Free Ebook.


Enter your email address:

Delivered by FeedBurner

« A Great Saving Story | Main | Balance Sheets Reveal Your Real Wealth »

October 24, 2005

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

These are all good ideas. May I add one or two more that work for me and my family who are one income, fixed income?

Our total income is $848.00

Bank fee and car insurance are auto deducted out of his direct Disability check, leaving $628.
The children each draw $100 off dad's disability check. I am in charge of one of them, so that gives me $100 to work with. He handles the rest.

When I cash the monthly check, I buy two rolls of quarters. That way I am "paying myself first". The rolls of quarters go into my home EF jar, not to be spent. (I hate spending coins, so that pretty much keeps me from blowing $20 for stupid stuff). Then $20 for family toiletries, $20 saved for school expenses, $20 saved for kitty expenses(vet bills),
$5 for birthdays, $5 for gifts, $5 for holidays, and the last $5 for clothing/shoes. I seldom go out, so I have very few spend days.

He adds up all the bills, subtracts that from the $620 in his account, then draws out $615, leaving $5.00 in his account as a cushion. Then he draws out the $100 in son's account, adds that to his $615, for a total of $715. Then he pays all bills, spends budgeted amounts for all other expenses, and what is left over is placed into an envelope labeled "Fun Money" not to be spent until family sits down for discussion.

Little amounts regularly saved do add up. We are using the old fashioned Envelope method, which keeps us very aware of our spending and helps us track where our money goes.

The comments to this entry are closed.

Start a Blog


Disclaimer


  • Any information shared on Free Money Finance does not constitute financial advice. The Website is intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. All posts are © 2005-2012, Free Money Finance.

Stats