I like how you slashed the $20 on anniversary, left it in without whiteout, and visibly changed the other 2 line items. In a month or two you will be able to readily see what was done. It will be possible although with maybe a little more struggle to tell in a year or few too.
I have found over the last few months, that I like to have a budgeted and actual column so it is easier to track, and by putting a line through the items I am not planning to stuff that week, it tells me that it was not because I didn't have the funds, it was either it wasn't needed that week or was already fully funded.
@@SimpliBudgets In old school, actual pen and paper accounting books and ledgers it was not uncommon to make written notes at the end or bottom of a closeout period to indicate anonomlies and/ or to shortcut ledger/ journal review by others or a year to few down the road. Either that and/ or a written report summarizing each ledger and journal plus anything of interest which was non standard. Unless you feel so inclined, I would skip the written report by gosh yet feel comfortable to add notes to the bottom or back of the page. In this case, maybe Mothers Day replaced by Property Taxes; x fund fully funded at $y, monies being redirected.
I like how you've established caps on at least some of your sinking fund envelopes. This allows you to have money set aside and also redirect cash flow to other envelopes/ sinking funds. Consider also writing mini-budgets for your sinking envelopes. I'll pick on Christmas. A budget for Christmas would include a list of people you want to gift and then a maximum amount each. If the Christmas budget is to include decor and decorations, a maximum for that. Some include stocking stuffers, extra holiday groceries, extra holiday eating out, travel costs for gatherings, and so on. Which brings us to another good thing to do with the assorted savings envelopes and sinking funds. And that is to WRITE a description of what each envelope is to cover. As the sums accumulate, the debt is paid down, and income changes do be sure to review and adjust both expectations. For example the Emergency Fund is sort of an undesignated buffer against all things. But if you move beyond regular maintenance and oil changes in the car maintenance fund to cover semi-major routine bigger ticket things or semi-major repairs (ie brakes, tires, etc..) then caps and designations can begin to change. As you begin to accumulate enough money to take care of the more planned things in the car maintenance fund and be able to replentish things like oil changes, you may decide to make the car maintenance fund also cover unplanned, more major repairs and also maintenance like a timing chain and/ or water pump replacement. In turn, this may affect the emergency fund needs. Similarly, house repairs/ appliance replacement and health funds can begin with a limited set of expectations with the general emergency fund taking up the slack as needed. As/ if dollars accumulate in these categories the expectations of what each category's fund is cover should be reviewed.
Thank you for watching my video. You made some really great points! We don't have anything written down for expectations, but I think you may be right, it would be easier to keep track of and monitor as things change over time. As with most things, when you are trying to create new habits, it is important to start small and build on those habits, our main goal when we started on this journey was to have more awareness of where our money was going and to pay off the debts we had accumulated.
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I like how you slashed the $20 on anniversary, left it in without whiteout, and visibly changed the other 2 line items. In a month or two you will be able to readily see what was done. It will be possible although with maybe a little more struggle to tell in a year or few too.
I have found over the last few months, that I like to have a budgeted and actual column so it is easier to track, and by putting a line through the items I am not planning to stuff that week, it tells me that it was not because I didn't have the funds, it was either it wasn't needed that week or was already fully funded.
@@SimpliBudgets In old school, actual pen and paper accounting books and ledgers it was not uncommon to make written notes at the end or bottom of a closeout period to indicate anonomlies and/ or to shortcut ledger/ journal review by others or a year to few down the road. Either that and/ or a written report summarizing each ledger and journal plus anything of interest which was non standard. Unless you feel so inclined, I would skip the written report by gosh yet feel comfortable to add notes to the bottom or back of the page. In this case, maybe Mothers Day replaced by Property Taxes; x fund fully funded at $y, monies being redirected.
I like how you've established caps on at least some of your sinking fund envelopes. This allows you to have money set aside and also redirect cash flow to other envelopes/ sinking funds. Consider also writing mini-budgets for your sinking envelopes.
I'll pick on Christmas. A budget for Christmas would include a list of people you want to gift and then a maximum amount each. If the Christmas budget is to include decor and decorations, a maximum for that. Some include stocking stuffers, extra holiday groceries, extra holiday eating out, travel costs for gatherings, and so on.
Which brings us to another good thing to do with the assorted savings envelopes and sinking funds. And that is to WRITE a description of what each envelope is to cover. As the sums accumulate, the debt is paid down, and income changes do be sure to review and adjust both expectations. For example the Emergency Fund is sort of an undesignated buffer against all things. But if you move beyond regular maintenance and oil changes in the car maintenance fund to cover semi-major routine bigger ticket things or semi-major repairs (ie brakes, tires, etc..) then caps and designations can begin to change. As you begin to accumulate enough money to take care of the more planned things in the car maintenance fund and be able to replentish things like oil changes, you may decide to make the car maintenance fund also cover unplanned, more major repairs and also maintenance like a timing chain and/ or water pump replacement. In turn, this may affect the emergency fund needs. Similarly, house repairs/ appliance replacement and health funds can begin with a limited set of expectations with the general emergency fund taking up the slack as needed. As/ if dollars accumulate in these categories the expectations of what each category's fund is cover should be reviewed.
Thank you for watching my video. You made some really great points! We don't have anything written down for expectations, but I think you may be right, it would be easier to keep track of and monitor as things change over time.
As with most things, when you are trying to create new habits, it is important to start small and build on those habits, our main goal when we started on this journey was to have more awareness of where our money was going and to pay off the debts we had accumulated.
Congrats for staying on/ within budget on the hectic days and weeks. It is so easy to reach for convience and also not think as much before spending.
So true!