Friday, 2 May 2008

Frugal Fridays - Ignore New Income


I am returning to work on Monday after being off for almost 11 months. I do contract work and so do not work at a permanent job. I took the summer and fall off to move and renovate my home and then started looking for work in January. It has been a slow year so far.

So ...what do I mean by ignore new income? I had put money aside to take the time off - it has started to get tight and I tighten my belt accordingly. I have been making do without any major sacrifices.

This new job only pays once a month at the end of the month, so I really won't even have an income until next month - but what I plan to do, is to continue as I have been doing. I am going to keep my belt tight. I am going to continue to make do.

I have a credit card to pay off and I have to stash away money for next year's income taxes, plus I want to build up my savings that I have nearly depleted, so I am going to transfer all the money but what I need for bills, into separate accounts. Out of sight - out of mind.

You can do the same with any raises you incur during the year - you are not used to having it, so you won't miss it.

For more great frugal ideas, stop by Biblical Womanhood.

2 comments:

mommanator said...

would be exciting to have unexpected income LOL Retirement was difficult to get used to at first, thankfully I decided to put some away when working. Every time I got a raise I put that much into my account and really didnt miss it as you say.
Wish I had done earlier in my career, so would now have much more, however God will provide!

Laura said...

Great plan! You're very smart!! Hope you enjoy returning to work!