Benny On A Budget

I love KSL!

2012-01-29T21:11:00.000-08:00

I love KSL! Have I said that already? This week we spent Saturday posting and selling and made almost $150. The kids got some of their things sold and posted as well. The money we make on KSL goes right into a box and has it's own way to be spent. One year we used it for home improvements. Last year we used it to go on a great vacation with the in-laws before they left on an 18 month adventure in Africa. This year, it's all for the loan. The student loan that we keep saying we are going to payoff. This time, we are going to do it! I am done with the talk, it is time to walk the walk and do it! I look forward to more Saturdays like this, that we can do more to reach our goals.

Proverbs 31:27 She looketh well on the ways of her household...

2012-01-25T21:39:00.000-08:00

I just came back from an amazing night. I was asked by some of my best friends to come back to my old ward and talk about managing your household. I really enjoyed looking back on things I have done to get my finances, meal planning and family in order. I had such a great time and really feel like this is something I want to do "when I grow up".
I am posting my lesson and will post additional information that was requested tonight.
Thank you to those that came to to the meeting. I really enjoyed learning from you!

She looketh well to the ways of her household, and eateth not the bread of idleness. Proverbs 31:27

“The Happiest people don’t have the best of everything, they just make the best of everything they have.”

Most valuable resource is TIME!
We don’t make the same amount of money, have the same size house, or same number of kids, but we all have the same amount of time. How we manage our time is where you will find the value.

How do you spend your time? ie, work, hobbies, facebook, pintrest, tv, sleeping, reading, shopping…

I want to talk about 4 ways that can help you manage your time more efficiently.

1-Manageing your money

Do you have or use a budget? What negative thoughts come to mind when you think of the word budget? Restriction, no fun, …
A budget is really nothing more than a plan for your money. If you don’t plan where your money will go or how it is spent, it will find ways to get spent. A budget is a way to take control of your finances and can really be a fun tool to help you.

Simple Budget
The easiest way to do a budget is to take your income and subtract your expenses.
Start with the necessities; shelter (utilities included, HOA fee) food, and transportation (gas, car payment, insurance, services), loans and other debt and tithes and offerings. Then move on to your “adjustable” expenses, the things that can be flexible. Phone (home and cell), tv, life insurance, clothing, haircuts, date money, preschool, music lessons, …
If you get to the end of your list and you are out of money or in the negative, you now that you need to reevaluate your budget and perhaps your priorities.
There are many ways that you can cut back.
Cut back on cable (this will also give you back TIME),
Check your phone bills, are you paying hidden charges, check your minute usage, can you cut back?
Use more energy efficient lighting, Turn out lights when you leave, use timers
Cut coupons (but be careful that you are not buying things just because you have a coupon. Buy what you use and use what you buy. Many times the store brand item is cheaper than the name brand, even with the coupon. Also, be careful that you are not spending more time than the savings is worth. Remember, your time is valuable, if you are not getting to the papers and they are piling up, take a break for a while and start back up when you feel you can.)
Do you need to down grade on your cars? Lower car insurance.
Never pay full price, and always ask if that is the best deal. Many times you will be surprised that there is something cheaper, you just have to ask. If you just have to have the name brand or the clothes from a certain store, find out when they do markdowns, what is their policy on getting a price adjustment? Get on their friends and family list or email list.
Limit the number of clothes you buy. This will save time and money on washing and if your kids are like mine, they wear the same things over and over anyway!
Look into refinancing. If you established or refinanced your loan before July 2009, you may be eligible to refinance at a lower rate and not pay mortgage insurance, even if your house is not at the 80/20 value.
Use cash! This is the best way to help you curb your spending. If you don’t have the money, you don’t need it!
The Microwave story
If you find you need more money, sell!!! KSL and eBay are fantastic was to make more money on the things you no longer need. My husband and I have decided that my time is better spent in our home managing our finances, and family. He makes the money, but I make sure it lasts and goes as far as it can.
Payoff debt, start with the smallest and pay it off first. Then “roll” that payment into your next debt and continue until you a debt free!!!

2-Managing a Meaningful meal time!

“When you fail to plan, you plan to fail”
Again, it starts with a plan.

