Paid off my ‘debt’

First let’s start with the definition of my debt and why I have the air quote around it. I did not take out any loan. It’s more of open tab with a good friend of mine. I pay down what I can and any new amount I borrowed are added to the whole list. This is also why I am not too sure about the whole sum of it, since the balance go up and down as I go.

So I had a saving of about $12,000. This was in Singapore Dollar. It is also not an exact amount as I had it separated into different account and different currencies. For simplicity purposes, let’s just say it’s CAD 12,000. And the total cost for 1 year, in summary is as follow (in CAD).

debt cost

Tuition, books and student fees are taken from the school website. The program requires completion of 11 courses, however I was exempted from 4 of the 11, hence the 7 courses. And living expenses for 12 months. This is on a ‘friends’ rental price and living on a tight budget.

Quick glance indicated that I was short by about $6,000. Let’s just say that’s my debt. Give and take.

Yes, it’s not that many if compared to a lot of other people out there, but it is a debt nonetheless.

I started working in Sept, with take home of $900 per paycheck. I had almost zero balance in my account and I need to bring it up to  certain level to apply for some immigration stuff (essentially to provide proof that I have sufficient money to support myself). Before I could start paying off my debt. So I paid my monthly rent, instead of putting it in the ‘tab’.  I only started the debt installment from January onwards, as such.


It started off slowly, but I was trying to really focus on paying off the loan. I did coupon-ing, brown bag lunches, coffee from home.

There was no interest on it and whatsoever by it’s more of the ‘mental’ burden. I don’t like to owe people money, much less from friend. But yeah, I did it. Now if only I’m as aggressive in savings.




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