Tag: debt

Debt Payoff Report – April 2018

Debt Payoff Report – April 2018

I feel like every month I just want to comment on how quickly the month passed. (Except January, because January lasted 74 days this year.) April was kind of a blur of work-related stress that I’m glad to put behind me! In April I bought […]

An Insider Guide To The Instagram Debt Free Community

An Insider Guide To The Instagram Debt Free Community

I owe a lot to the #debtfreecommunity on Instagram. I started an account as an online diary to track my progress and keep myself accountable in paying off six figures of student loan debt. At the time, I didn’t even know that an online debt […]

Debt Payoff Report – March 2018

Debt Payoff Report – March 2018

We’ve finished the first quarter of 2018! I’m close to last year’s numbers for spending and debt repayment, so we’re looking good.

The Vancouver Symphony Orchestra tempted me this month – I bought tickets to two of their summer shows! What is money for, if not to watch Harry Potter movies with a full orchestra playing the score? Bliss.

Other notable purchases include a muffin pan and baking rack, sunscreen, and a pair of work shoes (Clarks Endvale Opal Slip-On Oxfords, if you’re curious). Can we talk about how awful shopping for shoes is for a second? Stylish, professional, comfortable, ethical, sustainable = pick two.

Anyway, on to the crushing of debt!

Including interest, I’ve paid $3,784.92 to my debt this month!

March Milestones

This month was brought to you by my tax refund. I did have to use some of it for work expenses, but I was able to pay an extra $1,000 which is always exciting.

I’m under $85,000 total, and for the first time since I started this journey my monthly interest was under $300!

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What’s up in April?

Next month should be another business as usual month – other than dropping into the $70,000s which I’m very excited about! I’m not expecting anything to catch me off-guard with the budget – but we never do, do we?

Nobody Should Die For What I Wear

Nobody Should Die For What I Wear

Today marks the anniversary of one of the worst industrial disasters in history – the Rana Plaza building collapse that killed 1,134 and injured another 2,500 on April 24, 2013. Severe cracks in the Bangladesh garment building’s walls compelled police to require an evacuation. Disregarding […]

Credit Scores Aren’t Financial Report Cards

Credit Scores Aren’t Financial Report Cards

Have you ever received one of these letters from a bank? “Congratulations on being a responsible credit user! We’d like to offer you an increase on your credit limit. We appreciate your business and hope you enjoy this extra purchasing power!” Now, to me that […]

Debt Payoff Report – February 2018

Debt Payoff Report – February 2018

Is it awful that one of the best things about February was buying a replacement can opener? I will easily drop money on luxuries yet agonize over mundane household necessities. Not needing assistance opening canned goods was absolutely worth it and I should have done this months ago. Did you hear that, self?!

I also went snowboarding for the first time in a decade and I’m still alive which I consider a major win. Something about leaving my 20s behind has made me very aware of my mortality. I’m not one to be afraid of aging in the sense of appearance or the artificial expiration date women seem to be assigned at midnight on their 30th birthday. I am more concerned about unlikely sporting mishaps though – especially after getting stuck on the chair lift for a while.

As for debt repayment, I’m back on track with my usual amounts.

Including interest, I’ve paid $2,817.57 to my debt this month!

February Milestones

Nothing too exciting – I did hit the 35% paid mark though!

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What’s up in March?

It’s tax refund time! I have some work expenses to float, but even with that I’ll be able to make an extra payment. I’m also hitting an exciting milestone on my student loan..

When Did Living Alone Become The Minimum?

When Did Living Alone Become The Minimum?

One of the opinion pieces that fascinates me every year is the minimum amount it costs millennials to live in my city – Vancouver, Canada. Here’s the breakdown: Housing: $1,929.67 Phone and Internet: $105 Transportation: $133 Groceries: $211.97 Entertainment: $321 Fitness: $75 Insurance: $20 Total: $2,795.64/month, or $33,547.68 annually For most of these […]

Debt Payoff Report – January 2018

Debt Payoff Report – January 2018

It’s time to say goodbye to the first month of 2018. I can’t say I’m sad to see it go – January tends to be a tough one. We indulge in December and then struggle to dial it back to our usual routine for the […]

Travelling While Indebted

Travelling While Indebted

Some recommend avoiding all luxuries while paying off non-mortgage debt – no travel, no meals out, no purchases other than necessities. I’m not one of those people. A few of my friends and family members have passed away at young ages, and I know that I can’t take the average 82 year lifespan of a Canadian woman for granted. If today was my last day on this planet, I wouldn’t want to feel like I’d saved my best years for the non-existent future.

There can be this attitude that if you have non-mortgage debt you’re failing financially and you absolutely must pay it off completely before allowing yourself any non-essential spending. I feel that there’s always a balance – you can be committed to paying off your debt in a reasonable amount of time and spend money on things that you value.

