Mothering on a budget
The King of Everything’s new school sent home a rather impressive list of school supplies to bring with him on the first day. He also wears a uniform–and is growing like a weed.
It makes August a tight month.
I tried taking out my entire monthly budget in cash at the beginning of the month, but that didn’t work very well. I’d spend half of it in the first week and then limp along for the rest of the month, then have to spend more than I’d anticipated for this or that. So this month, I’m back to dealing with the family budget one week at a time. It seems to work well enough for me, and I leave a cushion in the bank for groceries, which I order online for delivery. This way, I can make the month last, with enough left at the end of the week for dinner and a movie with my best date.
How do you make sure the money’s there?
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POSTED IN: budget
11 opinions for Mothering on a budget
Mike Thomas
Aug 4, 2007 at 1:50 pm
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ratphooey
Aug 4, 2007 at 3:24 pm
I used to wait until the last minute to pay bills. Why forfeit the interest that money was earning? But a single lapse of attention can be costly in terms of late fees, not to mention added stress. So now all of my regular monthly expenses (utilities, mortgage, car insurance, etc.) are established as automatic payments. A little is also direct-deposited into a savings account, which serves as the emergency backup if things get too tight. I also tend to keep a well-stocked pantry when I’m flush, so that there’s always something in there if I end up cash poor at the end of the month.
Ike
Aug 4, 2007 at 5:12 pm
I take an old fashioned approach to budgeting, especially for big ticket items. When I get a tax return or bonus at work, I put aside specific sums for these items in cash in envelopes in my fire proof box. In the past, I mistakenly used money meant for other things when I left it in checking or savings. So now when I know a dance lesson bill is due or the deposit for preschool is coming up, I get out my envelopes and take the appropriate cash to the bank. Knowing that school clothes for my two kids will cost a lot this year, I’ve tried setting aside a few bucks into an envelope each week all summer.
By using the envelopes, I have resisted the temptation I would have felt if the money were in my savings account (”what’s another $75 to treat myself?” I used to say). My dad thinks I am crazy to not keep the cash in an account earning interest, but it works for me.
Jennifer
Aug 4, 2007 at 7:35 pm
I write down every penny. EVERY penny. A long time ago I read that book; um what was it.. Your Money or Your Life. It’s the only good way I can make ends meet. The first year I did it I found out our family had spent 700+ on slurpees! For pete’s sake. We bought an ice crushing machine and now spend almost nothing to make homemade. If I know how much I’m spending where I can adjust. But it’s tight most months since I quit writing business copy. It would be so much easier if I had maybe just an extra $500 a month.
Liz
Aug 4, 2007 at 8:52 pm
I have a dry erase calendar by the front door and color code everything. Top priority bills are marked in red, days when child support comes in is in blue, and approximate weekly income totals are put in parentheses at the end of each week. Since I’m mostly self employed at this point, and can have a hard time finding motivation to walk out the door especially after a sleepless night, I have the expected income figure staring me in the face.
I put the child support money, if that’s what I can call that pittance that the ex stupidhead sends, in a savings account to sit and accrue interest. That case, in the event of an accident, God forbid, I have an emergency cash flow. So I work my tail off to support Max and me, and act as if child support doesn’t exist.
christina
Aug 5, 2007 at 2:49 pm
These are all fantastic suggestions. I’m going to compile them and spread the wisdom. Thank you so much, ladies!
angel
Aug 6, 2007 at 2:03 pm
i budget on an excel spreadsheet up to 18 months in advance! certain things stay the same for a year, like rent and school fees, and everything else i pay over the internet the day after i get paid. then i mark if off my list so i don’t have to worry about it!
christina
Aug 6, 2007 at 9:43 pm
Wow, you’re my hero, Angel! That’s incredible! I’m going to have to take an excel class so I can learn how to do that.
Kelly
Aug 8, 2007 at 4:11 pm
A few days late here… and I’m not so great with money for the most part, but I have a Saturday morning ritual that helps me (I get paid on Friday via direct deposit):
First I write down my paycheck amount in my checkbook and check my online bank register for any charges I may have forgotten to write down. Then I transfer a certain amount of my paycheck into savings so that when mortgage is due, I will be able pay it (I have a very hard time just holding onto that much money otherwise). Next I figure out my total and then pay the bills I can in priority order.
Child support doesn’t always come on the same day, though I usually get a check a week. I usually just rely on that for gas and some groceries.
Kristi Hullum
Aug 23, 2007 at 8:16 pm
Hello. I just stumbled upon this website. Great place!
I always add up all of the expenses I have each time I get paid. I pay every bill I get even if it is not time to pay it. I find that if I do that I don’t mistakenly forget and end up missing a due date. I’ve made that mistake enough for everyone. If I have enough food in the fridge to get us through I don’t worry if paying it all means only $5 is left in the account.
I guess someone would question whether or not I am thinking straight. Don’t worry, I do have a little bit of emergency money set aside. I just try and pretend that I don’t so I don’t use it as an excuse to make bad spending decisions. Eating at home instead of taking the easy route by stopping at Wendy’s will save money too. Not to mention that you and your kids will live healthier lives as a result as well.
After 5 years of divorce I finally can put a big portion of the child support in Fidelity 529 college plans and save the other portion for whatever the kids may need. It has been a long road to get to this point ladies and gentlemen. Life was ROUGH as H-E- well, you know what I mean.
christina
Aug 26, 2007 at 10:58 pm
Kristi thanks for this. I’m going to look into college savings plans — next month? I know I can’t handle it right now… I’ve got too much to deal with next week. I just hope that someday the ex’s payments amount to enough to save.
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