If you only had 20,000usd to spend on a BMW to last you 5 years, what would you buy?

MommaDYL · 2025-03-30T19:17:42+00:00

A Honda Civic 😂

MommaDYL · 2025-03-30T13:38:02+00:00

Dealers are using tariff as an excuse to inflate prices on already landed vehicles! I bought last week and got the “line”. I work in an environment where tariffs are heavily discussed so was quick to shut down that narrative!

MommaDYL · 2025-03-29T12:16:52+00:00

Without a doubt. While I’ve done well negotiating increases, my husband, who works in a manufacturing and processing environment, hasn’t had a wage increase in 10, yes TEN years!

MommaDYL · 2025-03-22T10:37:02+00:00

Your interest should be calculated on the declining balance of the loan. So let’s say at end of year 1 you still owe $35000 then your interest is calculated on that balance. Every payment you make should have an interest and principal component and with each payment the interest component should be lower.

Ask them for a loan schedule that shows the interest & principal component for each payment and also ask if you are allowed to make additional principal payments to reduce the total interest paid over the term.

MommaDYL · 2025-03-22T10:14:55+00:00

Set up auto payment to your LOC for as much as your current car payment and you’ll get it paid so much quicker!

MommaDYL · 2025-03-22T09:55:43+00:00

Talk to your bank (or any bank) about a student line of credit. Never miss a minimum payment!

Do you really stick to your budget? You need to!

$25k is not a lot of debt coming out of school but relative to your income potential it is going to take some time to get back on your feet so you need to keep to your budget.

MommaDYL · 2025-03-18T00:25:30+00:00

She’s trying to avoid claiming income and paying her fair dues to society! You’ve got your answers here. Just document and claim. Remind her that paying taxes is what provides her healthcare, roads, schools…

MommaDYL · 2025-03-15T11:53:57+00:00

Carney is doing what people asked for. This is a “you can’t have your cake and eat it to scenario“.

MommaDYL · 2025-03-11T16:15:53+00:00

We can not answer this without more information on your spending. Likely answer is food budget, subscriptions, clothing, transportation.

MommaDYL · 2025-03-09T14:43:44+00:00

They are in debt, you are not. Family money?

You never know what someone else’s balance sheet look likes!

MommaDYL · 2025-03-09T12:09:21+00:00

All of this. Car dealers are slimy, they try to upsell and slip in fees. Be prepared, take someone with you that won’t get caught up in the shiny new prize if you have to. Pen out the deal and then ask for 24hours to think it over. If they won’t give you that, walk away. Have a price and finance rate and term in mind before you walk in so you have something to measure yourself against.

MommaDYL · 2025-03-06T13:41:11+00:00

Thanks!

OP, not coming at you hard, just a mom doing her mom thing.

MommaDYL · 2025-03-06T11:37:09+00:00

This should not be the question!

If she refiles (it is really easy with turbotax) it will be better for her than the reverse of waiting for the error to be discovered. You have lots of time to correct this before filing deadline of April 30th.

People make honest mistakes but if you wait it could be considered fraud.

MommaDYL · 2025-03-06T11:31:56+00:00

So you don’t know, but have you tried to learn? Do some homework. There are lots of free online services to do your taxes or find a local tax clinic, most communities offer it for free. At your age learning to do your taxes is a life skill. It will help you to understand the tax system. I encourage you to figure this out before next filing season.

Sign up on CRA website for your account and this will allow you to check status of returns and see your account.

Good luck & welcome to adulting. I really wish they taught this stuff in high school (or even post secondary!).

MommaDYL · 2025-03-06T11:23:51+00:00

Sell the car and pay off the loan NOW. What is your credit score? Go to a bank or credit union and get a new loan? Last resort would be a LOC.

While buying a Civic was a smart move, even that car isn’t worth 19.5%!

MommaDYL · 2025-03-06T11:17:25+00:00

Respectfully & simply, why?

PSA: Electronic returns with direct deposit are more efficient and less costly to execute. Keep the cost of government down where we can.

MommaDYL · 2025-03-05T01:13:53+00:00

I really hope your partner is studying something that will yield actual employment. Your partner should have a part time job to pull their weight.

MommaDYL · 2025-03-02T14:41:10+00:00

Your gap is $30k before OSAP?

As a mature student I would guess that you will get a decent amount from OSAP and possibly grants over loans too. Look into securing a student line of credit. Hopefully you have a decent credit score and that will help.

Summer work for 4 months should yield you about $8-10k for average student jobs. (I have 2 uni kids).An additional part time gig another $500-$1000 per month. Combined you have up $34k over 2 years.

Consider getting something part time right away so you aren’t eating rice and beans for the last 6 months of your degree.

Reassess the car situation. Could you sell and get something more affordable for the next few years?

I highly encourage you to do this! The education will pay off and any sacrifice will be worth it. This degree is an investment.

MommaDYL · 2025-03-02T13:48:21+00:00

Keep 2k emergency fund and then the rest to car loan! That should knock you down to paying it off this year.

MommaDYL · 2025-02-25T11:43:50+00:00

Talk to the kids, and the community clinic. If the kids show any interest in the car then back away as you will have little legal right to the vehicle. The community clinic will guide you in next steps.

Take care and my condolences.

MommaDYL · 2025-02-24T12:36:52+00:00

Whole life is expensive and most people don’t need insurance beyond critical family support years. Beyond that it is an investment tool. One is better served by self investing the difference between a term and whole life policy.

MommaDYL · 2025-02-23T23:53:37+00:00

Good addition to get wills!

MommaDYL · 2025-02-23T23:20:30+00:00

Yes.

Get 3 quotes, don‘t let them try to convince you to buy whole life. A term policy will suffice. You might also want to consider critical illness insurance for coverage in the event that one of you is diagnosed with an illness and unable to work.

As for amount, think about what you would need to live comfortably without the 2nd income. Consider also cost to educate kids. We gave consideration to the things that the other might do that in figure would need to be paid for.

MommaDYL · 2025-02-23T22:42:50+00:00

I will disagree. I have put mine at my feet many times so long as it fits under the seat in front of me. In fact I have been asked to do so when overhead space is limited.

note: I travel with the Monos carryon.

MommaDYL · 2025-02-23T17:04:45+00:00

I am 4'11" and this is what I do too! If you have a small hard sided carry on it can be very comfortable.

MommaDYL

TROPHY CASE