Transcription
All right, guys. I got my coffee ready to go. Let's break down exactly what I'm doing to pay off my student debt.
As you can see, I have $120,000 of student loans, which is absolutely gargantuan. Bit of context. So, I finished my PhD uh about 5 months ago, and I recently got employed working at a nuclear power plant. Um, so it pays pretty okay, but obviously I have a lot of bills to pay related to student loans, and life is really expensive in Canada. So, we're just chipping away. We're chipping away. We're making progress. Uh kind of slower than expected, but I'm going to break down my finances and maybe you guys can see something that I can improve on.
So, uh let's go through this. So, I live with my fiance. We split everything about 50/50 what I do in my sheet actually. So, I I have all my let's call it like things that I've got to pay. Student loans, you know, insurance, gas, groceries, you know, I got to go buy a t-shirt. uh you know, random [ __ ] like that. So, what I'll do is each month I'll tally up everything that I'm spending on groceries, you know, gas, things like this, and then I'll calculate an average, and then that's what goes into my sort of like monthly spending category for that item.
So, groceries, we've got about um uh $600 a month that I'm spending right now. Uh for gas, it's about 370 bucks. I have to drive almost an hour to and from work each day, so it's pretty brutal. Rent is $15.95. This is Canadian again and we split it about 50/50. So I'm paying $786 a month. Internet about 50 bucks. And you know it goes on and on.
So student loans $622 a month. That's quite a lot of money. Um and I'm going to be paying that damn for the rest of my life, dude. Student loans. Holy [ __ ] Did I [ __ ] myself over? Maybe a little bit. Um maybe a little bit. God damn. Got a PhD. I guess that's good. uh eating out so about 360 bucks subscriptions 100 and then like other 500.
So I spend about $3,600 a month and after taxes I get paid about 50k uh a year which turns into about $4,100 per month. So just subtracting these two numbers I'm left over with about $555 per month in just free cash. Uh, and then I take this amount and I'm allocating it towards RSP, future wedding, FHSA, and a rainy day fund. And these sort of allocations will change maybe monthtomonth depending on what things matter more. Like let's say I have this massive, you know, my car just broke down. I had to spend a bunch of money and my rainy day fund goes to like zero. I'll put this at a higher percentage and maybe take a bit off of, you know, the other three categories.
So that's what I do. And then I just set up my um these sort of like bi-weekly uh like quest trade withdrawals that go to FHSA or or my RRSP and I'm just trying to build build that wealth slowly.
So let's look at my net worth now. So, we've got our student loan category and I actually each week I'll sit down and throw in all this data pretty quickly for myself and for my fiance cuz we're trying to pay off our debts and um trying to be determined, but damn is it ever hard. So, there's no interest on the student loan. So, what I was doing to begin with was just not paying it off because I wasn't working for a little bit. And I got the six-month deferral, the repayment assistance plan, and just pushed that off. And I just started to pay that here recently. So, that's a new um item that's come up.
My Quest Trade's been growing steadily. I've been adding adding to that. We're kind of down to 67, but uh you know, stock market fluctuates, but we're in it for for the long run. So, we're up at 75. We're down to 67 now. you know, Donald Trump comes out, makes a tweet, and then that's that's game over for the portfolio, basically.
So, right now, we're about at minus $48,000. This is August. Um, and we're chipping away. We're chipping away at that, basically. So, um, we'll see how things go right now, how this changes. Uh, I'll keep you guys tuned in and and, you know, hopefully we hopefully we build up uh build up those that net worth basically. Got to build up that [ __ ] net worth. Yeah.