This past year has been a year of highs and lows. We, as a family have been able to hold a steady income but in order to do so we have become even busier. This brings in the lax of being financially careful and creative. I find us ordering take out and spending more on groceries due to lack of price matching, coupons and simple drive to do so. So even though I still do things to live a frugal life, I don't think I am doing the same things as many people out there.
Currently, I'm working on organizing our lives, home and finances.
Making our money work for us, I opened a number of different accounts within our current bank. Each account is a low cost checking account which I automatically have a set amount of money deposited into these accounts from our main banking account.
You may ask why so many accounts? Or are you not making this more difficult? To answer this question I have to fill you in on a secret, saving money in a main account for all the things we need to save for DOESN'T work for us. It is like seeing it gives us permission to use it for something else. So here is how it is set up:
High-Interest Tax-Free Savings Account: My husband has a RRSP in his name but because I am self-employed I felt it easier to save as I can. The high interest tax free savings account allows me to do just that without almost the same benefits as an RRSP.
Low Fee Checking Accounts: I have a set number of low cost checking accounts for save money for family vacations, home repairs and renovations and whatever else we need to save large amounts of money for.
Unlimited Checking Account: This is the main account. In this account everything gets deposited. From there every cent get allocated into our various other accounts, debts and bills.
Mason Jar 52-Week Money Saving Challenge: There are 52 weeks in a year. Starting at week 1 put $1 away. Each consecutive amounts equal the number of the week. Example: Week 1-$1, Week 2-$2, Week 3-$3, etc.
Budgeting isn't something that comes easily to me and my husband doesn't even go there. I try to learn as much as I can and practice what feels right for us. Doing little things that can make a big difference.
I have also set our debt repayment plan. We will be debt free this year and mortgage free in 10 or less years. We still live in our first purchased home and have been her 13 years. Our home is in need of lots of TLC as much not much has been done and lots of the home is in it's original state when it was built in 1949.
So far I feel this is working well for us and may be the answer to getting debts paid off and a home in a state of well being. Time is money and money takes some time but if what you are doing is not financially benefiting in a positive way then it is a hobby and I say, if you enjoy doing it so be it but make sure you are still where you need to be financially in order to enjoy the hobby.