1-Start by making a list of everything you make
2-Place a star by the meals you have everything you need on hand, all the time.
3-Place a checkmark next to the meals that require only buying one or two items.
4-Evaluate your month one day at a time, ie; kids activities, scouts, YM/YW, work meetings, school activities, music lessons, family parties, etc.
5-Now make a “Master Month”. You can categorize your days, Chicken night, Mexican, quick or no brainer meals (Pizza night, pancakes, freezer meal) double up (these are great for last minute meals, meals for neighbors or when you just don’t feel like cooking), leftovers, Special day dinners, free for all, teach your kids to cook night and then give them a night to cook, Mom’s night off, try something new.
You can start out simple, use the school menu as a guide. Use the same menu each month, just modified for that month until you feel like you can branch out.

Start a food inventory binder- keep track of what you have and what you need.

Gather your year supply using your meal plan.

Bottom line-Make a plan and stick with it!

3-Manageing your family-KIDS!

Are we over scheduling our kids? Are we supplying them with more than they need? Are we giving them time with themselves?
1-limit media/screen time to 30 min a day - “Unplug” as we tell our older kids.
2-limit activities- there can be too much of a good thing. What toll is it taking on you and the rest of the family?
3-limit time outside the home. Make your kids get along! Are we making our homes a Haven?
4-Monitor your kids, “Friend” them.
5-Say “Yes” more. Answer your kids by saying “Yes” not “what or huh?”
6-Teach them to work. Don’t take away their chance to learn. Remember, we are raising future missionaries, students, husbands and wives. 4 steps to learning,; show, help, watch, know!
7-Give them responsibilities, not money. Teach them the value of money. Give them an income that they earn, not an allowance. (Find out what is of value to them, money, time with you, extra media time, etc.) *Find the charts in an older post in March 2009
8-Teach them to save for their future.
9-Kids do best with structure! Make a schedule, chore chart and a list of boredom busters! Also make a snack list or basket.

4-Manage to have FUN!!!

As President Gordon B Hinkeley said, “In all of living have much JOY and LAUGHTER. Life should be enjoyed, not just endured.”

Spend time, not money!

Play games together, watch movies together, eat meals together.
Set family goals together, Challenge yourselves! You never know what you are capable of until your try.
No spending month (February) *see how my family did the first time in 2009
No sugar month *see how my family did the first time in 2009
No tv

Have your kids help you find ways to save and make money! Maybe it can be used to go on a family vacation!

Is our stuff taking our time and money?

FHE- Needs vs. Wants, budget, If I had a hundred dollars…(teach the value of a dollar).

*Check out previous posts for time cards, and see how we did on our no spending and no sugar month! It's fun to look back.

Income Chart

2012-01-25T21:05:00.000-08:00

A salary will be paid for work done in the home. The weekly work will be evaluated and if not done, you will pay us back for any job not completed, or not completed to the standard it should be.
10% tithing
20% long term savings (not to be withdrawn until mom and dad okay it, which will be no sooner than 21!)

From the time you can do chores until you are 8 you will get paid a monthly salary equal to your age. This will be paid on the 7th of each month.
*You are not required to pay for any gifts for friends, but are more than welcome to add to the amount that mom and dad are willing to pay.

From the age 8 until 12 you will get paid a monthly salary equal to twice your age. This will be paid half on the 7th and half on the 22nd of each month.
*You are required to pay half for any Birthday gift, extra clothing items and full replacement for anything that you choose to ruin.

From the age 12 until 16 you will continue to receive a monthly salary equal to twice your age. At this age you can take “loans” from you parents, with interest.
*You are required to pay for any gifts, extra clothes and replace anything that you may ruin, during your reckless teenage years.

At age 16 you are old enough to get a job unless you are involved in high school activities that make it difficult to have a part-time job. We will continue to give you a salary until 3 months after you graduate High School, at that point you should have a job.

Weekday schedule

2012-01-25T21:00:00.000-08:00

Kids thrive on a schedule! We had just had our 4th child and I need some structure and less questions. "Can I watch TV? Can I have a snack? When does dad get home? When is dinner?" And so on and so forth. I decided to make my kids each a schedule and hung it in a common area. I then made them their own individual card to keep in their rooms. It worked great and over the years I have altered it some (bed times, hobbies, etc.).