Our last vacation, excluding work travel, was to the Dominican Republic in 2015 to celebrate my graduation – on my bloated line of credit, of course! It was an amazing time, but I couldn’t truly enjoy it as much as I wanted to. I had $130,000 in student loan debt and wouldn’t receive a job offer for another two months. I was in paradise, but my chest still felt tight.

Last year, my spouse and I decided that we wanted to take some time away. We’d both been putting a lot in at work, and I’d just spent the year paying off $30,000 of debt. We knew we wanted to do things a little differently than our last trip together, so we had a discussion about an ideal getaway within our means for 2018.

Choose A Local Destination

We live in Vancouver, and we’ve been talking about a visit to Tofino on Vancouver Island since before we moved here several years ago. It seemed like the perfect time to head over for a few days of waves and chill. Visiting somewhere close to you is a great way to reduce transportation costs while exploring your own country.

Identify Your Priorities & Spend Accordingly

This trip was all about relaxation, so we decided to leave the excursions like surfing or boat tours for another time. Since we wanted to spend most of our time in our room and on the beaches, we made our accommodation and meals a top priority. Below is my portion of the cost of the trip – my spouse and I keep separate finances – and a few thoughts along the way.

Transportation

We had several options to get to Tofino – air, public transportation, or rental car. Flights were $350 round trip per person, so that was out! We could have rented a car for a portion of the trip, but we like the hands-off approach so we decided to rely on public transportation.

We took the city bus from our apartment to the Horseshoe Bay ferry terminal which took about an hour. We could have taken a bus to the ferry terminal from Pacific Central Station, but it would have cost about $10 extra per person each way. Our city bus portion of the trip was included in the monthly passes we already have for commuting. $0 

Arriving at the terminal, we hopped on the ferry to Departure Bay in Nanaimo while enjoying the ocean views. The ride was about an hour and forty minutes, with a high school boys lacrosse team taking up residence among us in the seats with the best views. I am so thankful to be an adult. $16.95 

To cross the island from Nanaimo to Tofino, we walked outside the ferry terminal and boarded the Tofino Bus all island express which provides daily bus service from Vancouver to all major Vancouver Island points. Book online in advance for a few dollars off! The bus was nearly empty and the trip took about four hours. $45.60

By the time we reached Tofino, $62.55 lighter and just under seven hours later, we were ready to eat and head to the beach! We took the same route home, so double the amounts above for our visit.

Total: $125.10 per person

Accomodation

We stayed in the Lookout Suite at Chesterman Beach Bed & Breakfast, right on Chesterman Beach, so we could hear the ocean crashing first thing in the morning and while we fell asleep at night. The private patio outside of our room led to a path down to the shoreline. The proximity to the water cost a premium – $195/night, which we were happy to pay for the three nights we stayed there.

We visited during storm watching season which is generally Tofino’s off season for tourism. During spring and fall our room would have been $275/night and over the summer and holidays it jumps up to $355/night! If you’re flexible with your dates and don’t mind the cooler weather, try to book during off-peak travel times. 

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Our dining table sat next to the large window overlooking the beach, and we had our own gas fireplace and a kitchenette with a dishwasher, microwave, and toaster oven. One of the best parts – a sinking tub with a heated towel rack. Yes.

Coming back to the suite after walks on the beach to turn on the fireplace and pour a glass of wine was the definition of relaxation. I think we were asleep by 8PM every night, thanks to the fresh ocean air, lack of light pollution, and overall coziness.

Total: $307.13 per person

Meals & Alcohol

I packed some snacks from the grocery store so we wouldn’t be tempted by anything overpriced on the ferry. Definitely pack your own snacks! For the cost of one combo meal, we had sustenance for the whole seven hour trip. $16.79

A brief walk from the bus stop near our B&B was the original Tacofino truck. We quickly fell in love with their vegetarian burritos – shredded cheese, rice, beans, salsa, cabbage, chipotle mayo, sour cream. So simple, yet so delicious. If you’re ever in Vancouver, Victoria, or Tofino, definitely check them out. This total is just for the first time we went – my spouse paid for our second trip on our last night there. $27.60 

On our way to check in at the B&B, we stopped at a small grocery store called Beaches Grocery and picked up some iced tea to accompany our tacos and some fancy locally made bread and cheese for the next morning. We could have paid $20/person for a full breakfast at our B&B but that definitely wasn’t in our budget. $18.40 

The next day, fully refreshed from a night of burritos, iced tea, and gorgeous views of the ocean, we set off to explore and buy supplies. We walked an hour into town and had planned to stop at Schooner for some lunchtime fish & chips. Sadly, our casual approach meant that we didn’t check their schedule which was dinner only and arrived hours before they opened. If you’re visiting somewhere on the off season, do some research online first to see what’s open. 

