I did my budget. Our month starts tomorrow. I paid all the bills and made my grocery plan. Tomorrow I do all the monthly errands. Transmission is fixed btw. My cousin helped us fix it for free. He is too sweet !
We get paid every other Friday and the second Friday payday is always what I call a shortfall payday. Technically we are VERY short to cover our budgeted expenses on that payday each month. So I keep the equivalent to that much money in my bef at all times just in case we don’t cover the shortfall by rolling “excess” money from the proceeding payday to cover. I’ve only had to hit it twice this year, but there is a definite feeling of security knowing it is there.
Our monthly bills come out of my husband’s paycheck, every 2 weeks. I average the utilities. Let’s say electricity: it’s about $1200/year, so I divided that by 26 (paychecks per year), which is about $46/paycheck. I put $60 into it’s own little savings account in Cap1-360, so it covers those big summer (A/C) bills and the big winter (electric heat) bills and plenty of wiggle room. The smaller bills, like Netflix, I don’t really save ahead on it. On my water bill, I just auto-send them $60/month and they apply extra to the next month, and I have at least a month credit there. Including our sinking funds and our $1k emergency fund, we have anywhere between $3k-4k in savings. It makes it VERY simple!! It took a while to set it all up, but it’s been worth it
first with my own debts, right after FPU, and then with the revelation this summer that DH had some spending issues of his own. It just seemed …….. a step in the wrong direction. Yet it would definitely be equipment that we’ll end up buying anyway, at some point. And a sale is a sale is a sale. I’ve been going back and forth today a lot. Didn’t help that I talked to Dad about it (Dad being a big fan of old iron and old farms and a rare cheerleader for me when I’m down), and his pronouncement was “geez, honey, you’re not talking about that much money you know. I blow that much taking your mother to Vegas. And you’d get a working tractor out of it.” Gosh, Dad, that’s……..um, not helpful. We won’t be discussing it tonight, so I’ll just let it lie another day or two and see if anything changes on this, either in terms of my own thoughts or DH’s preferences. Y’all will of course be the first ones to know how it all shakes out. Gotta love Monday morning homework reports.
If you can move money around and see where spending money on this auction can help bring you money in the future, then you should go forward, especially if you think you’ll be paying pennies on the dollar. THAT BEING SAID, I’m more like you, Kathryn, and would just stay home, but knowing my husband, he would want to go, and as much as I hate to admit it, sometimes you do have to spend money as uncomfortable as it is….This has been a particularly touchy subject in our household recently so I do understand where both of you are coming from.
This is where the winnings came from, and quite frankly, this gives you a tremendous amount of pleasure and you’re not going to stop playing. Why not just think of it as a lovely gift that’s been offered to you to offset future expenses? This way you can allocate your normal paycheck towards your every day bills and sinking funds, and still work on replenishing your BEF. You still have to have a life, Eldred! Consider it to be a wonderful present…
When my kids were little, we let them know that Santa’s stuff isn’t free. If your parents have jobs, then Santa expects them to pay; it helps Santa have some things to give the kids whose parents don’t have jobs. And we had a limit per child of what we could give Santa.
It helped hem get the concept. I remember explaining to my eldest–with the ADHD–that if he got everything on his list, the other 2 wouldn’t get anything, so how fair was that? He figured it out, and pared down the list. he was 7.
As for allowance, we tried a dollar a week for each year of age, when we could afford it, but it really didn’t work; I’m sure we didn’t do something right!
Birthday and Christmas money was easy: they had savings accounts at the credit union. Half of any gift money went into savings, and the rest was theirs. the idea was that when they were 16, they would have a good start for buying their first car. It was a worthy goal, and one that they could see as a good thing in the future. we did allow them to take money out for spending money the year we went to Disney World, and we matched that amount. And one of my sons wanted a drum kit, which we let him buy with his car money; later he didn’t have enough money for the car he wanted, and had to buy something that cost a little less. Certain items, we paid half and they paid half.
We will be contributing some, but we have not worked out all of the details yet. And, we have not yet established an allowance for the kids. We are working on figuring out the best way to do that so that we can establish financial responsibility with them.
What we have done is give him some spending money for a field trip at daycare and he gets to choose whether to spend it or save it. So, he has birthday money and he has a few dollars here and there from choosing to save. Of course, now that summer is over, so are the field trips.
Right now, his concept of money is quite immature. He has a bunch of coins and he thought that he’d have enough to buy a whole new video game. When we counted it, it was less than 2 dollars, but he still didn’t understand that it wasn’t enough. His birthday money was 20 dollars from the grandparents and he has about 6 dollars from the tooth fairy. Add that to a few dollars here and there and he does have some money. I just feel bad about asking him to pay for the whole thing.
So, I think that this idea might help him get the concept of what things actually cost. He does understand that we are trying to save money, but that’s about it.
The next obstacle is that he still believes in Santa. When we say that we are saving money so something is too expensive for Christmas, his solution is that he’ll ask Santa to get it for him.