Wednesday, 26 July 2017

Back to Leveraging

Life, and especially a journey such as mine must always be marked with constant revision and refinement. 

Don’t be afraid to change what you are doing. For what made sense a few months ago, may no longer make sense now. 

That’s okay, go ahead and change what you’re doing if it makes more sense to alter what you are doing.

On a side note, just yesterday I cracked three months until Total Debt Freedom. Yesterday marked officially 3 Months and 4 Weeks until Total Debt Freedom Day: October 22, 2017.

A few months ago, (the beginning of May to be exact) I stopped putting my large payments right onto the Wanda Loan each payday.

Instead I put smaller lump payments on the Wanda Loan and put the bulk of that cash into my Long Term Savings. 

I did this so as to have that pile of cash available in case of emergency, yet still earmark it to pay off the Wanda Loan.

Well, now that I have enough in there to live (in uber-frugal mode) for the better part of a year, I will now switch back to making those large payments.

I will now, and for the remaining three months, put those original large payments on the Wanda Loan. 

I will put what small amounts that I can salvage from my budget into my Mid-Term Savings Account and use that for emergencies, if I absolutely have to. 

Over the next three months I need to:

1. Hit all of my savings targets for my Mid-Term Savings Account.
2. Leave my Long-Term Savings Account untouched.
3. Make all of those large payments on the loan.
4. Stay out of my Personal Overdraft.

I can do this but this way I will be taking more out of the outstanding balance of the Wanda Loan with each regular payment. 

Sure, it is an estimated $3.00 more each payment rather than the $0.80 now but it this point, every little bit helps.

I am looking forward to turning the page on debt and entering my “Rebuilding Phase.” 

For now, I need to hunker down and just muddle through these next few months.

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

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