Thursday, September 3, 2009

It's Extra Paycheck Time Already!

Woohoo!!! Right after writing up my budget yesterday I looked at a calendar and realized there were 5 Wednesdays in September this year and thus I had arrived magically in a 3 paycheck month without even realizing it. Previous 3 paycheck months I had waited anxiously for, so it is, I think, a positive sign that this one snuck up on me. I've extolled on the virtues of the Extra Paycheck before (and have heard the response of how it's not really extra money but we won't go there right now).

In April I started my new job and used the extra paycheck to update my wardrobe, bolster my savings and go to DisneyWorld. Six months before that, I used a extra paycheck to attend a destination wedding.

This time a lot of the money will be saved up for our wedding, which is a good thing because the money just doesn't want to save itself.

I am also going to save some money for Christmas! Christmas is coming whether I like it or not. I've blogged about how I really should set aside a little each month for Christmas. I even made this one of my 2009 Resolutions. So I am transferring $200 to my Other Checking Account where it will be hang out until I start looking for gifts. I think my fiance and I will buy gifts for most of our families together this year but I can't very well make him buy his own gift. He, on the other hand, has been saving for Christmas all year (atta boy!).

So here's my Extra Paycheck Plan:

9/02 paycheck

$100 - credit card (I keep putting a little on this card and paying it off)
$200 - Christmas savings

9/16 paycheck

$800 - wedding

9/30 paycheck

$800 - wedding

So that's my current plan. We have a couple of installments to pay to our wedding vendors in the months of December and January so I am glad the three paycheck month came now so I can plan ahead.


Angie said...

I'm interested in a semi detailed post about your updated wedding budget. It seems you have been saving about 80/month with plenty of additional windfalls. Last target I saw was only 6k and it seems like you must have far surpassed that already!

Sallie's Niece said...

Great question. So far we have saved a little under $2k but have paid out about $1500. We still need about $8k, maybe more as I haven't even looked at wedding gowns yet. I'll post more details soon.

Slackerjo said...

I also get paid 3x in October. I used that money to re start my emergency fund and a I just paid off my car, let's start saving for another one to buy in ten years fund.

Savings not Shoes said...

I am super excited for you and your wedding and your ability to meet your goals. I have wondered though if it's changed the way you feel about saving--as you seem able to save with a lot more, dare I say, heart than paying down your debts. Do you think you'll be able to transfer this intensity over to your loans post-wedding?

Sallie's Niece said...

OH my yes I am excited for AFTER the wedding so I can attack debt full force. Also by then my next raise should kick in (and my fiance's?!) so I'm hoping for some forward momentum soon. Just have to be patient. Sigh.