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trying to get ahead

January 24th, 2007 at 03:42 am

Even though my cc are finally paid off it seems as though I am not making ends meat. I mean I am able to set aside most of my check but I am saving for a ton of things. I have an account set up for everything and it seems like it is not working maybe I have way too many accounts. I have a EF, Misc account (for MD appointments or anything miscellaneous), a tuition/education account (paying for books, supplies tuition etc) a new car account (my car is a 89 Toyota so I am not sure how long it will last) a personal account (for things like gas, groceries and other personal items) my IRA and a bill checking account (solely for bills). I guess I am wondering how I should allocate these funds so that I can see some fast progress. It seems like as soon as I save $100 the car gives out, insurance is due or like now I need to have my eyes checked Frown I just have no idea, I was trying the 60% solution but it is just not working

Posted in Reaching Financial Freedom | 8 Comments »

8 Responses to “trying to get ahead”

  1. boomeyers Says:
    January 24th, 2007 at 05:19 am 1169615955
    1169615955

    Maybe you need to merge somethings into the generic EF. Like the misc., personal and bills and just have a fund for the car (we have an 89 Toyota too, it will last forever!! Or until it rusts away!) and a fund for the tuition and then of course maybe a set budgeted amount each month to the IRA. That seems like it would clean it up a little bit. Maybe say $x for the IRA, $x for the car fund and $x for the tuition budgeted in and everything else goes into the generic EF after bills are paid.

  2. baselle Says:
    January 24th, 2007 at 05:57 am 1169618269
    1169618269

    I have to agree with boomeyers, if you have completely separate accounts. If you consolidate, it looks like a nice chunk of change, its easier to take care of, figure out your progress, and get a good interest rate. And the larger the amount, the less likely you want to dip in and the less money you'll take out if you do need to dip in.

  3. baselle Says:
    January 24th, 2007 at 05:59 am 1169618378
    1169618378

    I think I'd try for just the EF, the IRA, and the checking account. Consolidate the little accounts into the EF.

  4. Frayed Buckeye Card Says:
    January 24th, 2007 at 01:49 pm 1169646540
    1169646540

    You say it's not working as you have it programmed, but you have NO cc debt, monies set aside for anticipated expences,I'd say many people should take tips from you. Change if you must but if it ain't broke,don't fix it!

  5. LuckyRobin Says:
    January 24th, 2007 at 11:39 pm 1169681991
    1169681991

    I'd build up the EF to at least $1000, then I'd build up the tuiton fund because right now getting an education is more important than saving for retirement. The education will pay off in earning more for retirement later.

  6. Amber Says:
    January 25th, 2007 at 01:07 am 1169687256
    1169687256

    Thanks for the tips guys, I think I will try until end of March and if I continue to feel the ame way then Boomeyer's plan is what it will be. Thanks a bunch

  7. SkyeBlue Says:
    January 26th, 2007 at 12:43 am 1169772228
    1169772228

    In regards to your auto insurance, I'd like to share with you a tip we have been using for a few years now that keeps our auto insurance (and other bills) from being late, and also from having us to have to pay a big bill for it out of one paycheck.

    After too many months of having to pay our $350.00 rent out of a $400.00 paycheck my husband and I came up with this system:

    With our quarterly auto insurance paid up to date, the next week my husband and I start putting away $20.00 a week (which adds up to the full amount due for our insurance by the next quarter, yours would vary of course) for it. By the time our next quarterly payment is due and the bill comes in I can immediately just pay it.

    We also use this system for our other bills, but we just divide them by 4, and every payday put a certain amount back for them. At the end of the 4 weeks when our bill comes in, I just grab the money and go pay them, usually the same day.

    Every week we put away the same amount.

    Great system to keep you from worrying about paying bills on time or having enough on hand to do so!

  8. Amber Says:
    January 26th, 2007 at 02:21 am 1169778081
    1169778081

    Thanks skyblue

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