Having a posted schedule also kept me on task and I even made myself a schedule and one for our youngest that was one.

I'm back!

2011-11-30T23:58:00.000-08:00

Okay, so I lost my password to my blog and my email account tied to this blog and just now got it figured out! Hooray, just in time to start the new year off with a bang. I need some accountability again so we will see if I can keep this up again. I know it is only the first day of December, but I am always thinking a month ahead when it comes to finances.

Update and confessions

2009-06-30T11:06:00.000-07:00

It has been a busy few months and I have not taken the time to blog about anything. I have been enjoying living my life rather than "talking" about it. But seeing as I started this for my own record, I should probably put down my last few months history.
I have continued to us coupons and built up a nice "store" as my husband likes to call it. It is so nice to just go downstairs and pull something off the shelf that we need.
In May we had a neighborhood yard sale. I posted a lot on KSL the days leading up to the Yard sale and a few things here and there since. We have made just over $600.00 selling things that have been taking up valuable real estate (storage room) in the house and garage. The most recent thing we sold was a tent that I bought for John a few years ago with the intentions of going camping. I have come to the realization that I am not a camper and never will be. We sold it for $175.00 the same day I posted it. I bought it for $80, who new tents went up in value!?!
We have been able to take the money we have earned from KSL and us it to do home and yard improvements that we otherwise would not have been able to do.
I have enjoyed talking to friends and neighbors about our goals and appreciate their support to insure that we stay on track. I had talked my mom out of buying a new camera a few weeks ago by asking her if she really NEEDED it, can she make do with the one she has, is there other places she could be putting that money?
Yesterday I stopped at Down East and found a BEAUTIFUL crib that would match the nursery. I came home a told a friend about it and instead of doing the "Friendly" thing and saying that I should go get it, she sat down and said, "I am going to do the same thing you did for you mom. Do you need it? Will it get you closer to your goal?". After teasing about it with her and actually taking my husband to the store to see it, I realized that the freedom and happiness of being out of debt would far out weigh the few moments of joy that having a matching crib would bring. I am so grateful for a friend that knew what I need to hear and was not afraid to say it. That is the support that I am looking for. Thank you dear friend!
I must say we have fallen off the wagon a little. I told myself I was not going to get any new clothes, but the hubby found some pretty great deals that we couldn't pass up. I am bummed that I couldn't resist. He both had a moment of weakness and now we just need to regroup and get back on track.
We also ate out more than I would have liked us to this last month. I pushed us through June with out turning the A/C on until the 25th and turning on the oven to cook dinner just did not appeal to me the way I would have like it to. I think we ate out maybe 3 times, and that is just not what we need to be doing right now, so I hope to refocus and get back to sticking to my calendar of meals.
So what do your struggle with? What has been difficult for your this summer in trying to stick to your budget? Please share and maybe together we can help each other!

April spending

2009-05-03T21:29:00.000-07:00

I had so much fun this month doing coupons. This month I made a menu that required little or no additional ingredients to purchase so that I could focus on my storage. We really did well and I saved more than I spent! From what I kept track of, I spent $387.56 and saved $471.54! I just think that is amazing. I got so many things for free. I know I don't know everything about couponing, but I am a strong believer now and would be willing to show anyone how I do it!

What's new!

2009-05-03T21:09:00.000-07:00

It has been so long since I have posted anything. It's kind of hard when you get into a routine and things aren't changing as quickly as they use to. We have now acquired our 3 months of expenses and will now be working towards the debt pay off. It is just to the point were we sit and wait. Wait for the paycheck. Wait to pay the bill. Not too exciting, so I have given us another "monthly goal". This time it is no sugar for a month.

I told the kids I would give them $20 if they could go a whole month without eating sugar (candy, cookies, sugar cereals). Little do they know that this is really more than just a food challenge. This is a lesson on delayed gratification, willpower and self control.

In February we did the no spending month, and that one really made the biggest impression on John and I. We really learned the value of needs vs. wants. This time I think the kids will get the lesson. John and I are doing it too. It started because I was sick of the kids asking what was for dessert, and having the pile of Easter candy on the counter. The kids are really doing well and they have the choice to do it or not to do it. They do get Mother's Day off, it is N Birthday. M has been asking if this or that has sugar. It is so cute. He really wants to stick to the plan. My other motive is to get us free from always needing something sweet. We are loosening the bound from debt, now we are loosening the bound from addictive foods.

