A new challenge for us to join in on. Making the most of your money/credit repair/household budgeting.
Who all wants to participate?
I do Gryphon. :biggrin:
I'd love to...but, don't think now's the time...unless someone has tips on how to efficiently manage 2 mortgages. :biggrin:
We might have some tips Sunny!
Please pass them along! And if I don't catch them before I go, I get them when I come back.
I think we have mutually agreed to lease/rent our FL house...we hate to let it go completely. So, we're meeting with our realtor on Thursday to discuss her fees to manage the property for us since we'll be so far away.
I would participate, but everytime I think I have control over our finances, my husband gets ahold of our money. So much for having some money in savings. He just bought a bedroom set for us.
I'll play
Thats three...and two who might benefit...anyone else??
I will play. I will reign in his spending if it kills me!
Alright then. Lets get started. Feel free to jump in anytime!
The first challenge is to see where your money goes.
Make a chart, some good ones come with most spreadsheet programs or can be found online.
List out all your expenses.
Mortgage
Utilities
Car payments and insurance
Credit card or student loan bills
Get the bills first, the ones you have to pay every month.
Step two, where does the rest go? Go through your receipts/bank statements for the past month and put everything into categories:
gifts
household purchases
groceries
meals out
entertainment
etc.
You have to know where the money is going before you can decide if it can be better put to other uses!
As part of this challenge, maybe we could all make a goal.
Is the goal to pay off credit card debt? To pay the car off early? To start saving something? What is your goal?
I suggest using Quicken, and giving all your income and expenses a catagory. Then you can get automatic charts of various catagories, or your complete in/out flow of income/expenses. It's what I've used for years. Helps tremendously too.
I second the use of Quicken.
Great for seeing instantly where the money goes.
Good idea! I have heard only good things about Quicken.
Anyone ready for the next one?
I am. :yes:
Quicken me. Please
I will continue to lurk on this thread...my only "budget" tip right now is "PAINT PAINT PAINT"! LOL!
It's absolutely amazing what a little coat of paint can do to freshen or modernize a room! My poor husband has officially painted EVERY single room in our home, in addition to a FLOOR! After finding two layers of mildew-infested carpeting in the lower level family room, we now have a nicely painted floor until other flooring comes into the budget! :biggrin:
Here's a great article that deals with the financial blunders most people make when buying a car. Im shocked to see that the average loan is over 5 years now...and that a quarter of all people end up financing part of the negative equity from their trade in when they get the new car...
http://articles.moneycentral.msn.com/SavingandDebt/SaveonaCar/TheRealReasonYoureBroke.aspx
Thanks for the article. I'm fairly certain I'm looking for a new car very soon, so this is timely.
what are you looking at? Im going to a car show this afternoon...
Sadly, I'm not sure what I have in mind.
Can I suggest that you look closely at Toyota?
I've owned two, a Camry LE and an Avalon.
They just keep on runnin' with minimum of maintenance, and they have a LOT of zip.
I've been quite happy with them.
I agree! In addition, Toyota has excellant customer service.
Toyota has great cars. I love the Avalon....its every bit a luxury car without so much the luxury price.
Lexus had their new LS there today---talk about swanky. The rear seats had massagers in them....a reclining foot rest.
Oh man, it was nice.
I found a cool little toy too...a four door Jeep Wrangler. Not very refined, but where else can I get a convertible that seats four comfortably and I can haul yard crap in it too??
I hope you will continue on this subject, it was a good read and helpful, our family was looking at a new truck, but the thought of being so financially tied to it is what slowed the processes way down to consider other ways.
Figuring in too, drive time and average miles driven, you don't need a 20+ thousand dollar car just to drive 20 mins to work and home, short trips around town. It is alot to think about, knowing that money situations can change, but the payments will not.