Cash envelopes and sinking fund mummas. Can I please pick your brain on how to get started ? How do you work out how much to put away a week? Do you pay your bills by cash or bank ? Any advice or tips would be great! Thank you 😃
Cash envelopes and sinking fund mummas. Can I please pick your brain on how to get started ? How do you work out how much to put away a week? Do you pay your bills by cash or bank ? Any advice or tips would be great! Thank you 😃
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4 Replies
We use bank accounts & auto transfers. No cash here!
We have a budget. Work out what things cost & distribute accordingly. Our main account is for day to day expenses & entertainment. We add in everything when working out the budget.
Bills have their own account, all regular ones direct debited. Work these out by adding up over the last year & dividing by your pay period e.g. Weekly etc. I review each bill amount every 12 months or when an obvious increase happens. I also add a guesstimate for things like car servicing + small repairs.
Also have accounts for savings, holidays, and have recently opened an account for school fees, and adjusted our budget. Will also be doing so again & opening a new account to save small amounts to pay for DD's braces she'll need in a couple of years. This means less into savings, but it makes it easier to manage when needed.
Really we just use named accounts & add up what we think we need. We leave a buffer in our main account for increases or unexpected expenses.
Just a heads up... Braces for my kids are 10k each. They don't even have cosmetically bad teeth... It's their bite that's off. It's super expensive
We have two goes at it, too! She's only 8 & will have a short stint top only braces in a year to stop it getting worse & a full set in another year or two after that. Hence why we're starting to save now. We do have orthodontics with PHI which will hopefully cover the first lot.
A waiting room full of top tier private school kids & info on how they donate to these school's clubs & have stalls at their events told me we were in for a shock! Felt very out of place there!
I don't use cash. I used to until I got robbed and there's no way to get cash back like there is if your bank account got hacked. I just put money away in another bank account.