My fiancé and I start our new budget every Thursday; $300 gets divided up between four containers: Transportation, Food, Entertainment (we all know that even on a budget we should be “allowed” fun), and Clothing/Gifts. Every Wednesday I separate the money into the specific containers for the following week; any left over money from the Food and Entertainment budgets gets put into our wedding savings ($50 every week on top of this budget also gets put into the wedding savings) and any left over money in the Transportation and Clothing/Gifts containers gets put into their respective envelopes to be accumulated for bigger purchases (longer trips that require more gas, license plate change fees, my fiancé’s work boots, birthday presents for friends and family, etc).
I was looking at our totals for takeout meals from the two previous months, and was blown away. $______ in three weeks in February and $_______ in four weeks in March; it was just too much. I decided that if we cut our budget, reducing it by 20% in each category, it would cause us to use our money more efficiently. Especially using our money for groceries, eating at home more often and saving restaurants for special occasions rather than everyday fair. Starting yesterday, this is the month for that change to occur. I re-did our budget, and cut it down that twenty percent to $240. That $60 savings every week will get added to the wedding fund. Shortly (by the end of May) we will be able to put a deposit on our photographers, without affecting the house savings.
We’re going to have to learn to be more resourceful. Planning our week of meals together; that way we’ll both know what to expect for dinner and there will be less waste. Baking on the weekend, so there’s a little something in our lunches for the following week. Shopping at discount stores (I’m planning on going to one tomorrow just to see what they have) for non-perishables. Planning (creative) twenty dollar date nights (going to happen on Wednesday nights, only if we have money left over, about once a month).
I know we can do it; we just need a little push in the right direction. I know that by cutting the money off at the top it’ll allow us to save more without even thinking about it. Yes, sometimes it will be a bit more of a struggle, but I’m convinced that we’ll still have money left over in the containers at the end of the week. I’m looking forward to putting the first deposit on our wedding, and this is just another step closer to that day!
March 27, 2009
Note To Self
Friday night I went to the scrapbooking store to find out different ideas for our wedding invitations (I’m going to make them myself – not only a more economical option, but more personal too). I found out some good information: at one store any order a bride makes in bulk is 10% off; saw a few samples, one of which I really liked; and bought some paper in my colours to start coming up with a few different ideas. I put some items down as soon as I picked them up, and when my pile started to make me feel guilty for spending so much money, I went and put more items back. In the end I bought six 12x12 sheets of paper and a round embellishment. My total was a little over $10. Immediately after I left the store, there were pangs of regret flowing through my veins.
When I talked to my fiancé on the phone later that night, I told him that I spent money on something that I wasn’t happy I spent the money on. He asked me what it was, I told him and then said it was only about $10. He just reminded me it’s okay, and we have the money to buy it.
The other week, we were lazy (again) and had decided to order something for take out. I was reluctant to spend money on supper, when I knew there was food in the cupboards that we could fix for supper. My fiancé tried to convince me it was okay to take money and spend it on take-out. His reasoning, we’ve already budgeted that money, it’s already been set aside to be used for the week, we might as well use it then. I was practically devastated, since I knew that if we saved that money, we’d be able to put an additional $70 into the wedding fund! We ate pizza and had a few beers for supper that night.It’s official: I’m a hoarder. I took a quiz a couple days ago to discover what I already knew. I just need to understand how to let go, and not be so frugal. The feedback I received from the quiz I took, was quite surprising; it pegged me to a ‘T’. I am attached to my money, figuring out ways to save is lots of fun (whether it’s coupons, or budgeting), I may appear successful but secretly worry about the amount of money I have – never feeling secure, have a hard time spending money on myself, love to watch savings account grow. It also gave tips on how to change: assess goals and find out how much money it will take to reach them, make your money work as hard as you do by taking greater risks, spend the remainder of your budget after saving and investing without guilt.
