Author Topic: Does Anyone Actually Look Forward to the 1st of the Month?  (Read 16645 times)

nitsuj1225

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Does Anyone Actually Look Forward to the 1st of the Month?
« on: August 28, 2015, 12:58:40 PM »
This is more of a psychological thing.  I hear people say all the time they hate the 1st of the month or whatever time of the month their debt payments are due because it means they have to shell out cash.  Is anyone else like me and actually look forward to the day of the month they get to make a debt payment? 

I have 2 mortgages, one for our primary residence and one for a rental property.  I pay a little extra principle on our primary mortgage.  Both due on the 1st of the month.  Call me weird, but I find myself looking forward to the 2nd of the month so I can see the balances drop and my equity in the houses increase.  I just thought to myself the other day, I doubt there are many people out there that would actually feel this way and I could see that being a mustachian sort of thing.

obstinate

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #1 on: August 28, 2015, 01:00:33 PM »
all bills and payments are on autopay. It never even comes to mind that they are being paid at any particular point in time during the month.

thd7t

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #2 on: August 28, 2015, 01:01:07 PM »
I've never heard anyone complain about the first of the month, but I do look forward to it.  I just sort of feel recharged at the beginning of most months.

Cookie78

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #3 on: August 28, 2015, 01:01:23 PM »
My mortgage payments are every Friday so I don't have this problem. However I look forward to the 1st of the month because it's rent day. After collecting rents I can go 'spend' it all gleefully, buying ETFs.

TN_Steve

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #4 on: August 28, 2015, 01:19:29 PM »
financially, not noteworthy for us.  4 m/l equal income payments a month, 7, 15, 21, and last day, between two of us, and autopay bills (plus quicken is set up to show coming months' big bills too...).

But, now that we are closing in, it feels great to be able to think "one less month of work."  I suspect that will feel even better as we get closer.  :-)

nitsuj1225

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #5 on: August 28, 2015, 01:21:39 PM »
My mortgage payments are every Friday so I don't have this problem. However I look forward to the 1st of the month because it's rent day. After collecting rents I can go 'spend' it all gleefully, buying ETFs.

Good call, I believe receiving income on the 1st may be part of the "excitement" for me as well.  We get a rent check on the 1st which covers one of the mortgages + an extra $350.   

K-ice

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #6 on: August 28, 2015, 01:26:39 PM »
My mortgage payments are every Friday so I don't have this problem. However I look forward to the 1st of the month because it's rent day. After collecting rents I can go 'spend' it all gleefully, buying ETFs.

Cookie78  I agree with almost everything you say.  :)

I read a cool comment, look over and it is you.

I just noticed your signature:

We have a similar FIRE goal as well.  August 2017 would be great!

Cassie

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #7 on: August 28, 2015, 01:29:04 PM »
Our pension checks arrive then! When we had debt I looked forward to seeing the balances go down.

FI40

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #8 on: August 28, 2015, 01:31:50 PM »
Yes! The first of the month is when I take a look at all our accounts and calculate net worth for tracking purposes. Nice to see us getting closer to our goal (unless the markets take a dump, but then I'm happy anyway since we might get to buy in cheaper on the next purchase).

RidinTheAsama

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #9 on: August 28, 2015, 01:37:49 PM »
Yes! The first of the month is when I take a look at all our accounts and calculate net worth for tracking purposes. Nice to see us getting closer to our goal (unless the markets take a dump, but then I'm happy anyway since we might get to buy in cheaper on the next purchase).

I was about to say the same thing - I like the first of the month because it's when I "allow myself" to update my net worth spreadsheet. 

Megma

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #10 on: August 28, 2015, 01:38:34 PM »
My budget starts over on the 1st of the month, so it's nice to see how I did on groceries etc and start the battle over! This month we had a party so I am looking forward to getting some categories out of the red!

When I was receiving rent, it was even more exciting to see my savings account grow!

Cookie78

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #11 on: August 28, 2015, 01:41:13 PM »
But, now that we are closing in, it feels great to be able to think "one less month of work."  I suspect that will feel even better as we get closer.  :-)

Oooooh ya! Similarly, I have a countdown chart I color in a section of after each month too. One more reason to look forward to the 1st of each month. :)

My mortgage payments are every Friday so I don't have this problem. However I look forward to the 1st of the month because it's rent day. After collecting rents I can go 'spend' it all gleefully, buying ETFs.

