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One check a month

August 5th, 2016 at 06:51 pm

I think I may purchase the car I am currently leasing so I have a year left to save to do a hefty down-payment.

I have been plotting to save one of my checks each month but so far it hasn't gone well. The first month it went to a repair for a household item and credit card debt from house stuff purchases and a little eating out.

This month it's going to the credit card again for an forgotten annual expense, credit card purchases (for the house) and entertaining some visiting family.

I am hoping next month I really really am able to get it down to pay off my damn credit card balance and to put something toward the car. I think I may just bite the bullet and pull out $100 from these checks for house stuff (tools, repairs etc) and let then I'll put the rest to debt. That way I won't feel so pressured out kind of thing. I guess we'll see how it goes.

Posted in Personal Finance, House | 3 Comments »

3 Responses to “One check a month”

  1. rob62521 Says:
    August 5th, 2016 at 09:00 pm 1470430815
    1470430815

    Would it work better if you saved a portion of each check instead of trying to save one check each month so you wouldn't feel deprived? Years ago I opened a bunch of different savings accounts at a credit union. One is for vacation. One is for home improvement. One is for Christmas club. I write one check to the credit union, but then tell them how I want the money dispersed. It helped me to save that way because something always came up when I planned on saving a big hunk at a time.

  2. snafu Says:
    August 5th, 2016 at 11:00 pm 1470438018
    1470438018

    Like Rob suggests..How much is the downpayment you plan to make? Divide that sum into the number of paydays and deposit that sum in a free, no fee type saving account. That is more important to you than eating out or other discretionary factors which will be temporarily delayed.

    Is there any way you can make up some of the money earned in earlier pay cycles? I'm thinking going through every room to identify items no longer used, needed or loved. I suggest taking a photo and offer items for sale on local Facebook sell system and any local, popular buy/sell electronic site. You will benefit by having a bit extra for planned auto purchase, de-clutter and divest your self of items that need to go. What do you think?

  3. crazyliblady Says:
    August 6th, 2016 at 12:50 am 1470444627
    1470444627

    I agree with rob2521. Using a portion of each check would probably work better. However, getting rid of your credit card debt altogether would make it very easy. Can you work out a budget that includes every thing you pay on monthly so that you can see what you have to make room for? That way everything else can go to whatever your big goal is at the time, whether that is the car or debt. I have been successfully using a bare bones budget I have sketched out on a 4x6 index card. The budget includes the usual categories like groceries, gas for the car, electric, gas heat, insurance, etc. and the amounts for each. When each item gets paid, I mark through it and the date. If I happen to be at a store and want to buy something, I can pull out my card and at a glance what else I have to leave room for and see if I can afford the item I want to buy. I have also been allocating $20.00 from each paycheck as "slush" to cover small, unexpected expenses. Right before my next payday, if I have not spent the "slush" I transfer it to the credit card as an extra payment.

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