Pushing Thirty: My Debt Deadline

A New Job and some Frugal Cooking

pushingthirty@gmail.com (Pushing30) — Wed, 08 Jul 2009 03:52:00 +0000

Well, it's been over three weeks at the new job and things are going well. The office environment is much better than at my previous job. I don't sense the competitiveness or overwhelming male machoness (if that's a word). In fact, the majority of the folks in the office are female this time around.

My new boss is great. Very smart, respectful and considerate. I think I will learn a lot from him.

As far as the paycheque goes, it is significantly lower than my previous position back in 2008. However, who can complain after working retail for six months?!

I have done some projections and it will take a bit longer than I had hoped to dig myself out of this little hole I'm in. But I also have my mediation session coming up so there may be some cash in my future!

In order to keep up my frugal lifestyle, I've been trying to eat healthier by preparing delicious meals at home. Tonight I completely impressed myself with a yummy chicken and asparagus dinner. I must tell you because it was fabulous!! I basically took the basic ingredients of a Jamie Oliver dish and substituted with the items in my fridge and pantry. It turned out lovely! Sometimes the simplest things can make us happy, eh?

Goal Setting for June

pushingthirty@gmail.com (Pushing30) — Mon, 01 Jun 2009 02:22:00 +0000

I need to be realistic. Being back on salary will be nice...and tempting too. So I figure the best thing is to start with a couple of easy goals which can be carried over to July if required.

I'm not entirely certain of how the pay period works at my new job so it is quite possible that I will not see anything in the bank for a while. However, I do have a couple more paycheques from my retail job to get me to that point.

Goal #1 - Get out of Overdraft.

Goal #2- Pay off family debt ($2000 accumulated since job loss)

Goal #3 - Pay off any other debt accumulated on credit during the past six months.

What do you think? Should I set more lofty goals or are these fair?

Celebrating a New Job!

pushingthirty@gmail.com (Pushing30) — Mon, 01 Jun 2009 01:28:00 +0000

Finally. It took six long months...but I have finally found the job for me.

I start the new position on June 15th. It is unionized!! Thank goodness! Never again will I have to deal with the garbage that I dealt with in the old job.

The hiring manager went through 120 applicants before he found me. He was thrilled with my background and experience and offered me the top of the pay scale. It's a lot less money than I was making before I lost the job, but it's better than working in retail!

Am I keeping the retail job? Absolutely not. I will be back on a Monday to Friday schedule, enjoying my weekends once again. I will miss the retail discount and a few of the staff, but not much else!

I am so happy.

An Update on my Finances as I Enter Month Six

pushingthirty@gmail.com (Pushing30) — Fri, 01 May 2009 01:00:00 +0000

Recap:

I lost my job December 1, 2008
In January 2009, I obtained a job in retail making $8 something/hr
With the minimum wage increase and an extra buck an hour for taking on an assistant manager role, I'm now making $10/hr (note* I used to make over 70K)
I have applied for over a hundred jobs and have only been granted three interviews. I have applied for so many jobs that I've duplicated some of my applications.

My Debt:

At the end of 2008, I had outstanding debt of $36,900. As of the end of April, I now have $36,130 in debt remaining. At first glance, that doesn't look too bad. I have made my minimum payments but most has gone to interest. But wait! I also owe my grandmother $1000 and now my mother $1000 as well. So, in reality I now owe $38,130. The job loss has officially put me further into debt.

Savings:

What savings?! I have cashed in everything except for a sole Canada Savings Bond worth around $700. And if I don't find something by the end of the month, I'll have no choice but to cash it in.

What's next?? Do I start cashing in RRSPs?

A Pushing30 Life Update

pushingthirty@gmail.com (Pushing30) — Mon, 13 Apr 2009 04:37:00 +0000

It's been a long time since I last posted on this blog. But truthfully, I haven't had any desire whatsoever to write.

My situation has not changed much. Aside from the recent minimum wage increase in Alberta, I'm still making my measly minimum wage.

As for interviews, I've had one phone interview and one face to face with a management recruiter. The recruiter was honest with me. There aren't many postings in my area of work. As a compromise, we've decided to keep consulting as an option. This could mean short-term contracts with very little notice. At this point I'll consider anything.