Cookie78  I agree with almost everything you say.  :)

I read a cool comment, look over and it is you.

I just noticed your signature:

We have a similar FIRE goal as well.  August 2017 would be great!

Thank you!! This makes me smile. :)
I keep bumping up my FIRE date and I'm not sure I'll make it to 2017 now. Depends on how long it takes to sell the houses and how much I get from them. :)

Gone Fishing

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #12 on: August 28, 2015, 01:44:28 PM »
Heck yeah, I like the 1st of the month!  Every page I turn on the calendar is one month closer to FIRE!

BarkyardBQ

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #13 on: August 28, 2015, 01:50:44 PM »
I'm kind of a fan of the 1st. All bills are on auto pay scheduled within the first two weeks. Wife gets paid monthly and I'm biweekly. Wife's pay gets deposited over night before the 1st, retirement contributions go in and are settled by EOB, and mortgage goes through (and we like the mortgage price)! So basically the 1st is marked by a solid increase in NW.

I'm a red panda

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #14 on: August 28, 2015, 02:25:20 PM »
all bills and payments are on autopay. It never even comes to mind that they are being paid at any particular point in time during the month.

Ditto.

I have no idea when various payments come due.  Doesn't really make a difference to me. 
I don't know when my payday is either unless people in the office talk about it.

gillstone

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #15 on: August 28, 2015, 02:30:36 PM »
I like to use the 1st to do a quick review of assets and their growth.  Watching assets grow steadily is a nice payoff every month for being frugal.

forummm

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #16 on: August 28, 2015, 02:31:07 PM »
Yeah, I love crossing off another month. It means progress towards FIRE and everything else. And I get to tally up the monthly spending to see how much we saved that month.

big_slacker

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #17 on: August 28, 2015, 02:46:43 PM »
I measure time by project completion dates for work and events I get to take the kids to. Half the time I don't know what day of the week it is let alone month. :)

Bills are on autopay, but I get what OP is saying. It is nice to not stress about having a bunch of bills to pay.

lostamonkey

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #18 on: August 28, 2015, 02:51:14 PM »
I often deposit my pay cheque on the first of the month and pay my rent. Since I save a high percentage of my income and am paid monthly, my net worth always increases on the 1st.

themagicman

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #19 on: August 28, 2015, 02:55:39 PM »
This is more of a psychological thing.  I hear people say all the time they hate the 1st of the month or whatever time of the month their debt payments are due because it means they have to shell out cash.  Is anyone else like me and actually look forward to the day of the month they get to make a debt payment? 

I have 2 mortgages, one for our primary residence and one for a rental property.  I pay a little extra principle on our primary mortgage.  Both due on the 1st of the month.  Call me weird, but I find myself looking forward to the 2nd of the month so I can see the balances drop and my equity in the houses increase.  I just thought to myself the other day, I doubt there are many people out there that would actually feel this way and I could see that being a mustachian sort of thing.

I always look forward to it! it is when I close out my income/expenses and update my networth. I look forward to finding out all the info!

Zikoris

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #20 on: August 28, 2015, 03:02:19 PM »
I like the first! My spending all goes back down to zero, and I get to ogle my net worth increase from the last month. I also do my monthly retirement journal on the first, which is fun.

Papa bear

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #21 on: August 28, 2015, 03:27:52 PM »
Yes.  I get to collect my rent.  It's my payday!


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psinguine

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #22 on: August 28, 2015, 05:31:18 PM »
I'm looking forward to this one. September 1st hereby marks the last payment on my car. Every penny of freed up cash flow is cause for celebration in my house. I've also developed a sick fascination with watching how much my account balances swing in the first week of a new month. Thousands of dollars evaporating in an instant. It's amazing. Terrifying, but amazing.

david51

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #23 on: August 28, 2015, 08:33:29 PM »
          I'm a landlord, and have been told by some tenants, "The first is your favorite day of the month." And they are right.

Bracken_Joy

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #24 on: August 28, 2015, 08:42:22 PM »
I like the clean slate on Mint. I enjoy starting a new month and seeing how much I can cut that month!

August was our lowest yet. September should be lower still!

r3dt4rget

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #25 on: August 28, 2015, 09:26:52 PM »
All my bills are paid as far in advance as possible. While not exactly the 1st of the month, I do get excited when a statement for a particular bill becomes available so I can pay it. I like being a month ahead as sort of a buffer (YNAB practice). That is very much opposite of what most people tend to do, which is hope that the bill is due after their most recent paycheck!

