Monday 24 October 2016

Trying For The Trifecta!

With this payday behind me, and the dust of this current Payperiod’s budget-crafting settling, I can (and have) look ahead to the next two Payperiod’s budgets.

Since this current paycheque was a little larger than expected (yay), I could rearrange things and take a larger bite out of my Low-Interest Credit Card.

This means that it will take an even smaller bite to finish it off next payday. That money saved means I can actually shuffle that over to my next goal: Building up my Mid-Term Savings Account.

I looked at my budget and with a bit of extra cash coming in from another source within two payperiods I can do something amazing.

I can (just barely) manage to:

1. Pay off my Low-Interest Credit Card
2. Put $1k into my Mid-Term Savings Account
3. Put $1k into my Long-Term Savings Account
4. Keep $1k in my Main Account

This will be, for me, the Trifecta! Meaning I will have at least $1K in each of my accounts. 

This is more of a psychological barrier for me as it will mean that I have, what I consider, the minimum amount in each account.

This is also so as I don’t see a large fat wad of cash sitting in one account and start wondering what toy or nifty thing I could buy with it. (Not that that has happened . . . nope . . . never . . . not yet . . . nu-uh.)

It is also a bit of a safeguard against being greatly financially “attached to another object by an inclined plane, wrapped helically around an axis” if either: my boss decides to pack it in and shut down the company, or I find myself “actively encouraged to seek other employment opportunities.”

This will, most importantly, mean that I will have $3K available to me for emergencies or for that last push to meet Total Debt Freedom Day (Nov, 7, 2017).

I plan, and intend, to stay above $1k in each of these accounts, but know that I may drain down on my Mid-Term Savings Account, in order to keep the Wanda Paydown Plan on schedule. 

I may end up dipping into my Personal Overdraft in order to put the $2K in the other two accounts. I will, however, pull my hiney out of my Personal Overdraft with the paycheque of December 7. 

If I can actually achieve this, I will be in a much more relaxed frame of mind as I put those large payments directly on the Wanda Loan while at the same time trickle save into my Mid-Term Savings Account, building that up.

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

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