As far as the Ontario job goes, I still haven't heard back regarding second round interviews. The first phone interview went fabulously so I have a good feeling about making the first cut. Now I just wait...

After many months of back and forth, I have an update on my complaint with the Labour Board. My former employer has engaged the use of a hot shot lawyer from Toronto. I researched the guy and I would be much better off having him on my side. Anyways, someone has fed him some bs and now it's been fed to the labour board. I wrote a three page letter in response and am waiting to find out if we are moving to arbitration or a formal complaint. Part of me wants to give up completely. This process has been so emotionally draining for me. All my life, I've always been an advocate for honesty, integrity, hard work and dedication. Deep down I want to prove a point. I want to prove that I always adhere to these values and no company can take that away from me. On the other hand, I'm so tired of this - I just want to say screw it. I give up. I got fired. I got nothing. End of story.

Sigh.

Anyways, I should be saying Happy Easter to my readers and I hope that the Easter Bunny was kind to you all.

Where do I put my RRSP when I Leave the Group Plan?

pushingthirty@gmail.com (Pushing30) — Sat, 14 Mar 2009 05:34:00 +0000

I have been dreading the letter I received from Great West Life ever since my employment ended back in December. Once employment with an employer has ended, one has to decide what to do with their RRSP monies which are in group savings plans. This type of decision has my hairs turning gray. With over $18,000 in the group plan, and a loss of 23% in the past year, I don't want to screw it up.

Some of the options are as follows:

Transfer to the non-group Continuum Fund. With a rate of 2.05%, I cringe at the thought of placing all my money back in an equity heavy fund.

Transfer to a high-interest RSP Savings Account. I use the term "high-interest" lightly. With rates hovering around 2%, what's the point?!

Transfer to a series of GIC with varying rates, thus establishing a GIC ladder.

Pick my own funds and hope that I choose some on their way up.

Any thoughts? If I only had a couple thousand, I'd probably just throw them in my ING RSP account and forget about it but - I feel that my risk tolerance has changed and with the balance being so high, I don't want to lose any more. I mean, this could be a future downpayment on a house! I welcome any thoughts or comments you may have.

Three and a Half Months Later....An Interview!

pushingthirty@gmail.com (Pushing30) — Sat, 14 Mar 2009 05:19:00 +0000

A lot of the blogs I read say you should have an emergency fund with at least one month's expenses in it. Well, I beg to differ. Three and a half months after the date of my termination, I have been offered my second interview. Yes, second. In three and a half months. Clearly, if an educated single woman like myself can only get two interviews in three and a half months, then one month of e-funds just doesn't cut it. And trust me...when I do get back on track, I will be putting a lot more cash into my e-funds as a result of this learning experience.

Anywho, back to the interview. The position I applied for is Project Coordinator and the location is back in Ontario. I am literally sick to my stomach even thinking about a move across the country and I haven't even gotten through the first round. But this is my reality. I cannot sit around waiting for a job to come about here in Calgary. And as stressful as a move might be, the best thing for me may actually be to go home. I'll keep you posted....

Where Do I Put My Tax Refund?

pushingthirty@gmail.com (Pushing30) — Fri, 27 Feb 2009 22:16:00 +0000

This will be my first tax refund discussed on Pushing Thirty. Typically, I would use the cash for a credit card payment and then a treat for myself - usually in the form of a trip. However, this year is different. I am not financially secure. I do not know what the next few months will look like. As a result, I want to make the best decision for my situation today.

The Options:

Debt Snowball: My smallest debt is currently sitting around $650. I could easily pay it off with my tax refund which I currently estimate at $1000. That would leave me with $350 for my next smallest debt. Then again, my smallest debt doesn't make a big dent in my day to day expenses. The monthly minimum payment is only around $20 and the interest accumulating is about $5 per month.

Eliminate Family Debt: Earlier I posted about asking my grandmother for a short-term loan of $1000. This tax refund would take care of it...but then again I was given the money interest free and with no repayment date. Therefore, I'm not entirely sure that would be the best choice.

Debt Avalanche: This was my debt reduction method of choice before the whole dreaded job loss situation. But is it still the best method for me? I could easily place the entire refund on my highest interest debt and that would be a nice chunk. Not including my March payment it would account for over 8% of the debt.

