Blue Friday

It’s payday. You might think a day of joy — time to get bills paid, take a small step towards debt reduction, and maybe even put a few dollars in the emergency fund.

But this morning, when I sat down with my coffee to hit the the online banking, by the time I was done I was almost in tears. I don’t even have enough to cover everything and if I don’t find some extra cash pretty fast, I’m going to be farther into some debt wormholes.

(BTW, I know I mentioned getting that desk below and you might be wondering how? My dad gave me a gift card for Office Depot recently he recieved at work and with the coupon I have it’s just enough to buy the desk, thankfully.)

So why am I here?

  1. I overspent on my emergency trip home to California and the proverbial chickens are coming home to roost
  2. I am not budgeting.
  3. I need more income or to reduce expenses even more. But I’ve cut a lot of the fat and still am dealing with a lot of payments on old debt.

So where do I go from here, without adding further to the debt load?

Short term — generate some quick extra income and get creative to avoid any additional expenses that would end up on a credit card

I have a few electronic items I’ve been meaning to sell on Ebay. I’ll be taking photos and putting up listings tonight. That could net me hopefully about $100 or so in 1-2 weeks.  I also have a couple of small items to return to Walmart — about $15 worth of merchandise. These returns can cover lunch fixin’s for next week so my grocery expenses should be nil. There’s food in the pantry that needs to get turned into dinners, as well. In other words — DO NOT SPEND ANY MONEY in the next week on food (and surely don’t charge any more).

Mid/long term — Work more hours on home-based business , start a budget (and stick to it!), and keep looking at expenses for areas to trim

Quit slacking and start picking up more hours with the virtual call center I take calls for in my home office. I worked a half hour this morning and have more hours lined up this weekend.  I need to keep working more hours to generate more income in July.

I’ve been playing with a new, free financial site that can track how you spend your money. Data will get loaded this week as a first step towards assessing my spending habits and creating a budget going forward.

Feels good to have a plan — but I admit I’m still feeling blue.

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  1. D

    Don’t get blue, get down to work.

    Write down everyone that you need to pay and the minimums.

    Then start calling – look for anything, delayed payment, interest only payment, lower interest, skip a month.

    After you handle the issues on your back right at this moment.

    Find an income stream – something above and beyond your jobs now. Check out my http://2-nickels-making-a-dollar.blogspot.com for ideas.

    You should see some extra cash in less than a month. Then when the dollars trickle in, and they will…..I suggest you save 30% (to cover any potential tax liability – which I doubt you will have right away) in your emergency fund. You will be making a little extra if you put this in an HSBC or ING (I have referrals) account.

    Next, tax the 70% left over and pick your smallest balance and put these dollars there. Why not the highest interest? Because you need to loosen the cash squeeze first. You can alter your snow ball payments to the highest interest after you gain a bit of breathing room.

  2. I can understand why you are down. I just got a big raise and a very big bonus and on the one hand I’m thrilled about both and the fact that we were able to make some progress with our emergency fund.

    However, I know that for the next 10 months (until my next bonus) the amount of progress will be so small compared the the amount of effort I put into watching our budget. It can be a bit daunting and depressing.

    That said I think you should give yourself a huge thank you for becoming so focused and responsible. It may take a long time but you are totally in control which definitely deserves celebration. That’s very inspiring. Hang in there.




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