My previous job was underpaying me as a university graduate. In spite of that, I have always managed to put aside a good chunk of each pay check after accounting for my expenses.
The thing about being paid with checks is that I have to specially make a trip to the bank branch to drop it off. There isn't one of those along the route between my home and my former workplace. If I was paid on the 25th of a certain month, sometimes I might only be able to drop it off on the 7th of the next month, where I pass a branch of my bank. But up to the 25th, I would already have bought what I have assuming that there will be a pay check coming in.
When I had to suddenly quit my job, I got paid according to what it said in the letter of appointment. I only managed to drop off that check the following month. After I quit I was buying more things than usual - stuff that I like/find really useful but had no time or energy to seek out while I was still at work. My thinking was that as long as I spend less money than what goes in the bank, I should be fine.
At the beginning of the following month I had no idea when my next paycheck was going to come in, and from which client. I had already made plans to go freelance and told a few close friends. I was loading up on what toileties I anticipate I need from the drugstore, since it was my birthday month and I could get a bigger discount if I bought more then. There was also a rare sale at a shop, where there's an expensive book I had my eye on, so I went to the bookshop and bought a few great books.
Then a friend linked me up with a client, so I had some money going in my wallet at the end of the month, but it was less than what I had spent earlier in the month.
Now I have kind of worked out how much of my money to use for work stuff and personal stuff, but now I need to see a counsellor to talk out some stuff that has been haunting me in my previous company. They were saying that I can apply for a subsidy if need be. I look at my budget this month, and so far I can pay the non-subsidised rate for one session. But I am not sure what happens if I need more sessions this month, and I spend more than what I will get at the end of the month. Haven't actually started counselling yet so I think I can ask them more questions about subsidy if necessary.
My main discomfort is with spending in a month more than I earn in a month, but with so much uncertainty I feel I have to take care of myself emotionally...But I want to hear from you guys, is there anything I should change about the way I manage my money? How far is the limit into dipping into savings? Thanks.
10 Oct 2011, 8:12 pm
