So I am writing these posts hoping I am helping some one out there. I would really like to hear any feed back you have. If you want me to change anything or add something. I really hope that something I have said is useful to any one out there. I have more helpful tips to share but I want to make sure that people are actually seeing them.
If you have questions or even some input of your own I would love to hear from you. I would love the interaction from you guys. I am doing this to help you so what ever you want to add please feel free. Just like in school, no question is too small. You may have the same question as some else and if we share we can all help each other and make our lives a little better.
About Me
- The Natorette
- Lansing, Michigan, United States
- I am a Mother, a mentor, a business owner, an employee. I am a person I have a busy life and would like to help others deal with their busy lives.
Thursday, August 28, 2014
Just Checking In
So I have given you a lot of advice in my last few posts. I am just wondering if any one has started using them or has any success to share. Have you tried a budget yet? How does your family feel about cutting back? What have you decided to save for? I would like to hear your thoughts on things. Do you think these are good or bad ideas?
These are things that have helped me. I kept looking for help myself but all the articles seemed to be geared toward people with a lot more money so I decided I would share what I have learned and used as a person that has very little wiggle room for saving and spending. I only work part time and have a daughter to support so a big budget is not something I am accustomed to. I wanted to help other people so I hope I am getting out to at least even one person to make a difference.
These are things that have helped me. I kept looking for help myself but all the articles seemed to be geared toward people with a lot more money so I decided I would share what I have learned and used as a person that has very little wiggle room for saving and spending. I only work part time and have a daughter to support so a big budget is not something I am accustomed to. I wanted to help other people so I hope I am getting out to at least even one person to make a difference.
Tuesday, August 26, 2014
Ditch The Debit Card!!!!!!
Ok, so I know what you are thinking, This lady is crazy! You can not possibly make it through the day without your little plastic friend. It would bring an end to your world if you didn't have that little rectangle available at all times. If you could not simply swipe the card through the reader then what would you possibly do? It is ok I have a plan and a reason.
So true a debit card is convenient. Yes it is way more simple than carry around cash. The thing is that problems can also arise out of a debit card that can really wreck your road to recovery. Debit cards are so easy to use that a person can get carried away just swiping all the time. One little mistake and you could be cleaning up the mess for an extra month or more. Who wants to deal with all of that when you are already trying to get your budget together.
1. You go on a day of errands and have to hit 5 stores that day. You do good on the first couple of stops making sure you put your receipt away but by the 4th store you are tired and just want to be done and forget to get it. While this seems easy enough, what if it is for gas and it only shows up as 0.00 because it is still pending and you wait 2 days to fill in your check book. You forget how much you spent and guess you are $3.00 off on your guess now your book is wrong and you go about your spending. Then BAM!!!! Over draft charge. You may even forget to write it in all together in the first place and there it is a fee just because you forgot one transaction. Now you are negative and either have to keep using the card and make it worse, use your credit card which will now incur interest or dip into your savings. All of which defeat the whole purpose of what you are working for.
2. You buy a trial of something because you can put it on your card and it seems cheap. Then you forget to cancel it and now you are paying $80 for a trial item because they have your card number and can automatically bill you. Once again you are hit with fees and looking to pay for everything you just did again defeating the purpose.
3. As we have found time and time again they are not super secure either and when you are trying to save money because you don't have any, you can't afford an act of fraud. Depending on the situation it could take 30 days before you get your money back. My guess is if you are reading this then you can not afford to wait 30 days to get your money back
Now lets get to what you should do. CASH! That is right plane old paper bills and coins. This is the perfect way to stay on track. I am not saying no electronic use. You can pay your bills online to save driving every where and wasting gas which of course costs money. You keep track of how much you have after bills by doing that in a check log. What is left after you get paid and deduct your bills is the cash you have to spend until your next payday. THAT IS IT.
You only get what your check log says you have. You then take out the cash and that is what you use. This is also helpful because it is more visual too. You are physically giving away your hard earned money which can be harder the less you have. When you actually have to hand over a $5 for that one cup of coffee it starts to sink in that you are giving away a lot of money for one little thing. You go out to eat and you have to use a $20 and only get a $5 back it really does hit a nerve and you will start watching what you are doing more. When you only have $20 left and payday is still 4 days away you will be much more careful.
How do I know this? I have been doing it now for 5 months. I don't even have an ATM card now. There are times where things have come up and unfortunately I have had to use a card or my savings and that is also life. The important thing is that because I have been working to change my situation I actually had money on my card or cash in the savings. I made sure to keep myself accountable.
It isn't always easy and I know every situation is unique. I am not going to tell you to save $50 every check because I couldn't do it and still have money. I am giving you tips to help you get the start you need and you can customize it to fit you. I work at a bank so I can get the money out when needed but you may still need an ATM card just in case, that is what will work for you. Until next time. Keep up the good work. I would love to hear if any one has been using my steps and how it is working for them.
So true a debit card is convenient. Yes it is way more simple than carry around cash. The thing is that problems can also arise out of a debit card that can really wreck your road to recovery. Debit cards are so easy to use that a person can get carried away just swiping all the time. One little mistake and you could be cleaning up the mess for an extra month or more. Who wants to deal with all of that when you are already trying to get your budget together.
1. You go on a day of errands and have to hit 5 stores that day. You do good on the first couple of stops making sure you put your receipt away but by the 4th store you are tired and just want to be done and forget to get it. While this seems easy enough, what if it is for gas and it only shows up as 0.00 because it is still pending and you wait 2 days to fill in your check book. You forget how much you spent and guess you are $3.00 off on your guess now your book is wrong and you go about your spending. Then BAM!!!! Over draft charge. You may even forget to write it in all together in the first place and there it is a fee just because you forgot one transaction. Now you are negative and either have to keep using the card and make it worse, use your credit card which will now incur interest or dip into your savings. All of which defeat the whole purpose of what you are working for.