FIRE me

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #26 on: August 28, 2015, 10:50:16 PM »
This is more of a psychological thing.  I hear people say all the time they hate the 1st of the month or whatever time of the month their debt payments are due because it means they have to shell out cash.  Is anyone else like me and actually look forward to the day of the month they get to make a debt payment? 

I have 2 mortgages, one for our primary residence and one for a rental property.  I pay a little extra principle on our primary mortgage.  Both due on the 1st of the month.  Call me weird, but I find myself looking forward to the 2nd of the month so I can see the balances drop and my equity in the houses increase.  I just thought to myself the other day, I doubt there are many people out there that would actually feel this way and I could see that being a mustachian sort of thing.

I love the 1st.  No mortgage to pay, I paid it off a couple of years ago. So for me the 1st only brings good news.

I check my account balances, calculate my net worth, calculate how long I could afford to live if I quit my job “today” (the 1st), and best of all I strike off one more month on my FIRE countdown. Sixteen months left, as of September 1st. 

fb132

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #27 on: August 29, 2015, 05:25:58 AM »
I love the first of the month. I use YNAB, so on the first I get to see where I am at with my net worth (I update manually my investments on the 1st). I also make all my payments for the month on the first, I also get interest from my savings account...but best of all, it's the day where I transfer my money to Questrade so I can invest. I usually invest once a month and it's on the first of the month unless the first is on the weekend. I love when I have lots of things to do with YNAB and that usually happens on the first week of the month, after that nothing interesting happens with my bank account, so there is little to do.

CmFtns

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #28 on: August 29, 2015, 07:07:32 AM »
ditto with everyone else... I like to see how my spending was and calculate net worth cash flow and everything out.
cross off another month

kpd905

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #29 on: August 29, 2015, 07:20:26 AM »
Rent and student loan payments go around the 1st.  I calculate my networth on the 7th because then I'm sure all those payments have gone through by then.

Roadhog

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #30 on: August 29, 2015, 07:21:46 AM »
I too look forward to the 1st of the month to calculate monthly savings rate, net worth calc and realize I'm one month closer to FIRE.

Lski'stash

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #31 on: August 29, 2015, 07:57:09 AM »
Yes! The first of the month is when I take a look at all our accounts and calculate net worth for tracking purposes. Nice to see us getting closer to our goal (unless the markets take a dump, but then I'm happy anyway since we might get to buy in cheaper on the next purchase).

I do this too! the first of the month is a fun time of reflection for me. I like to see how we are doing on our financial progress, and what to tackle next.

Vilgan

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #32 on: August 29, 2015, 08:49:02 AM »
I look forward to it because I get to invoice all my clients and figure out how much we made the previous month.

GetItRight

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #33 on: August 29, 2015, 01:08:25 PM »
I look forward to the days my bills are due. Means more progress on debt repayment. Love seeing those numbers shrink, seeing NW increase, seeing money hit my 401k. I tend to make many small payments throughout the month on my highest interest student loan. I'll do once or twice a week $200-$500 payments typically. If it was a good week so far as income I may throw a few hundred more. I also pay my credit card balance about weekly for my cash back card that most expenses go on. Making payments on debt makes me feel good, so I do it a lot. Buying my freedom one sliver at a time.

One Noisy Cat

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #34 on: August 29, 2015, 04:16:19 PM »
Yes. Pension direct deposits and write down net worth. It won't be the best month for the latter but keep a written record calms the unhappiness of a bear market since we survived the previous ones.

Ftao93

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #35 on: August 29, 2015, 04:27:58 PM »
I don't mind the 1st.  our rent is cheap for the area, and it pays a portion of our friend's mortgage.

It's also when I reset the budget for my fun money, so that means if we had done anything to eat the budget last month, then it's OK again.

I suppose as soon as we actually do get a house, I might hate the mortgage date for a few months, but I'm sure it will wear off.

mozar

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #36 on: August 29, 2015, 05:35:29 PM »
I like the first, but the end of the month is better for me. I get paid on the last day of the month. My new tenant is so prompt with rent that i usually get rent on the 27th or 28th, if not earlier.

MBot

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #37 on: August 29, 2015, 09:31:46 PM »
I love it! The 1st (well, usually the day before!) is when we see how much surplus has accumulated the previous month and use it.

