General Goals 1) to be debt free in 3.5 years 2) save lots of money

Saturday, March 26, 2011

Bi-weekly Pay, Fund Allotment and Playing with Money

It was payday this last Thursday. I didn’t however move money around until yesterday.  As it turns out I was in over draft again by $0.11 and because I always have my Work Bank Account at zero they dipped into over draft again. What this all means is next month I will be paying over draft on overdraft… ARGGGG!!! I fell like such a (fill in blank). It bothers me because I have never had nor neared overdraft. In my mind when the bank balance says zero then that’s it. Money doesn’t grow on trees. Also in those rare occasions where I want on the read with Scotia I never got charged over draft interest. So I now have had to leave $2 in the account so as to stop these charges once and for all.

I made sure that I walked into the bank and withdraw the money that was left in my account AFTER ING had taken the money out. I use to do email money transfers as we are allowed 2 free, on one month billing cycle. I thought I had been ok that I hadn’t gone over the 2 transfers. However it has been indicated to me that I did which is how my account ended up in the negative.  Another reason I was given because I called in twice to find out how the charge happened; was that the ING stuff comes out of my account at 12am the day I picked and my pay comes in at 4ish in the morning. So hopefully by resetting my ING money to come out the day after I get paid this will stop the over draft interest as well.  Than on Fridays I will be whipping my account out at a branch and walking it over to Scotia. The hope is that all this will brake the gross cycle of over draft interest I have been paying. After all I worked hard for those 11 cents!!

My last month’s bill for Rogers was way over budget due to the stuff with Cuba, coming in at $155.83, thus $55.83 over. So I have had to play around with the numbers again. I had $28.00 left over from last pay. This was snowflaked into my bills account to help cover this cost. I had $25 (in cash) left over from the cost of my licence renewal that I was going to put into my car fund. This will go into my visa account and my allotted $25 from this pay for my visa will be rolled into my Rogers bill to cover the excess cost of the cell phone bill. This means that I will have $54.00 extra for this bill.

My Company Stock contribution was dropped .I would like in the future to make the full 10% which is $136.93. However I really can’t at this point, so I have dropped it down to 6% which is $82.16 a pay. My Bank only matches up to 50% of your contribution up to 6% which means that they will match 3% of my 6% contribution. You are allowed to put up to 10% but the Bank only matches up to 6%.

I have also added my Emergency fund to my direct withdrawals with ING. Starting this last pay ING will now take of $50 bi-weekly off my pay, $25 for my retirement fund and $25 for my emergency fund.

Last but not least, I have $7.28 that I am carrying around with me until I can get to a TD bank. This money will be snowflaked into my Line of credit.

Bi-weekly pay and fund allotment:

               Amount (after stock contribution): $1, 011.73

TD Line of Credit: $400
OSAP:  $0
Visa: $25
Retirement fund: $25
Emergency fund: $25
Christmas fund: $40
Storage Unit: $85
Vet bills Fund: $100 (50 for last pay and 50 from this pay)
Cell phone: $100 (50 for last pay and 50 from this pay)
Car Fund: $100.00
Spending money: $75

Bills paid to date for this month:

TD Line of credit: $700
OSAP: $300
Visa Card: $25.00
Cell phone: $155.83

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