Monday, 7 May 2012

Money Monday

hehe this makes me laugh

Spending Fast and me, they don’t really work, yes I want to pay off my debt but I am not an all or nothing type person. So my idea is that I won’t buy things that I don’t need but will not cut everything out of my life that I enjoy, because to me that’s not living. I fully intend to live completely within my means, I am still full committed to knocking out my debt but I think a Spending Diet is the way of doing it that is going to work the most for me.

So I will not spend money on…
  •    Books (I have plenty that I have not yet read)
  •  DVDs (yet again I have a ton that I haven’t even taken the plastic off yet)
  • Clothes (I have more than enough in my wardrobe to get by for the next 8 months
  •  Home Decorating. Knick Knacks, Treats and Flowers, they are extras than can be purchase paying cash or using my debit card once I clean my debit and cut up my credit cards.

The steps that I have taken to ensure that this will be entirely possible is that I have applied for a 0% interest credit card balance transfer, for a card that will join my current card in sitting somewhere that is as far from my wallet as it can be. This interest free period last for 8 months and will save me approximately $120 a month which is a lost considering that there were some stages last year where I paid nearly less than that off my card each month.

Another step I am taking is removing my debit card from my wallet, I’m going to be keeping it in a safe compartment in my car, so that instead of putting everything on my debit card and not thinking about the money that is leaving my account I will be giving myself a weekly cash withdrawal (of $100) to spend on my expenses but once that is gone I will have to justify going to my car to collect the card to make any further transactions and I would probably just end up going home. Thats the plan anyway.

Current Debt Level - $8,900 (Cracked the 9K mark!!)

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