March 2018 Goals

  • 24 no spend days
  • Work out 20 days
  • File taxes
  • Ace interview for health care program I’m interested in. Will tell you more about this if I get into the program. Fingers crossed!

There is one goal that I know I won’t be hitting this month and it’s sticking to my Restaurant budget. There will be a week where restaurants downtown offer 3 course dinners for a decent price so I’ll be checking out a few places.

I owe the CRA again. ☹

Ugh is all I have to say. After paying off over $20K of my CRA debt, I thought I’d never owe them again. Wrong! When I switched over to my boss’ private company, the incompetent business manager deducted the wrong amount for federal and provincial taxes for about 10 bi-weekly pay cheques before he noticed. He never gave me a pay stub which my friend pointed out that I am entitled to my pay stub for every pay cheque.

I calculated how much I’d have to contribute to RRSPs to offset the amount owing. Turns out I left out one entire monthly pay cheque from my old position and when I entered my numbers into the tax program, it said I owed $815. Ahh!!!!taxesI know it’s not entirely the business manager’s fault. I should have known never to rely on people for everything but I assumed he’d get it right since it is part of his job. But it’s also my job to be aware of everything that is going on. I’ve double checked my pay cheque for this year’s tax calculations and he is deducting the correct amount from my pay cheques.

I’m not going to file my taxes until this amount owing is paid off. I don’t want it to show up on my notice of assessment because I need to renew my mortgage in the summer. This amount isn’t the biggest in the world but it’s a little discouraging considering I had just paid off the amount owing to the CRA. Oh well, another lesson learned!

CRA debt paid off! $20.9K crushed in one year

Today was payday and I made the last payment on my CRA debt. I owed upwards of over $20,890 one year ago. Why? Because I listened to my money moron boyfriend at the time. He pressured me into opening up a trade name where we could write off expenses as “business expenses”. I knew it was wrong but did it anyway because I felt like I had no choice and I was being manipulated and emotionally abused. You can read more of the backstory here.

Of course, I got audited and put off paying off the debt for years and consequently, interest accrued at 5%. I made interest only payments for years and the balance remained the same. It wasn’t until I got a threatening letter from CRA that my ears perked up. I called my case manager and expected to be berated but she was the most lovely person to deal with. I wish I had called her sooner to deal with my problem head on instead of being an ostrich. I told her my absolute maximum I could contribute per month which at the time was $1300 but I put an average of $1667 per month onto the debt.

I feel somewhat free now. Now I can re-direct money that would have gone to the CRA debt onto my consumer debt.

February 2018 Goals

  • Pay off CRA amount owing (~$1500)
  • Start tackling line of credit debt (@ 6.7% interest)
  • Stick to Miscellaneous, Liquor and Grocery budget
  • Go to gym 20 times
  • Not lose my shit at work
  • Negotiate at least 5% pay raise at my one year review under my boss’ private company (details here)

January 2018 Recap

January was an ok month for me. I managed to stay below my gas, grocery and restaurant budget. However, I went over budget in the wedding, miscellaneous and liquor budget. So much for dry January!

  • Miscellaneous crap I bought included a domain name for, windshield washer fluid, car wash, drain unclogger and an acupressure mat.
  • I had to spend $90 to top up my annual cell phone plan which I went into detail in my last post.
  • We bought my fiancé’s wedding band because it was on sale and put down 50% on our accommodation rental for when we get married



Debt balances as of January 31, 2018

I paid $1500 to my CRA debt leaving a balance of ~$1500. I’m soooo close to having that paid off!

The interest rate on my line of credit increased due to the increase in the prime rate.

I’m going to try and be more disciplined in February since it’s a shorter month.

I donated my eggs for USD$6,000 in order to pay down debt

In 2015, I donated my eggs in exchange for USD$6,000 for my time. I know it’s an extreme way to make money to pay off debt. I had split up with The Ex the previous year. I never considered having children with him. I guess deep down I knew he’d make a terrible father and it was be a huge mistake. I knew I wanted my DNA to live on somehow. I probably would have done it for free to be honest.

Donating eggs or sperm is illegal in Canada but there is a loophole. We can be reimbursed for our time and not directly for our eggs or sperm. I found a reputable company that offered this service. It was like a matchmaking service for donors and Intended Parents (IPs). I filled out their thorough questionnaire and soon was posted on their website for  IPs. Several IPs were interested in me. I knew I had a unique look as an Asian person as many people have told me.

Soon, I was matched with IPs from Western Canada. I signed legal documents and received a benefit package stating how much I would be reimbursed for my time. I would be paid USD$6,000 in addition to an all expenses paid trip to Toronto where my eggs would be retrieved. Going through the injections and check-ups was easy. Hell, even the egg retrieval was easy. I was one of the lucky ones. There are huge risks to putting your body through that. Ovarian hyper-stimulation syndrome (OHSS) is one of them. If you’re curious, you can Google the whole egg donation process. I’m not here to tell you how to do it or suggest it’s an easy way to make money to pay your debt.

When all was said and done, I received about $8,000 Canadian after the exchange rate. I was actually happy our dollar was so crappy for once. I dumped the whole amount onto my massive debt.

I have a new found respect for couples that go through IVF. The IPs were interested in another donation from me to provide a sibling but the surrogate went into premature labour. The IPs decided not to go forward with another donation from me and wanted to focus on their baby instead.

My parents don’t know I did this. My fiancé  (at time of writing) doesn’t know I did this. Only three people close to me know. I truly have no regrets and would gladly do it again. I am 34 years old now. I don’t know whether I’ll be successful in getting pregnant with my fiancé in the future. I am aware of the fact that time and age is playing against me. I often wonder how the little boy is doing and if I ever saw him on the street, would I know? I have no doubt he is loved unconditionally by his parents that so desperately wanted him and that makes me happy.


2017 year end update

I started tracking my net worth and spending in November 2014 using The Budgeting Tool . The woman who runs the site is named Sherry from Save. Spend. Splurge.. Sherry is money goals to me. She was once in a shit ton of debt as well but managed to dig herself out. Now her net worth is over $500K! Sherry also comes from an Asian family so I feel like I can relate to her story. She has also dated a money moron in the past but came to her senses quicker than I did. She also is a foodie and has impeccable style. I feel like she is my spirit animal. Haha!

The Budgeting Tool is USD$50 but she matches that amount and gives it to charity. The tool has helped me tremendously. I input my income and expenses and I’m able to track my progress towards debt freedom. The Excel spreadsheets all link together and are pretty much dummy proof.

In November 2014, my net worth was -$31K (eek!). My net worth at the beginning of 2017 was $55K and currently, it is $74K. I admit I haven’t been super strict with my budgeting this year as you can see in the line graph. The little dips are from adjustments I made to my budget or from splurges (yes, I know I can’t afford to splurge if I’m in debt) but the important thing is it is trending upwards. I will need to exude willpower next year for all my money goals. Happy new year, everyone!