I started giving our boys allowances this year for the first time. Towards the end of last year, I started adding up all the little trips thru McDonald's for an after school drink and cookie, or to the gas station for a Slurpee, or to Blockbuster for video game rentals...it all added up to quite a bit. Since the things that the boys asked for were never big purchases or amounts of money, I almost always said yes. I mean -- what's $2 a few days a week for an after school snack? But the thing was...whenever I'd get them a treat, I'd always get something for me and my husband. Video for the boys? I'd get a movie for me and my husband -- which was usually never watched!
Then I realized that it was all adding up to a nice sum of my allowance and that the boys should start paying for these things themselves and learning that money really doesn't just grow on trees. So each week I give my 8 year old $8 and my 5 year old $5. Last week they pooled their money and rented a video game. This week's allowance is going pretty quickly. It's been working well though and I wish that I would have started it sooner.
Showing posts with label budgeting. Show all posts
Showing posts with label budgeting. Show all posts
Thursday, January 11, 2007
Tuesday, January 9, 2007
$28.94 Spent Today
It's been a few days since I posted how much I've been spending. I'm HAPPY to say that I've been below my $40/day goal! I'm averaging $32.28/day for the month so far! One of my kiddos came down with chickenpox last week so we've been forced to stay home which means no shopping! Here are my most recent transactions!
Today, Jan. 9 - $28.94 Spent
$15.94 pizza for dinner
$13 kids allowances
Monday, Jan. 8 - $28.90 Spent
$26.90 Groceries
$2.00 iTunes download
Sunday, Jan. 7 - $0 Spent
Saturday, Jan. 6 - $0 Spent
Friday, Jan. 5 - $63.69 Spent
$12.35 postage
$29.88 groceries
$21.46 household items
I have a couple of big transactions for next week -- haircuts and soccer registration. So, I'm trying to stay UNDER my $40/day to have the money to pay for those. Also, the Hillbilly Housewife that I mentioned yesterday has inspired me to come up with some exceptionally low cost meal plans. I need to go thru my freezer and take inventory of all the meat that is in there. I am certain that we've got enough to feed us for a couple of weeks so that I only need to buy fresh produce and lunch and breakfast items.
Today, Jan. 9 - $28.94 Spent
$15.94 pizza for dinner
$13 kids allowances
Monday, Jan. 8 - $28.90 Spent
$26.90 Groceries
$2.00 iTunes download
Sunday, Jan. 7 - $0 Spent
Saturday, Jan. 6 - $0 Spent
Friday, Jan. 5 - $63.69 Spent
$12.35 postage
$29.88 groceries
$21.46 household items
I have a couple of big transactions for next week -- haircuts and soccer registration. So, I'm trying to stay UNDER my $40/day to have the money to pay for those. Also, the Hillbilly Housewife that I mentioned yesterday has inspired me to come up with some exceptionally low cost meal plans. I need to go thru my freezer and take inventory of all the meat that is in there. I am certain that we've got enough to feed us for a couple of weeks so that I only need to buy fresh produce and lunch and breakfast items.
Monday, January 8, 2007
Cleaning out the Pantry & Refrigerator
Since one of the places I can cut back on is groceries, I've been trying to feed my family directly from what we already have in the pantry/freezer/refrigerator. I usually don't keep the pantry stocked on food that I can make a meal from, but over the weekend we pulled some things together!
First, we have a freezer full of steaks, chicken, ground beef, etc, so the meat part of our meals has been easy. It's the sides where I've had to get creative. But I was able to pull enough things out of the vegetable bin to make a salad, we had some bean and rice and some frozen veggies that worked out well. Tonight we had breakfast for dinner (which my son calls "Brunner") so that was easy too.
I found the Hillbilly Housewife on another blog and it has some good information for low cost meals. There is the $45 Emergency Menu for 4 to 6 on the website that I need to take a closer look at to see if it is food that my family would enjoy. I'll let you know what we do and see how we can tweak it and recreate our own low cost menu!
