Wednesday, February 24, 2010

Is it really only Wednesday?

Yikes, this week has been jam packed and it's only half way finished! Oh well I guess, today is payday and spring break is in less than a month! WAHOO!!

I decided to pick up a closing shift Saturday so that will help my paychecks and keep me out of spending trouble again! After they cut so many shifts during the last pay period, I should definitely take what I can get. I get nervous now when I check to see if the schedule is posted for next week because I don't know now if it's just not posted yet or I'm not scheduled at all. As of last night it wasn't posted so I'm trying to be patient but it's hard not knowing what your income will be.

As I mentioned, they cut a lot of shifts last pay period so when I saw how much I'll receive this Friday, I wasn't too pleased. I like to split my paycheck in half: half to savings, half to checkings. What's in my checkings finishes off whatever amount I need to make my budget work and the rest goes towards a loan payment. With this paycheck however, there is exactly enough going to checkings to make my budget work that there will be no loan payment for me this paycheck. It makes me kind of sad and now I'm wondering if I'm putting too much in my savings? Half a paycheck? Granted a smaller paycheck of the two but still, half is a lot when I have a 12.5% interest rate trying to rape me (sorry for the graphic wording but it's true-I literally rack up $1 a day in interest on that bad boy!). Anyways, what do you guys think? Saving is really important since I do have SO much to save up for and I know it's smart to have at least 10-20% of your paycheck go to your savings but is %50 just not realistic?

3 comments:

  1. Question. Is this money that's going into savings, your $1,000 emergency fund?? Or is it just extra savings? Because if you already have your 1,000 (which I think is very important) then I think you should just put the money towards your loans. But that is IF you already have your 1,000. I think you need that first before you can say you're fine to put the money somewhere else. =)

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  2. I already have the $1000 put aside for sure so this is just extra savings because pretty soon I'll need a place to live, MG might need a car, and it'll be savings so when I really HAVE to make loan payments, I have some extra money to ensure I can do it all on time. I decided that I'll reduce it to 20% savings and the rest to loans so I will actually make a $31 payment this paycheck and still increase my savings! YES! Thanks ma'am!

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  3. Savings is VERY important. And, like you pointed you, you will have savings to fall back one to help ensure that you can even make your loam payments in the future. Good thinkin =)

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