So first we see how much has come in that month is total (variable pay between our jobs, tenants and pay periods).

Then we get out charitable donations/tithe.
Then we transfer into various accounts:
- one that the next month's automated fixed bills and long-term savings come out of. This one we don't spend out of.
- one that all our variable spending comes from so there's a built-in limit and we can only spend what's in that account
- several accounts for short-term savings.

Then we see precisely how much is left over and sock it towards debt - that was to the tune of over $1700 this month.

Bateaux

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #38 on: August 30, 2015, 08:37:32 AM »
When you're debt free you don't fret any day of the month.  I get paid twice a month and even those days are no big deal.  Almost all the paychecks are invested anyway.  All bills pay automatically and there is enough float in the checkbook to last for months.  My advice.  Get here and FIRE if you want to.

oinkette

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #39 on: August 30, 2015, 09:32:21 AM »
My bills are paid all over the month.  Rent is due on the 1st, so that's annoying. But I love the 1st because it's when I evaluate the last month to myself and see where I've (usually) grown financially. No debt, but I do add to my FIRE accounts.  I look at the total number of shares, rather than the amount...mostly because things like the last week's fiasco usually make it seem worse than it really is.

midweststache

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #40 on: August 30, 2015, 09:36:44 AM »
I look forward to the first of the month because I get a clean slate in YNAB. I can look back on the previous month and go "HOLY SHIT WE SPENT HOW MUCH ON FOOD?" and then work to fix the problem. I also like watching our monthly net worth calculations go up.

Mostly, the first of the month confirms that we've already paid all the month's incoming costs (YNAB Rule 4) so I can siphon extra monies away to long term savings (down payment fund) and student loans. Then that month's income goes to the next month's spending.


Thegoblinchief

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #41 on: August 30, 2015, 04:54:06 PM »
I like being able to close out last months budget, move stuff around, prepay debt or add to investments, etc. All of that I do a few days after the first just to make sure everything's cleared, but I definitely look forward to the official start of the month.

Roland of Gilead

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #42 on: August 30, 2015, 04:57:07 PM »
I look forward to Mondays and I hate holidays.

We recently early retired, and I like to follow the markets as a hobby (and a little investing).  Saturday and Sunday are boring for that.

Holidays the market is closed and people invade the parks and hiking trails we like to use during the week while they are at work.  I guess it is understandable, but I don't like holidays anymore.

My wife says I have early onset grump.

edit:  Oh, the OP was talking about paychecks and such.   Nah, we always had our money dumping into a 401K or investment and never really knew what day of the month was payday while we worked.   I kept $10k or so in checking but mostly used CC to pay for stuff.   Like the other guy said, when you are debt free, you don't fret any day of the month.
« Last Edit: August 30, 2015, 04:59:20 PM by Roland of Gilead »

Jags4186

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #43 on: August 30, 2015, 05:09:17 PM »
I love the 1st of the month.  All of my budgets in Mint reset and I give myself a pep talk that I will keep within the amounts I listed :-)

Kris

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #44 on: August 30, 2015, 05:22:23 PM »
I do! What can I say? Paying my bills and looking over my finances is a fun take-stock moment where I get to congratulate myself on how well we are moving along on our path to FIRE!

Debts_of_Despair

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #45 on: August 30, 2015, 05:27:20 PM »
Yup.  Always a good feeling to clear out pending bills.

Sofa King

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #46 on: August 30, 2015, 06:11:42 PM »
Heck yeah, I like the 1st of the month!  Every page I turn on the calendar is one month closer to FIRE!

THIS!

fb132

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #47 on: August 30, 2015, 06:25:37 PM »
Heck yeah, I like the 1st of the month!  Every page I turn on the calendar is one month closer to FIRE!

THIS!
Normally I would agree, but technically it can be false on some months, for example this month my net worth went down because of the volatility from the stock market, so technically I went backwards and a little bit further away from Fire.

forummm

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #48 on: August 30, 2015, 07:45:47 PM »
calculate how long I could afford to live if I quit my job “today” (the 1st),

How do you do this? Is it NW divided by spending, or a cFIREsim type calculation, or something else?

Andrew928

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Re: Does Anyone Actually Look Forward to the 1st of the Month?
« Reply #49 on: August 30, 2015, 07:50:56 PM »
I love the first, get to pay all my car note and pay off the balance of my credit cards.

 

Wow, a phone plan for fifteen bucks!