51%
yup that's right .... 51%
I was paid on Monday. That fun day when there is cash in my account. Then I spend that day and the next two skipping about moving money from this account to that or beginning the bill paying process. It's a bit like an easter bunny hopping about and distributing fat free calorie free eggs.
The day I get paid I remove the money that goes to my debt and to my savings goals.
So out comes the vehicle payment.
Out comes the money for RRSP, EF, XMAS, Summer etc (I am currently done my goals for that for the year and using that for debt.
Out comes the money I put in an account each month to help pay for costs of the boys' activities and fees.
Out comes the extra money I have between now and Christmas as I've maxed out on CPP and EI contributions. That money is also going towards debt.
What's left behind is the money for the jars for the month, the boys' allowance, RESP money that comes out on the 1st, utilities, money set aside for annual fees/expenses (like Costco), gym membership etc.
When I take out all those first things, I am removing 51% of my cheque. I hadn't really thought about it in that way before, but that's what is happening. Now all the things that makes up the 51% are good. Well ok the vehicle debt is bad but I walked into that with my eyes wide open. and I am glad I have a bit of extra money right now to make an extra payment (or two) on the vehicle each month to get it finished faster.
It does really make me realize how much is going towards that debt and I often wonder what wonderful things I could be doing with that money, did I not have debt.
However getting rid of my van was a good thing. I hear the engine's gone on it now. Could be the way the new owners drove it, but one never knows.
I know when I am done with this debt I will need to be saving for other big things.... washer and dryer and getting very old....the boys' will be going to university and I won't have enough saved.....they will be getting married one day....
It's frightening when you think of all those things.
8 comments:
Jolie, soon enough you'll be debt free!
And you might think that University and Marriage are years and years away, but it,s amazing how quickly all of these major expenses come around.
But you are up for the challenge, well done on another successful payday.
You are telling me - I get scared to death when I think of all the things that are coming up because I cannot afford them and don't know how to make it work.
My husband though, is the ultimate optimist and somehow it does work.
Hang in there - you are doing excellent!
Keep on "Hopping Along" you are doing great. Love the look of your blog also.
aawww... you guys talking university! :( dd just turned 7 yesterday & that 7 years has flew by... can I dig my heels in & vow never to let another day pass?
You're making great progress. Just writing it down and being accountable and aware of where your money goes and where it's coming from is better than most of the population!
Hey, ask 10 people on the street if they know if they've maxed out their CPP contributions yet, and see who knows? LOL
Oh, can you give my email to the Easter Bunny who delivers the fat free, calorie free eggs? We seem to be missing each other :)
Happy weekend!
All of these thoughts will help motivate you to get to the end, and to stay out of debt after you're done.
I had the exact same feelings!
I'm smiling, because there is always something to spend money on...just when I thought I was done paying for my daughter's college costs, she goes and gets married....and a wedding is expensive!
But I really like your approach, making sure there is money for everything. Hopefully you'll be debt free soon!!!!
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