I know, that might sound crazy, but again, you can do anything for a month. I have really learned a lot about myself by doing this and knowing that my family is on board makes it that much better.

Don't tell my kids, but in July, it's not TV month! ;)

Update

2009-04-08T10:44:00.001-07:00

March was another great month. It feels so good to know where our money is going and the coupon thing was a ball. It totally pays for itself and if you love to save money, it is so much fun. I will continue to us coupons and price match as I work towards growing my year supply. (As long as my oldest stops eating the food out of the food storage.) I also felt very strongly this month to save 3 months of expenses. We are not in any jeopardy of losing a job, but our cars are 11 and 12 years old and I just don’t want to stop our progress if one of them needs to be replaced. It’s not a matter of if, but when. We will just feel better to know that if anything comes up, we will be prepared. We have been throwing every extra penny into our savings account and are only a few hundred dollars away. At that point, we will start putting every extra penny we can towards the student loans.

This month’s goal is to build up our storage as I mentions and so far we are doing great. I want to have at least 2 of everything that we use regularly and I have planned a strategy to do it. For the menu I looked over our food storage and planned meals that require little or no extra ingredients to make. We will eat a few things twice, but you can do anything for a month, right? My grocery shopping for the meals was very minimal which then allows me to spend more on getting items for storage. The coupons then enable me to spend less and get more. The problem now is finding places for everything I buy. My dear husband is in charge of that part. I just buy the stuff! Yesterday I went to 5 stores, spent 264.00 and saved 200.00! I bought cleaning supplies, napkin, food storage bags, cereal, rice, razors, shaving cream, cough drops, and so much more! I would have to ask my stock boy what else. I was very tired at the end of the day, but after adding up my totals, it was worth it.

Time card payout

2009-03-19T23:00:00.000-07:00

I forgot to post the value of the tally marks. The oldest (10 year old) got .10 and the two younger (7 and 3 1/2) got .05. The same amounts were deducted for bad behavior or buying extra media time.
When buying back toys that didn't get put away was involved, each toy was worth .05 or groups of toys like the Lego or car bin was $.50-$1.00. Sometimes the boys would pull their money together and buy back a family toy or even buy toys for each other so it would not get donated. It also helped them decide if they really wanted a toy. There were times it wasn't even worth a nickle to get it back and they would say, "you can sell it or give it to the DI."

Job/chore chart and income

2009-03-18T13:21:00.000-07:00

I had a friend ask me to go into more detail of the job chart. So I will do my best to explain more.

It works on a tally mark system, they can get up to 6 tally marks on "daily chores". (you don't get marks for Sunday, but you still do the work) I guess I should explain that there are three categories on the credit list; daily, weekly or as needed, and monthly or extra jobs. I shaded them in so that they could tell the difference. I Made it have 2 weeks, then total, and then 3 week and total, so that the kids could see their progress half way through, even if they don't get paid until the end of the month. Dad gets paid twice in a month so we just made it like a real job.

The charts are posted in a central location (some where that they will see it everyday) so that we can both see their progress.

I do have time limits on a few, and if the job is not done on time, they can't mark it as done. They also can not back mark. If you can't be responsible to mark your chart, you can't get the credit.

As far as the minus section goes, you will have to figure out what your child struggles with and make it suit them. The child that has the problem with timing, has it on both credit and minus. So not only does he not get a mark if homework is not completed by 5, but he gets a minus too. I don't do that with every chore, but that is one we are really trying to work on.

When you are determining what chores to put on your chart, make a list. I sat down and wrote down everything that either I did when I was a kid or that I would like them to do or learn to do. Think of jobs that you do that your kids could do for extra money and put it on the chart. That way, instead of asking what they can do for extra money, they just look on the list and choose what they want to do. Then they feel like they have a little control in the work. They may never do the chore, but at least it is on option.

