This is my current financial situation as of April 30 2014.
My debt is large but I’m also not in a position to be diverting all my extra money towards it.
My minimum payment for my OSAP is $300/month, but I’d like to put at least 400 towards it, especially since my short term plan is to return to school in the next 12 months.
I’m very proud I do not have a balance on either credit card, and have no other outstanding debt.
My plan is to build up my emergency fund, prepare a cushion for potential school and then put remaining money towards my current student debt.
This debt repayment plan is 14.5% of my net pay, well in line with Gail Vaz Oxlade’s recommendations. My savings plan is between 25-30% of my net pay, which is massive for me!
Hopefully one day I’ll stop needing to go back to school!
|OSAP||Trip||Tuition for 2014||Emergency Fund|