Tuesday, September 09, 2008

It's Extra Paycheck Time!

If you are living on a monthly financial plan, and you get paid bi-weekly on the same schedule I do, it’s should be extra paycheck time for you!

My extra paycheck will come on Sept 19th. The next check will arrive a few days into October, but I will accommodate for that by leaving some extra money in checking to cover the Oct 1 bills that are automatically deducted from my account.

As I’ve said in the past, before I started focusing on my finances I did not keep track of “extra” paychecks. If there was money in my bank account, that’s all I needed to know. So the extra paycheck basically disappeared. Sad. Now that I’m aware, of course, it absolutely ROCKS!

This money should never be needed for normal expenses because you are already living on a monthly plan that does not include “extra” paychecks. Right? RIGHT?

It’s critical that you do something productive with this money. Productive does not include going to the mall, going on a vacation, or just letting it sit in your checking account waiting for it to get swallowed up by other miscellaneous expenses. And misc expenses will come up because you see that balance in your account and think, “Hey! Look at all that money in there!”

No, doing something productive means taking the amount of that check and sending it to a credit card. Or your car loan. Or your student loan.

Or in my case, a “stupid tax” swimming pool loan. No laughing, Iowa Mom. I know. I soooo know.

On another note, I took some cans back over my lunch hour and received a total of $4.00. Every penny went toward my debt.