Wednesday, March 16, 2011

Weekly Wrap

Time, past time actually, to wrap up the second week of March. At the rate time is flying by we'll be into April before you know it! And after April comes May, and after May comes June, and after June comes SUMMER and a long awaited trip to PEI!!

However, I am getting a little ahead of myself. It's just that the sun is shining, the snow is melting and I can delude myself into thinking that it's warm outside and....there I go again. Somebody, anybody, please keep me on track! 

Well I can tell you one thing that's on track and that is DEBT REPAYMENT!! I give you as my first piece of evidence the following colourful chart courtesy of 

So far this month I have paid off a $70 balance on my Visa card putting it at zero. I upped my mortgage payment to $130 every two weeks from $125 (this is for my house in PEI) and that brought the amortization period down to 20 yrs and 11 months. (In total now I've increased the bi-monthly payment from its original $118 to $130 so that's an extra $24 per month and just that little bit of extra $$ has chopped off 4 years of amortization. Makes ya think doesn't it?) I will continue to increase it when I can.  The plan is to pay it in full when I sell my condo and move to PEI in 3 years and 3 1/2 months.

And I've lopped off $1600 (so far) from my line of credit - it now stands at $44,800 and at this rate I will have it fully paid off in 28 months. As having NO DEBT is one of my self-imposed conditions of an early retirement I am HUGELY motivated to keep it going. I may even try for 24 months. One of the trade-offs is less $$ going into savings but I am OK with that - I still have saved $1000+ so far this month for the following: $100 to Christmas/gifts; $550 for long-term TFSA; $120 for EF; $165 for trailer rental fee; $90 for PEI insurance and property tax. 

The wait for my daughter's T4 seems she was supposed to access their website and print it off but since she is on a leave of absence she couldn't access the website so they are mailing it to her instead. We may receive it tomorrow or Friday and then I can get both our taxes done and get our grubby little paws on our refunds!! Yippee!

The stars seem to be in perfect alignment right now. 


  1. Hi Jane,

    Great job on your debt repayment!! You are rockin' it!! So you have the same Autumn Gold hand mixer too? I bought mine in my early 20's too. At Sears to be Exact. It keeps on running no matter what I mix with it, so until it kicks the bucket... I will be keeping it.

    We are alike in a lot of ways.... I love it!!!

  2. The stars are aligned! Just look at that debt going down...GO JANE!!

  3. Smack that debt!
    We make an extra $90 on our mortgage each month. We refinanced about 15 months ago and so far we have already shaved 7 months off our mortgage. Crazy.

  4. Yay!!! Go Jane GO!!!! Just kick that debt down down down. Truly I wish I could do the same.

  5. You are so inspiring, Jane! You are doing AMAZING!! Good stuff!

    Ps - I found flowers in my garden today!!! Snowdrops lime yours I think! :)

  6. Wow! Those are some great figures! Way to go, Jane!! :)

    I love how you said you "lopped" them off. LOL. I'm completely taking that phrase from you. ;)

  7. Jane thanks for reminding me to use my spending diary, I have been a bit slack at adding daily to it.

    Wow look at it slide down, and it,s sliding all the way to retirement, you are going to be that lady sitting on her back porch in PEI with a glass of red. And not a care in the world.

  8. Awesome! You are so close to achieving your goals. It is very exciting!

  9. Isn't it amazing how such a small increase in payment can make such a difference over the life span of a mortgage?

    You're doing great. Keep going Jane!

  10. Oh my gosh, Jane you are doing a fabulous job at bringing down your debt and I see you have been pedaling this week. You sure are getting closer to a well deserved summer holiday in PEI! You go girl......
    Island hugs Kendra

  11. What a great job you're doing in paying down your debts. You should have no trouble being debt free by retirement.


Thank you for your comment - it means a lot to me that you read my post and are leaving a comment - you just made my day!