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Downsizing My Paycheck

November 23rd, 2016 at 10:59 pm

I will be downsizing my paycheck in about a years time. My paycheck will be going down to half of what it is when then. So I'm working on getting my complete budget under that amount. What I was counting on was the car loan being paid off and not having a car payment for two years. Unfortunately I have to purchase a new vehicle because the current one needs $2,800 of repairs and I've already put in $1,000.

So the current payment is $200 on the current vehicle. It will go up to about $220, but I plan on making payments of $250. So I need to get rid of approximately $2000. Approximately $1,020 is the rent and water (it may be a bit more than that), electricity is approximately $100, and my parents are paying off two of the bills. So I just need to get rid of $120 more and I can be good to go on living on less.

3 Responses to “Downsizing My Paycheck”

  1. VS_ozgirl Says:

    You were writing in your last post that people are renting apartments just like yours for $817 compared to your $931, if you were able to swap apartments there is your $120 saving (or thereabouts) instantly made - downsizing your paycheque should be the perfect reason to downsize your living arrangements. How much longer on your lease?

  2. alice4now Says:

    Way to go on planning now for the paycheck downsize. VS has a good idea about switching to the cheaper apartment by that time. Would you be able to maintain $250 car payment during the downsize?

  3. Sian Says:

    downsizing my paycheck includes no longer paying rent at all, so I've taking out that amount from the paycheck. I need to do an additional amount of $120. And yes, I'll be able to maintain the $250 car payment.

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