Saturday, 18 September 2010

New debt and old debt

Today was payday from the p/t job. I got over $500!! I thought it was a mistake at first, but then remembered how much extra I've been working while I've been learning a new position.

Last month I was offered the chance to be a cash balancer and I jumped at the opportunity to learn something new and move off the floor. I'll still be a cashier, but the majority of my time will be spent balancing cash, entering invoices, getting change for the cashiers, etc. I am happy that I was asked about this, and happier that I can have some time away from the floor. It can get pretty overstimulating out there.

Anyway. Today's big cash infusion allowed me to bring down my debt by another $500! PLUS I deposited $176 the other day, which was also earmarked for debt. So definitely some good progress there! My furniture debt now stands at $750 and my LOC at $3650.

The new debt comes in the form of a loan from my mother. While she was visiting she was quite adamant that I get a new(er) vehicle. I was reluctant because a) that means more insurance, b) higher gas costs, and c) I love my wee truck! 30-yrs old and still running. That's impressive!

However, with winter looming - and it's likely to be a harsh one this year - I admit that safety and reliability are necessities, particularly when our temperatures sink into the -40s. My mother and I agreed that she would loan me the money for a new vehicle and that I would pay her back for it. There's no interest on the loan and I can start paying her back whenever I'm able. She wants me to focus on the interest-bearing loans first, so this is also motivation for me to get those gone as quickly as possible. I want to start paying her back as soon as I can.

Today I heard from Prince George, where I'm in contact with a car broker. They've found a 2003 Kia Sorento (135K km) for $8200. The amount of the loan covers this, delivery, registration, new winter tires (I'm hoping), and a chunk towards insurance. I believe the broker gets the car winterized and does a safety inspection. That would cost me about $500 if I did those once I got the car.

So, while I shouldn't really be celebrating going deeper into debt, it's not all bad. I can still pay down what I owe, and my mother will rest easier knowing I'm driving a safe vehicle around, instead of one whose heater might not even be working anymore. And I've been noticing that people are turning their heads more often lately - and believe me, it's not because she's some tricked out, sweet looking ride. No, I think the front grill is a bit loose and it "buzzes" while she drives. The brakes sound like nails on a chalkboard at every red light, stop sign and pedestrian crosswalk in town. There's an adorable 'rattle' in the engine, and she has the quaint habit of shuddering to a stop when stopped when the temperature dips too low. I need a new headlight; one of the rear light covers is broken; I can only get AM radio; I've had to replace the fuel pump, water pump, battery, a couple of hoses and the hosepipe. There aren't even cupholders!

But I really love that truck. She owes me nothing, but I couldn't bear to see her sent for scrap, so I'm going to ask around to see if someone will be able to care for her until I get property and need a little runabout for hauling stuff around.

But I'm sure there'll be things about the new truck that I'll come to appreciate, too. :)

Magandang gabi! ("Good evening" in Tagalog, the Philippino language)


Middle Way said...

I can't believe your truck is 30 yrs old. I hope mine lasts as long.

Congrats on the new one. When do you get it?

Way to go on the debt repayment. I's addictive seeing the numbers go down.

Northern Living Allowance said...

Hi MW - Thank you! I should be getting it - once the sales process has started - within a month I imagine. I'm not sure. I'll hear from the dealer on Monday sometime I expect.

I just put another $250 on the debt today, so it's really coming down quickly now. It IS addicting and it feels great!

bcsmithereens said...
This comment has been removed by the author.
bcsmithereens said...

Way to go! So, does that mean you're coming down to PG... through Smithers... to pick up your new wheels? Or is it being delivered? Thought I'd ask!

Northern Living Allowance said...

Hi Dawn! I would love to say a visit to/through Smithers is in the cards, but unfortunately it's a time thing right now...

But now that I have new wheels, a road trip is far more likely, so here's hoping! :)