This has been a hard week for me. I have a lot going on in my personal life that is taking a lot of time, attention, energy and stress. Having said that, I can't exactly throw my finances out of the window so here is the plan for October.
October is another blissful 5 Week month, which means that I get an "extra" paycheck that doesn't factor into my budget. I always agonize over what to do about these. With my first two checks for Job #3 coming in too, though, I've realized that I could do one pretty huge thing this month.
I can pay off my car.
My car has my biggest monthly debt payment. It's $200 a month, and without that to pay I would make enough at Job #1 to cover all of my minimums. That would mean that every other penny can pay down my debt or be saved. This means that I can feasibly quit one of my other two jobs any time I want because I won't need them to pay my bills.
I'm very excited about this prospect. It's only be two months early, but I think it would be the absolute best thing to do this month.
My other goal for October is to come up with a better savings plan. I need to really go through and look and analyze everything to make sure I'm saving up the right amounts for the right things. I also need to give my savings a raise, as well as figure out my check from Job #2.
Maybe you can help. I'd like feedback here.
My base pay at Job #2 is very low. I make a small amount hourly and the rest is commission, which can be hit or miss. These checks are normally under $100. Nowhere in my budget do I have money allocated to gas or entertainment or clothes. I'm thinking that what I should do is save part of the money and spend part of it, and let the checks from Job #3 go exclusively towards debt.
So, here are my options:
A. Put half of the check in savings and spend half.
B. Put my base pay only in savings and spend commission.
C. Put my commission in savings and spend my base pay.
D. Some other option I haven't thought of yet.
Generally, my base pay is higher than my commission, but it's hit or miss as to whether that is always the case.
Please let me know what you think in the comments! I'd love to have my readers decide this one for me.