Now I’m feelin so fly like a G6, like a G6

by Robyn

Ok, yes, I’m lame. The title is lame, but I am extremely excited. With 2 weeks remaining until the end of May, I have achieved my goal of having my car paid off before the end of the month. I puchased my 2006 Pontiac G6 just days before Halloween to the tune of $13604.64, and now, less than 7 months later, I am debt free. I’m still blown away at how quickly I was able to pay everything off. Here is a rough break-down of how I did it:

Personal Savings: $2168.06

Donation made by my parents: $2000

Sale of previous car: $3300

Income Tax cheque: $1600

MPI Cheque: $471.00

GST Cheque: $95.25

Total: $9634.31

13604.64 – 9634.31 = $3970.33

I was laid off from my summer resort job on November 15th. I then applied for unemployment insurance while I worked part-time at the pizza place I have been working at for several years. I was collecting unemployment insurance cheques from December until approximately the 2nd week of February after I started my current job. 90%, if not more of my income from my unemployment insurance went directly towards paying off my car. The money I was earning from my hourly wage and tips at my part-time job went towards my rent, groceries, etc, etc.

When my umployment cheques stopped in early February, all pay cheques from my part-time serving job went directly towards paying off my car. On average, I was putting between $500 – $700 a month towards paying off my car. One month I managed to deposit just over $900.

In total, I only paid $279.64 in interest, bring the total cost of my car to $13884.28.

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One Comment to “Now I’m feelin so fly like a G6, like a G6”

  1. So fly indeed. congrats!

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