Erasing Our Debt

Salary Increased

I received my annual review yesterday. I was rated a 1 which is the highest you can get.

Last year my manager requested a 4.5% increase but since I had joined mid-year in 2006, I received a 3.05% pro-rated increase.

This year I am receiving a 7% increase! This will add an extra $220 a month to my income.

When I found out how much my increase was going to be I immediately started trying to figure out what to do with it. All the PF advice is to continue to live on your old income.

My biggest concern is how to keep that 7% separate from what I get paid now. I decided to just have 7% directly deposited into another account and use that account to make "extra" credit card payments.

I need to re-run the numbers to see my new get out of debt goal date. This will no doubt make a big impact.