June 2020 Debt Repayment Recap

Happy Month 2 of our Debt Repayment Reboot! For years I’ve had my eyes on a debt free prize, but have constantly been distracted or had things come up. A wedding, medical bills, a baby… with medical bills.

This month we found out some concrete numbers about how much we would need to have to move into some new townhouses we’ve been having our eye on. It would be a huge increase in housing cost, but once I realized how much we threw at our debt I realized that we absolutely have the money and once our debt is paid off, it won’t be an issue at all. So now we have an actual savings goal beyond our debt repayment that we’re working towards. Why invest? Stock markets are a barometer of the economy and if one wants to grow financially along with growing economy, invest in bourses. I leave you a link here https://www.stocktrades.ca/best-canadian-dividend-stocks/ to check out the best Canadian dividend stocks if you want to invest.

So far we’ve never had an actual number we were saving towards. When we got married, we just kind of stockpiled some money and then when we had Madeleine we did the same. There wasn’t a specific number, just kind of “as much as possible.” Having this exact number is really exciting. Once our debt (except for our car, probably) is paid off, we’ll start saving for the amount of money we now know we’ll need. It feels like we’ve been “paused” for awhile, but now we have the green light.

But anyway, the numbers! This month we finally paid off Madeleine’s NICU bill. We could have paid our medical bills off a lot sooner but we just didn’t really have much direction with our money, so it feels really exciting to re-focus our energy and get these bills paid off.

June 2020

PeaceHealth (Hospital for Madeleine’s birth/NICU) : $542.87 $0.00
The Vancouver Clinic (midwife etc for Madeleine’s birth) : $1,150.00 $850 {-26%}
Southwest Card: $5,801.51 5621.62 {-3.10%}
Stephanie’s Car: $7,311.41 7,045.88 {-3.63%}

Debt total: $14,805.79 $13,517.49 {-8.70%}
2020 Debt total payoff: $14,805.79 $13,517.49 {-8.70%}