Money Monday

Kid Speak

What I have talked about this far about what to expect under our tree Christmas morning.

Money is tighter this year for us. We are trying to get out off debt and be better prepared for what ever may come. As a result our Christmas gift budget is much smaller and *GASP* all cash.

So for this year (and those to come) I told my kids that Santa has been asked to only bring stalkings. I explained to them that we have been very blessed to have all of the wonderful things we do have. I told them that Santa would then be able to give more to those kids who really needed it. They agreed.

We are getting a pretty cool family present but that will be it. They will be happy enough I am sure.

As for presents between my kids...i think we will go for some semi-homemade gifts. My kids LOVE to be crafty so this will turn out great. I will post when we start working on them.

Money Monday

Just a quick suggestion

Go get your wallet or purse right now. Hurry up...go get it....got it? Okay now open it up and take out all your credit cards. Done? Now get that "spare one" you hide in the back out. Done? Double check......Okay now close up your wallet or purse. Take a deep breath...STOP do NOT put any of those cards back in there. Yes that does mean the one for Sears too.

Carrying around a credit card makes it a whole lot harder to keep your spending in check. If you don't have the money don't spend it. Credit cards themselves are not evil but the should be used with cation and planning.

Get a small safe box to store them in or hey put them on ice (as in freeze them). Many credit cards offer nice sounding little perks. Often these perks do not compensate for that cards fees and interest rate. BE CAREFUL!!!

Money Monday

Dave Ramsey is a financial guru and very well regarded in the financial realm. Here are is baby step to becoming debt free and in control of your finances.

Baby Steps

1. $1,000 to start an Emergency Fund

2. Pay off all debt using the Debt Snowball

3. 3 to 6 months of expenses in savings

4. Invest 15% of household income into Roth IRAs and pre-tax retirement

5. College funding for children

6. Pay off home early

7. Build wealth and give! Invest in mutual funds and real estate

Here is his printable. Want to know more about Dave? Click here to go to his site. Still need help with a budget (I do!!)? Want a free budget guide? Go here.

Where are you and where do you want to go? Have you done or tried Dave's plan? Did it work for you? Do you think this might work for you?

Money Monday

Teaching our Family about Money

As we learn to manage our money better let us also teach our children those lessons.

LDS Living Magazine has a great article about how to teach your kids about money. Click here.

SmartPiggyBank is a site that helps your kids learn how to manage their money.

At my house my two older kids have divider banks. I t is basically a long box with three separate sections. First is tithing, then savings, and then FUN! We tithe 10% of our increase. Then we put 10% into savings. The rest is theirs to spend. They have learned to love the toy clearance isle. LOL!! Tyler has learned to save up for bigger Lego's and Elizabeth has learned it is sad to go broke over Whoppers. Kids will be kids.

Money Monday

Build a Reserve

We have been counseled to build our three-month food supply, get our water and then build a financial reserve. The church has not stated a specific amount. Most money gurus will advise anywhere from 3 to 6 months. Longer if you can. No matter what your end goal is it is better to take baby steps then kill your self trying to make huge leaps and bounds. Start with a week then a month and then start again.

You can start by setting up a separate savings account. My good friend Daphne writes our financial column for our wards Provident Living newsletter and this is what she said about savings accounts, " Saving money is a challenge, and what works for one may not work for another, but this is what has worked for us. We have several accounts set up in a high interest bearing account (ING). Typically it takes 2 business days for funds to transfer to your checking account, so you tend to think twice if you really need that thing you want to buy--as a side note, we also keep a savings account attached to our checking acct., in case we need to transfer some over quickly for emergencies. " She also suggest that you have your savings automatically withdrawn each month or paycheck what ever works for you. you can sometimes set this up through your employer if you have auto deposit or through your bank.

President Gordon B. Hinckley has taught: “Set your houses in order. If you have paid your debts, if you have a reserve, even though it be small, then should storms howl about your head, you will have shelter for your wives and children and peace in your hearts” ("To the Boys and to the Men," Ensign, Nov. 1998, 54).

