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A great day & input/suggestions needed

January 5th, 2008 at 05:41 pm

DH and I paid bills last night . Almost $1300 - gulp! But at least we had it to pay! It was great paying those bills and knowing we still have some money left.

I had a no spend day today and I really love those. The fact that it was warm today was a special bonus!

I got to work at noon and it was crazy busy. During my 15 minute break I drank one of the diet sodas I'd taken. Later in the afternoon I needed to eat but wasn't scheduled for a lunch period. I told my boss I was weak and shaky and needed to eat (I'm diabetic) and she let me sneak to the breakroom long enough to wolf down some chicken wings I'd brought from home and a couple of crackers. So no money spent there.

I got home and we had fish, green beans, and salad. No money spent there, either.

I have to be at work at 7:30 in the morning so I'll head to bed before too long.

But it was a nice no spend day. I hope I have many more soon! Smile

By the way, I'd like some suggestions and feedback on this. DH's business is doing well considering that it's only 5 months old. It isn't paying all the bills yet but it's paying for itself and giving us a little extra. It's a mostly cash business so we have an almost daily cash flow now. And I'm working and get paid every two weeks. The last two checks have been good but the next check or two might not be so good as hours are being cut. However, we can handle that for a short while. The problem is that neither of us is good with money. We're like little kids with it - if we have it we want to spend it. We've used the envelope system before and we think we need to get back to it.

So, we set up envelopes for the business expenses (rent, advertising, electric bill, supplies, etc) and one for saving and each envelope has the budgeted amount for that expense written on the front. The plan is to sit down every evening and put cash that came into the business that day into the envelopes, $10 here, $30 there, and allow a small amount for his pocket. My checks are deposited into our account. I think if we do this regularly when it's time to pay the bills, voila, the money will be there. We can then deposit the cash into the account and write and mail the checks.

Does this sound like a reasonable way to handle it? We have to find a way to ensure the money for expenses is there and that we don't spend it. We know from experience that if it's in envelopes we won't spend it. If it's in his pocket we will!

Suggestions, input, and advice welcomed!

6 Responses to “A great day & input/suggestions needed”

  1. Broken Arrow Says:

    Yes, envelopes is the perfect option, in my opinion. It's a new addition to your budget and you're working with cash. Makes sense to me.

  2. midlight21 Says:

    See you have to do what works for you!!

    If you can keep out of the envelopes it is great. I tried it and never could...I would perpetually borrow from one envelope to go thrifting or garage saling or some such. I could not seem to control MYSELF. aALJQ&*%OQ9894YOU!!

    So, for us, we work with LITTLE CASH. Small allowance (doled out on Fridays - no fair going to get out more cash at an ATM or teller), gas and groceries on the debit card, and bills paid out of checkbook. It works for us.

    Every one of us has to accomodate their own weaknesses and play up our strong points. Do what works for you guys!!

  3. nance Says:

    The envelope system works for me, because I find it harder to spend cash than use a debit card, or write a check. I don't carry a credit card, because I might use it and then regret it.
    I just use the envelope system for food now, but used to use it for everything. I even had one for license plates, car insurance, and "misc". I just wouldn't let myself borrow from one to use for another category. It take discipline, but it does work.
    Planning ahead, making menus, being organized, really helps, too. Sounds like you know how to do that. I make out menus for the week, and know what to take out of the freezer the night before. If you are working the next day, try to put something in the crock pot in the morning, because you know you will be tired when you get home.
    Last night, my DH asked if I wanted to go out for dinner. I thanked him, but told him I had dinner planned, and ready to start. If I hadn't I would have jumped at the suggestion, and we would have spent money unnecessarily.
    You just have to keep being frugal, and getting those bills paid, your number one priority.
    You seem like an intelligent woman, with lots of talents, just keep focused, and you will succeed!

  4. DeniseNTexas Says:

    Thanks for the input, y'all. I guess we're on the right track then. One week he made about $300 over a normal week and it was gone within days. Where? We blew it. That's when we decided we had to come up with a system other than his pockets! So we'll see how the envelopes work. I'll keep y'all posted.

    Nance, I have meals and such pretty much under control though in an effort to be nice to me when I'm tired he likes to go out to eat. We're working on that!

  5. midlight21 Says:

    Denise, just remember if you find a part of your system not working, don't give up entirely, just keep TWEAKING until you find what DOES work!!

  6. DeniseNTexas Says:

    LL, that makes sense and thanks for the reminder to not throw the baby out with the bath water! Wink

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