Finally, if it a chore your child has never done, you need to SHOW them how to do it the first time, WATCH them the second and then by the third time they should know how to do it the way YOU want it done. There may need to be refreshes here and there, but one thing I have learned is that my way of "Clean" and a boys way of "Clean"are VERY different.

Also, I left extra spaces for things to be added on. Just like your budget changes every month, so will their chores. I had my oldest pass one of his jobs off to my third son and had HIM teach it. It was interesting to see how much my oldest really did remember from when he was taught.

Good luck and happy chore days!!!

$4.65! Fun With Coupons

2009-03-18T12:59:00.000-07:00

This was my first week of doing coupons and now we have enough kids shampoo and toothpaste to last us for the rest of our lives! Not really, but this is just one of my trips to Walmart where I price matched and used coupons! This was fun and the hubby has a good old time guessing what I spent!

Some things I've learned

2009-03-12T11:07:00.000-07:00

Though I do not proclaim to be the prefect parent, (my kids, and husband AND neighbors for that matter can attest to that) I have learned a few things in my short life that have helped me along the way. (Especially in the last few months) Here are a few things I’ve learned.

Kids need limits! Kids will push and push and if you do not have concrete limits, they will continue to push until they have gone too far. Rules are a must and there must be consequence to breaking them.

Kids need structure! I started a new chore chart that my kids know they have to complete before they can play. It includes homework, piano practice, emptying recycle, etc. My oldest has done great with this and he knows just what is expected of him. It takes the nagging out of the day and all I have to do is ask to see, or ask if he has done his chart.

Kids need to feel important and empowered! Kids need choices. Kids need rewards. They don’t have to be monetary or extravagant. My oldest had a really good week, so as a reward, he got to say up and watch a movie with his parents. He earned that right and he felt special.

Kids need love, even 10 year old boys! I learned that I need to find out how my kids need to be loved and what ways to do it. Everyone feels love differently. Time is a big one. Being interested in the things they are doing. (Even if it is not interesting to me at all.)

Kids need to learn the value of money! My kids can earn as much of as little as they want each month. We don’t give them “allowance”, they earn “Income”. Their chore charts are called time cards and they are responsible for marking it when they do the job. If they don’t mark it, they won’t get paid for it. I am also trying to teach them responsibility, and returning and reporting. Each chore has a value. (Younger kids .05, older .10 per chore) They can also get points taken away for fighting, dishonesty, etc.

Kids need to learn the pride and joy of a job well done! This is where the reward comes in. It could be time with parents, it could be a special plate at dinner, and it could just be a “Good Job Honey, I Love You!” My kids also see it in their paycheck at the end of the month.

Kids need to learn the value of work! We are trying to teach our kids more about service. We are trying to teach them that sometimes you do things because you love someone and they could benefit from you services.

Kids need a controlled environment! Controlled, NOT controlling. If you home is chaotic, and clutter, that will reflect in their attitude and behavior. Mine too! When my kids are out of control, if they are fighting too much, that constitutes for a “No Media Week”. They don’t have TV, computer or video games for a week. They aren’t happy for the first few days, but by the end, they found their toys and even enjoy playing together again. I have also said no friends until they can treat each other with respect and kindness.

Kids need nutritious, balance diets! My kids are not allowed to not eat something just because they don’t think they like it. They are also not required to “be a member of the clean the plate club” as I was. I have had to deal with varying degrees of food allergies with my kids and they are all creatures of habit. One of my kids in particular view eating more as a chore that a pleasure. He would rather starve than find something to eat. He will also eat the same thing everyday if I let him. (He is so me) I have had to really step back and look at their diets and see where we could improve. Malnutrition can be the cause of moodiness, slow growth and even depression.

As I said, these are some things that I have learned. I am not always the best at it. My kitchen in chaos and looks like it blew up because I am going through cook books, I watch more TV than I should and eat junk for snacks, but I am working each day to be a better mom for my kids and wife for my husband.

Two new posts and don't forget to Vote!

2009-03-02T11:01:00.001-08:00

Great tips!

