In the Interest of Full Disclosure
So I have a confession to make. I fell off the wagon a bit. I have a lot of good planning when it comes to my finances, but every so often I can get surprised by bills.
My checking account has a low interest overdraft on it and the first thing that happened was I started going over my spending budget for various reasons.
It's so easy to swipe a card and think everything will be covered next paycheck, and then to find out you are actually wrong and you've gone over.
So I maxed out my checking account overdraft to the tune of about $1200 over several months. I was doing mostly okay chipping away at it, until I had a $500 vet bill followed by a $280 dentist bill.
These wiped out my emergency fund and there wasn't enough to cover the rest. I also had to make a few purchases that will be reimbursed later.
A lot of this was me screwing up. I had a few times where I was buying food or drinks that I shouldn't have. I bought some birthday gifts which weren't part of my budget. Basically, I screwed up.
So going forward, I have pretty much wiped out my Bank of America credit card. I have one payment of $261 left to make on it, which is fantastic and I am SO proud of myself. I am next going to have to clear this overdraft, so I am a little further behind than I wanted to be.
This means no bold rejoicing yet.
From here on out, I'm doing something kind of bold. I'm moving to the cash system for my spending budget. I'm giving myself an allowance for spending and I'm sticking to it. If I don't have the cash, well, that's my tough luck.
I'm sure to get about $500 from various sources in the month of August, and I'm picking up more hours at one of my part time gigs, as well as working another part time gig. So things will start picking up and I expect swift progress. I'd like to clear these overdrafts, or at least get them manageable by September, though that feels a touch optimistic.
Regardless, it's time to get this show on the road. I'm so close I can smell it!