March 23, 2009
When I talked to my fiancé on the phone later that night, I told him that I spent money on something that I wasn’t happy I spent the money on. He asked me what it was, I told him and then said it was only about $10. He just reminded me it’s okay, and we have the money to buy it.
The other week, we were lazy (again) and had decided to order something for take out. I was reluctant to spend money on supper, when I knew there was food in the cupboards that we could fix for supper. My fiancé tried to convince me it was okay to take money and spend it on take-out. His reasoning, we’ve already budgeted that money, it’s already been set aside to be used for the week, we might as well use it then. I was practically devastated, since I knew that if we saved that money, we’d be able to put an additional $70 into the wedding fund! We ate pizza and had a few beers for supper that night.It’s official: I’m a hoarder. I took a quiz a couple days ago to discover what I already knew. I just need to understand how to let go, and not be so frugal. The feedback I received from the quiz I took, was quite surprising; it pegged me to a ‘T’. I am attached to my money, figuring out ways to save is lots of fun (whether it’s coupons, or budgeting), I may appear successful but secretly worry about the amount of money I have – never feeling secure, have a hard time spending money on myself, love to watch savings account grow. It also gave tips on how to change: assess goals and find out how much money it will take to reach them, make your money work as hard as you do by taking greater risks, spend the remainder of your budget after saving and investing without guilt.
March 23, 2009
Take Time To Just Be
Talking on the phone yesterday to one of my customers he said, “they’re so concentrated on finding money, that they’re not focused on the day to day.” He was referring to the car manufacturer he works for in the state of the economy these days, but I thought it rang clear with my life at the moment too. My fiancé and I are so busy working to make the most money we can, in order to meet all the financial requirements we have, and to be able to save for our (near) future plans.
I work at a car dealership, with technical training as a Journeyman Parts Technician. Day to day, I’m reminded about the poor state of the economy right now: this manufacturer is going to be closed down by 2011, and in doing so is closing the dealership here in town; that small courier might have to shut down because it’s costing him the same to run his truck when it’s empty as when it’s full, and right now he’s only taking twenty parcels instead of his normal forty. I admit it’s a little worrisome at times. The thing that is keeping me going, however, is that I know there’s been other recessions or depressions, and I know there will be more in the future.
Another thing that is helping right now, is that my fiancé’s work is the busiest he’s seen it in the 7 years he’s been there. The start of their boom was at the time that everyone else was starting to slow down; his company hired ten additional workers at that point.
We need to slow down and just breathe, in order to enjoy this changing period in our lives. I was looking forward to this weekend, knowing that my fiancé would be home, and have at least one day off – we were planning on going to some open houses, buying that new-to-me car, and generally just hanging out together. He called me this morning on my drive to work saying that things had changed and he was needed to be part of the crew going out of town. He said, after noticing that I was a little disappointed about the new situation, that at least he’ll be making good money with the overtime.
My personal goal this week, is just to slow down: no fast food, opting instead to cook our own meals; take a walk three nights this week, and just observe that spring fever feeling; BBQ and make potato salad for supper one night – that meal just is spring/summer to me; I want to spring clean, junking out my craft room as I go; then when I get to the point that the room is clean, I want to make a card for someone that doesn’t live in town here and mail it off, spreading my optimism.
March 19, 2007
I work at a car dealership, with technical training as a Journeyman Parts Technician. Day to day, I’m reminded about the poor state of the economy right now: this manufacturer is going to be closed down by 2011, and in doing so is closing the dealership here in town; that small courier might have to shut down because it’s costing him the same to run his truck when it’s empty as when it’s full, and right now he’s only taking twenty parcels instead of his normal forty. I admit it’s a little worrisome at times. The thing that is keeping me going, however, is that I know there’s been other recessions or depressions, and I know there will be more in the future.
Another thing that is helping right now, is that my fiancé’s work is the busiest he’s seen it in the 7 years he’s been there. The start of their boom was at the time that everyone else was starting to slow down; his company hired ten additional workers at that point.
