So I'm only a week into the family budget and I've already cheated on it. Look inside the envelope containing my lunch money, and you'll find $8, a few loose coins, and an I.O.U. for $30.
Joseph brought up some good points in the comments for the previous entry, and I don't think a short response does them justice. He wants to know what the personal finance experts have to say about the current economic crisis.
Suze Orman actually went on TV a few weeks ago and called it an opportunity of a lifetime. I'll explain.
My wife and I are adopting Dave Ramsey's envelope system.
We did OK budgeting up until now--I'd say paying off a mortgage 5 /12 years after I moved into the house qualifies as OK--but it doesn't work as well when there are multiple things you're saving for.
One gift my wife and I gave ourselves after paying off our mortgage was a Costco membership. We didn't get one before we paid off that debt, just in case it wasn't worth it. I'd carried a Sam's membership for years but found I didn't use it much.
I don't like that attitude. The plan makes some assumptions that aren't always true. But having the plan is an important first step. What's impossible now might not be impossible in a few years, so it makes sense to do what you can now.
We have a metal chair and table we keep on the front porch. My mother in law gave them to us a year or two ago. They were a bit rusty but usable. But they've started looking a little too rusty lately, so this week I repainted them.
I spent $6 and about an hour doing it. They don't quite look new, but they look a lot better than $6 would indicate.
While I don't necessarily agree with everything Nickerson says, I'm not a millionaire and Nickerson was by the time he was my age (or well on his way at least). And his tactics are far, far safer than anyone writing about money today.
