This will be a very brief update, I still need to finalise my March expenses.
But in terms of my credit card debt vs. cash/bank accounts etc.
My credit card debt as at 1 April 2009 is $22,557.06, meaning I paid off $1,251.04 in March.
My cash/bank accounts as at 1 April 2009 is $5,514.49, an increase of $800.68 from March.
Just an explanation of my bank accounts etc:
My transaction accounts are what I use for day to day banking. As at 1 April they had over $2,600. This was due to getting paid just before the end of the month, I don't usually keep this much money in them.
My short-term savings is saving up for things like a new computer (which I desperately need), but basically any large purchases which I am going to make.
My long-term savings are just that - saving for longer term goals.
My emergency fund is only to be touched if someone is dying or I lose my job.
My main priority at the moment is to pay off my debt, but I'm trying to put a bit of money into each of my savings accounts & emergency fund each pay-day.
I'm very disheartened at the moment over my credit card debt. It's going down, but it still just seems like so much money. I posted a while ago that the Australian government was going to give most taxpayers a bonus. This was challenged in the High Court as to whether it was constitutionally valid. It's been determined it is, so I should get a $900 bonus this month, which will go straight to my credit cards.
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3 comments:
It's good you will be receiving your $900. I already received mine... I got $950 back to school bonus and $900 single income bonus. It went straight on the mortgage of course :)
You may consider fully funding an emergency fund of $1000 and then focus on your debt and when that is done focus on retirement savings. This strategy has really helped me make progress. (I learned it from the book Total Money Makeover)
I used to break my money our across many different goals and the progress was slow.
Hi Yellow Piggy
I do have an emergency fund of $1,000, which I will start to increase once I pay off more of my debt.
In Australia we have compulsory superannuation, our employer has to contribute 9% of our salary. I don't put details about that on my blog because I have a long way to go before I can use any of it!
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