Extra Money
Filed Under Debt |
A major key to us getting out of debt was looking for any extra money we could. This month I have two examples that have affected us that may give you some ideas on where to look for extra money.
Extra Money Example #1 – Extra Paychecks
For our monthly budget, we expect 2 paychecks for me and 1 paycheck for my husband. My company does payroll every two weeks, which means there will be 26 paychecks throughout the year. If you calculate that out, I will receive two extra paychecks than I have budgeted for, so it’s like getting an extra month’s pay!
Years ago, I wasn’t even aware of these extra paychecks. I did not keep track of paychecks. As long as there was money in the account, I paid the bills. End of story.
Now all extra paychecks go directly toward our debt. What a difference it has made! I can’t wait until we are out of debt and I get those extra paychecks all to myself.
Extra Money Example #2 – Changes in Fixed Payments
We got a surprise notice from our insurance company last month. Our monthly insurance bill was reduced by $13.00! Normal people would say, “that’s nice” and forget about it. People who are not normal, like myself, do something intentional with that money. Each month when the insurance payment is made, I will also be making a $13.00 principal payment toward our debt.
I do something similar with paychecks. Each time our paycheck amount changes, I figure the difference and send that extra amount to debt as soon as I’m paid each time.
Take a look at your own finances. Where could you find some extra money?
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Another way to solve the traffic problems of this country is to pass a law that only paid-for cars be allowed to use the highways. Will Rogers
