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Finally paying myself back

March 7th, 2008 at 07:38 pm

Back when I was actively debting and running amok with the bucks, I "borrowed" from my various savings accounts for God-only-knows-what. For the most part, I didn't keep track of that money, but on my last bender I did. Now, thanks to the challenge, I'm paying myself back for the first time ever. I owe about $800 to myself from that last little mishap, so now that I've got other stuff covered I'm slowly chipping away at that "debt."

My challenge money is anything above the basic income I have detailed in my spending plan each month. When the challenge money comes in, I automatically put 25 percent into my tax savings account since the bulk of it is from my booming side business and I'm basically trying to cover my butt. The rest I divvy up between savings and extra debt payments. Since I've been making extra payments toward student loans and the credit cards lately, I've decided it's time to show my bank account a little love. For example, after I put $12.50 toward taxes from today's challenge money addition, I then added the remaining $37.50 into the trash account (trash as in trash pick-up).

I'm really loving the challenge. It's making me account for my money and as a result I'm being more responsible with it....

3 Responses to “Finally paying myself back”

  1. JanH Says:

    I love the challenge, too! Before it, I would see that I had a little extra in a budget line and think it was okay to go ahead and get something I wanted with it. (I think I tried to keep to the spirit of what the money was designated for, but didn't try to do without--But I can't remember!) Now, I try to do without and add it to my challenge total. It has changed my way of thinking.

  2. Nic Says:

    Congrats on paying yourself back.
    I've always paid myself first thru 401K,direct deposit.etc.But, one of the bloggers here put it another way which for me made sense...He/She said to think of it as a bill that must be paid. So now, each check I get,10% goes into the savings acct.

  3. compulsive debtor Says:

    I've been paying myself first for years, then I started borrowing from myself (not a good idea).

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