2009-03-02T10:57:00.000-08:00

Hi Jamie,

I looked up your benny on a budget blog and just wanted to commend you for your family's desire to get out of debt. So many people choose to not take action or even admit to themselves that they can make changes in the way they live, think, and spend money. People assume quick fixes will take care of their problems as opposed to choosing true financial freedom, which involves a lifelong way of thinking and living. You're right, finances are the most difficult, hush, hush topic for people to converse about. This is because it isn't just about money. The way we spend money is more an outward manifestation of our inner values and behavioral patterns. That's why people get so easily defensive at the thought that they might not know how to control their spending/finances.

If you haven't already heard of these, I thought you might enjoy reading these 10 financial principles that are great little maxims for living:

Take care and good luck on reaching your goals!

Jen

Ten Financial Principles Everyone Should Know (...and live by...)

No, I'm not on a soap box. I really just felt like posting this because I love to be reminded of simple maxims for living. With our nation experiencing it's current economical crisis, I thought it'd be nice to post these basic financial principles that I've learned that can easily be forgotten as we live day to day. For those of you who are LDS, I've included scripture references that correlate with each principle. Take some time to ponder the concepts - it'll be fun! :)
Ok, here we go:
1. Financial problems are usually behavior problems rather than money problems. (Matthew 25:14-18)
2. If you continue doing what you have been doing, you will continue getting what you have been getting. (Galatians 6:7)
3. Nothing (No-Thing) is worth risking the relationship for. (1 Timothy 6:7-11)
4. Money spent on things you value usually leads to a feeling of satisfaction and accomplishment. Money spent on things you don't value usually leads to a feeling of frustration and futility. (Matthew 6:24, 31-33)
5. We know the price of everything and the value of nothing. (Matthew 6:19-21)
6. You can never get enough of what you don't need, because what you don't need can never satisfy you. (2 Nephi 9:51)
7. Financial freedom is more often the result of decreased spending than of increased income. (Proverbs 21:20)
8. Be grateful for what you have. (Ephesians 5:20)
9. The best things in life are free. (1 Corinthians 2:12)
10. The value of an individual should never be equated with his or her net worth. (Matthew 16:26, Doctrine and Covenants 18:10)
It's easy to look at these principles and think "Duh, that's common sense!" But if we look at ourselves and the world around us we'll quickly learn that common sense doesn't always equal common knowledge practiced. Let's all try harder to act more responsibly over all that we've been blessed with.
(10 Principles and correlating scripture references taken from "For Love and Money: How to share the same checkbook and still love each other" by Bernard E. Poduska, c.1995)

We did it!

2009-03-02T10:21:00.000-08:00

We made it through the month with out buy anything unnecessary! It can be done. You can go an entire month making dinner every night and not eating out, really, we did! We saved over $550.00 this month by only spending our food budget ($500.00)! Now I must confess, there were a few things that I HAD to buy that were not food items. Connor had one pair of sock and I figured it would cost more to wash them everyday than to go get some new ones, and Connor was not into the whole "make your own Valentine's", so we did have to make some "special" purchases, but I used our food money!
I am just so proud of us for sticking to the plan. There were times that John and I wanted to give up, but we helped each other during those times and pushed through. It's just a good thing we weren't both having a bad day on the same day!
Alright, for this month I am going to try couponing! I am a little nervous about this one and I have my friend walk me through the process, but I think I just need to do it to see if it will work for us. I tried price matching last month and that was pretty cool. So, it you have any great couponing ideas, I would love to hear them. Here is what I know so far.

*I am getting 4 paper (I guess the daily Herald is the cheapest and has a deal called "the savvy shopper" which gives you 5 papers at a really good price. I guess I messed up on that one already!)
*You go to pinchingyourpennies.com and see all the deals at all the different stores
*Walmart does price matching (you just tell them what you will pay for you stuff, nice!)
*There are things called Beer Rebates that are either back by the beer or at customer service. You don't have to buy beer to get them, just usually specific products. (Walmart does not have them)

That's all I can think of right now. Please post any other great deals and ideas on couponing or saving money!

Ideas and information welcome, no WANTED!

2009-02-18T09:59:00.000-08:00

I just want to thank everyone for your words of encouragement and all the money saving tips. I have had friends and family sharing their budget ideas, ways to save on formula, and even a website for a weekly news letter. I want to share them with you and ask that you post any great information on this site for all to see.
Enjoy! And thanks again!

