05pm
WOW. That is soooooo awesome Bex. Your plan is just great!! Kevin O'leary published a new book(some love him some hate him, but he is often right!) that says go to war on your mortgage. The future is blindingly bright for you! You deserve this! Karen
iVillage Member
Registered: 04-08-2008
Sat, 11-30-2013 - 5:21pm

Consider looking at a TFSA...you can earn interest from your E-fund tax free.

I don't think paying down the mortgage is always the best plan. My mortgage is at 2.6% so if I can invest and earn more than that, what is the incentive? Wouldn't it make more sense to invest in a diversified portfolio (under the TFSA or RRSP if you don't have room) and make a conservative 5-7%?

Either way, CONGRATS on the consumer debt!!!


Dee

iVillage Member
Registered: 10-01-2008
Wed, 12-04-2013 - 9:56am

I so admire you for standing on firm ground at such a young age.  You have a good head on your shoulders.  Here's my 2 cents worth on the mortgage extra to principal.  Back off until you get your efund bulked up.  That will help you avoid going back into credit card debt for any emergencies that come.  You've got the rest of you life to tackle that mortgage.

Congratulations on reaching such a HIGH HONOR!!!!!   (I will join you soon!!!)

Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Wed, 12-04-2013 - 9:40pm
YAY!!!!!!

Community Leader
Registered: 08-25-2006
Thu, 12-05-2013 - 4:26pm

Congrats!

I am far from being any kind of expert, but I agree that at your young age, it is probably better to beef up an e-fund.  You could maybe just round up your mortgage payment (principal only, of course) so you can get the mortgage down a little faster. 

If you were getting ready to retire, then that would be a different story.  Now, I forget, but did you already move? 

Serenity

Serenity