Hi Budget folks. I have a temporary promotion that puts my pay at almost double, so over $350 a day. It ends on February 28. I have a one-week check coming in 4 weeks (at the higher pay, so that’s good), and then the check after that is half high pay and half back to earth pay at about $180 a day.
I’ve been plunking money on debt and steadily adding a few dollars to savings. I need some tips for adjusting to living on way less again because certainly I’ve also spent more. Thanks for any suggestions and help. I really appreciate it.
It sounds as if you were able to get ahead on some of your debt and savings. If you were using a spreadsheet for expenses etc., update it to include your current payments, both your set payments and your variables. That should get you started to see what disposable income you can dedicate to your food budget, savings, etc. Good luck!
Maybe that extra can be added to your savings for a little buffer. Have you done your taxes? Getting a refund can add it in as well. I always feel getting the emergency fund funded keeps you from having to use a credit card for expensive car repairs, even tires. Your fund will provide cash for that. And then your credit card payments will actually continue to decrease your credit card balance. One month at a time, you will get there.
I can understand all of that. You are ahead of the game having the forethought to think about all your options first. Something I just thought as well… get one of the credit cards paid off and hopefully they will lure you back with a balance transfer that you can use to pay down or off one of your other cards. That was how I dug us out from under them. Takes time but I hopped back and forth and paid way less interest that way too. Once I got them paid, I upped my savings and never looked back. Now I use one and pay it off every month and use the rewards for Christmas shopping. Amazing what experience teaches us lol.
A budget is everything. It can be tedious work but knowing exactly what you spend and where you can cut is key. Now that you have experience in your temp position, would you consider looking for new employment?