Tuesday, May 4, 2010

Slight change of plans

Throughout this challenge I have been keeping my personal finances separate from any money I have made from my challenge. That was before I became single.

Recently there have been a few things that have made me dip into my challenge money which has been a bit of a setback. Not nice, but it was necessary. Because of my current circumstances I have been trying to decide what is the best way for me to manage my money.

Am I better off still keeping it separate or should I put money from all sources, including any I save from my pension towards it as well.

I finally decided tonight how I would be proceeding and it does mean that my initial goal outline will be changed slightly. I have decided that money from all sources will be put towards my challenge, including my pension. I am not going to include the money from the sale of my house because I started my challenge in September 2009 and I had already had the house for a while then, so it doesn’t count.

I will be placing an amount into 1 account as an emergency fund, which I will add to each time I get paid. The rest of my savings will be going into another account to act as my challenge money.

I feel that since my life has changed since starting this challenge that I am better off doing it this way. Life changes and sometimes we need to change our goals to suit that.

1 comment :

  1. Good luck on you quest. I plan on following your progress and hopefully can learn some pointers from you.

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