Electronic Transfers

But don't send the info until you establish a positive cash flow.

Riiiight.

A splurge, even though I don't have the cash: I'll be shelling out 28 bucks to see a Ryan Landry play. Maybe 12 more for a drink or two.

We can go halfsies if they let me in for free. Or drinks are on me.

D - it's alright. I'll have less money than I expected to play with this weekend, but I should be able to afford it. I'll be getting another paycheck next week and dammit, I need some destressing.

Mr. Tea and I purchase damn near everything on a credit card, because we only charge what I was going to buy with cash anyway. My idea of an impulse purchase was a couple of weeks ago when I bought a tin of choclate covered ginger Altoids (didn't like them, I had buyers regret).

One payment each month, plus I earn reward points for every dollar spent. Sometimes there's specials where dollars spent at groceries or restaurants for example are doubled, tripled or quadrupled.

When I accumulate enough points, I trade them in for gasoline cards. Just the other day I got $200 dollars worth of gas cards in the mail. So, I pay no interest, don't have to schlep around cash, and get free stuff.

I really don't understand the concept of a debit card, don't you have to keep track of everything you spend? Seems like more of a chance to overdraw, rather than getting a bill that you have 2 weeks in which to decide which would be the best way to pay it.

I'm leary of auto-pay too.

Once a month I sit down with all my bills and schedule each one to be paid a day or 2 before they are due, I keep a spreadsheet in excel where I immediatly post the money so I don't overdraw. Then, every week or so I check to make sure there were no other bills I missed.

I use credit cards to accumulate points, too, but in my case, it's for aeroplan miles, and I keep a sort of running tally in my head about what I owe where. I never have a problem with overdrafts or overspending because I don't spend that much in the first place. I spend most of my free money on meals or activities with friends. I try to never spend what I can't pay (in the month), but sometimes shite happens... like brakes for the car, an emergency of some sort, or loans to the kids...

Anyway, it's all a learning experience and an ongoing fact of life - Money! We'll never have enough of it!

I'd call up the credit card company - if you have been a good customer in the past - pay on time, etc., they will almost always reverse the charge. I've done this twice and in both cases my check was cleared one day after the due date so it was apparent that it could have been a delay any where.

I'm with you. I use my points for frequent flyer miles or for free stays at hotels - it awesome - we stayed at a spa for two nights free most recently. As long as you only buy what you need and can pay off the balance each month it is worth it. Also, some bank debit cards will charge you each time you use it. If you do use a bank card, you can classify it as a charge and not be charged this fee.

Littlek--

Everyone knows that the rent is a major expense and the rent is due on the first of every month.

The big bills are easy.

What is harder to keep track of is "fritter" money. I'm not saying, "Stop spending money on the small joys of life." I

I'm saying, "Make a budget." As the first step, simply write down what you spend.

I'm not saying that you are a feckless, shallow woman of extravagant habits. I'm saying write down where the money goes.

Your overdraft problems seem to come from living close to the bone and robbing Peter to pay Paul. This is inevitable when you're dancing in quicksand.

Free, organized form here:

http://financialplan.about.com/cs/budgeting/l/blbudget.htm

Once you're solvent life will be so much easier--and so much less messy.

Hold your dominion.

Agreeing with Noddy.

Littlek, you really do need to write down a budget. Keeping it in your head is too dicey.

I'm not saying this to brow beat you at all, I truly believe you'll start doing better soon, but you need a game plan, written down.

Question...your "splurge" for the play and drinks, how often do you do something like that?

I noticed something in the way you phrased it. Something about $28.00 for the tickets....and $12 for drinks.

See, it seems to me you're trying to fool yourself. What you are spending is FORTY BUCKS. Not, 28 for tickets....12 for drinks.....oh, and $5 for the parking garage or cab....um and $2 for the ladies room attendant....

This may sound stupid, but for splurges, here's my advice....every Friday...no, not Thursday or Saturday or every other Friday when you get paid...EVERY Friday put a 5 dollar bill into an empty shoe box and put the shoebox under your bed.

You do not take money from the shoebox to go toward a bill, or to pay the pizza guy. The shoebox is sacred and is only touched on Fridays when you quickly open the lid, shove another 5 in there, and shove it under the bed again. You do not tell anyone about the sacred shoebox.

If you are flush one week and impulsively put $10 in the there, you are not allowed to take $5 out during the week.....Tough Titty.