First, we have a freezer full of steaks, chicken, ground beef, etc, so the meat part of our meals has been easy. It's the sides where I've had to get creative. But I was able to pull enough things out of the vegetable bin to make a salad, we had some bean and rice and some frozen veggies that worked out well. Tonight we had breakfast for dinner (which my son calls "Brunner") so that was easy too.
I found the Hillbilly Housewife on another blog and it has some good information for low cost meals. There is the $45 Emergency Menu for 4 to 6 on the website that I need to take a closer look at to see if it is food that my family would enjoy. I'll let you know what we do and see how we can tweak it and recreate our own low cost menu!
Friday, December 29, 2006
My $40 a Day Goal
Overspending. This is one of my biggest financial challenges. I'm a Stay-at-Home Mom, with 2 active young boys (ages 8 and 5) and I am responsible for overseeing our daily finances. Each month I get an "allowance" from my husband which covers all the bills (school tuition, house, utilities, car payment, etc.) and I have money left over to spend on all the day to day stuff (like groceries, eating out, haircuts, etc.) Every month I get the bills paid that have to be paid and every month I overspend the extra money. This year I had to ask my husband for extra money 11 out of the 12 months. Not good. We still managed to save money but not near as much had I stuck to my budget.
Okay...you may be wondering how I overspend money if I don't have it. Good question. It's because I put every single expense (anything over $1) on my American Express card. The bill comes in the following month, I don't have enough of my spending money to cover it, so I put in the request for extra money.
A week or so ago I prepped my husband that I will need extra money in January to pay the American Express bill. He made a comment and suggested that I should spend only cash for our day-to-day expenses and "turn in" my American Express card to him. One idea led to another and we joked that we could live on $40 a day (we were thinking of Rachel Ray's show). He went to bed and didn't think another thing about it and that is when my mind began to race. I started to crunch the numbers (which I love doing) and figured out that once the bills are paid, I have about $1350 left which comes out to $43 a day. So, I'm thinking that if I work to live off $40 a day then I'll have a little cushion left at the end of each month for any unexpected expenses.
My $40 will go towards groceries, eating out, entertainment, registration fees for the boys sports, haircuts, clothing, movie/video game rentals...pretty much anything that is not a fixed expense.
Since I've always used American Express for my daily expenses I won't have the "cushion" in my account to start using cash in January--since I'll be paying December expenses with my January allowance--so we'll have to withdraw money from savings for my $40 a day in January. I've promised my husband though that I'll trade him my American Express card for the cash.
Wish me luck with this! I'm using this blog to help hold me accountable and so that I can see where any of my pitfalls lie with my spending. Feel free to e-mail me suggestions.
Okay...you may be wondering how I overspend money if I don't have it. Good question. It's because I put every single expense (anything over $1) on my American Express card. The bill comes in the following month, I don't have enough of my spending money to cover it, so I put in the request for extra money.
A week or so ago I prepped my husband that I will need extra money in January to pay the American Express bill. He made a comment and suggested that I should spend only cash for our day-to-day expenses and "turn in" my American Express card to him. One idea led to another and we joked that we could live on $40 a day (we were thinking of Rachel Ray's show). He went to bed and didn't think another thing about it and that is when my mind began to race. I started to crunch the numbers (which I love doing) and figured out that once the bills are paid, I have about $1350 left which comes out to $43 a day. So, I'm thinking that if I work to live off $40 a day then I'll have a little cushion left at the end of each month for any unexpected expenses.
My $40 will go towards groceries, eating out, entertainment, registration fees for the boys sports, haircuts, clothing, movie/video game rentals...pretty much anything that is not a fixed expense.
Since I've always used American Express for my daily expenses I won't have the "cushion" in my account to start using cash in January--since I'll be paying December expenses with my January allowance--so we'll have to withdraw money from savings for my $40 a day in January. I've promised my husband though that I'll trade him my American Express card for the cash.
Wish me luck with this! I'm using this blog to help hold me accountable and so that I can see where any of my pitfalls lie with my spending. Feel free to e-mail me suggestions.
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