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jamethiel) wrote in ![[community profile]](https://www.dreamwidth.org/img/silk/identity/community.png)
actyourwage2012-04-23 11:45 am
jamethiel) wrote in actyourwage2012-04-23 11:45 am
Entry tags:
OK, actyourwagers!
It's great to see people using the comm! If anybody has any suggestions or alterations please feel free to make them! I'd love to hear from you.
Now, it doesn't seem on first glance like I've made much progress towards my goals. I'm still in debt (although I've been gradually chipping away at it).
What's really made the big difference is my savings. I sat down and got all my bills for the year. I averaged them up, added them up and divided them by a 26 (to co-incide with paypackets). I rounded up and added an "extras factor" to cover larger bills/inflation/unforeseen expenses. It's been fantastic. It was a bit of an adjustment at first but just not having to worry and do mental sums when I got bills has made an amazing difference to my stress levels.
The thing is, I don't touch that Bills account for anything BUT Bills. I would, eventually, love to build my "living expenses" savings into something more respectable, but I'll take the ability to pay my bills over that. The only exception is that I have the ability to still leave several hundred in my bills account and completely wipe out one of my credit cards, so I'm going to do that and then take the credit card out of my wallet.
Then I have a dilemma. I've done my sums and while still making my bills/regular payments, I can wipe my credit card out in three pay-cheques. Completely. I'd be out of debt. I would still have added to my bills account. My rent account will FINALLY have a month's rent spare by then as well.
It would require all of the spare money in my budget. I wouldn't be going short on essentials, but for six weeks, no going out to movies, no grabbing a drink with friends. The only thing is that due to the generosity of my parents, I wouldn't be short on wine (Thanks, parents! Um. 24 bottles of wine is probably more than I would drink in a while.). I have already paid for entertainment in the form of a membership to my local hockey team, so I get entry to all of the games (I can fit transport into my budget). I also have a huge pile of unwatched DVDs to get through. Theoretically, the gym I joined a while back will be open by then and it's in my budget as well.
I could do it slower. But the debt itself makes me anxious. And once I'm out of debt, I can put the card away and it becomes another safety net, after my savings.
So the question becomes: All in, and achieve one of my goals faster, or do I divvy up the money, pay more in interest and get to my other goals (new laptop and car service) sooner.
Now, it doesn't seem on first glance like I've made much progress towards my goals. I'm still in debt (although I've been gradually chipping away at it).
What's really made the big difference is my savings. I sat down and got all my bills for the year. I averaged them up, added them up and divided them by a 26 (to co-incide with paypackets). I rounded up and added an "extras factor" to cover larger bills/inflation/unforeseen expenses. It's been fantastic. It was a bit of an adjustment at first but just not having to worry and do mental sums when I got bills has made an amazing difference to my stress levels.
The thing is, I don't touch that Bills account for anything BUT Bills. I would, eventually, love to build my "living expenses" savings into something more respectable, but I'll take the ability to pay my bills over that. The only exception is that I have the ability to still leave several hundred in my bills account and completely wipe out one of my credit cards, so I'm going to do that and then take the credit card out of my wallet.
Then I have a dilemma. I've done my sums and while still making my bills/regular payments, I can wipe my credit card out in three pay-cheques. Completely. I'd be out of debt. I would still have added to my bills account. My rent account will FINALLY have a month's rent spare by then as well.
It would require all of the spare money in my budget. I wouldn't be going short on essentials, but for six weeks, no going out to movies, no grabbing a drink with friends. The only thing is that due to the generosity of my parents, I wouldn't be short on wine (Thanks, parents! Um. 24 bottles of wine is probably more than I would drink in a while.). I have already paid for entertainment in the form of a membership to my local hockey team, so I get entry to all of the games (I can fit transport into my budget). I also have a huge pile of unwatched DVDs to get through. Theoretically, the gym I joined a while back will be open by then and it's in my budget as well.
I could do it slower. But the debt itself makes me anxious. And once I'm out of debt, I can put the card away and it becomes another safety net, after my savings.
So the question becomes: All in, and achieve one of my goals faster, or do I divvy up the money, pay more in interest and get to my other goals (new laptop and car service) sooner.
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I quite like this community. :) Mostly I don't have conversations with people I know about financial stuff and debt, with one or two exceptions, and it's nice to have a place here to do that.
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(I... have enough to cover an emergency repair to either the car or a new laptop should I have to. I'd just rather not dip into general savings, but save for a purpose instead.)
(I think the problem is mostly psychological. I don't go out often, but dammit, I want the option to be able to!)
I think one of the huge problems is that (for me, at least) I DON'T talk about financial stuff. I didn't get lessons on credit and debt in school and if your parents neglect to teach it to you, the only people we have conversations with about it are trying to sell stuff. Having a place to Talk About Money has really helped me.
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Either way, it sounds like you've created some very thoughtful, disciplined-but-reasonable strategies for debt control. Very awesome. :D
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I think, for me, I've tried the "COMPLETE DISCIPLINE" approach and it just doesn't work for me. I need a certain amount of mad money. I tend to be really responsible with it, but I just need it there. But then, most money is psychological