Then, when you have decided to splurge, you open the shoeboxand will be amazed that forty or fifty dollars has magically appeared there.

I made up a basic budget in my style. I can't use the one Noddy linked to, it's not detailed enough. Mine is calendar-based. I have all my incoming money listed on the day it's received. Bills listed on the day that they are due (or approximate day, some I don't know yet). The schedule I've made let's me see how my incoming $ relates to my out-going $. Not on the schedule are groceries and pet supplies.

I'm sort of shocked and hurt to see that you all seem to think I'm an idiot.

I know my bills. I know that I will not be paying for parking or for the washroom attendant (HA! I'll be lucky to not have several drag queens doing drugs in the room with me while I pee) - you and I must go to very different clubs, Chai. I know I'll get cash and a check by the end of next week. I know my last deposit (I get paid from the school weekly and from the childcare monthly) will leave me strapped until them. I bought 60-something in food for the next week to supplement my current stock. I know that I don't need insulin, syringes or food for the cat. I know I won't be needing gas. I'll spend more than I should this weekend, but I go out maybe once per month - probably more like once per two months.

Why am I defending myself! I know I need to be better prepared. I need to get to know how electronic banking works. I'm learning.

Just for fun: I went to a bar a few weeks ago and spent 20 bucks (that included cover charge, 2 beers and tip. Dasha and I went out when she got back from India in February and spent 20 bucks. I went to a play for my birthday in December, admission was comped, I bought 1 drink for myself. So, $20 in May, $20 in February and $10 in December.

Littlek--

I don't think you're stupid. I think you're a busy person who had lost track--and hence lost control--of the ratio of Income and Outgo.

I'm impressed that you're keeping track of both Income and Outgo with dates. I've always worked on a month-by-month basis, but then I've always had a month-by-month income.

By the way, are insurance payments in your budget? Car? FTL? Health? Do you pay your car insurance by the month? My insurance company charges $3.50 for this "convenience"--which is $24 a year.

Regular-but-infrequent necessary payments put one hell of a crimp in a spontaneous cash flow.

I don't think the other A2K members think you're stupid either. I think they are full of missionary zeal and super-willing to help.

I don't think you're an idiot at all littlek!!!!!

Some of the most intelligent people I know cannot figure out their finances, have no idea where there money goes, and are constantly on the edge.

It's just a skill, or maybe a mindset they do not have, and has noting to do with how smart you or anyone else is.

I apologize if you took it that way. I really didn't mean to insinuate you're dumb.

I don't have a finance degree, and don't know a lot of fancy jargon, but I do have a knack for making money out of nothing, and making the most of what I have. Like Noddy said, it's a missionary zeal.

On the other hand, I AM a moron regarding other things. We all have our downfalls.

A calendar based budget? Do you mean the type that you say "Ok, this paycheck is for this, this, and that, and the next one coming is for that, this, and this?

That might be necessary at first, but that tend to continues the crisis mode. It's important to get a nest egg as a cushion...and I know, I know...you're working on it.

I still believe in the sacred shoebox BTW, because I have one.

There is no way I could put $5 / week into a shoebox and not use it. Not on my budget.

Noddy, I have the health and dental insurance on the calendar. My car insurance is paid over 3-4 months starting in december (bad timing). That's one of the three reasons that the winter is not splurge time.

ouch. sorry, I didn't know things were that tight.

Some method of getting you some extra cash is gonna come to me in a dream, I can just feel it.

Have you allowed for clothing and shoes in your weekly/monthly budget?

How much do you really spend on clothing per week $5.00? $10?

write down every little thing you spend money on in a year then guess estimate or write down the correct figure for the whole year. divide by 52 thats how much you need to account for each week. it might only be 50 cents per week but you still need to set it aside. Then set aside another amount for unexpected items. this amount becomes savings/discretionary if not spent at by the end of the year.

Mumpad is a financial councillor she says most people have no idea where the money goes.

Clothes? I buy a pair of pants or a shirt every couple of months. I don't buy in clumps, I buy a piece or two at a time.

I didn't account for clothing in my plan. I also didn't account for the extra gas needed to get to my class. One major money pit for me is the kids I care for. There is no petty cash at their house and I end up paying for food for them often, even if it's just milk or or a hot chocolate - or sharing my own lunch with them. I've asked for the establishment of a petty cash drawer.

Thanks to Mumpad for any help she's pitching in.

