I am happy to report that we have accomplished the following things to far this month:
1) I have stopped going to Ebay! (that was a big one for me)
2) I have started writting down everything I spend and really spending reasonably.
3) Hubby and I have created a monthly budget which will enable us to live on my income and save his salary.
STILL NEED TO:
1) Get our 401Ks invested in safe investments (right now they are sitting in cash).
Beginning February 1 (this Friday) we are starting working the Debt Free Spending Plan. The plan is from a wonderful book I read of the same name. Basically, the book has you create a spending plan for both recurring monthly bills and "Daily Expenses." Then you take each of the daily expense catagories and write them down, one to a page, in a little 3 by 5 book you carry with you.
Then you write down your expense as they are incurred on the applicable page. For instance, on the GROCERY page you write GROCERIES at the top and $400 (our monthly ammount). Then if you go to Walmart and spend $75, you write the date, Walmart and the amount, then subtract it from the $400 leaving you with $325 for the remainder of the month. If you get to the end of one category and overspend by say $10, you have to find another category to take the money from so everything balances. There are lots of other details regarding how to work the plan but those are the basics.
I have been gearing up to start the plan for the past two weeks and already it has resulted in my saving money. For example, I saw something on TV which I was tempted to spend $250 on, when I realized my "allowance" category was only $150 a month, which would take me nearly two months to save, I decided not to purchase the item.
Also, I know I want a weight machine for my birthday which will cost $299 and I have decided to save my $150 a month toward that purchase.
I am excited that we now have a plan! I will keep you posted on how it works.
We are Doing this Thing
January 30th, 2013 at 04:45 pm
January 30th, 2013 at 05:12 pm 1359565943
January 30th, 2013 at 06:18 pm 1359569926
January 31st, 2013 at 01:01 am 1359594072
January 31st, 2013 at 02:16 am 1359598598