Money Monday

Receipt Check-in

Our first Money Monday of March I talked about saving our receipts to truck our spending. So I am here to post my update.

Clothing: $19.50

Household/toiletries: $59.12

Dinner out: $94.54

Hubbies work (meals and needs): $34.91

Grocery: $183.62

Gas: $32.50

Birthday: $20.84

Clothing. James did need some new jammer pants and Ty needed some jeans.

Household includes light bulbs, personal care, diapers, printer ink, and all that kind of stuff.

Dinner out is our bad one always. However we only eat out on the weekends and 30 of this was a dinner out for Elizabeth's birthday. We try to eat out cheaply (I see Thursdays post already!!).

Hubbies work. James is a truck driver. So he travels between here and Idaho. He eats lunch on the road maybe two nights a week. Then there are snacks, gloves and other little items he may need. About $10 of his spending was spent on his Pilot card. It is a rewards card. So really he only spent $25.32.

Gas. We have only filled up our car this month. the Tahoe needs it do that number will go up. :)

Grocery. Thanks to killer coupons and deals I have averaged about $90 a week and most of that was stocking up.

Birthday. Elizabeth turned 6 this month so a party was needed. Party favors were pretty cheep but SO cute. Her gift (ballet tutu and leotard, shoes came out last month) was $14.14.

So there it is. It has been interesting to see where the money goes. I did about three years ago and i remember our dinner out came to almost $400 and our grocery was like $150. Pretty sad!!! We have learned!!

Money Monday

Save that receipt!!!

In fact lets save all our receipts this month. Let's see what money we are spending and where.

So first get a shoebox, envelope, cute basket, or a zip lock baggie. Next go about spending as usual. Put your receipts in the designated container. At the end of the month lets add them up. We will need to have categories for this. Mine will include: groceries, eating out, gifts, clothing, hubbies lunches, household needs (cleaning supplies, TP, laundry soap, batteries), & food storage.

At the end of the month you will be able to see where that money is going. You may be pleasantly surprised. I have a feeling I will feel like I am watching a horror movie, but at least I will know where the money is and be able to set some reasonable goals for the next month.

Thanks Daphne for making this our theme for money this month!!! Great idea!

I will be checking in on this subject through out the month. If you have done this and have any tips or ideas please feel free top comment. If you have questions ask away!

Thrifty Thursday

10 Ways to Save Money

1. Make a budget and stick to it(most of the time).
2. Clean house! Yes clean out the toy bins, kids dressers, playroom, and the garage. Anything there you would pay money for? Have a garage sell, post it on Craig's list. OR donate it, who doesn't like a tax write off. This site will tell you how much it's worth.
3. Cook at home. Plan a menu. Plan your grocery trip. And save $$$$. When you have it planned out it is easier to avoid the drive-thru. You might even look forward to dinner.
4. Brown bag it. Yes take your lunch to work. Taking your kids to the park, pack the snacks. Taking a trip, take a cooler(truck stops are spendy!! Believe me I know.) Don't forget the drinks!
5. Date nights in. Next flixs, redbox, and on demand are all cheaper than a theater. Put the kids to bed (save on a baby sitter!) and pop some popcorn or eat ice-cream right out of the container(the kids aren't watching). Plus you can snuggle better at home.
6. Plant a veggie or herb garden.
7. Check it out....at the library! Make it easy go on line and reserve the DVD or book you want. They put it on the self and you just run in and pick it up. 5 minutes or less. Cheep(free!!) and fast.
8. Do it your self. Yes you! You can do it. Need to know how? Look it up on the web. There is everything from plumbing to car repairs.
9. Read The Bargain Jargon it's not only groceries. It is everything!!
10. and most important.......Tell yourself you can save money. You have to want it and believe it to do it.

Other link I thought were great but didn't want to copy! #1 #2 & #3