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October 24, 2005


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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.

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