Budget Ideas

I love your new blog about finances. I think it's great that you've been able to change your habits and make things work. That's such a relieving feeling. I thought I'd share some of things we do with you, and maybe something will help:) Before Tyler and I got married we mapped out our finances and decided who would pay what. Because Tyler keeps a detailed register, and I manage my finances by having 4 separate accounts, we keep our money separate but are completely honest with each other about all our spending. When we first got married money was really tight (after paying for wedding stuff and tuition and everything). So when I started by internship at RR Donnelley and started getting paid almost twice as much, we acted like we still had the same income. I put $300 away every paycheck so that we wouldn't get used to the extra money (since it was only a 5 month internship), and so we could save up for a car. I had that money go right into a separate account and never withdrew any of it unless we had other car emergencies. During the 5 months of my internship we've saved $3000 and we'll be able to replace my truck with a car that actually runs and go on a cruise in December!A main backbone to our finances is an excel spreadsheet that I made to keep track of EVERY expense. Before the beginning of each month I estimate our income and expenses. If our income is a little less than expected then we see where we can cut back on expenses. Tyler gives me receipts and I ask him about his expenses so we can track everything. It's great to see how much we can save by doing this. Honestly, we haven't stuck exactly to it every month, but it does help to mentally know where we need to cut back and to see the outcome. The thing that has worked best for me is to have separate accounts. I have one account with automatic withdrawals for insurance, cell phone, and internet payments. I have another separate account just for savings (which is our car account right now), another account strictly for school, and just a normal checking account. I guess it's kind of my way of doing Dave Ramsey's envelope method thing. I know this doesn't work for everyone, cuz Tyler thinks I'm crazy for doing it that way, but I love it!Well, that's mostly how we've made things work for us. It's kept us on top of things and happy. It's so much better to have your money work for you, rather than have your money work you over. This semester has been really neat too because I have a class about Estate Planning, one on Retirement Planning, and one about Real Estate and home buying. I've really learned so much about money this semester I absolutely love it!

Lindsey

Save on formula

Just wanted to let you know that Costco has formula... you get two 25 oz cans for like 20$, buying the Kirkland brand saves me over half of the cost of name brand formulas.

Cathy

Helpful websites and newsletters

http://www.utahsaves.org/
daveramsey.com
mytotalmoneymakeover.com
(if you are a Zions bank customer, you can sign up for My Total Money Makeover for free for 3 months. You will receive news letter and a site to track your progress. It’s really fun! I think you have to get there from Zion’s page to get the deal.)

So far...

2009-02-12T12:12:00.000-08:00

So far this month are doing really well. John and I were so excited to find out that when the pay check came this month, the balance WAS several hundred more than the deposit. Normally there is a few dollars more (or less if we went into the over draft). It seems like we have so much more money, but really, nothing has change but our way of thinking. It's crazy how much more money you can have (or think you have) when you just pay attention to where it is going. We are on track to have I think $700 extra this month. Wow! It kills me to think that there were times in the past that we could have been more conscious in our spending and not be in this mess.
There have been so many blessing in our lives since we made the decision to really buckle down and stick to our plan. I have had a friend call out of the blue and offer me a bag of flour and laundry soap on two separate occasions. I have had friends call and give me money saving tips and places to learn how to save money. We are getting more back in taxes than ever before, and the refinance on the house has had blessing after blessing show up. There was a Monday that I got a rebate check in the mail for almost the same amount that I had paid to my church the day before. This has been such an amazing experience already. Thank you to everyone that is lending their support to us.
Last week we went to the closing and that was so crazy. I guess the company that is doing it is very particular about your signature being the same and NO mistakes. I thought I was going to need a drink afterwards I was so stressed. At one point, John wrote the wrong date and you could just see the color leave his face. Luckily the lady had an extra copy of that sheet, otherwise, we would have had to set up a new closing and start over again. No pressure, right!?! As we went over the fees she kept commenting on how good our rate was, how low the fees were and could not believe how lucky we were. Luck, no, blessed, YES!
I had been going through the storage room the week before and pulled out some papers that John needed to go through. In that pile was paperwork from our last closing that would give us a 40% discount if we used them within so many years, blah, blah, blah. Well, we were so close to everything being finalized that if he would have waited even one more day, it would have been too late. We also locked our rate in at 4.875 just before it went up again.
As we were finishing she reminded us that we would not have a payment due until April, yes APRIL!!! We just looked at each other and smiled. (I know John was thinking DISNEYLAND) Well, after all is said and done, we will be paying only $22 more a month after combining our equity line and mortgage, pay off a CC that we used to finish our house projects and free up almost 300.00 more a month to pay on our student loans! Not to mention the extra money that we will have each paycheck for changing our deductions! THIS FEELS SO GOOD TO BE IN CONTROL!
Wow, hows that for numbers!

