power surging
I’m considering my next power surge in getting ready for the house. A "power surge" is my concept for really using concentrated effort to push hard at a goal. Right now, for example, I’m in the middle of a power surge. I have saved a certain amount for emergencies and now that I’ve finished with that for now, I’ve diverted the amount that would otherwise be going to savings into debt reduction. I have a budget for gas, another for groceries, another for laundry, among other small budgets that help me keep my spending under control, and when I go under budget on any of those things, the excess goes to debt reduction. When I get to the end of a budget period and I have extra money in my checking account, the excess goes to debt reduction. When I get an extra paycheck (I can work with two a month, so if I happen to get three, I consider it "extra") as I will this month and in January, that extra paycheck will go to debt reduction. All of this adds up, resulting in my paying a debt several months earlier than I thought I would. This is great for me, ‘cause I am not a patient person. I want what I want, and I usually want it NOW. Power surges help me with that.
Just like with driving, I’m looking down the road, thinking about what my next project will be after this debt reduction power surge is done. At that point, my old credit card debt will be a mere memory (and lesson learned), and my net worth will be higher. Since my debt-to-income ratio will be within suggested amounts, my credit is very good, my only debt will be fixed rate, relatively low-interest debt, and I’m not sure I’ll have the patience to wait any longer, at this time my plan is to get my house. I’ll need a down payment, closing costs, and money for incidentals. This will take thousands of dollars. Ten should get me going. This is a slightly bigger goal than paying off $8K in old credit card debt. And I want to get it accomplished quicker than the anticipated 18 months it’s taking me to pay the credit card debt, so I’m going to have to power surge even harder than this time. Shifting all my efforts from debt reduction to savings is easy - the money just goes to me, c/o ING, instead of my consolidation lender. But like a power hungry villain, my inner net worth crusader wants MORE! Mwahahahahaha!
So I am considering giving notice at my apartment, putting my furniture in storage (hopefully for free at a loved one’s house), and moving in with my boyfriend to split his cheaper household expenses. We would both save money, and we could stop living out of suitcases between each other’s apartments. With power surge saving, an anticipated salary increase, and a possible additional stream of income, I could possibly be in my house by the end of ‘08. For real this time - not a hope, or a wish, but a deed and keys and welcome mat. I haven’t made my decision yet, but I know I can’t power surge as fast unless I come up with something.
