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The Cheapskates Club Glossary of Commonly Used Cheapskating Terms
Cashed Up Habits
Cashed Up Habits are the little things that you unconsciously do the Cheapskates way.
It takes 21 days of doing the same thing over and over to form a habit. To help you develop Cashed Up Habits the Cheapskates Club has developed a series of Cashed Up Habits that will help you on the way to living life debt free, cashed up and laughing.
This is the plan you live by. It is an outline of your incomings and outgoings. Your Spending Plan keeps your finances in order, your bills paid on time and is the guide for building your Spending Account.
A separate savings account where you deposit money to be used in an emergency. Ideally six months worth of living expenses. Emergencies always crop up. They are always guaranteed, unlike the money to deal with them. Be prepared and plan!
Peace of Mind Account (PoMA)
This bank account is where you deposit regular amounts to cover irregular expenses. We call this your Peace of Mind account because of the peace of mind that comes from knowing you can pay those bills when they arrive.
A simple strategy anyone can use to pay down debt quickly.
Stands for Make Our Own . Rather than buying things you can make at home, quickly and easily, yourself.
This is the bank account you have set up in conjunction with your Spending Plan. This is money put aside regularly for a specific purpose that is not a regular expense or need i.e. an overseas holiday or new carpet.
It covers your day to day and month to month expenses as per your Plan and so you can live rather than be buried in debt.