We need to slow down and just breathe, in order to enjoy this changing period in our lives. I was looking forward to this weekend, knowing that my fiancé would be home, and have at least one day off – we were planning on going to some open houses, buying that new-to-me car, and generally just hanging out together. He called me this morning on my drive to work saying that things had changed and he was needed to be part of the crew going out of town. He said, after noticing that I was a little disappointed about the new situation, that at least he’ll be making good money with the overtime.
My personal goal this week, is just to slow down: no fast food, opting instead to cook our own meals; take a walk three nights this week, and just observe that spring fever feeling; BBQ and make potato salad for supper one night – that meal just is spring/summer to me; I want to spring clean, junking out my craft room as I go; then when I get to the point that the room is clean, I want to make a card for someone that doesn’t live in town here and mail it off, spreading my optimism.
March 19, 2007
She's 22 Years My Senior
My mood is different today. I feel as though a burden has been lifted; I’m happier, nicer and possibly more optimistic. Let’s start where it all began: last night. One of the sites I frequent has established clubs in each of the major cities, and if there isn’t one where you live you can create one. I joined the one in my city; we scheduled a meeting time, and location (the library in one of the corners, which is much better than a coffee shop where you feel obligated to keep buying coffee, a doughnut, etc. or get out rather than keep talking).
Some might think it would be rather uncomfortable talking to a stranger about such a taboo topic as money. I found it enjoyable, uplifting and stress relieving. I do admit, however, that I was more than a little nervous leading up to 7:30 last night. I had even made a plan; I would wait in the car (that ’86 Cougar) and watch for her, I knew what she would be wearing after all: brown jacket with a brown stripped purse, if she looked like there wouldn’t be a feasible connection between the two of us, then I’d ditch. I looked at the time on my Blackberry at 7:26, and decided I better suck it up, and head on inside.
What I found was a wonderful woman, who’s been married since she was 28, with three children (aged 18, 16 and 14), who’s now 46 years old. We started talking about what brought us there that night: Gail Vaz Oxlade, her TV show Til Debt Do Us Part, blog and aptly named Gail Clubs. Soon our conversation turned to talking about life in general. It turns out her husband is a saver, and she’s the spender. I said how I had been a compulsive spender, but had been turned to a saver by my Fiancé (now I hoard money, and can’t believe that he buys a pop from the vending machine on a job site, when he could by a 2L bottle for the same price). It seems she and I both try to gather as much information from as many different sources as we can about money; she introduced me to another book (of which I still need to get the name), and I introduced her to the Smart Cookies (a group of five women from Vancouver whom have made their own club, calling it a Money Club). By the end of our hour together, I felt like I had a true friend, someone that I connected with; someone that wasn’t a stranger anymore. We’ve decided to meet once a month to discuss a pre-determined topic.
I would urge anyone to get a club going, whatever your method, talk about your financial issues and meet some new people. After all, everyone just wants to tell their story.
March 18, 2009
Some might think it would be rather uncomfortable talking to a stranger about such a taboo topic as money. I found it enjoyable, uplifting and stress relieving. I do admit, however, that I was more than a little nervous leading up to 7:30 last night. I had even made a plan; I would wait in the car (that ’86 Cougar) and watch for her, I knew what she would be wearing after all: brown jacket with a brown stripped purse, if she looked like there wouldn’t be a feasible connection between the two of us, then I’d ditch. I looked at the time on my Blackberry at 7:26, and decided I better suck it up, and head on inside.