2. You buy a trial of something because you can put it on your card and it seems cheap. Then you forget to cancel it and now you are paying $80 for a trial item because they have your card number and can automatically bill you. Once again you are hit with fees and looking to pay for everything you just did again defeating the purpose.
3. As we have found time and time again they are not super secure either and when you are trying to save money because you don't have any, you can't afford an act of fraud. Depending on the situation it could take 30 days before you get your money back. My guess is if you are reading this then you can not afford to wait 30 days to get your money back
Now lets get to what you should do. CASH! That is right plane old paper bills and coins. This is the perfect way to stay on track. I am not saying no electronic use. You can pay your bills online to save driving every where and wasting gas which of course costs money. You keep track of how much you have after bills by doing that in a check log. What is left after you get paid and deduct your bills is the cash you have to spend until your next payday. THAT IS IT.
You only get what your check log says you have. You then take out the cash and that is what you use. This is also helpful because it is more visual too. You are physically giving away your hard earned money which can be harder the less you have. When you actually have to hand over a $5 for that one cup of coffee it starts to sink in that you are giving away a lot of money for one little thing. You go out to eat and you have to use a $20 and only get a $5 back it really does hit a nerve and you will start watching what you are doing more. When you only have $20 left and payday is still 4 days away you will be much more careful.
How do I know this? I have been doing it now for 5 months. I don't even have an ATM card now. There are times where things have come up and unfortunately I have had to use a card or my savings and that is also life. The important thing is that because I have been working to change my situation I actually had money on my card or cash in the savings. I made sure to keep myself accountable.
It isn't always easy and I know every situation is unique. I am not going to tell you to save $50 every check because I couldn't do it and still have money. I am giving you tips to help you get the start you need and you can customize it to fit you. I work at a bank so I can get the money out when needed but you may still need an ATM card just in case, that is what will work for you. Until next time. Keep up the good work. I would love to hear if any one has been using my steps and how it is working for them.
Tuesday, August 5, 2014
Lets Do A Recap
Ok so now that I am back online we are going to recap my original posts to make sure we are either still on track or get back on track. No matter where you are the important thing is that you keep working. I have had times where I have either pulled from my savings or just stopped doing what I needed to do to keep it going. What matters is that you get back to what you were doing. The important thing is to get out of debt and be free of the trouble it brings.
So first you have to have a goal. A real reason that this is so important to you. Whether it be to buy something, have a big nest egg, or you are just tired of struggling. You have to have a real reason or it will not be as important to you and you will not try as hard. Everyone needs to be on board with this if you have others in your household. If you are single then you are going to have to work hard to keep yourself committed to the final goal. This is not going to be easy but when you are able to achieve your goal because you worked so hard it will be totally worth it.
Now that you have decided why, you have to do. Set up a plan. Pick a credit card you want to tackle first or maybe it is your car loan that you want to eliminate. What ever it is that is going to be your main priority until it is paid. Even if in the beginning you only round the payment up to the next dollar. Say your payment is $50.51 then you pay $52.00. Even if you did only that for a year you would pay an extra $5.88. This is $5.88 less you will be charged interest on. If you get a raise then you need to decide what extra you can put toward that bill. You will do all that you can to pay off that extra bill.
Next this part is something you will have to decide on your own. Some people swear by it, I myself have never been able to follow one. I am talking about a budget. Some people really like them and use them religiously. It is a blue print of how you will spend your money each month. It only works if you actually do it every month and stick to it. That is my down fall, I really have a hard time redoing every month. If you are the type of person who needs structure this may be the right choice for you. If you think you can handle it month after month and stick with your plan then you may not need one. This part is totally a personal choice. You can always try it and if it is not for you then do it your way. As I have said before the most important thing is that you do it.
That is all for the recap. I hope you will come back so that we can finally do our next piece, Ditch The Debit Card. I will be talking about why I have learned it is better to go all cash while trying to eliminate debt. I hope to see you back soon. As Always feel free to share your thoughts and ideas. We are all in this together.
So first you have to have a goal. A real reason that this is so important to you. Whether it be to buy something, have a big nest egg, or you are just tired of struggling. You have to have a real reason or it will not be as important to you and you will not try as hard. Everyone needs to be on board with this if you have others in your household. If you are single then you are going to have to work hard to keep yourself committed to the final goal. This is not going to be easy but when you are able to achieve your goal because you worked so hard it will be totally worth it.
Now that you have decided why, you have to do. Set up a plan. Pick a credit card you want to tackle first or maybe it is your car loan that you want to eliminate. What ever it is that is going to be your main priority until it is paid. Even if in the beginning you only round the payment up to the next dollar. Say your payment is $50.51 then you pay $52.00. Even if you did only that for a year you would pay an extra $5.88. This is $5.88 less you will be charged interest on. If you get a raise then you need to decide what extra you can put toward that bill. You will do all that you can to pay off that extra bill.
Next this part is something you will have to decide on your own. Some people swear by it, I myself have never been able to follow one. I am talking about a budget. Some people really like them and use them religiously. It is a blue print of how you will spend your money each month. It only works if you actually do it every month and stick to it. That is my down fall, I really have a hard time redoing every month. If you are the type of person who needs structure this may be the right choice for you. If you think you can handle it month after month and stick with your plan then you may not need one. This part is totally a personal choice. You can always try it and if it is not for you then do it your way. As I have said before the most important thing is that you do it.
That is all for the recap. I hope you will come back so that we can finally do our next piece, Ditch The Debit Card. I will be talking about why I have learned it is better to go all cash while trying to eliminate debt. I hope to see you back soon. As Always feel free to share your thoughts and ideas. We are all in this together.
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