post #1 of 1
3/7/11 at 11:06am
Thread Starter 

I know the rules are different in Canada but I have a question about
when it comes to making student loan payments.


Does it make a difference if I make 1 loan payment at the end of the
month (on or before my due date) or if I make 2 smaller payements when
I get paid during the month?

 

Also if I can make extra payments (or pay extra money) every month
does it make sense to do that?
 

I have had repayment assistance since graduating but finally have a
good job and can afford to make payments and I am trying to figure out
the best way to do it.

 

I am also working on having an emergency fund in place (which is about
6-9 months of living expenses now) plus I have paid off the smallest
credit card but I still have 2 more cards with about 10,000$ in debt
plus I owe about 500$ to a family member that I am paying off slowly
(I give them 50$ a pay cheque) so that I can continue paying off my
other debts.

 

I just started a pension plan at work. I was also thinking of adding
an RRSP this summer. Not sure what else I should be doing to save for the future.

 

What do I need to continue doing to move towards debt free?


I am currently renting but would like to buy a house in around 5 years or so. 

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