This week is slated to be a better week than last week was. If all my payments hit on time, we’ll make almost twice the progress of last week, and we have a whole extra week to keep paying down.
I’m beginning to adjust to the new work schedule. Its rough, and has me extremely tired, but if I can just continue to tough it out, then it will speed our process of eliminating credit card debt. But how much will it speed the process? And at what cost?
One thing that I didn’t take into account with the extra jobs was extra expense. I immediately assumed that all monies earned could go directly against the debt, which is, in fact, false. Due to our schedules being so packed, we are spending more on food because we are eating out more. We are also spending more on gas (mainly me, since my wife’s second job is on the way to her first), but these are factors I hadn’t considered with the extra job.
So instead of putting an extra $800 or so a month against debt, I’m only able to contribute about $600 a month. That’s $150 per week, for an extra 28 hours of work. That means that I’m making less than $5.50 per hour of work to get debt paid down. I’m not sure that it is worth it. Given the amount of energy it takes to hold down the second job, I know that my performance at my primary job isn’t quite what it was before the second job.
So, if you were in my situation, what would you do? Would you keep the job, since it is decreasing my debt, even at a slow pace, or would you turn in your notice, and be done with it?