So poor at managing finances...

This morning, I went out to run errands and buy some essentials. I swear I don't think I overspend, and was feeling pretty good about having deposited my $850 tax refund into my checking account, giving myself a cushion on this month's expenses. Going thru the bank drive thru, writing a check for cash, I was told I was overdrawn! I couldn't believe it! I was sure someone had hacked into my checking account, but now coming home and looking at my check book from last month, it seems I actually did spend the money here and there! It's embarrassing!
I honestly don't know how people on minimum wage could manage at all in this economy.
Time for me to turn over a new leaf and be even MORE frugal!
Patty

Patty, EVERYTHING is so much more expensive now. i consider it a luxury to feed the squirrels an ear of corn now and again. this week, at Walmart, it went from $3.80 to $5.45 a bag! milk is so expensive. cans are getting smaller and more expensive (vegs, etc.)

i live on black beans, corn tortillas, green chile sauce and the eggs that my hens lay. and raisin bran.

it's not so much us, as it is the economy..........i understand......xoxoxo pat

Thanks, dear Pat...
I feel like a failure!
I sold the bigger house so I could manage better, moving to this small place.
I bought dog food and a dust mop at Walmart and had to use my damn credit card!
Love
Patty

and with the price of gas going higher and higher I don't know how people can afford to drive to work! I know with us having this place even with no mortage or rent we are really struggling.

Bebop! That's somewhat validating to hear. I actually think I could live in a storage rental! if I could keep my pets and have a bath!
Patty

i'm going to start walking to work. it's only about 10 blocks and i can use more exercise.......it also reduces my "carbon footprint".....i dry all of my clothes on a line.

by the way, the diet that i've stuck to (mexican food, my way) has lowered my cholesterol 40 points and raised my good from 28 to 51!!!!the only fat is in the sprinkle of shredded cheese and the egg..when i put an egg on it.....

so, economizing does have some really good points!

Patty,

When I need to get a handle on my outflow... I deal strictly in cash or money orders.

It was so much easier to know what I was spending because I only spent the cash I had on hand. And that meant thinking ahead and planning and withdrawing what I needed. Fewer withdrawals from my account to keep track of too.

It's hard for those who make minimum wage. It's hard for those of us who are single or have single incomes too.

There is a good book out there an old pdoc recommended to me and I don't remember the author, but the book is titled "How to get out of debt and stay out of debt". It was very helpful and I probably should get another copy myself...

Anyway, the key is in your title: managing. To manage your finances is to know where every penny is going rather than where it has gone because by then it's too late.

Wages have not kept pace with inflation or the 'real' market--the markets where we need to shop for necessities!

I would like to add, that a key is to save. If all you can do is 10$/month then do it. Buy a CD after you get 100, trade up when you get to 1k etc... There is $$ to be made. Get others to help you...I resisted this for years, and now at 37 I know I need help.

Thanks, all! for the excellent suggestions! Someone else here mentioned that book, and I should get a copy!
Patty

Here you go: the book is available at Amzaon for cheap!

How to Get Out of Debt, Stay Out of Debt and Live Prosperously*: *(Based on the Proven Principles and Techniques of Debtors Anonymous) by Jerrold Mundis
(Paperback - Jan 1, 2003)

Buy new: $12.00 $9.60

56 Used & new from $5.57

Get it by Tuesday, May 15, if you order in the next 44 hours and 35 minutes.
Eligible for FREE Super Saver Shipping.



ECHOES

My accountant taught me this way to budget: At paycheck time, put money in envelopes: $x for gas, $y for food etc.

I agree that things are really tough right now. I scheme and scheme just to save a little here and there. I keep my hot water heater unplugged and plug it in 2 hours before I need to use it. That saves $15 a month.

the city made my landlord replace the breaker box on my house.(after i asked for an inspection) my bill plummeted $90 a month!!!!!!!!!!! i almost feel as if he should have to repay me for all of those bills that i paid before he was forced to get up to code.

i turned my hotwater heater way down and wash my clothes in cold water only.

i don't eat out. i'm really lucky that i counsel in rural areas because i don't have to "dress" up. in fact, it would scare the patients if i went in any more than "nice casual"......

i also found a really good shop in south austin (SoCo) for my jewelry. now i have to make myself get it done......am having cards printed for notecards as we speak. they sell for $2.50 and cost me 47 cents. that''s total cost.

the CD idea is really good......i know i can do that. buckle down and have it taken out of my checking account......

I was having a hard time managing my money so my dad does it for me but by the end of the year I'm going to be doing it again.

I took a class called Financial Peace University its by a guy named Dave Ramsey. You can go to his website and print off budgeting forms and that might help you out. His principal is you do the envelope system. Anything except for bills gets paid for with cash and when the money in the envelope is gone you can't spend anymore on that. I have a hard time with that but am doing better.

Jbug

Ah, the old cushion; I do that, thinking I have more than I actually have (or that it will last forever :-) I routinely just sort of "eyeball" it if I have extra money instead of planning for its use. It feels so good when you first have it, like you don't have to worry for a bit but the "bit" goes faster than it should. LOL.

Perna and Jannie..
LOL...yeah! that "cushion" vanished quickly!
Jannie...I like the ideas you shared, and will check out the website!
Thanks,
Patty

Me too, Seeker. I'm usually very good with money but anymore it seems like I just can't put enough into my checking account 'cause before I know it-it's all spent.

oh man this always happens to me I now have a bank that honors overdrawn checks and stuff because no matter how hard I try I never remember what I buy. things are always just showing up that I bought when I was dissociated.

</font><blockquote><div id="quote"><font class="small">Quote:</font>
Pickle said:
Me too, Seeker. I'm usually very good with money but anymore it seems like I just can't put enough into my checking account 'cause before I know it-it's all spent.

</div></font></blockquote><font class="post">

Exactly -- It's one thing to budget when there is enough money to cover all the basic expenses. It's just plain impossible when there is not enough.

The good thing about trying is that it can lead to finding inventive ways to stretch what one has . . .

We are in testing mode at school this week...very big deal, and I was assigned to assist the 6th grade math teacher in the testing. He began talking to me about our incomes, and revealed he is a father of three on single income, wife staying home with the children, saying how hard it is for them to manage. WV is 47th in teacher pay, and though he has an MA+30, it is near impossible for them to buy clothing and food monthly.
I'm trying to be more aware of what I'm spending from now on! Gas just skyrocketed in price here!
Patty