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Is there anyone who handles their money right?

I've read all the right books, etc., and try, but seem to always be making financial mistakes.

 
Anonymous

Asked by Anonymous at 10:59 AM on Jun. 30, 2010 in Money & Work

This question is closed.
Answers (9)
  • I do. I have a very specific way of budgeting. Each week I pay the bills, put some money in the savings account, and then take whatever there is left over out in cash. The cash is all we get for gas, food, groceries, and fun for the week. It keeps me from having to balance my check book and makes it hard to overdraft. It's working great so far.
    AmazingAmanda

    Answer by AmazingAmanda at 11:04 AM on Jun. 30, 2010

  • It is hard. I handle the finances in our home, have since before my husband and I married.. We still do some things that might be considered wrong by certain financial advisors, but we do our best. We pay bills on time, we have no debt other than our mortgage and a car payment, and we have good credit.
    KTMOM

    Answer by KTMOM at 11:03 AM on Jun. 30, 2010

  • Get the book The Total Money Makeover by Dave Ramsey, from your library. This is the book that set us on track and now we make smart financial decisions.
    slw123

    Answer by slw123 at 11:20 AM on Jun. 30, 2010

  • I handle money right, it's just hard when you "share" the money with someone else...aka DH/SO. Seriously....we're in debt because he was using credit cards behind my back, spending money that was supposed to be saved....the list goes on..ugh!
    CAGirl4

    Answer by CAGirl4 at 11:02 AM on Jun. 30, 2010

  • I think I'm doing pretty well managing our money. My mom taught me to always pay off the credit cards in full each month and never buy anything we can't afford or can't pay off in a few payments. Of course, that doesn't apply to cars or homes because they are essentials that would be hard to pay for all at once. My car & house are the only debt we have, and I always buy used cars. I am very frugal and buy lots of used things from resale shops, garage sales & consignment sales. I would say 90% of our clothes are bought off clearance racks. The best time to shop for them are at the end of the season. I use coupons when I shop for groceries, and we don't eat out very often. Our Kroger will double our coupons up to a certain amount, so I buy most of our food there. A good idea is to put away a little in a savings account each month even if it's only $10 because it will add up fast.
    flowrchild77

    Answer by flowrchild77 at 11:06 AM on Jun. 30, 2010

  • I seem to be pretty good at it. I grew up poor, went to college and worked my behind off. It is more than that though! There is a lot of telling yourself "no" and there was a lot of being willing to work a second job to get ahead. It meant not having kids right away and being committed to saving even if it meant I used the same cell phone for 6 years and "date night" was going to the Knights of Columbus pancake breakfast after church on Sunday morning.

    I have a degree in finance and spent several years as a bank Trust Officer. If you would like you can email me with a little more info about yourself and I will be happy to share some of what I know. BTW, don't feel bad about your mistakes, just learn from them. Everyone makes some kinds of financial mistakes, sometimes they aren't our own fault.
    yourspecialkid

    Answer by yourspecialkid at 11:06 AM on Jun. 30, 2010

  • I handle it and always have, we do pretty good I was able to buy a boat for my husband for Father's Day and I paid cash for it. Our girls have savings and college funds, we are smart with our money, in the next month we are going to see a financial advisor to make even smarter decisions. I always make a list for grocery shopping, if it is not on the list I do not buy, I plan a menu out so I have everything we need and are not running to the store everyday. Cash in your change every month and place into savings, you would be amazed at what amount extra change adds up to!
    lapcounter

    Answer by lapcounter at 11:21 AM on Jun. 30, 2010

  • I think we handle our money right. We're not always perfect, but we do a very good job handling it. That is, of course, thanks to Dave Ramsey's book, Total Money Makeover.

    We started with a written budget where we spent EVERY dollar of our income on paper before we actually got the money. Then when my husband got paid we knew exactly where every penny of it was going. We pull out cash for things that we pay for in person- like groceries, clothes, entertainment, eating out etc. We put the money into envelopes labeled with what the money can be spent on. So say $100 is earmarked for groceries. Then when my husband gets paid, we pull out $100 and that goes into the grocery envelope. Once the grocery money is gone, it's gone. We can't spend more because there isn't more to spend.

    We do change our budget whenever we need to. The trick is to have both you and your husband agree to it before hand.
    Hope that helps. Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 6:05 PM on Jun. 30, 2010

  • Handling your finances well is a process. Have you learned from your "mistakes"? Are you handling things better than you have in the past? Are you able to nail your weak spots? Have you figured out work arounds? It's helps to tackle new skills in smaller batches. Books are great but the amount of info can be overwhelming. One skill may be learning to square foot garden, or learning how to can, use coupons, evaluate each family member's wardrobe for gaps, learn how to yard sale, separate needs from wants, cook from scratch. So if credit card spending is a problem, stop it and use cash instead. If eating out is a problem, cook at home or pack a lunch. One thing we've found is you have to have some breathing room in the budget. So we have an emergency fund factored in for the unexpected and each of us gets a very small allowance to spend any way we want. (It's about $2.50 a week. Enough for a couple of sodas.)
    oddfox

    Answer by oddfox at 10:55 PM on Jun. 30, 2010

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