Mothers chime in with great financial advice
You ladies are the best! This single mother has a handful of new tricks up her sleeve when it comes to financial responsibility, and I thought I’d share their wisdom out here on the front page, rather than leave it hidden in the comments…
If you’re struggling to make ends meet and put a little away, besides, listen to what these wise ladies have to say about taking care of the business of financial responsibility…
The lovely Phooey reminds us to pay our bills on time and avoid late fees and penalties — and it’s a great way to maintain good credit. Don’t forget to keep a well-stocked pantry of staples, so there’s always something you can make at the end of the month if you’re running short.
Both Phooey and Angel use on-line bill paying to keep up with what’s due. Angel is so incredible, she runs an 18-month spreadsheet! That must feel great to cross off something on that list.
Jennifer writes down every penny she spends. This is how she discovered they were spending $700 a year on Slurpies alone, and invested in their own ice crushing machine.
Liz has a color-coded system to keep her free-lance motivation high. She lives on what she makes and banks whatever child support she gets, against the future.
Ike uses the old fashioned envelope system and gives her cash machine card a well-deserved rest. This way, she avoids the temptation to spend just a little bit extra on something that’s not on the list.
Great advice, ladies. I think I need to start practicing your good habits!
Tags: advice-from-mothers, budget, money, saving, single-motherhoodRelated Stories
POSTED IN: budget
6 opinions for Mothers chime in with great financial advice
Crystal
Aug 7, 2007 at 6:20 am
wow, great ideas. I’m almost afraid of Jennifers idea but I bet I could save so much more if I did. It’s different when you think of it as juts a few $$$ here and there. We know it all adds up but when you see that big #….WOW.
I met with my financial advisor yesterday and he said we should be saving at least 10% of our pay in some form. That can be 401k, investments, life insurance, etc.
Leslie
Aug 7, 2007 at 10:15 am
I agree on the 401k, it’s gone from my check before I even miss it. Plus 401k loans are terrific–who better to borrow from than yourself!
Great ideas!
angel
Aug 7, 2007 at 12:21 pm
heh heh… i also highlight the payments i didn’t make in yellow with purple text- they stick out like a sore thumb!
i must try what jennifer does… i think i’ll scare the bejeebers outta myself!
Jennifer
Aug 8, 2007 at 12:51 am
It is terrifying at first. Believe me that slurpee figure made me almost faint. But all the tiny things we buy add up. A coffee there, a vending machine here, washcloths you don’t need but that are on sale. I’ve saved tons since starting this about 5 years ago. And Christina, thanks so much for the link love!
christina
Aug 8, 2007 at 7:15 am
Crystal, Leslie, I’m paying a little into my 401K, but at my age, i think it should be more than just 10% of my income! I don’t have any savings for old age. But I can’t even afford 10% of my income right now. Sad.
christina
Aug 8, 2007 at 7:16 am
Angel, between you and Jennifer, we’ll have this personal finances thing locked down in no time!
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