Thursday, 8 September 2016

Payday Projections

Okay, yesterday was payday so effectively I am broke . . . nothing new for the last decade or two. What is different is that I have started moving in my new direction.

This is the first payday after my epiphany this last weekend in order to make Total Debt Freedom Day November 7, 2017! (Sorry, had to brag.)

One of the changes that I made was to no longer put any cash in the Long-Term Savings Account and instead put that cash into the Mid-Term Savings Account.

This is because in six weeks I plan to drain the Long-Term Savings Account as I use it and what I have saved in the Mid-Term Savings Account to pay off the truck loan.

Why paying the truck loan off early is so key to my getting debt free early, is because that truck payment is by far my largest single expense each month. 

As four and a half times that of one of Wanda’s payments! Okay, technically there are two Wanda payments a month, so the truck payment is technically 2.2 times my Wanda Payments.

I don’t budget for the whole month, however, I only budget for a half-month, as in each pay period. So freeing up any cash flow is important.

By paying off the truck loan and my low-interest card, along with keeping my other card to zero, I will be able to manage doubling what I can put into savings each month. 

That is what will enable me to pay Wanda off by November 7, 2017. That is, unless I see an absolute steal of a deal that I can’t pass up. 

If I do, see a property I can’t resist, I will buy said property and sit on it as I keep up my plan to pay Wanda off and have a bit of a cash cushion before considering moving. 

Into the new year I will really be moving into a freeing and time of great possibilities. I will keep focussed on being debt free, but I can’t be blind to property possibilities.

We shall see how things shape up, but for now I need to focus on living as frugally as I can and stick to my budget. 

All in all, things are looking up for me, despite the expected cold winter that is coming.

As always, keep your head up, your attitude positive, and keep moving forward!

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