Pay Down my Debt with the Highest Monthly Payment: And yet another option...one of my debts has an average monthly payment of $350. This is basically my car payment + some other car related expenses. If I threw the refund on this debt, I would likely see a decrease in my monthly minimum. I should note that this is my best interest rate out of all my debts.

Add to the Emergency Fund: My e-fund is basically paying off my monthly expenses that cannot be covered by my measly retail job. The downside to this option is that I won't make any additional debt reduction.

So what do you think, my dear readers? I really need your help here. And if you have any other suggestions, please elaborate.

Living on Tea and Oatmeal

pushingthirty@gmail.com (Pushing30) — Fri, 27 Feb 2009 04:59:00 +0000

If I had two choose a food and beverage that I could eat and drink repeatedly I think I would have to choose tea and oatmeal.

Why the strange topic? Well, I'm sick with a terrible cold and all that is giving me comfort right now are my repeated cups of green tea and bowls of warm, tasty oatmeal.

I should also point out that both items are incredibly healthy for you. And in these hard times, both are extremely frugal as well! A bag of oatmeal is a couple bucks. Apples are in season and tea can be bought just about anywhere for pennies a bag. Even pre-packaged oatmeal is pretty cheap. I've been known to pick up the variety packs so I can take them with me on the go.

What are two items you could live off of if you had to?

Photo by Prakhar

CIBC to Raise Interest Rates on Personal Lines of Credit

pushingthirty@gmail.com (Pushing30) — Fri, 27 Feb 2009 04:45:00 +0000

Ok, so how upset was I to open my monthly statement and receive this notice!!

"Effective April 6, 2009, the annual variable interest rate will increase by 1% and will apply to all amounts owing on PLC's. The annual interest rate for PLCs is determined as CIBC Prime plus a variable interest rate. This change is a result of global credit market conditions..."

How about the change to my personal finance conditions?! Like barely being able to pay my rent? And I was so happy to have this low rate PLC from CIBC. Has anyone tried to object to this increase? I think it's time to pull out my terms and conditions...

Entertainment worth Seeing!

pushingthirty@gmail.com (Pushing30) — Tue, 24 Feb 2009 02:41:00 +0000

This isn't PF related but I thought I should tell you to go see "He's Just Not that Into You" at the theatre. I had a couple movie gift certificates from Christmas so a girlfriend and I went to see the movie the day after Valentine's Day. We happily avoided the theatres on the 14th!

Anyways...the movie was really funny and definitely worth seeing. I have to admit, I rarely go the theatre. But even if I hadn't had the gift certificates, I would have paid to see this one! Oh and guys...don't shy away. You'll have a laugh as well!

Enjoy!

Lay-offs In Retail Land

pushingthirty@gmail.com (Pushing30) — Tue, 24 Feb 2009 02:29:00 +0000

As if things couldn't get any worse.

They have started lay-offs at my retail job and without warning. Luckily, a quick phone call to the General Manager of my store enabled me to pick up my fifth shift and keep my full-time hours for this week.

Although I was able to save my time this week, others weren't so lucky. Several part-time employees were let go and the other non-management full-time employees lost hours.

It's really quite sad. I sat down and talked with one of the full-timers today and she was extremely upset that her hours had been cut down from 40 to 18. I urged her to speak with the manager but she still hadn't done so when I left today. Now I'm not sure what Alberta labour law entails, but I'm pretty sure a full-time employee cannot be cut down in hours like that without notice. I would think they should offer her a lay-off instead. But I will definitely look into it.

As for next week, I have no idea what will happen. What I do know is that I cannot possibly work less than 40 hours per week with this - pardon me for saying so - crappy pay. I'd rather go back and fight for Employment Insurance.

Stay tuned...

Finding Affordable Fitness Options

pushingthirty@gmail.com (Pushing30) — Mon, 16 Feb 2009 08:16:00 +0000

Let's all admit it. One of the first things to go in a financial crisis is our fitness program. While it may be easy to replace in the warm summer season, finding an alternative to a gym membership in the winter isn't as easy.

Exercise is one of the best mood lifters. So isn't it ironic that we abandon exercise so quickly when the money runs out? Knowing that exercise lifts my mood makes it imperative to find an alternative to a pricey gym membership or expensive fitness class.

