THE 50 30 20 BUDGET PLAN ARE YOU SAVING ENOUGH FOR YOUR FUTURE ?

Have you given any new thought to your budget and how to make a budget? Or are you like many and it is money in and money out. If you find yourself at a much younger age than this retired senior writer then you may want to take a good long look at your budget.  Are you saving enough for an emergency or for your retirement?  If not why not grab a cup of coffee or tea or what ever and sit down with your numbers.
What are your needs?
What are your wants?
Are you saving anything. ?

The following is directly from the Internet with a link to read more if you want of the article.

The first step to creating a 50-30-20 budget is to allocate 50% of your monthly income to your must have items in life. This is a roof over your head, food, clothing, water, medical care etc. You need to make sure you are allocating only must have items to this part of the budget. Must haves are not a new shirt, a cable bill, gym membership, or anything other than absolute must haves to survive. Once you have done this you have completed the 50 portion of the budget.

The second step to creating a 50-30-20 budget is to allocate is the 30 portion. The 30 portion is the 30% of your monthly income that you can spend on what you want. This list can include your gym membership, cable bill, eating out, a new pair of shoes etc.

The third step to creating a 50-30-20 budget is the 20 portion. This is 20% of your monthly income that you are going to set aside in case of an emergency, or to pay down any debts that you owe. You can use this money in the event of a medical emergency, or in case you ever lose your job and need to have money available.

I will not get into specifics about our income or our outgo but I can tell you that we are just squeeking by with our needs and wants.  Problem is there is no money going into savings,
charity giving is very low which is not okay with either of us and our weekly allowance is not enough. This weekly allowance covers food at home, food out, gas for car or any kind of entertainment.

This leaves one way out and that is to make more money some how. How much money would that be a month is the key to all of it. I know what this figure is for us. It would be great if we could bring in $1200 to $1500 more a month net. To that you have to generate some sales some where. Means I may need to go and get a part time job some where which is something I do not want to do really.

We have different options since we buy and sell to suppliment our income. We do this either at Amazon, eBay and selling items either at the antique store or at the auction house. But how can I accomplish this in the time we have.

 Now it is your turn to take a look at your budget, your needs, wants and are you saving enough for your future.

Thanks for stopping, I hope that you will be back some time and take a few minutes to look at some of my other postings. I will be sharing this over at Saved Quarter blog


Read more: How to Create A 50-30-20 Budget | eHow.com http://www.ehow.com/how_5318525_create-budget.html#ixzz1lozUM300

Year End Financial Readings Budget

With the end of the year nearing it is time for many of us to look at how our financial house is. Did we pay down debt or take on more debt. How is our savings account. Doing good with money being added each month or nearly empty if not empty.
I am spending a little time looking around the internet to gather articles I find of interest. I will share those with you.
First one is the 50 30 20 budget sounds great and how wonderful it would be to put 20 percent into savings each month. 50 percent is for needs and 30 percent for wants. Paying for our health insurance throws our budget off.

One of the best financial sites is David Ramsey for financial help. Click on the link to read about his baby steps to get out of debt.

This is just two sites that I am high lighting. You can go to msm money and spend some time looking around for other articles on our money.

Thanks for stopping by.. lets keep saving together.. Grace

TIP FOR THE DAY ~ PAY CASH ~ STAY WITHIN YOUR BUDGET

Tip for the day.. pay cash when you go shopping or out to eat. You are more likely to over spend when you use a check or debit card, or credit card.
It is so much easier to over spend when you are not pulling cold cash out of your wallet.

thanks for stopping by.. lets keep saving together.. Grace

Want To Save A $1,000 This Year? I Know I Do

This afternoon I found this article on msn. To put it simple it is possible to save $1,000 this year.
This is what the article says. Go to this link to read the complete article.


STEP 1 : Starting January 1, put aside $3 a day (weekends too!) for the entire year. You can slip three bucks into an envelope every night, schedule a weekly automatic transfer of $21 to a savings account, or move one big chunk all at once.
But don't stop there — save $5 a day or more if you can, and definitely continue contributing to a 401(k) plan at work if you have one.


STEP 2 : Fast-forward a year. What do you do with the $1,095 you've saved?

Invest in the stock market through mutual funds by opening a Roth individual retirement account, or IRA, that allows your money to grow tax-free.


sounds pretty good, can I skim $20.00 a week from some where. Pull back $20.00 from food budget. Can I go from $60.00 a week to $40.00 a week? Time will tell but I will be trying. We are two weeks into the New Year but better to start now than not at all.

Step 3:
To read the whole article about where to put the $1,000 you can follow the link . If you are 35 years old or younger you could build up a nice nest egg for retirement.

Now is the time to start thinking about that nest egg. Don't wait like I did.

