Thursday 22 June 2017

Wanda Payment Update

Okay, so today is not only Payday (Yay) but a Wanda Payment Thursday. This means that for the Payperiod of June 7, I had a Wanda Payment Double Whammy.

Why is this? Well, my Wanda Payments come out of my Main Account every second Thursday, like clockwork. 

I was last paid on Wednesday the 7th, but had a Wanda Payment on Thursday the 8th. Fast forward two weeks and here we are on Thursday the 22nd. 

I consider my Pay Periods to run from one payday to the next. Sounds simple, right? Not so much.

Specifically, one payperiod ends and another begins at the moment that I am standing in the bank depositing my paycheque.

Why is that? Well, because of cases like this, when some bill or payment hits my account overnight and throws the bank balance off. 

At the end of one payday cycle, I make sure to balance that budget. 

What I mean is that I ensuring that the closing balance in my budgeting spreadsheet (for each account) matches the actual bank balance for each account.

That way, as I move forward, my budgeting and forecasting is done with real-time and accurate information. This helps avoid the “whoopsies” of “oh, I thought I had more cash in there.”

(Not that that has ever happened to me . . . noooooooo.) We learn the most important lesson of all from our mistakes and failures: what not to do.

Anywhoos, this is why this morning’s payment on the Wanda Loan came out of the last Payday Cycle. 

With regards to the payment itself and how it has been impacted to my switching from making those massive extra payments on the loan to a much smaller extra payment, here goes.

I was seeing the difference in the amount taken off of the outstanding balance increasing by $3.00 or more with each regular payment. 

Now, that has dropped to $0.80, so a considerable drop, but it won’t make that much of a difference in the long term. 

The cash that was going directly on the loan is going into my Long Term Savings account to be put aside for in order to pay the loan off on October 22nd. 

Things are coming together, though, and I am staying focussed on the end date and “The Great Turning Of The Page” of going from Debt Elimination, to Wealth Building.

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

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