As you may be aware if you have read some of my previous posts, my first big step towards FIRE is paying off debt. Well today, I paid off my $30,000 RRSP loan – 2 years early! If I had never found the FI movement back in October of 2018, I never would have bothered with trying to make extra payments. I would have just let the loan play out for 5 years, paying interest, and probably accumulating more debt.
But NO! Luckily I’ve seen the light of the FIRE and I’m drawn to it, big time. I just have to refocus efforts and keep working diligently towards the next big milestone. Time for a wee party to celebrate!
Now we tackle the $7500 LOC in a similar fashion. Imagine when my only debt is my mortgage! Aiming for early next year if I can swing it.
I’ve really never been in a position where I can say that I didn’t have debt. There’s always been something. And at the time, I didn’t think it was a hair-on-fire emergency. Then, when Mr. Money Mustache told me it WAS a hair-on-fire emergency, I upgraded my debt load to slightly more than a non-emergency. My hair isn’t on fire, but you know, maybe I have a dangerously loose bow in my shoelaces that may cause a tripping hazard, or perhaps my oil in my vehicle is bordering on that bottom line of the stick. Okay, my hair is really near the flame, and I’m wearing hair spray. You get the idea.
This month I’ll be getting an extra $500 in my budget (accounting error with my vacation hours from my employer), so my plan is to slap it right on that LOC! Then I just need to do that a bunch more times till it’s at zero. THEN I need to save up for a new car which I shall purchase with cash. Well, that’s the dream, anyway.
Thanks for your ongoing support, wonderful blog readers!