So what are the options for inexpensive winter exercise? Well, first off there is walking. But when the weather is nasty, getting off the couch and being outdoors isn't exactly a blast. There's also skiing and snowboarding but those cost even more than a gym membership. Skating is an excellent option if you can locate your neighbourhood outdoor rink. And some community centres offer cheap family skating hours for only a couple bucks if you prefer the indoors. I personally love skating on the outdoor rink instead. It gives you the best of both worlds; fresh air and exercise!

If you are a self-motivated individual you can also do fitness at home. Pick up your favourite pilates or workout video and blast those calories in your living room. If you don't already own a video, check online. There are many options for downloading free workout plans and videos. Again, not one of my favourite activities, but that's only because I have a very small apartment with very little room for exercise!

After researching many options, I finally found something that works perfectly for me. The world renowned sports facilities Talisman Centre in Calgary offers a discounted drop in rate for $5 within 90 minutes of closing. Combined with my hockey schedule which is usually 2 or 3 times a week (and already paid for...) a drop-in at the gym once or twice a week is perfect. And $5 for an hour and half of working out is definitely a deal. Sure, I can pass up on the expensive orange juice for a week.

How about you? What do you do for exercise when your finances are tight?

Free Gift Certificate from Air Miles

pushingthirty@gmail.com (Pushing30) — Mon, 09 Feb 2009 01:21:00 +0000

Don't you just love free stuff?!

I cashed in 175 Air Miles today for a $20 gas gift certificate. That should arrive in the mail within a week or so. This is perfect timing because I filled up yesterday and will be due for a fill when the g/c arrives.

Desperate Times call for...Cashing in Stock

pushingthirty@gmail.com (Pushing30) — Mon, 09 Feb 2009 01:15:00 +0000

Well, there it is. All of my liquid assets have been cashed in. As of last week, my non-registered stock has been sold and effectively transferred to my chequing account.

With the proceeds from the limit sale, I was able to pay off the remainder of my bills for the month and set aside rent for March. The rest will be transferred over to my ING emergency fund account for paying off bills in March and April as required.

I felt a huge weight lift off my shoulder today. Paying off those February bills was definitely a relief.

Month Two...

pushingthirty@gmail.com (Pushing30) — Tue, 03 Feb 2009 08:04:00 +0000

Well, today is officially my two month anniversary of losing my job. And guess what? Things aren't much better today than they were two months ago.

I found out that my retail job will net about $650 every two weeks. That barely covers rent, utilities and insurance. What about food? Ummm...debt repayment? Gas?

I've applied for so many jobs that I've lost count. It's completely depressing me...in fact I had a bit of a breakdown last night because of it. I was supposed to be one of those girls who "went somewhere". Know what I mean?? Instead, I'm Pushing30 and making the same wage I did when I was a teenager. Pathetic. And don't even get me started on my mass amounts of education. In fact, one of my friends told me I'm overqualified and need to tone it down.

I think I'm reaching my breaking point.

I Won a Contest!

pushingthirty@gmail.com (Pushing30) — Mon, 02 Feb 2009 01:53:00 +0000

Fabulous news!!

I entered Ginger's FUZE Give-away contest and I ended up a winner! I can't tell you how much this brightened my day! Congrats to the other winners Mama Bear and Jamie J as well! And of course...a huge THANK YOU to Ginger at Ginger Won't Snap for holding this Give-Away!

Cleaned out the Emergency Funds

pushingthirty@gmail.com (Pushing30) — Sun, 25 Jan 2009 03:36:00 +0000

I should have mentioned that before I asked for a loan, I cleaned out the emergency funds I had sitting in ING. But with rent looming and all those other fixed expenses such as car insurance, health insurance, electricity bill, etc...I fell short.

Please note I've updated my side bars with my new E-fund totals. It just breaks my heart to see those so low!

The One Thing I Never Wanted to Do was...

pushingthirty@gmail.com (Pushing30) — Sun, 25 Jan 2009 03:33:00 +0000

...ask for money. And today, I reached the point where I had no choice. With tears in my eyes, I called up grandma and asked for a loan to cover off one month's worth of rent. It was terrible. Never again...never again.

