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Checks/Budgetting

February 22nd, 2017 at 01:12 pm

Some of the information below is part of a forum post I made, once I started writing I decided I wanted to make it a blog post. I also am adding more information here to expand on Budget part of this post.

I use 3 checks a month. One to pay Rent, one to transfer money from one account to another(Due to technical reasons this can not be done electronically), the last cheque is used to pay my tithe.

The really funny thing is that I have very limited access to cash(My bank account is in a bank that I do not have physical bank or ATM access-without fees), so I use my credit card for just about everything.

Funny thing is the suggestion from "Dave Ramsey" to use cash, it hurts more, therefore spend less. This would not really work with my brain, or it might. Once the money is no longer in my bank account I sort of view it as spent, therefore I tend to spend it until it is gone. Using credit card is my way of seeing exactly what I spend in the month, long term tracking as well. It hurts way more to have to give up $400(this is my average monthly spending) all at one time, rather then in small pieces.

$400 dollar average spending does not include Utilities, Utilities come directly out of my checking account. I budget approximately $100 for food and $100 for gas for my car. In other words I am over spending by $200 per month, but I really have no intentions of cutting back.(Oh just realized there is $100 for my cell phone that is also included in my $400, so really only spending $100 extra somewhere). Took a look at actual spending for the month. Spent $225 at walmart(about $75 to $100 on buying a few videos and some supplies to start quilting-a log cabin quilt), $75 on gas. Still I did spend exactly $400 this month.

Yes I could likely cut back cell phone plan, just don't feel like cutting the convenience of what I have. There is a certain amount of freedom of not worrying about minutes spent on phone, Data is set at a reasonable level(admit this is needed only when do not have wifi always avaliable). Have unlimited long distance, not much local calls made.

My Utilities cost me $250 per month. I can not change this number, #1 it is for home base(house currently being rented by guys). $100 for electricity, $100 for Gas, $50 for water-Sewage-Garbage. Weird enough Gas and Electricity average out to $100 each per month, not on equalized payments.

Rent for me is $400 per month.

A certain amount is donated to a Bible Camp that I help financially support.

I then put half of what is not spent from paycheck towards prepaying my Mortgage. The other half of what is leftover goes towards savings. Yes, there will be certain months where I vary the percent sent to mortgage versus savings.

I have no intention of telling you the amount I give to camp, or what I am saving per month.

3 Responses to “Checks/Budgetting”

  1. CB in the City Says:

    I've always felt Dave Ramsey's advice about cash is outdated. It's based on the assumption that no one looks at what they're spending with plastic. I do. I track every cent. I have a limit and I work very hard to stay under it. Getting cash from the ATM would only complicate things, for no purpose. Plus, I get bonuses for using my credit card.

    Old school isn't always better.

  2. Turtle Lover Says:

    I like to use the ATM and find it easier to NOT spend. I know that not everybody is like that. So I think do whatever works for you :-)

  3. rob62521 Says:

    I think Dave Ramsey's idea is fine, to a point. Because I worked in inner city schools, I rarely carried much cash simply because there was always a chance it could get stolen. However, I kept track of what I spent either by writing checks or using the credit card. I think as long as you keep track of it whether it is check or credit, you are OK. I think Ramsey's thinking is people tend to overspend when they don't see how much is going out, especially true when some folks use credit cards.

    That being said, DH loves using cash. But, we don't use an ATM. He goes to the bank and gets it. Personally, I think folks who use cash, but hit up the ATM all the time, aren't really keeping track of what they are spending if they are constantly hitting the ATM or don't budget enough.

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