This weekend just flew by, ladies! It is time for our Monday Money Update. Things are definitely challenging. I'm finding that things can be a little tighter than I had thought, but this is because of one payment that ends this month! After this August payment, about 12% of our budget will open back up PLUS I will be bringing in money from taking care of a friend's child. This will mean that we can loosen the belt a little bit and finally start feeling more at ease. This has been a rough start because we went completely cold turkey. I tell you, no matter how many times people tell me they are "doing the same thing" because they pay their credit card off monthly, I don't buy it. I've done both now, and living credit card free is much harder. I actually think that living on cash only might be easier because you have what you have in your hands; there is no risk of overdrafting. That being said, I am going to try out the Dave Ramsey method of cash-only. I know I had a lot of cons listed about going with cash only, but my foot is now in my mouth (ah, the beauty of the internet...) I think we'll have a lot more saved and left over if we don't have that temptation of
The Card. Anyone else living on cash only? How do you like it? Any suggestions or discoveries along the way? I would love to hear your thoughts on this. Finally, has anyone checked out Mint.com in the meantime?
Just a little side note about the Grocery Game. I ended up having to go shopping again this week because I didn't have my normal stash. That was a little frustrating and an expensive recovery. I'm not 100% sold on it yet, but I keep hearing that it takes time.
That's it for now. I will update some deals for you all that I've found.
For years my husband and I lived 'cash only'. It was a great tool in teaching us financial discipline. I had a recipe box with envelopes in it. The envelopes were marked in the top corner for: donations, food, water bill, electricity, house payment etc. One envelope for each bill.
ReplyDeleteWhen my husband got paid he took his check straight to the bank and cashed it in the bill amounts I had previously determined. (This many $1.00 bills, This many $5.00 bills and so on) That way, when he came home I had the right change for each envelope.
I also had a budget worked out on paper that helped tremendously. Knowing where the money was going on a pre-determined budget for the bills that were regular and allotting an estimate for those that changed each month helped me see ahead of time where the money was going. This worked very well.
At Christmas and for birthdays, we decided everything had to be homemade from what was on hand or we set a small budget of just 5.00 per person. These gifts from my husband and kids are my most memorable.
My favorite dates still are the ones where we lock ourselves in our bedroom with a hamburger and a movie! With 11 kids it was vital to lock the door :)
Hope this is helpful, email if you want more info.
Thanks, Becky Jane
Raising kids can be a lot like weeding the rose bed...well worth it, but...OUCH!
http://myelevenreasons.blogspot.com/
myelevenreasons@gmail.com
First- 11 kids??!!? Good for you and God bless you both! :) We have a budget set out, on an Excel sheet with what you've said above (i.e., exact amounts for the regular bills and estimates for fluctuating bills.) I, too, believe in homemade gifts and limiting spending at the holidays/birthdays - my husband isn't of the same mind, however, especially when it comes to the holidays. I think the cash only diet will make the most significant difference. I will, of course, report back with my "findings." Thanks for the advice! I appreciate your thoughts. I'm anxious to get started on the envelopes!
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