Thanks for stopping by... lets keep saving together.. and please remember
Never under estimate the value of a small amount of money... Grace

Monthly Budget Wrap Up December PLUS 2011 Financial Goals

December is just about gone and we made it. Was not easy or fun but we made it.
Christmas comes in December every year and we had not saved any money to buy gifts for the grandchildren (13 ) of them.
They all get something at our limit price and with some coupons at Hallmark I saved some money on one of the gifts. Thank you Hallmark.
With some juggling of money, pulling a little from our grocery fund and selling some junk silver we pulled it off.
Grandchildren all enjoyed their gifts from grandpa and grandma.

I sold some books on eBay and took some of that money and bought hubby new winter parka, gloves and knitted hat ( all half price at JC Penny's)
We have sold on eBay since 1998 and business is getting slower and slower or I am finding less every month worth while selling. I hoping things get better this coming year.

Mr. Murphy hit us hard in September when I ended up in surgery and the hospital for 10 nights with a horrible infection. Thank goodness we had insurance but we are still left with almost $1000 to pay off.
The smallest bill my wound vac will be paid off end of December and then we will work down the Clinic doctor and finally will work at the hospital.

Our goals for this coming year are to
1. Stay on Budget
2. Work at paying off the hospital/doctor bills
3. Work at improving our internet sales to bring in more income. This income will be used to
a. put 1,000 in bank for emergency fund
b. increase debt reduction plan.
c. save money for plans to travel next winter
d. put together money for deposit to a new apartment building. This one is to small
we would move into a senior high rise that is secure and hopefully less money every month
in rent and a view of our beautiful Lake Superior.
4. Attempt to get health insurance for me at a better price. We had gone and done this first of September and I was approved with a larger deductible. Just before we could finalize this I was put in the hospital with my infection. That plan was cancelled. We will try again after the first of the year but I am sure my monthly payment will not be as good as it could of been.

So this is the update on my December budget and and plans and goals for next year.
Have you made your budget and goals for next year?

Thanks for stopping by.. Lets keep saving together.. Grace

Now Is The Time To Look At Our Finances Past And Future

With the year coming to an end it is a good time to look at our finances. How did we do this year? Did we accomplish our goals and follow our budget? Was it a good year or tough year. For us it was a tough year. We decided to move home to Minnesota.

Good because we are now near the children and grandchildren.
Bad because we lost income and the cost of moving from Texas to Minnesota was costly. Then in September I got sick and ended up in the hospital. I am thankful that we had insurance but we still have hospital/doctor bills to pay off.

Now is also the perfect time to sit down and look at where we want to be this next year. What are our goals and dreams.

This process starts first with looking at our monthly income and monthly expenses.
Our monthly income is fixed with retirement and pensions. Our other income is flexible with our Internet book business. We can only cut our costs so much increasing our income is the only answer.

If you need to increase your income to accomplish your goals there are ways to do this.
You can go to your boss and ask for a raise. Be ready with reasons why you should get this raise.

Maybe you can work over time or get a second job.

Another answer is to find a way to make extra money using a talent or skill you may have. I know some one who is handy with tools and makes bird feeders to sell on the side. We have for years bought and sold books on the Internet. This is where we will have to increase our income this next year.

Another way is to clean and sell the clutter to pay down debt. As debt goes down life gets so much better. I have so much stuff in our home that needs to be sold. Books, vintage paper and just waiting to be sold . Costume jewelry to be sold. I may try and re purpose some of it to sell.

By looking at our expenses we can determine what is important to us. We do not need or want a new car or fancy furniture.

What we would like to do is pay off our used car and my hospital bill. We want to travel and see the beauty around us. We have dreams. What are your dreams? Now is the time to start looking at where we have been and where we want to go next year.

Thanks for stopping by...Grace

I am a big fan of Dave Ramsey and his advice. I listen to him for years but never really got on the band wagon or followed through with what he said. It was to0 hard I thought. Truth is I did not want to change my ways. I did not want to give up buying anything I wanted, going any where I wanted. The debt grew and grew.
That all changed a little over a year ago. The roof fell in on my money house and hubby and I had to change the way we viewed our money.
We got rid of the credit cards and went on a cash system. We set up a budget and wrote it down. Hubby puts it in his excel program but I want it on a yellow tablet. I want to see it and feel it. We followed this budget day by day and that feels good.
We had decided to move back home to Minnesota. That cost us our savings but we are home with family and that makes it all okay.
Now we have to get back to the basics. Pinching Penny's until we get settled and start bringing in the extra $. We need to build up our $1,000 cushion fund and then work on paying off our van as fast as possible.
Yesterday I got another email from Dave Ramsey and thought it was a great reminder to get back to do what is necessary.
The following is from Dave Ramsey.. enjoy and hope that something helps you.