What I found was a wonderful woman, who’s been married since she was 28, with three children (aged 18, 16 and 14), who’s now 46 years old. We started talking about what brought us there that night: Gail Vaz Oxlade, her TV show Til Debt Do Us Part, blog and aptly named Gail Clubs. Soon our conversation turned to talking about life in general. It turns out her husband is a saver, and she’s the spender. I said how I had been a compulsive spender, but had been turned to a saver by my Fiancé (now I hoard money, and can’t believe that he buys a pop from the vending machine on a job site, when he could by a 2L bottle for the same price). It seems she and I both try to gather as much information from as many different sources as we can about money; she introduced me to another book (of which I still need to get the name), and I introduced her to the Smart Cookies (a group of five women from Vancouver whom have made their own club, calling it a Money Club). By the end of our hour together, I felt like I had a true friend, someone that I connected with; someone that wasn’t a stranger anymore. We’ve decided to meet once a month to discuss a pre-determined topic.
I would urge anyone to get a club going, whatever your method, talk about your financial issues and meet some new people. After all, everyone just wants to tell their story.
March 18, 2009
It's Gotta Start Somewhere
Right now, sitting in front of this computer starring at a blank text box, I feel very tiny. Much the same as how I feel in relation to our finances. We’re saving for so much at the moment: a vehicle to replace my aging 1990 Jeep Cherokee that’s on it’s last legs (whom my mechanically inclined dad is buying, fixing up and selling); our wedding, over a year away (August 21, 2010), that we are mostly paying for ourselves; and a 5% down payment for our first house (including some RRSP contributions that we’re taking out tax free under The Federal Home Byers Plan, allowing first time home buyers to withdraw up to $25000 from their RRSP for the buying or building their first home). Then there are the regular payments and additional savings every month: truck loan, quad loan, RRSP’s, and an emergency fund. I realized the other night that we might be spreading ourselves too thin. Focusing our attention, and having one priority, although not necessarily getting us to our goal points any faster, would give us a sense of accomplishment after each allotted amount is saved.
The problem comes, obviously, with trying to prioritize those savings. Every time I go to clean, organize or upgrade our rented home I get frustrated: why am I wasting my time when it’s not ours. I’m borrowing a vehicle from my parents (1986 Mercury Cougar, which has it’s own problems) until we find a vehicle to purchase. Down payments for certain aspects of our wedding will need to be made soon, in order to secure the vendors that we want; the photographers being the most important, but also the most expensive at $3900 for the package we want (I believe GST is on top of that price, of which half is required to secure the date).
I realize we’re doing better than most people, with only two bank loans, and one personal loan to my mum (amounting to a total debt of $36,608.51). The three credit cards we own (rather than them owning us) all have a zero balance; they’ve always been paid off in full every month, but now we’ve stopped using them and have started living on cash. We are living well within our means, and stick to our weekly budget.
This is just the beginning and I want to document all the right, and wrong turns that we’ll be making. All my tips, advice, and strategies compiled in one place. I know there’s tons of different sites or blogs out there on the subject of money; hopefully mine will resonate with a younger crowd, just starting out in their married/successful lives.
March 17, 2009
The problem comes, obviously, with trying to prioritize those savings. Every time I go to clean, organize or upgrade our rented home I get frustrated: why am I wasting my time when it’s not ours. I’m borrowing a vehicle from my parents (1986 Mercury Cougar, which has it’s own problems) until we find a vehicle to purchase. Down payments for certain aspects of our wedding will need to be made soon, in order to secure the vendors that we want; the photographers being the most important, but also the most expensive at $3900 for the package we want (I believe GST is on top of that price, of which half is required to secure the date).
I realize we’re doing better than most people, with only two bank loans, and one personal loan to my mum (amounting to a total debt of $36,608.51). The three credit cards we own (rather than them owning us) all have a zero balance; they’ve always been paid off in full every month, but now we’ve stopped using them and have started living on cash. We are living well within our means, and stick to our weekly budget.
This is just the beginning and I want to document all the right, and wrong turns that we’ll be making. All my tips, advice, and strategies compiled in one place. I know there’s tons of different sites or blogs out there on the subject of money; hopefully mine will resonate with a younger crowd, just starting out in their married/successful lives.
March 17, 2009
Subscribe to:
Comments (Atom)