2009-02-01T22:01:00.001-08:00

I went to a Women’s Conference yesterday at my mother-in-laws Stake. It was wonderful to hear Brother and Sister Eyre speak and I was even more excited when I say that one of the classes was on Finance. Of coarse that was one of the classes that I attended, but I was soon disappointed and a little discourage with the teaching. Now the information was great and the speakers had put together a good presentation, I just thought that they were missing some very important points. They did give out a flyer with a quote that I thought was valuable and worth sharing.

“Create peace of mind through building some financial security for yourself… As you work toward getting your finances under control, you are bound to find your feelings of peace and happiness on the rise.” “Try an experiment; spend a whole month not purchasing anything in a store except your normal groceries and gasoline. When an item breaks, try repairing it instead of buying a new one. Make do with what you already have available to you. It’s amazing how creative you can become. Break the buying habit!” “We become a slave to our unnecessary possessions. They steal our time and our life from us, forcing us to leave home and to work longer and harder than we would otherwise need to.” “In our rush to obtain wealth, we often neglect, and sometimes forget, where our greatest treasure lies.” “Rather, the success of your life may more accurately be measured by how much true happiness you have experienced, how much spiritual growth you have achieved, and how many lives you have touched for good.” “Money, and more importantly how we pursue it and our attitude toward it, can be either a blessing or a curse in our lives. It can help us achieve greater happiness or can multiply our misery. Learn to use it wisely…” By Gregory Wille Happiness 101

This goes right along with the theme that I have chosen for our family this year; Fix it up, Use it up, Make it do, or Do without. We made the decision not to purchase any gifts for friends and family this year and have already been put to the test. We have made a gift for a birthday party, I made a table runner for my mother-in-law’s birthday that was today, and we made a CD of music that each of the kids helped put together for my brother-in-laws birthday. It really makes use think about the person and what they would like.
The quote also goes along with the theme that my in-laws have chosen for this year and that is to “Simplify”. I have spent a lot of time the last few weeks cleaning out closets, the storage room and drawers, getting rid of things we don’t need or making uses of the things we have. It has felt so good and I look forward to being able to spend more time taking care of my family and less time taking care of my stuff!

I think I would like to try the experiment of not buying anything extra for a month. (February is the shortest month!) I think I would be surprised at what I could save. January we were able to have almost $250 extra by being very conscious of what we spent. So here is the challenge, if you dare, only buy the things you need at the market. That is food. If you are running low on soup or shampoo, use the little bottles that you take form the hotels (don’t tell me I am the only one that has those under my sink). Be good, you can do anything for a month, it won’t kill you. Then we can report back and see how we did. Let me know if you are up for the challenge!

2009-01-29T13:35:00.001-08:00

Alright, I’m going to get right to the point. Why is it that we can talk about our kids, our period, hairy legs, our sex life, but we can’t talk openly about money? Why are there support groups for alcoholics, drug addicts, sex addicts, gamblers, but no where to talk openly about our finances? Is it that we are ashamed that we might make a little less than the neighbor down the street? Are we ashamed that we don’t spend our money wisely? Is it because we never really learned how to use our money, a budget, or credit?
Our family has decided that this year we are getting out of debt, again. Now don’t get me wrong, we are not drowning in debt, but I am tried of giving our money to everyone else and not having much left over for us. We tried this before and did really well for a few months and then fell off the wagon. We didn’t have anyone but or selves to blame, but we didn’t have anyone else supporting us and reminding us of our ultimate goal, Financial Freedom! So that is what this blog is about. I needed somewhere to write down my feelings, ask questions and hold myself accountable. I would love for you to join us in our journey.