If you’ve been around my site for any length of time, you’ll quickly realize that I’ve got split priorities when it come to my finances. Sure I want to get my debt paid off, but I also want to increase my emergency fund savings and use some of my money for fun things too. A quick look at my January budget reveals that I have some money going toward all three of these goals.
I’m not sure how you feel about having split priorities, but I think it’s key in finding balance in one’s life. Money should be used to bring joy to you and those around you, and when you have debt that isn’t always a possibility, or at least it’s a more limited possibility. Despite that fact that I have a considerable amount of consumer debt to finish paying off, I’m not letting it hold me back from pursuing all of my life goals.
I still plan to have some fun along my journey to becoming debt free. Of course, it will have to be more frugal fun most of the time, but I still plan to use some of my money to live my life. That’s why this weekend I’ll be travelling to see my BFF and her hubby. I’m really looking forward to our visit. This does not mean my budget is out the window. I have a strict budget of $150 for this weekend trip and I HAVE to stick to it this time.
One way I’ve gotten more serious about paying off my debt this year is by making multiple “extra” payments throughout the month as my side income comes in. So far, I’ve done great at it (thanks in part to my accountability buddy, Laurie). Each time my monthly cash flow shows I’ll have more than about a $20 “surplus” at the end of the month (after all expenses) I make an extra payment on CC#6 (the debt currently on my chopping block). I’m excited about how much extra I’ve put on that debt so far this month, so stay tuned for that info at the end of January. 🙂
I’m not naive. I know that by splitting my priorities between ramping up my savings account, paying off debt, and having some fun with my money I’m slowing down my overall progress on each area. I know that if I were to focus 100% on one goal at a time my progress toward that goal would be faster, but I also know that I would not last more than a month if I didn’t allow myself to have a little fun with my money now and then. This is called reality. 🙂
So I may not truly be “gazelle” intense, but this year my focus is on balance as I work toward meeting my goals. Last year I was more focused on one thing at a time and as you all know, that didn’t turn out so well for me. At the end of 2014, I had almost no progress to show for my first year of effort. I’m hoping that this more balanced approach will serve me better in 2015.
How do you feel about splitting priorities?
Photo courtesy of: Wonderlane