By Matt - Sunday, February 26th, 2012
Over the past couple years I have been working really hard towards a promotion at my day job. Working towards this has meant that I have had to almost effectively work two jobs and that has chewed up my time, my energy and over time beaten down my mental state. This past week I finally got the good news that it has happened.
On the good side is that all my effort has paid off and over the next few weeks I’ll be fully transitioning to the new position. My mental state has already started to improve and lets be honest the pay hike that came with it is definitely a good part of that. The other nice thing is that I won’t need to split my time between two fairly different roles.
Now that I’ve got this promotion I am going to have to do a few things and the first and foremost of these is to figure out how to adjust top my new pay. I’ve gotten raises and pay hikes in the past and its all too easy to start spending more.
What I want to with my new found money is to pay down my debt and to increase my savings. I have been putting about 5% of my income into savings, which while its not as high as it should be, I want to make sure that this percentage is maintained and actually increased.
The other thing that I will focus on is the debt that I’ve got and I am actually debating what to pay down first. I know that one of the best options is to pay down the highest interest rate consumer debit first then to snowball it onto other debts. I was also debating on accelerating the payments on out car to improve cash flow that much more. Right now I haven’t made a final decision but I am definitely going to do a full assessment and I’ll share my thoughts when this is done.
Either way I am ecstatic that I have persevered and that I have finally gotten this promotion!