Increasing Income and Decreasing Debt Update
By divalounger
@divalounger (6182)
United States
February 11, 2016 2:33pm CST
I was just looking back at a posting from September about my twin goals of increasing income and decreasing debt.
I wanted to increase income by $10,000 a year and decrease overall debt by $20,000 this year--
I think of the year in academic terms, from September to September. Partially, that is because my voice studio tends to follow the academic year, with summer being the slowest time.
So, here is the update. Income is up, about $500 more a month. I have picked up a new student and some legal writing. I would love to add one more student to the mix.
And we are paying off debt right now at about $4,000 per quarter.
So both are a little under projections.
On the positive side, I have been keeping both a closer tab on spending and on savings. I keep a manual ledger for all expenditures and this year, I have been much more diligent about keeping track of spending.
So how do you deal with your money? Do you budget? Do you save? What tools do you use?
15 people like this
17 responses
@nottoooldtowrite (2715)
• Philippines
11 Feb 16
We really should learn to spend wisely and save for a rainy day.
3 people like this
@divalounger (6182)
• United States
11 Feb 16
I have started a series of savings envelopes for things that I know we will need and it really helps!! We just had a $1000 car repair that I paid for our of my envelope system! I am proud of that!
2 people like this
@nottoooldtowrite (2715)
• Philippines
11 Feb 16
@divalounger wow! That is wise. I should try that.
2 people like this
@AbbyGreenhill (45490)
• United States
11 Feb 16
If you gain $5K in income you net gain is really $10K - if you get what I mean.
3 people like this
@divalounger (6182)
• United States
11 Feb 16
I am not really sure that I understand what you mean--could you tell me more?
1 person likes this
@scheng1 (24649)
• Singapore
12 Feb 16
I do not save except to contribute fund to the individual pension scheme.
We are allowed to put in more money into the national pension scheme which is held in our name. Once the money goes in, I will get it after retirement age.
I invest.the rest of my available money in the stock market.
I am very conservative, and I invest for income.
My dividend is getting better as I reinvest the dividend with whatever available fund.
Basically I live on less than half my disposable income.
i can still afford 2 overseas vacations a year.
2 people like this
@mommaj (23112)
• United States
14 Feb 16
@divalounger It sounds like you are on your way if you are paying it down. Look at how much more you are doing than last year. That is awesome.
@scheng1 Sounds like you are being very frugal with your money and are doing well. Good for you. I want to see more pictures from your trips. 
1 person likes this
@divalounger (6182)
• United States
14 Feb 16
@mommaj I have found that when I keep a ledger and do a quarterly check in, that I love seeing those numbers come down--it is very motivational for me!
1 person likes this
@divalounger (6182)
• United States
12 Feb 16
Then you are doing really well I suspect. We have the retirement money put away as well--now it is just a matter of paying things off
2 people like this
@rosekiss (30413)
• Eugene, Oregon
11 Feb 16
I really don't keep track of my spending, however, I probably should. I do have a rental, so I do keep track of what comes in thee, and what goes out for expenses like insurance. I have always been an impulsive buyer, but lately, I have told myself, that I should do that, as it put me in big trouble. Now that I am watching my spending, I know that I will have enough to do the things I ned to do with it. Saving isn't all that easy anyway, so I need to do all I can to make sure that I don't spend the money that I don't have.
2 people like this
@rosekiss (30413)
• Eugene, Oregon
12 Feb 16
@divalounger I am already retired, and I should have done tis a long time ago. I am not going to spend money, I don't have, no matter, how much I might want something. I am only going to get what I need and nothing more.
2 people like this
@divalounger (6182)
• United States
12 Feb 16
@rosekiss I totally get it! As I crunch all the numbers it can be a bit scary!
2 people like this
@divalounger (6182)
• United States
11 Feb 16
I used to be more of a spender than I am currently--but as I move toward retirement, I am increasingly aware that I need to get the debt paid off if I can ever hope to retire and enjoy my life. It sounds like you are thinking about your spending more which is probably a good thing
2 people like this
@BelleStarr (61463)
• United States
12 Feb 16
We paid off all our debt before we retired and now live a debt free life. I pay all credit card biill in full. It is working well for us and is a lot less stressful.
2 people like this
@alchemistrx (2547)
• Philippines
12 Feb 16
@divalounger I'm glad i'm debt-free when i'm semi-old.
1 person likes this
@divalounger (6182)
• United States
12 Feb 16
I bet you are @alchemistrx --it does seem to the biggest factor in finding some monetary relief
1 person likes this
@divalounger (6182)
• United States
12 Feb 16
That is what I am hoping for too @BelleStarr! Now aren't you glad you got it all paid off!
2 people like this
@Shiva49 (28390)
• Singapore
12 Feb 16
I am semi-retired now, just help out when needed. I might have saved every year during my forty five years of working. So when I realized I can survive without working, I am stopping now. Otherwise, I can well end up working till my last day and that I don't want.
I have no debts but income just to cover my expenses. My activities are limited and not expensive so that helps as also getting entertained for free at MyLot! I spend for my needs, so no budgeting and I live on my savings and I try to protect my principal from where I generate my income though I still get some income from my work - siva
2 people like this
@alchemistrx (2547)
• Philippines
12 Feb 16
@Shiva49 How old are you now Mr. Shiva?
1 person likes this
@divalounger (6182)
• United States
12 Feb 16
Then you are lucky @Shiva49. You are lucky!
