Another debt milestone and a serious repayment question!

Oh, 2013. It’s been the best of times, it’s been the worst of times, but ultimately? It’s been the busiest of times. Within the last month, I’ve whisked from one job to another, one drink with a friend to another, and one event to another. The funny thing is that I’ve been so busy lately that I completely whizzed by another of my debt milestones.

As of sometime last month, I now owe less than $5000 on my student loan and credit card debt!

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Ok, I know what you may be thinking “CREDIT CARD DEBT? WHAT IS SHE TALKING ABOUT?” It’s less than $500 and I can explain, LET ME EXPLAIN.

For the past few years, I’ve basically been buying everything I own on clearance or on sale, and in the last year I’ve relied on clothing swaps for almost all of my clothing purposes. Sure, this works for sweaters and shirts and dresses, but it doesn’t work for pants, blazers or shoes! I’ve basically been wearing the same ill-fitting clothes as I did when I entered the work-force 8+ years ago, and was in desperate need of a refresher. So I bought a few things to tide myself over.

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But the real thing that did me in this month was to work towards a goal on my 30 before 30. I realized that I really needed to get one thing achieved by the end of this year to have a shot at completing it by my deadline — getting my driver’s license. So a few weeks ago, I trekked to the plains of North York to retake my G1 test ($145 now! How crazy is that?) and luckily, my photo doesn’t suck!

But back to the milestone. I’m currently doing my Christmas shopping and while I’m by no means a super spender, I’m definitely going to give back more than previous years, which leaves me with slightly less repayment money this month. But that’s ok, because I’m on track to pay all of this off by June.

But then I got to thinking…

Should I empty my TFSA to pay off the bulk of my loan? (It’s only about 4k) If I was to do so, I could be debt-free in January…

I’m currently building a list of why I should, and why I shouldn’t. Please leave me your advice in the comments!

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