On Wednesday I got paid by my second job. Not a lot because frankly the week before I didn’t work a lot. But it was just under $90 by a few cents. For a while I flirted with what to do with it. Originally when I put the goal of getting a second job this year on my list it was to use the money to pay down my LoC. And I have for the most part, if I got paid $180, $150 would to my LoC and the other $40 would go to other stuff, maybe $20 for gas and $20 into my What if fund. So I was pondering what to do with my less then $90 dollars. And I had this desire to allocate it to something other then my LoC, a very scary feeling. I ended up ‘talking’ myself into just dumping the whole amount into my LoC instead of splitting the amount up.
Yesterday I got paid from my full time job and before I started moving around numbers I did a bit of calculations. As I was leaving the office on my way to my car I started to feel less ‘strapped.’ It's was a completely psychological feeling but a dangerous one. I felt like I had ‘money to spend’. Today as I am writing thing I can tell you I am back to feeling ‘strapped’ finically. Don’t get me wrong I didn’t go out and blow everything I made. I did spend it, but on things like my vet bills fund, retirement fund, car fund and the list goes on. However after I dished the allocated money out (I get shift premiums which I never budget for because it’s a varying amount) I have $58.48 left. $10 I put back into my Emergency Fund because I took $10 out of it earlier in the week, so that left me with $48.48.
The question becomes though what do I do with the extra money.
This is the most dangers kind of money I think. It’s these little amounts that slip away from you. So when you get your T4 statement around tax time and it says you made XX over your normal pay which means to actually made $40,000 instead of $35,000 and you can’t remember what you did with that $5,000. It just simply slipped away; it’s the $48.48 dollar amounts that add up to that $5,000 you can’t remember what you did with.
The question becomes though what do I do with the extra money.
This is the most dangers kind of money I think. It’s these little amounts that slip away from you. So when you get your T4 statement around tax time and it says you made XX over your normal pay which means to actually made $40,000 instead of $35,000 and you can’t remember what you did with that $5,000. It just simply slipped away; it’s the $48.48 dollar amounts that add up to that $5,000 you can’t remember what you did with.
This was my delma last night what to do with that money. In the end I decided to put it in to my LoC. But I did realize something. I feel like I never make any progress on my funds, I think I piecemeal my pay to much. I am looking forward to when my Xmas fund is done so I can reallocate it. Maybe it makes sense to dedicate one month and put all the money in to one fund and all the money into another fund when the first fund’s dollar cap has been hit. What to you think???
I'm like you, some days I feel extremely cash strapped, and others I feel like I have money to spend. I hate that feeling.
ReplyDeleteI think you're idea sound good, work toward one goal at a time, I think you will end up noticing the changed faster and then be more pleased.
Ugh, sorry to hear about your car issues.
ReplyDeleteI would do one fund at a time. I think seeing the accomplishment would make me feel better. Kind of like the debt snowball but for saving money.
I know exactly how you feel. Some days I feel so financially free it's amazing. Those are the days I feel like buying gifts and treats and then some days within the same week I am entirely strapped for cash. I can't wait till I am truly free.
ReplyDeleteI also think you should try accomplishing one savings goal at a time as it may help you. I think feeling the accomplishment will help boost your moral. When you have that many funds and you contribute to all it can seem painfully slow.
That's one strategy but I only use it if I get a lump sum unexpectedly, like when I finally sold my trailer then I put $1200 into my emergency fund because I had used some for car repairs. It's really nice to see it back to normal again ($2000). You have to do what feels right for you!
ReplyDeleteI like working on one goal at a time, making it my main focus, but still adding tidbits to the others if I can.
ReplyDeleteFor example, if I have 3 goals, #1 is my main focus, but I will make sure to add something (even if it is only $10) to goals #2 & #3.
But, like others have said, you have to do whatever works best for you. :)