Chai, I cashed out my coins a few months ago. I put that cash into a printer ink jar. I've used it up. Mostly on computer ink.

littlek, good for you for asking for a petty cash source for the expenses you're carrying for the kids. You already realize you can't carry additional expenses for the kids, as much as you'd like to. The cost of gas is outrageous and unfortunately will probably go higher.

have you ever heard of the envelope method of budgeting? It's one where you have envelopes (real, if cash based; line items, if on a spreadsheet) for each of your obligations. If you pay car insurance twice/year you put 1/6 of the bill in the envelope each month. If you budget $150 for groceries each month, you put $150 in the envelope at the beginning of the month and take it out as you use it. There also needs to be an envelope for 'extras'. It's like chai's shoebox, but it's an integral part of your budget and can be used for entertainment, clothing, emergencies, etc.

The advantage of this type of budgeting is that no one month is any harder financially than any other month. For example, heating bills go up in the winter, but if you set aside 1/12 of the cost of heating each month beginning in June you'll have an envelope to cover the cost of the heating bill come November.

You've probably looked at your income and outflow a hundred times over, but this method is one that can help take the bite out of the big items. As someone who used to eat rice-a-roni and hot dogs most nights of the week and walk the aisles of the frozen food section of the grocery store to cool off in the summer, I understand your frustrations. You're doing a lot of things right and you're making changes for your future. You'll get there. It ain't easy, but you're moving in the right direction for you future financial security.

oooo....you need to get reimbursed for the money you are spending on the kids, if they don't have a petty cash fund, you should be able to submit receipts on an expense report for reimbursement.

littlek, have you ever tried rebating? I know it doesn't sound glamorous, and not worth the time, but it really really doesn't take but a few minutes, and you buy something you'd have bought anyway (maybe not the same brand) and in a few weeks you get a little surprise check in the mail for $2, $5, $10, $20 plus. Some months I get reimbursed for $50 or $60. I at least get $10 or $20. Before you say you can't be bothered, check it out. Walgreens has a month catalog where you lump everthing together, and submit for 1 check. Spend 10 minutes with the Sunday paper and clip coupons, and some items you can get for better than free, you get the immediate coupon savings, and reimbursed for the pre-coupon price later on.

Before you get mad at me, and think I'm questioning your intelligence because you know this already, well, I don't know, and this is a guaranteed way to make extra money so you don't have to live so tight that $5.00 will make or break you in a week.

Re coupons, I figure that $2.00 coupon is cash I earned by clipping it, and the store keeps that $2.00 by sending it in and getting reimbursed.
Once I bought something at the grocery store using a coupon for a few dollars, and when I got home, realized it was the wrong thing, already had it, whatever, and next week when I went shopping, went to return it. I realized while walking away with my cash that they reimbursed me for the entire price, without taking the coupon $'s out.

Now technically, I supposed the supermarket is supposed to be able to "prove" every item they get reimbursed for is out of their inventory, but I doubt in the extreme they monitor every single item. All I thought was "cool! 2 bucks!" There's just so much money floating around out there for the taking littlek, if you just know where to look, and it adds up.

In terms of finance terms, look at your return on investment. If you need to buy a $5 item and have a $1 coupon, you just made 20% on your money. If you can get it free, you,ve made 100%.





I know the following doesn't help right now, but dadpad and mumpad have the right idea. This will be good for down the road. Repeat, down the road. I lived with a guy for a couple of years that used the "ok, this check goes for this, that next one goes for that" budgeting system, as opposed to my, "I need X amount a month overall, so I put aside Y each week." We were both making the same amount of money, and split expenses as far as the household. He hardly EVER had the extra money to do something out of the usual, so if we went to a concert or whatever, I'd pay and he'd pay me back out of that next paycheck, or the next. I'd put down the deposit for the apartment, which he could never get around to "butdgeting" a paycheck to give me his half.
So....since I did the grocery shopping, every time I went to the store, if I spent $100 I'd tell him his half was $60. That paid me back the deposit without him realizing it, and it worked so well, I continued to siphon off $5 and $10 here and there. He continued to go through the usual little problems of not being able to buy a music tape exactly when he wanted it, but oh well. When we broke up (amicably) he said "Uh, I guess I have to figure out how to pay you back that deposit"
I told him "no, you've paid it over time, and here, here's (I don't know a couple hundred bucks) for you to use for moving expenses, deposits on phone, whatever (which he didn't have, and I would have had to loan to him) He was SO pissed off because all he could see was that I "denied" him getting something he "needed", rather than seeing the big picture. He got over it.