Well I’m a month into my ‘debt diet’ and it’s time to think about October. It’s going to be a challenging one, as I’m switch from fortnightly to monthly pay in November in the new job, so will have a 4 week stretch between pays, but only 2 weeks salary to fill it!
So the snowballing will take a hit this month as I need to pay 3 weeks rent instead of 2 over the next 2 pays to cover it, plus stash extra money away for getting through those two weeks without income.
This is of course why savvy people would have emergency funds! It just highlights even more why I need one and that I’m doing the right thing by getting myself sorted out. With the money I earn, this should not even be a blip on my radar, but it’s actually cause for concern and a real driver to change the way I live.
I’m determined to not use my credit cards unless it’s an emergency over that period.
As part of my ongoing financial awareness, I’m also going to be tracking every single cent I spend this month, to see where it all goes and what else I can cull or adjust to throw on the debt.
So that boils down to:
- Track every cent outgoing for the month of October
- No use of credit cards in October
- Pay 3 weeks rent each pay in October
- Stash $200 extra each pay in October for living expenses during salary switch