Cutting Back on Non-Essentials

pushingthirty@gmail.com (Pushing30) — Thu, 22 Jan 2009 03:37:00 +0000

In order to save a few dollars on my monthly bills, I decided to take a look at my internet, cable and tv bundle. By cutting back on my phone services, I was able to reduce my monthly charge from $158 to $133. I also traded in my rented digital box which was almost $12 for a cheaper rental and saved $9.

As a result of this small move, I am saving $34 a month. Not bad for a bit of number crunching.

My Finances after a Tumultuous 2008

pushingthirty@gmail.com (Pushing30) — Sat, 17 Jan 2009 03:14:00 +0000

I wasn't actually going to do a year-end wrap up because I only started this blog in May 2008 but what the heck - I'll do it again in May too.

Savings: $30, 900.00

Most of my savings are in RRSP's however I do have approximately $3000 in stocks that I can cash at any time.

Debt: $36,900.00

My most significant reduction in debt was in my student loans. I paid just over $2000 in principle during the year. I'm left with approximately $9,700 which is about 60% line of credit and 40% government student loan.

My least successful attempt at debt reduction was on my credit card balances. Although I have cut back on my highest interest debt, I did accumulate a few hundred more on my other cards. 2009 will be the year for credit card debt elimination!!

With regards to my net worth, I'm still in the red but if the markets ever rebound that number will look a little bit better later in 2009.

Moving to Mediation

pushingthirty@gmail.com (Pushing30) — Sat, 17 Jan 2009 03:07:00 +0000

Just thought I'd give a quick update on the termination issue. I spoke with the Commission on Wednesday and my former employer has agreed to go to mediation with me. I'm told this will probably not occur until February but at least it is going forward.

In the meantime, I'm working hard at the retail job and keeping my eye open for other money making possibilities. This recession is really limiting the job opportunities. I currently subscribe to 5 or 6 job alerts and the postings are few. I'm thinking maybe temping might be a good idea...does anyone have any experience with this? If you know of any good temp agencies please let me know.

Fun, Yet Poor Paying Employment

pushingthirty@gmail.com (Pushing30) — Sat, 10 Jan 2009 00:27:00 +0000

Well, I'm back in the city and back to the blog after a long hiatus over the holidays. I flew in Wednesday and began hitting the pavement on Thursday.

Thanks to my job search efforts over the holidays, I was offered a phone interview for a position with the 2010 Olympics. Honestly, I think I did poorly on the call. I am usually an excellent interview but I found it hard on the phone because I couldn't pick up on any of the non-verbal cues. The recruiter was also very formal, basically reading directly from a script so there was no rapport building at all. I'm not expecting to make the short list based on this interview, but if I do then I will be extremely grateful.

Later in the afternoon, I visited an old boss of mine and asked if there were any openings. He offered me 50 hours on the spot. So, after signing a few documents today, I am starting on Monday morning.

The downside to the job is the minimum wage. It's really, really awful. I mean I went from a 70K salary to poverty level pay. This is hard to swallow but I know I will have fun on the job. He also talked about possibly making me a sales manager in a month or so when all the Christmas year-end stuff is wrapped up. Not sure if I'll last that long but we'll see. I'm just happy to be able to go do something during the day instead of sitting on my butt all day!

Still Vacationing

pushingthirty@gmail.com (Pushing30) — Sat, 03 Jan 2009 08:05:00 +0000

Happy New Year everyone!

I have been absent from my blog for a while now because I have been back home in Ontario trying to keep my mind on the good aspects of the holidays and off the horrible job loss situation. It has gone fairly well so I extended my trip. As a result, I won't be back into regular blogging for another week or so.

I hope you all had a wonderful holiday season and are successful in achieving your goals for 2009! Stay tuned for updates on my job situation...

All the best!

Pushing30

Discouraging News

pushingthirty@gmail.com (Pushing30) — Sat, 20 Dec 2008 08:29:00 +0000

Today I received a phone call from the Commission. I was asked if I was sitting down in a private space. Not a good way to start a phone call.

Basically, my previous employer has found a way to contradict every thing I said to the Commission. They have taken every situation and spun it in a way to make me look like a liar. It's a nightmare. I broke down during the phone call which I think was pretty much expected by my case worker. She said I have a couple weeks to think about my next steps because of the Christmas holidays. I really don't know what to do next. What they have done is so wrong. But I have virtually no power to fight them. I don't even have a lawyer. Merry Christmas to me.