Wherever you are right now, these four tips will help you make your money—and Dave's advice—work for you!
Write it down: Dave is a big fan of writing down your goals. He talks and writes about it often. There's just something about writing things down that adds power and tangibility to them. A dream is just a dream until you write it down ... then, it's a goal! When it comes to budgeting, give every dollar a name by spending it on paper, on purpose before the month begins. And remember, the dullest pencil is sharper than the sharpest memory!
Start Small: You know how to eat an elephant, right? One bite at a time! It's like losing weight or getting in shape. If you try big, crazy, extreme plans or diets, you're setting yourself up for disappointment. Don't try to take shortcuts. Get on a plan that works, and stick to it. That's what Dave's seven Baby Steps are all about: adjusting your position a little bit at a time until you've completely turned things around.
Get Intense! You've got to get wired up and fired up about where you want to go! Do what it takes to keep yourself motivated, whether it's listening to people scream "We're debt freeeee!" on Debt-Free Fridays, reading powerful success stories, or making stuff with cut-up pieces of your credit cards. Continually think about why you're doing what you're doing. One way to do that is to keep a photo of your loved ones in your checkbook or envelope system, and remind yourself: I'm changing my family tree for them.
Get Support: Personal finance is only 20% head knowledge. It's 80% behavior change. That will make all the difference! That's why it's important to surround yourself with people who have the same goals, so you get the support and accountability you really need. There are thousands of Financial Peace University classes starting all over the nation. Take the step to get plugged into a community of support and encouragement that's a whole lot of fun for all involved. Find a Financial Peace University class in your area. You can attend the first lesson for free! Connecting with our new FPU Facebook page is another great way to get daily motivation to work your way through the Baby Steps! As the season changes, it's your chance to give yourself a fresh start! Good intentions won't change anything, but intentional action will do wonders. Jump in with both feet, and start doing the little things that make a big difference in your life! If you're new to all of this motivational talk and just want a way to get your head around the idea of looking at money differently, why not start at the beginning with Dave's best-selling book, The Total Money Makeover. Another great resource is Dave's Starter Special, an exclusive special for newsletter subscribers.
Thanks for stopping by... and Never Under Estimate The Value Of A Small Amount Of Money.. Grace

Budgeting Our Financial Future

I was over at Pocket Your Dollars reading about her financial situation and I can relate totally with her.

We got our selves way over our head in debt. We now are living with no credit cards and have very little debt. We are working on a budget and if there is no money we are done spending.

Our biggest problem is, with the cost of health insurance which we have to pay our selves and life insurance there is more outgo than income.

There is somethings we have to do without. We can not give gifts like we would like to do to our children and grandchildren. There is no traveling for now and I do not go shopping, except for grocery deals and to thrift stores to look for items to sell on the Internet.

Our one entertainment is going out to eat mainly at lunch time and this has to stay within our food / entertainment budget of $125 a week.

We listen to David Ramsey on the radio and have his books. Our debt is lower than it was but we borrowed to buy a used car recently rather than buying a $1,000 beater we should have saved for.

Our goals for now is to save $1,000 emergency fund and then pay off the car as fast as we can.

This weeks update. .. We did poor. Went over our food / entertainment budget by $20.00. Does not sound to bad until I see that more than 3/4 of the budget went to eating out.
Savings for emergency fund is $110.55
Balance needed $889.45

We are trying to work extra hours at our part time job with my nephew, to build our Internet book business and as we have done the last two years we will work part time for H R Block.

I will try to give updates on Fridays on our progress and I hope that you will join me.

This week I have to admit we went out to eat way to often. Easy to do when you are out hunting thrift stores and estate sales during the day time.

I would love to hear from you and how you are doing with living within a budget.

Never To Late to Start continues

Well I have been blogging for almost a month. This has been a tough month for us financially. We are living basically on cash only. No charging on credit cards for the first time in awhile.
We have also been busy trying to sell some of our items so we can move to Texas. So much stuff. I am a pack rat. Sales have been slow at my internet site and at my part time job. I would like to have a sale but our apartment is so small and there is so much stuff hard it is hard to think of having anyone come here. It all seems so over whelming.
We found an apartment in Texas which requires a deposit plus they want a fee of $125.00 called an Administrative fee. Basically paying to have them prepare the paper work. What a gimmick to get more money from us. To top it off they want money immediately to save the apartment. To do this you need to pay on line at their site, oh by the way that is a cost of $19.95 every time you do that. Not once to set it up but every time you pay. Well of course I complained that this is throwing money down the toliet. I have done a lot wrong financially but I rarely used ATM's and I surely to not want to pay this $19.95 fee. After some complaining they agreed to waive it this time for us. The ladies at the leasing office shared that some tenants do this a lot. Hey guys, if you pay your rent every month this way because you do not want to walk to the office that is $239.40 a year.
So much to do before we move at end of April.

Time to work on our Financial Future

This evening I was searching different blogs on finances, budgeting, money saving tips. This was one I found and thought I would share with you.

http://www.fivecentnickel.com/2005/05/09/dave-ramsey-is-bad-at-math/