We decided to grab quick paninis from a coffee shop down the street instead, and come back for dinner. Did I mention that this coffee shop was cash only and we hadn’t brought any with us? The two banks in town weren’t ones that we used and we didn’t want to pay service fees or hassle to get them refunded, so we did what any resourceful travellers would do – we purchased alcohol instead and requested cash back!

Three bottles of wine and some beer later.. it might have been a better idea to pay the service fees, but we made sure it was put to good use. $58.09 

Armed with cash, we finally got our paninis! Nothing memorable, but enough to keep us going. $16.00

With several hours left before dinner, we meandered around town which took approximately six minutes. Then we set off for Tonquin Park, which is a short walk from the main street and a leisurely hike to the beach. The trail was well maintained and had stunning lookout views. We lingered on the sand for a while, watching the waves come in and exploring the shoreline – starfish sightings! There are some nice properties on the cliffs by the beach and we daydreamed about  purchasing a little slice of heaven of our own someday.

We wanted to walk straight back to the B&B after dinner, so we stopped by the grocery store on the way to pick up some supplies for the rest of our trip. Frozen pizza, croissants, chocolate, an entire black forest cake. You know, just the essentials. We probably should have shopped after dinner. $52.32 

By the time we returned from our walk and grocery trip, Schooner had opened! We shared an order of fish & chips with fresh local red snapper and the halibut bawden bay which has been their signature dish for over 30 years – for good reason! I’m just going to post the description and let your imagination cover the rest: hand picked crab, baby shrimp, creamy Brie cheese and scallions are tucked inside winter halibut – oven baked and finished with an apple-brandy green peppercorn cream sauce. Yum! My mouth is still watering. I didn’t pay for this one but it was $100+ with a few beers, taxes, and tip.

The next day, we made croissant sandwiches and frozen pizza in the toaster oven in our room and spent the rest of the day walking the nearby beaches – Chesterman, Cox Bay, and Wickaninnish. Also, lots of cake! At night when the cloud cover wasn’t complete, we walked out to the beach again and stared at the stars for what seemed like hours – you don’t get that in the city.

We didn’t venture back into town again – I think most of the locals were annoyed that we infringed on their off-season quiet with our big city vibes. The “f*ck off and go home tourists” graffiti was a little bit of a giveaway. The only friendly interactions we had were with our host, our bus driver, and a few of the people we passed on the trails and beaches. If you’re visiting, try to blend in. Wear ruddy neutral colours like browns and greens that look worn – my black snowboarding jacket and my spouse’s bright yellow windbreaker were a dead giveaway. Together, we looked like a hornet’s nest of tourism ready to destroy everything that was good in the world. Then again, maybe most of the locals were just annoyed to be at work rather than enjoying the outdoors?

After three short nights, it was time to make the trip home – with leftover croissants and snacks for the ride. On the bus home, my chest started getting tight again. The ocean air was gone from my lungs and I was already anticipating the overstimulation of the city. It was a sign for me to spend more time in nature and take deeper breaths.

Total: $189.20

Cost

Accomodations $307.13

Transportation $125.10

Groceries $87.51

Alcohol $58.09

Restaurants $43.60

Total $621.43

Again, this is just my portion of the expenses so our total was closer to $1,200 for a couple over four days and three nights. Our goal for this trip wasn’t to have the lowest budget – if it was, we could have just stayed home. We wanted to enjoy our first trip together in almost three years, maximizing our priorities while spending less where we could. We don’t know when our next trip will be, so we wanted to live large for a few days!

For context, my average spending on debt repayment in 2017 was $2,859.26/month. To allocate 20% of that this month for a trip was an easy decision for me to make, and I know we’ll remember our days in Tofino as some of the best we’ve had together.

If you’re wondering about travel hacking – I don’t do it. I’m not sure that I’d meet the minimum spends on enough of the cards we have in Canada to really make an impact on travel costs. It might be an option if you live in the US though, so look into it. Just make sure that you’re not spending more than you’d save in travel rewards – that kind of defeats the purpose.

Should you travel while indebted? I have, and I think it’s important to keep a few things in mind:

  • the length of your debt payoff timeline – if it’s short or near its end, can you wait a few more months and enjoy a guilt-free vacation paid for in cash?
  • the type of debt you have – if it’s high interest consumer debt, will you regret paying the extra interest?
  • the attitude you have toward debt – some people despise debt and want it out of their lives as quickly as possible, no exceptions, and I support you on that!

It all comes down to personal choice. Make the best decision for you, and try not to feel guilty for enjoying yourself once in a while!

As a final note, the lack of pictures in this post was due to our technology pause for the trip. We used our phones for navigation and to take a few photos, but for most of the time we put them away and enjoyed our surroundings and each other! If you want to see more of Tofino, there are many photos from talented photographers online – or you can plan your own visit!

I’d love to hear about your own travel stories on your way to becoming debt free, whether you decided to go or wait. Share your thoughts in the comments.