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First Step Personal Finance Challenge: Budget My Last Paychecks

By: Green Panda | Date posted: July 16, 2008 (7:15 am) | Write a Comment (12 Comments)

Photo Credit: cambodia4kidsorg

I had a happy surprise yesterday. I was reading Credit Withdrawal‘s wonderful post on getting interested in finance and noticed that I got tagged. It’s a personal finance challenge started by Mrs. Micah to:

“Find one step you can take to make your financial system better or more organized.“

In view of my situation, my first step is budgeting my last 3 paychecks. I will get them Friday (hopefully).Last night I was looking at the numbers and reviewing my regular budget. I wrote it out and I can pay my monthly obligations with it. I’ll have a bit less to put into attacking my debt then I like, but I want to keep my savings in tact.

I want to have the budget set up BEFORE, so I won’t waste the lump sum. Having 3 weeks pay at once will look very tempting, but I want to act responsibly AND reduce job hunting stress.

I’m going to tag the College Money Network on this and see who will respond. Tomorrow, I look forward to giving some more information on the network.

Have a good day everyone!

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12 Comments
  1. Comment by sikantis — July 16, 2008 @ 5:13 pm

    I wish you luck!

    Check out sikantiss last blog post..Waterfalls in New York City

  2. Comment by Green Panda — July 16, 2008 @ 9:39 pm

    Thank you Sikantis!

  3. Comment by Broke Grad Student — July 17, 2008 @ 1:06 am

    Sounds like a great first step!

    Check out Broke Grad Students last blog post..Should You Take A Break Before Grad School?

  4. Comment by Green Panda — July 17, 2008 @ 6:28 am

    @BGS: I hope it’s the right one!

  5. Comment by Broke Grad Student — July 18, 2008 @ 1:49 am

    Regardless of right or wrong, sometimes taking a step in any direction is better than standing still.

    Check out Broke Grad Students last blog post..Introducing the College Money Network

  6. Comment by GG @ This Writer's Wallet — July 18, 2008 @ 6:28 am

    I’ll try to respond to this soon, as I think it’s a great, thought-provoking question! And I agree with BGS: great first step. Personally, when I set and followed my first budget, like that first month or so, I was surprised at much more freeing than confining it turned out to be. I could spend within categories without any guilt or feeling of bad decision.

    Hope it goes well for you, too, and looking forward to hearing about it!

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