2 people like this
@Shiva49 (28390)
• Singapore
12 Feb 16
@divalounger I have nothing to complain - just have to be careful as I slip into the evening of my life! siva
2 people like this
@maezee (41985)
• United States
11 Feb 16
Excellent! I can happily say my income has increased and my debt has decreased over the past year, although, quite substantially. I didn't pay off nearly as much as I wanted to, but I increased my salary by about $14K by switching to a totally different job. Very glad I did. I do not budget currently but wish to learn how - I am so hopeless with spending money. Awesome to hear you are paying off so much debt. Keep up the great work!
2 people like this
@divalounger (6182)
• United States
11 Feb 16
It does feel great maezee! My relationship with money has always been fear based--we never had enough growing up--so it feels great to move to a place where I feel more in charge of it all. It sounds as though you are also making positive moves financially!
1 person likes this
@rebelann (117259)
• El Paso, Texas
12 Feb 16
I'm retired and live on a fixed income so I don't have a choice other than to be extremely frugal. The way I've done that is not to drive often which means I don't use up too much gas and when I run out of food I try to find it online first so it can be delivered or else I go to the warehouses like Sams or Costco once a month and stock up on things I eat.
Hey, I have to feed the furbabies good food so it too is delivered about once a month.
2 people like this
@divalounger (6182)
• United States
12 Feb 16
Sounds like you are so aware of how to deal with your money. I have a friend who has most of her food delivered as well--and it does save on gas! We are about 8 years out from retirement--so I am trying my best to get things taken care of now
2 people like this
@rebelann (117259)
• El Paso, Texas
13 Feb 16
Wow, in 8 years so much can happen @divalounger I hope you find yourself out of debt so that all you need to pay are the utility bills and insurance, those are always a pain regardless.
I was lucky enough to get a pension from my employer when I retired and I used it to pay off all major debts.
1 person likes this
@divalounger (6182)
• United States
13 Feb 16
@rebelann You are right--a lot can happen in 8 years--and if we are diligent in paying things off, we should be ok moving into retirement--
1 person likes this
@divalounger (6182)
• United States
11 Feb 16
Thank you Marlina! I did it all so poorly for so long! IIt is a relief to feel more in charge of it!
2 people like this
@marlina (154103)
• Canada
12 Feb 16
@divalounger Always remember that YOU are the one telling your money what to do.
1 person likes this
@divalounger (6182)
• United States
12 Feb 16
@marlina It really does make me feel good to actively make those choices
@divalounger (6182)
• United States
12 Feb 16
That is wonderful Jabo! And I best you enjoy your time! Congrats to you!!
2 people like this
@softbabe44 (5815)
• Vancouver, Washington
12 Feb 16
There's nothing wrong with that.
1 person likes this
@divalounger (6182)
• United States
12 Feb 16
At least I feel as though I am making progress!
1 person likes this
@PainsOnSlate (21845)
• Canada
5 Jun 16
Sounds like you are doing a good job. We are semi retired we both get benefits from years of both of us working and paying into SS. I still get good money from my art and he is doing something he loves and gets paid well from May to November. A long time ago we found ourselves drowning in debt. We worked hard and removed the debt and cut up our credit cards. When we moved to Canada we got credit cards again but they are paid in full every month. If we can't pay cash for it we don't buy it. It has been our motto for most of our married life. We now have the money we need to live and play. Life is good but it took a disaster with credit cards to make us realize how stupid we were being at a young age.
1 person likes this
@divalounger (6182)
• United States
5 Jun 16
We now pay for everything with cash as well,but it took time to stock pile an emergency fund for things like car repairs and house repairs--but once we did that, it was much easier not to put charges on the credit cards. We are still making good progress on repayment. How did you end up moving to Canada? I would love to do that!
1 person likes this
@divalounger (6182)
• United States
7 Jun 16
@PainsOnSlate Ahh! That explains both how you made that transition and your wonderful schedule! My husband and I are both musicians and music teachers--it would be wonderful to make that transition! I am envious!
1 person likes this
@PainsOnSlate (21845)
• Canada
6 Jun 16
@divalounger My husband was recruited by a Canadian company to come up here and work. It was in sports (he was a coach) so it got us into the pros. He is retired from coaching but still is involved. He is the on the radio for every game. Canada's teams play and work from May to November.
1 person likes this
@Morleyhunt (21741)
• Canada
12 Feb 16
We have a loose budget. I had been an target for eliminating all my debt before January 1st. Since my mother passed away in November I am off target. We have a permanent houseguest who adds to our financial expenses without any significant contribution.
1 person likes this
@divalounger (6182)
• United States
12 Feb 16
Thank makes it a lot more difficult. Adding to the grocery bill I am sure!
1 person likes this
@divalounger (6182)
• United States
18 Feb 16
I come from a dirt poor family and so, I tend to be a bit overly miserly I am afraid--and yet, I ended up with a mound of debt that I am trying to deal with. it sounds like you have your money under your control--and I think that is the most important thing
1 person likes this
@JudyEv (382357)
• Rockingham, Australia
19 Feb 16
@divalounger We do now - and at our age, it's about time! 
@Marilynda1225 (91127)
• United States
14 Feb 16
I'm always looking for ways to increase my earnings but I am frugal with my budget and try not to spend frivolously
@just4him (323168)
• Green Bay, Wisconsin
14 Feb 16
I could say I don't worry about it. I only have a debit card on my checking account. No credit cards. The only debt I have is my mortgage which is in foreclosure due to a lost job three years ago.
