Posted in Financial Shape in 2008
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Oh please DON'T MAKE ME DO THIS--- PLEASE--- maybe I'l just skip this-- no one would notice-- or care--but you know it is a bit more accountability-- so I'm gonna do it-- and it will be painful-- and disappointing---but---- well some days are like that, I guess-- I could blame it on pregnancy hormones-- or lack of ----ummm discpline-- or a loving Mr. Steady--who really does aim to please---at any cost--- So what could be so bad??? We moved BACK A STEP!!!!! yes-- what a bad idea--but we dipped into our savings a big-- to help get our new Suburban payments at the same level as our mini-van to help our MONTHLY budget!! Sounds harmless--to some--but it was a blow to me-- I LOVED having that Savings NEST!!! But I know if we had to stretch our MONTHLY budget to cover it -- that would've been painful too..... On top of that-- we have really been spending MUCH more than normal-- but it has been covered (Well) buy hubby's OT-- And he has been working 1 extra day per week-- and we have been SPENDING it- on all kinds of things-- Extra food and jars for canning for winter-- Fun day trips--CONVENIENCE FOODS (vs. cooking from scratch or healthy-just for EASY-ness) I could go on and on--and thankfully it has not affected our BUDGET plan-- but it is $$ that could've probably been used better--but hubby has really been trying to help our house (mostly ME) to have some *PERKS* before baby comes-- And that leads me to the positive-- I am SURE that once baby comes and we REALLY slow down-- the spending will slow down too-- Thankfully there will be no diaper expense-- hopefully no formula expense--- so adding the baby should be an expense free event!! (goodness knows she has enough clothes--- So--- where are we-- we are aiming for October-- and really doing MUCH better---- building back up that Savings account!! Check HERE-- for more Financial SHAPE Up reports---
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I really enjoy reading Money Saving Mom's entries on her Financial Shape up found HERE.... I haven't done a check up since Aprill, because I don't think we have reached any "goals" or "milestones". I am very happy in the way our budget has been working..and we have been following it very well... Our bills are all paid (even early) and there has been no scrambling to find the $$. So I really feel like we are only on step 1-2-- of Having our Emergency $1000 and living off a "spending plan". We have NOT made our one month's living expenses yet-- not even really close-- WHY? Because our budget is based on Jason's pay check w/o ANY Over Time-- we are putting $25 per week in savings...but thats it... and it will take a LONG time to really get anywhere with that. The rest is alloted in other areas to the full amount. I really think we need to sit down and have some more "goals" to get us to our BIGGER goals sooner-- although if you knew us a year ago you would KNOW it is a BIG step to be this faithful to budget (even a CASH budget). Our biggest issue now is when hubby does get some OT we spend it-- on what? Well sometimes on a camping trip, sometimes a Field Trip, buying some BULK HAY we weren't planning for... We spend his OT on things we "WANT" not need So that is why I haven't posted a REAL update in some time... Hopefully in September I'll have better more promising NEWS...
