Now that we know the issues for going off track it’s time we make an Action Plan to correct it. Which can go above and beyond just fixing the issues. Here’s my action plan:
- Control my spending on the new Credit Card - The reason I say to control vs get rid of is I do get points and the card comes with no annual fee. Yet I need a balance and that is I can only spend if I have the money in the bank and I need to start paying it off every week, as to not cause a balance.
- Increase hours - I need to manage my time better and I need to get my work done vs browsing the internet or playing games. I also need to work after hours if I have no homework or any other work I need to do until I get my Emergency Fund back to where it was when I had car repairs done and from the excess spending.
- At least follow a basic budget - Until I get my finances back into shape I need to stick to a budget and not overspend. I also need to allow some wiggle room in the budget so a small issue won’t dip into my Emergency Fund.
In addition to the list above I added a goal to increase my Education Fund, figured it would be appropriate as it would fit in nicely with Increasing my hours. Now it’s just a matter of time to see if my plan is working and if I have made any improvements by the end of the month.