Allocate Money Before You Spend It; End Up with Piece of Mind and an Added Bonus - More Money in Your Pocket
Opening up online accounts that offer high interest rates for our set expenses has given me piece of mind as I never have to worry about where I will be trying to find the money to pay the bills. What I have done is workout my set expenses for the year. For example I have opened accounts for utilities, holiday (this actually set which we are unable to change at this point, but who doesn't like a holiday :)) savings (one each for the kids and one as family savings) schooling/activities and presents.
Each week as the weekly wage arrives into the account I have set up automatic transfers into the accounts with the allocated amounts that I have worked out. I also have the our loan amount transferred out on a weekly basis as I find I can allocate a few extra dollars without feeling it. It is easier to find an extra $5 dollars every week than trying to find a $1,000 at the end of the month to pay a loan and an extra $20 off my loan a month eventually adds up. If it was in my everyday account I would probably spend it on something trivial and have nothing to show for it other than more clutter in my house that I will be throwing out next council clean-up.
I also set a budget for groceries and I use the meal planner as suggested by Anne in the Cheapskates newsletter. This is another place I save money; depending on what we are having for dinner really dictates how much I spend. I have never been over budget using the planner.
By following this simple formula somehow I end up with money left over in our account which I can do what ever I want to with without feeling guilty because I know all the bills/expenses are covered. If the kids need clothes or shoes I know money is there. At the moment we are working on our garden so I can buy plants; most of them are tube stock but they will grow. It just adds to the satisfaction of seeing my garden mature into a beautiful oasis that I created - from scratch.
Had this been a year ago I would still have no garden because we couldn't afford it and yet we had the same amount of money coming in, I just didn't know where it was going, even though a year ago I thought I was on top of our finances. I guess the key is to keep challenging yourself. Once you think you can work with the budget you have, squeeze a little tighter, it's amazing what you can achieve when you really push yourself.
Six months ago I was thinking of returning to work, now it is a distance thought as I work in my garden and really start to make my house a home. I love it, this is what life should be about not how much stuff we can accumulate.
Try it, what is the worst that can happen? You will be organised, have one less thing to worry or stress about and you may find you have money left over to do whatever you like with, pay down debt, save for a rainy, take yourself out for a treat, whatever.
Just recently we had our taxes done and our account made a snide remark about the amount of accounts I had set. I just smiled knowing that I have it right. I get to stay home and do as I wish while he works six days a week to make ends meet. You tell me what life you want to live.
I worked for 22 years for the same company and each week was the same. These days I never know where life will take me. Lunch dates at each other's houses (well really play dates for the kids but I get to catch up with my girlfriends), picnics at the park on nice days - or even in my backyard, last week it was a little show at the kinder, we went for drive to the beach in the middle of winter and played on the sand dressed in winter coats, how much fun did the kids have. The fun is limitless and the experience is priceless. All this from just organising my accounts.
Trish Ciantar
Each week as the weekly wage arrives into the account I have set up automatic transfers into the accounts with the allocated amounts that I have worked out. I also have the our loan amount transferred out on a weekly basis as I find I can allocate a few extra dollars without feeling it. It is easier to find an extra $5 dollars every week than trying to find a $1,000 at the end of the month to pay a loan and an extra $20 off my loan a month eventually adds up. If it was in my everyday account I would probably spend it on something trivial and have nothing to show for it other than more clutter in my house that I will be throwing out next council clean-up.
I also set a budget for groceries and I use the meal planner as suggested by Anne in the Cheapskates newsletter. This is another place I save money; depending on what we are having for dinner really dictates how much I spend. I have never been over budget using the planner.
By following this simple formula somehow I end up with money left over in our account which I can do what ever I want to with without feeling guilty because I know all the bills/expenses are covered. If the kids need clothes or shoes I know money is there. At the moment we are working on our garden so I can buy plants; most of them are tube stock but they will grow. It just adds to the satisfaction of seeing my garden mature into a beautiful oasis that I created - from scratch.
Had this been a year ago I would still have no garden because we couldn't afford it and yet we had the same amount of money coming in, I just didn't know where it was going, even though a year ago I thought I was on top of our finances. I guess the key is to keep challenging yourself. Once you think you can work with the budget you have, squeeze a little tighter, it's amazing what you can achieve when you really push yourself.
Six months ago I was thinking of returning to work, now it is a distance thought as I work in my garden and really start to make my house a home. I love it, this is what life should be about not how much stuff we can accumulate.
Try it, what is the worst that can happen? You will be organised, have one less thing to worry or stress about and you may find you have money left over to do whatever you like with, pay down debt, save for a rainy, take yourself out for a treat, whatever.
Just recently we had our taxes done and our account made a snide remark about the amount of accounts I had set. I just smiled knowing that I have it right. I get to stay home and do as I wish while he works six days a week to make ends meet. You tell me what life you want to live.
I worked for 22 years for the same company and each week was the same. These days I never know where life will take me. Lunch dates at each other's houses (well really play dates for the kids but I get to catch up with my girlfriends), picnics at the park on nice days - or even in my backyard, last week it was a little show at the kinder, we went for drive to the beach in the middle of winter and played on the sand dressed in winter coats, how much fun did the kids have. The fun is limitless and the experience is priceless. All this from just organising my accounts.
Trish Ciantar