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-- because our budget is based on NO Over time--we CAN/DO survive with out it-- but when he works HARD and a LOT we like to have some FUN afterwards... and that is not going to get us to our Goals any sooner......Posted in Financial Shape in 2008
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Financial Shape in 2008- April Monthly Check-Up
**edited to add the above title and picture--to join with Money Saving Mom's Financial Shape in 2008 -- join in!! I have had 2-3 people IRL ask me some questions about our NEW BUDGET JOURNEY- To True Financial Freedom. As it is going to be a long journey for us....we are on it and I am so thrilled we haven't fallen off the wagon, YET. I am so thrilled my husband is 110% on board....that is why it is working...becuase if you KNOW me you know I start something at 100mph but quickly get tired and move on...not Mr. Steady....he is in for the LONG HAUL!! So... I am going to post a link to our beginning steps...which ARE VERY important if you want to know HOW we got HERE...WHERE DID THESE #'s and forms come from??? If you are really interested in this entry and do not read or understand the first one--- you'll be lost before you finish this one, trust me! So you go ahead and check that out and I'll get out our BILL BASKET: So.... we are on week 6, and I must admit the first 3 or so weeks took us AWHILE to get things going because I LOVE forms...I love checks and balances....so I run the forms and dh runs the calculator and the FINAL decisions. Of course once you have COMPLETED and "Correct" Monthly Income and Expenses sheet there aren't a WHOLE lot of decisions that need made... except our first 2 weeks we had a to put a BIT more in auto to be sure there was enought for the payment... (so clothing and a few other categories didn't get the right amount) but once you have 4 weeks in you SHOULD have enough to NO LONGER borrow from one to pay another. We do keep a bill calendar to see what's coming.... DO NOT use this to make your Monthly Income and Expenses sheet though... follow the steps in part 1 for accurate #'s. So in our NEW BUDGET folder I have our Monthly Income and Expenses sheet on the front sheet to keep an eye on what we budgeted. (the spent category is only added for ME at the end of the month) Next, I have a MONTHLY budget sheet... not sure if this is on crown's site...but it was in the book we received at the seminar. This is the first sheet we fill out...(I do the sheet...dh fills out the check book register). So first we put in the deposit of his pay check on the correct date (see dates on the left column) dh then enters that amount also in the check register (ck book). Then you'll see some $ amounts at the top of each entry (Auto, Food, etc). these are the WEEKLY amounts we need to put in each cateogry....coming from our Monthly Income and Expenses sheet divided by 4 (4 weeks). So I fill in all these amounts and as I mentioned above we had to watch our bill calendar to be sure we had the right amount in each category for the first 2-3 weeks...but now it's just the flat amount. (none of these #'s are in the ck book...just this form). Then we make sure that what we put in each category equals the TOTAL deposited. Are you still with me? It sounds complicated but after 6 weeks it REALLY isn't. So next... we take these numbers and put them in the individual account pages.... I inserted a copy of our Housing page....so you can see first at the top we also have the weekly amount here...and you will see 2 numbers...The one in Red was our March amount but after seeing the #'s for a month we moved our cell phone expense and internet expense to this category so this number is different for April. Moving on you can see the amount we deposited into this category each week.... you can also see we had a running balance (in the positve...new for us) and then when a bill (electric, phone) came due the money was already in there... and at the end of the month...we still have a balance to pay April's bills... it REALLY works!! Above is a picture of our Savings page..this looks similar to our tithing page...we keep depositing the correct amount each week and at the END of the month we decided THEN we would move the $ to savings and pay our tithe.... it works this way and is less checks to be written. So...once we make each deposit (on the ledger)...we then go back and see WHAT is DUE this week and then make a withdrawl entry... (see housing sheet with the electric etc). Then dh writes the check and takes the $ out of the check book register. Then we go thru and make withdrawals on the accounts that we empty out with CASH and keep a running total. EXAMPLE: Each week we take out in CASH form: Grocery- $125 Entertainment $40 (dinning out) Gas $75 Misc (animal food $ 18 and allowance $10 each) $28 If we have a Dr. Copay or a hs expense we also take that money out... in CASH. Then Jason writes a check for the total $268 or whatever... after I make the withdrawls on the Account page. When we go to the bank (after bills on the way to the grocery store usually...) we then cash the check (we don't mac because of the odd dollar amt)...and I have a coupon organizer that each section is labeled for...(Groc, Gas) and the correct amt is put in each section. So because of the above we should NEVER be touching the check book or MAC cards...so at the end...we add up the balance of each individual account pages....and THAT GRAND TOTAL should be our be ATLEAST our check book balance. And that is OUR process--- does that make ANY SENSE???
So how did March go? Well we did have to alter a few numbers.... we need to add more to housing...(internet, cell phone) decrease grocery so we could increase medical and such... but the total Monthly Income and Expenses sheet must still come out...so bye bye $125 grocery-- it was nice...the MOST I've EVER had to spend...but it was now cut a bit... The upside-- We've never had so much in savings--- and that felt GOOD!!! ** those of you who can see the Homeschooling Dollar amount are probably At the end of each month we will take the time to see how things are going. I feel there was something else I wanted to share....but can't think of it now... so here.... after that we ALL could use some CHOCOLATE CHIP MUFFINS!!
