Well I’m 2 months into my ‘debt diet’ and not unlike a weight loss diet I've come up against challenges that threatened to derail my efforts. That said, it’s simply a matter of picking myself up, dusting myself off and keep moving forward one dollar at a time.
Now that my monthly pay doesn't kick in until December, there’s 3 pay periods this month; which should really assist in getting that debt snowball rolling again and gathering some momentum before the end of the year. Not to mention the pay rise kicks in from now too!
I’m two weeks ahead in the rent from last month, so will use my first November pay to really get a good head start on that snowball.
I’m also kicking off my new simplified budget, which I’m excited about using in real life.
Last months unplanned expenses really showed me the need for at the very least a starter emergency fund of $1000, so I’m looking to get that underway too.
I've got two weekends away, a work trip, and my companies Christmas party this month too, which should all throw some challenges (or at least opportunities to make some good decisions) my way.
November in a nutshell:
- Maximise debt snowball payments this month
- Live to new budget
- Stash $300 into starter emergency fund
- Send off 'find my super' paperwork and consolidate all my superannuation into one account
Being ahead in rent will help a lot and I agree with you on the EF, I have come to appreciate the need for one.
ReplyDeleteIt will be interesting to see how the new style of budget goes in real life, I am thinking about changing to something similar so will see how it works out for you this month.
Absolutely Louise, not relying on cards for unplanned expenses really brings home the need for those 'rainy day' funds.
ReplyDeleteI really want to make a dent on things this month, and with all the running around I've got on it will be a great test on managing my resources effectively and still maintain a life in the meantime!