The 60 Percent Solution

I read an article online today about the 60 percent solution, or how to live on 60 percent of what you make. Dare I try it? I always go over my take home pay, so how in the world could I live on 60 percent of it?

This might be a good time to try though, and I will experiment for the next few months. I am on reduced hours and pay anyway, not only because of the across-the-board pay cuts at our company, but because I am going to be working even fewer hours during the next month because I am taking off some time to study for the bar exam. I think I can make it on 60 percent of my income, or pretty close, for the next month. This is also a good time of the year for me to try it, as my really big expenses are out of the way for a while. It might turn out it has to be 80 percent or 90 percent or whatever. But if I can cut back at all, it will be worth it. I need to save money!

http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/ASimplerWayToSaveThe60Solution.aspx

One Small Step: I Paid Off A Credit Card Bill!

Yes, I paid off a credit card bill. I am thrilled! It was a small one, so no biggeeee. But it is one that has dogged me for a while. A lot of stupid tax connected with this one. Missed payments every so often, so there were late fees. The balance would come down and then because of late fees or non payment, the balance would get higher. Ick. I finally did it! Now I just have five more credit card balances to tackle. Too bad they are much higher.

Bad Economy Hits Our Company

We have been spared the worst of the bad economy--we are not declaring bankruptcy or laying off a lot of employees. For that we can be grateful. But the boss yesterday said we are going to have to start doing 36 hour weeks instead of 40 hour weeks. That does hurt. Like many people, I don't have that much left over after I pay my bills, which are far too many. But I think other people are being hurt much more. There are those here that make less than I do, and they have families, and they can barely get by as it is. And now they will be losing the equivalent of 2 days pay a month. We don't know how long it will last. Hopefully not too long. The timing is actually good for me, as I need extra time to study for the bar exam. Of course, it is not good because of the smaller paycheck. But in today's economy, I think we are getting off lucky.

Effects of Debt

I am the poster child for the effects of debt. (Constantly worrying about money, robbing Peter to pay Paul, etc. ) Well, not really, I guess. There are people in much worse shape than me. My debt is annoying and keeps me from doing all that I can do. If I didn't have debt, I would actually have quite a bit of money left at the end of each month. Makes me sick to think about it. But I am not losing my house, etc., so I am not in as bad of shape as some.

But I am where I am. I don't seem to be making as much headway paying it off as I hoped, but I am not adding to my debt, and I guess that is progress of a different kind. After I pass the bar exam, I am really going to work at ways to make some extra money and to save money. I just need to make enough more that I can see some headway.

But never--through all my dumb mistakes with money have I considered bankruptcy. I never did and never will go that route. I have wanted to avoid bankruptcy at all costs. It is just the way I am. Not saying that people who declare bankruptcy are bad. It is just not for me. I wouldn't want the shame, and I do think I would feel shame. I would want to take care of the mess I created. And I wouldn't want a bankruptcy to dog me the rest of the life the way it does. If you are considering bankruptcy, click the link above to see some alternatives. The site offers great explanations of bankruptcy terms and procedures and what it would mean for your life. And it shows you how you can be debt free in five years. A much better plan in my mind.

Not As Many Mystery Shops Right Now?

I have noticed that there doesn't seem to be as many mystery shops available right now. Not sure if it is my imagination, or if it is a fact. I used to get a lot of opportunities just a short while ago, but now they seemed to have dried up a tad. Maybe it is an end-of-the year thing, or maybe more people are out of work and need to do more shops. I could use the extra money, but I need the extra time I have by not doing the shops as well. You know--studying for the bar exam and all that. Time is definitely money in that sense. Maybe it is lucky after all I am not getting shops right now.

Dodged A Bullet!

I think I dodged a bullet and may escape getting overdraft fees this time. This is sad, isn't it? That I have to dodge a bullet to do this? Well, at least this time I had the presence of mind to contact a couple of people and ask them if they could hold a check I had given them for a week. At least one said yes. And I think that is enough for me not to get overdrafts, even if the other person says no or has already deposited the check. With Christmas and everything coming up, I just can't afford to give right now to my regular charity--Regions Bank. Hope they understand! They are so used to my regular paycheck to them. I am so happy! yay!

A Mystery Shop Was Snatched Out From Under My Keyboard!

This is wierd--I have never had this happen before. I had just gotten an email saying that some new mystery shops were available in my area. A lot of mystery shops are released at the beginning of the month. I clicked on the link to learn more about this particular shop, and I couldn't have spent more than a couple of minutes pondering whether I should take it or not. I clicked to go backwards on the link, and the shop was already taken. Right from under my nose! I have never had something like that happen so quicklyl. Probably for the best, as it required me to spend some money (of course I would be reimbursed). But with studying for the bar and all, I really shouldn't take too many shops. But this particularly company is one of the fast-paying companies, which made me consider it for that couple of minutes.