PS: If you are still here you must be "serious" about budgeting.... Crystal at Money Saving Moms 1x a month has a FINANCIAL SHAPE 2008 with her and MANY other's steps to getting in Financial shape.. Definitly worth a read!! |
because it is SUPER low...(right now) and with some upcoming Conventions we are VERY blessed that hubby can work some OT to help us out in situations like this....but we DO NOT COUNT any OT in our budget. Once we get some debts paid (we only have 2 and they are bigger ones.... we will have more money to move around)...dh joked (i hope) that if he works 6-7 days a week for 32 weeks we would be DEBT FREE!! hmmm sounds tempting...but not really... my family and our FAMILY time is MUCH more important right now....Posted in Financial Shape in 2008
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Financial Shape in 2008- February 2008
Edited this post to join Money Saving Mom's new Series- Financial Shape in 2008 ** No numbers of course **** I am NOT saying this is what Crown recommends...it is what Jason and I are applying after attending....it may be things we have "tweeked" for our own finances.... So first...step is to find out what we have been spending. To do this I went on line and printed out ALL my banking transactions for the last 2 months (or you can use a bank statement) or you can complete a 30 Day Diary. Don't guess...use the REAL numbers....could be an eye opening experience. We then filled out A Budget Analysis using the above REAL numbers for column 1. Then we took the numbers from the Crown Percentage Guidlines for a family of 6 (we will be a family of 6 in sept). We then figured out how far off we are. Now we were WAY over in 1 category and WAY under in a few..... Then we completed a Monthly Income and Expenses Form to see how we could fix a few of those numbers (using REAL numbers). Ex. we do not need to spend so much in clothing as shown in the guidelines...but we need a bit more for our auto category... so it just helped us to see where we needed to ACTUALLY put the $$. Back to the Budget Analysis form...we then completed The New Monthly Budget Column being sure our total equaled 100%...no more, no less.... WE DID IT!! So now we know WHERE we WANT/NEED to spend our money. We could use ACTUAL envelopes EX: If I need to buy a gift and my check book says $400 and my gift account ledger says I only have $20...guess what... I can only spend the $20!! (this has not been our practice)... so this will take some REAL effort to begin with. Our next step was to begin on The Journey to True Financial Freedom- 7 Destination STOPS . Due to having our income tax refund (which by the way will be no more, we will only be claiming what we need to so we have more $$ each week in our BUDGET. This will be a MAJOR change after 10 years of having a BIG refund) we will be working on Destination 2! Destination 1- Begin using a Spending Plan (budget) Have $1000 in emergency savings Destination 2- Pay off ALL Credit Cards (thankfully we have none) Have One Months Living Expenses in savings Destination 3- Pay off ALL Consumer Debt (everything EXCEPT mortgage) Increase savings to 3 Months Living Expenses in Savings Destination 4- Begin Saving for Major Purchases (home, auto, etc) Begin Saving for retirement Begin saving for children's education Destination 5- Buy an AFFORDABLE home (see income percentages) Begin pre-paying on mortgage Begin investing wisely Destination 6- Home Mortgage paid off Children's education funded Estate plan in order Destination 7- Retirement is funded FREE TO BE MORE GENERIOUS WITH MY GIVING! So as you can see this is JOURNEY-- not something to be done in month or two---- but should be STARTED ASAP!! So that is our plan.... we are now working up to having 1 months expenses saved...(never thought this would be a possibility...but now that we have sat down and considered it all..it is REALLY VERY do-able). ** One other interesting key the gentleman shared Saturday is... KEEP paying min. payments on debt...but don't begin dumping money on that until you have your Savings built up to $1000 and 1 month expenses... BECAUSE..invevitably you'll begin paying off those cc or debt and then you'll have a washer/dryer or some other "emergency" and you'll just go BACK INTO DEBT!! This way when something comes up you'll be ready... THEN YOU CAN BEGIN DUMPING $$ on Debt. I never thought of it this way...but it makes PERFECT sense now!! If I think of any other REAL nuggets of wisdom I'll share later: ** Oh one thing that was another light bulb moment he said: " More money will not solve a money problem any more than more alcohol will solve an alcohol problem". Hope this helps someone... hope it encourages someone to visit. www.crown.org and begins the JOURNEY TO TRUE FINANCIAL FREEDOM.
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(and we will for a few categories: grocery, gas ) but for most I put together a binder of 