5/06/2010

an Update on Jordan

I talk about him and I quite a bit on this blog, and every now and again i share things about his truck loan or other such things - even though this blog is all about Jessie's Money.

I'm pleased to be able to share with you that his truck loan is so so so close to being paid off.  He's been steadily paying $150/bi-weekly for the last several months and his current balance is now $512.87.  This month, he'll be get a benefit cheque of $400 and that will be applied directly to the loan.  As long as it comes on time, he'll be 100% debt free this month - and at the latest, next month.

He's given his Visa to me - much like I gave him mine a while back when I was having troubles not using it.  It's about half paid off and he's got about $300 to go.  That too should be paid off by the end of this month.

I'm so proud that he's making headway on these two things and I know he is too!

Here's an image of his spending for the next two weeks:



After all his fixed expenses as well as a Visa Payment, paying for the lunch truck and a tank of gas - he'll have about $100 for entertainment/other - which is the same that I give myself every two weeks.

He's so looking forward to having the truck paid off - which will give him an extra $150/bi-weekly.

I've told him what I think, and he's said what he thinks he should do - but I'm curious, what would you suggest he do with it?
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5 comments:

  1. I think he should up his RRSP savings and then maybe even the house fund? Does he have an EF? A truck repair fund?

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  2. congratulations jordan!

    i never noticed it before, but you have a nice little EF building up there. good on ya!

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  3. It's so great that he is so on board with this. Very exciting. What if he contributed to a TFSA til he maxes that out and then goes RRSP route?

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  4. I think a little more RRSP and Other savings. He would probably prefer more spending $$ but the truck does have a few miles on it.

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  5. RRSPS those should be around 10% of his take home pay. I'd also go so far as to suggest an emergency fund/freedom fund that he should be funding at the rate of 10% of his take home pay.

    If the Credit cards aren't fully done yet then I'd suggest shipping the $150 towards the credit cards and finishing those off completely.

    regards,

    Jason

    ReplyDelete

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