Topic Title: Debt repayment and wedding costs
Income:
Me: $3220 monthly ($1610 bi-weekly actually, so two months I get 3 paychecks, goes toward debt/savings)
Him: $4224 monthly ($1056 weekly, so there are 4 months with an extra paycheck, just absorb into budget)
Total Net: $7444
Possibly future income: $1100-$1200 around September from a two-bedroom basement apartment.
Current expenses:
Mortage (w/ property tax) - $1400
Mortgage Insurance - $36
Room Rental - $300 (I work in another city 1.5 hours away so stay there during the week, looking for local work)
Hydro/Water Bill - $125
Natural Gas - $125 (equal billing, we actually haven't used this amount so I am thinking of going to just paying the actual bill)
Home Insurance - $101
Internet - $65
Netflix - $8
My Cell - $50 (contract)
His Cell - $73 (contract)
My Car Insurance - $128
His Car Insurance - $153
Gas - $300
Car maintenance - $150
Groceries - $300
Eating Out - $300
Beer Store/LCBO - $100
Travel - $200
Books - $50
Video Games - $50
Movies - $35
Car Loan - $310 ($155 bi-weekly)
Credit Line (8.10%) - $1340 ($670 bi-weekly)
Parental Loan - $150 ($75 bi-weekly)
Visa (0% until Aug. 31/15) - $10
Emergency Fund - $200 ($100 bi-weekly)
Wedding Savings - $800 ($400 bi-weekly)
Total = 7444
Assets:
House: $200,000
My work RRSP - $8500 (work contributes 7% of my salary without any contribution from me)
My personal RRSP - $2850
2010 Honda Fit - $10,000
2008 Toyota Corolla - $6,000
Wedding Savings - $4,137
Emergency Savings - $3,214
Mortgage Trust Account - $40,000 (mortgage plus improvements for creating a two-bedroom apartment in our basement)
Total - $274,701
Liabilities:
Mortgage - $232,435 @2.89% (5-yr with 4.5 years remaining)
Car Loan (Honda Fit) - $830 @ 4.99%
LOC - $12,715 @ 8.10%
Visa - $8751 @ 0% until end of August 2015 (this and LOC were for waterproofing basement)
Parental Loan - $19,609 @ 3.5%
Total - $274,340
Specific Question(s): Right now we are only paying the minimum on the Visa with the 0% and putting the bulk of our debt repayment toward the LOC. We would then pay the Visa off with the LOC right before the 0% expires. Is this the way I should do it, or should I put the bulk right on the Visa?
Also we have $7351 in our wedding savings and emergency fund combined. Should I put this all toward our debt and use our LOC to fund our wedding costs and any emergencies that may arise? Our wedding will cost in total about $15,000, some purchases/deposits have already been made. My parents are contributing $3000 for the wedding as well. Also any monetary wedding gifts we get will go toward debt repayment but I don't actually count on that for our debt repayment plan. And once we have our basement apartment made and rented out that will go toward debt repayment as well, and then savings.