At my current job, I get paid fortnightly which means this is how I revolve my finances. At the present, I pay myself $100 a week for 'living' (transport, anything others) and spend much of the rest on debt I incur.
So what was I paying off this fortnight? My third Chartered Accountants Module Fee.
As my current work has no study support, I had to pay it out of pocket. This came out to be $1,106. When I am earning 30k a year, it hits my wallet hard. And the fact that registration happened right when I returned from my overseas trip made it worse. So what did I do? I charged it to my card.
I tried to cut back on spending (unsuccessfully), delayed paying other debt back (I currently don't have any consumer debt, only a personal loan from my parents and my student loans) so I made it a priority. I marked the 11th of February with a big circle making sure I didn't pay my debt after that and incurring any interest or late payment charges. It was so stressful watching the days go by, hoping my pay would not be late (sometimes it is) and making sure I still had enough money left over to survive the next fortnight. And guess what?
I made it, with 2 days to spare.
It felt like a huge weight was lifted off my shoulders, and made me realise how important it was to establish a truly comfortable emergency fund so that I wouldn't need to ever pull out my credit card for these purchases ever again. I just don't feel right swiping things and not paying it off straight away. But now that i've toppled this obstacle, bring on my next challenge!
To pay back my personal loan from my parents. Its a (relative) whopper and without their generosity I would be so screwed by now. Stay tuned!
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