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Revised Approach to Extra Income

June 1st, 2009 at 02:29 pm

As some of you know, I teach an evening class in addition to my regular schedule at the university. I've always just thrown this money into the general fund, but I've been feeling like it just gets lost in the mix.

So here's my latest allocation strategy. It'll be divided into thirds with 1/3 going to mortgage principal paydown, 1/3 to retirement/college fund for DD, and a full 1/3 to just pure fun.

Our EF is fully funded, and we're doing some home improvements which qualifies as fun under my plan. I'm hoping the visible signs of progress with the mortgage, retirement, and college funds will keep me inspired when sometimes I'm not enthusiastic about the additional work.

2 Responses to “Revised Approach to Extra Income”

  1. cottoncolors Says:

    It does make it easier when you know you are working to accomplish something specific. Sounds like a great plan!

  2. creditcardfree Says:

    Good idea! I hope it works for you.

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