Finances have been an issue for us for a while. Money goes fast and we live paycheck to paycheck.
I finally had enough.
I started researching ways to better my finances, budget better, get debt help, as well as ways to save/earn money.
Here’s the Plan I started:
1. I sat down and wrote out all of our expenses one by one and re-planned my budget.
2. I set up multiple bank accounts to manage funds. I have a total of 6 checking accounts and 3 savings accounts. I have one checking account that is designated for bills. I also have another checking account set up for my car payments and vehicle maintenance.
3. I set up automatic transfers and set up automatic payments for all my bills. Some automatic payments are split up, i.e. my auto insurance payment is set to pay half every two weeks.
4. I set up an external savings account so that I cannot easily touch the money. I pay myself before my money even hits my account by setting up an allotment.
5. I set up a prepaid card that’s gets $100 dollars a month in it for family fun and date night for my wife and I. No matter how tight the budget, we gotta live a little. I also set up an allotment for this.
6. We got rid of cable a long time ago, it was just too expensive and not even a necessity. We do, however, have subscriptions to Hulu and Netflix. Which is significantly cheaper than paying for cable.
7. I started paying double on my credit card with the highest balance. This card absolutely has to be paid off in six months.
8. I started buying groceries online using my Walmart credit card and get an average of $20-$25 cash credit. You can even go through Ebates and get 1% (sometimes up to 4%) cash back.
9. I looked for ways to save on our cellphone bill. I switched to the T-Mobile One plan and saved about $35-$40 a month.
10. I got a more reasonable vehicle that dropped our monthly payments significantly.
Finances are still a work in process, but we will get to a comfortable place soon.