Overwhelmed!!!

[mrkrsll]

The GO is not an option for me. My office is about 125 km away. If I need to drive for work they do pay me 50 cents a km, but thats not to often. I think the gas milage I am getting is pretty good even though its a 2.4L 4 cylinder.
The LOC that I used the money from is no longer there. I took out a personal bank loan to pay back my parents. That loan is @ 7.5%. Osap is @ 6%.
I want to have a cushion built up, so should I put off paying any extra into my loans until that is built up?

[mrkrsll]

I do not pay insurace as of right now. I have the insurace in someone elses name for the time being.
I agree 500/month is a huge portion of my pay. I really dont see how I can cut that down. I sold my other car which was a v6 and bought this one which is much better on gas. I am pretty sure at this point my company would not pay any of my gas bill for my daily commute.
How would I structure my employment so mytransportation expenses are tax-deductible or tax-creditable

[MoneyGal]

Tax deductible = not going to happen if your transportation is just from your home to your place of work and back. If you have to drive 125km each way to a job, find a job that will compensate you somehow for this expense, typically by paying you more. Commissioned salespeople can deduct a portion of their transportation expenses, as mentioned above.

Tax creditable = tax credits for transit passes.

[MoneyGal]

Also. Not to be alarmist, but does your parents' insurance company know that you do not live under the same roof, and that you (it sounds like) purchased a car when you are not living under the same roof? Typically car insurance companies would allow you to remain on your parents' insurance as long as you are living under their roof, driving a car you purchased while living with them. And typically you can take that insurance with you if you take the same car once you move out. But once you are living separately and independently, and you are driving a vehicle you purchased while living separately and independently, unless you have fully disclosed all of this to the insurance company you may not actually be covered. Just make sure that your car insurance company knows your circumstances.

[mrkrsll]

I just started my career with this company. There is great earning potential here for me (100k + / year)
Good jobs are hard to come by, but I am always looking. If something came up that offered me the same that I have now, but closer I would probably go there. The reality is I do not see that happening anytime soon.

[MoneyGal]

Wait. Are you insured as an "occasional driver" on the car you are driving 200km per day? If yes, you had better hope you don't actually need insurance.

[mrkrsll]

For the sake of me living this is the only way. No they dont know.

[Spudd]

I think it would help you a lot to search for a job closer to home. If you could find a job paying the same but 10km away instead of 100km, it would save you a ton of money.

[mrkrsll]

I agree. Finding a job that pays me the same might not be that difficult. Now finding one with the same earning potential might not be so easy.
Sure I can save 500/month for now, but in 5 years looking back would it really be worth it?
Also when my gf is done schoool in 2 years we will be moving much closer to my work.

[MoneyGal]

Well, just be aware you're making a bet with an uncertain payoff. The expenses you are incurring now are real and unavoidable, given how you've structured your life. The payoff of "higher earning potential" is speculative, as in: there's no guarantee you'll actually obtain higher earnings at this company than if you find a different job (possibly with less perceived "earning potential"), but which pays more now or costs you less now.

Also, I suspect you actually don't have insurance coverage if you are in a car accident, so that's another risky bet. Whether or not your parents' car insurance policy would cover you in the case of an accident is unknown, but the insurer can void the policy - including your parents - given that you are not disclosing material information to them which would impact your coverage. The insurer will call this fraud, btw; as this is a form of "fronting" or "rate-jumping" as this practice is known in the insurance industry.