October 27, 2003
Enronitis
I must have learned too much while I was reading up on Enron's failures. I just got paid today. for a while I have been trying to pay down my debts, so what I do is put all my bills in, subtract an amount to allow for "incidental" expenses, then put the rest toward a credit card payment. But, what I've been doing is playing the float on my checking account/Line of Credit Overdraft so when I get to the end of a two week period I'm "overdrawn" from my cash balance, thus spending money that I didn't intend to spend.
So here is the remedy, declared in public to prevent myself from "bending" my rules. The rules are:- My Line of Credit must not have any transfers into my checking account.
- I must not spend past my "cash" balance.
- All purchases must continue to be made and accounted for on a cash only basis. (i.e. No credit usage)
- Enter all transactions ASAP
- Remove as many unnecessary transactions as possible.
- Place a note of my cash balance within my wallet
- Suspension of all coffee shop purchases for two weeks.
Crazy? Probably. At least a good idea? Yes. Will it work? Stay tuned.
Posted by nickb at 12:06 AM
Post a comment