Mission Report: Cash Only Sucks

The first month of being cash only has come to an end and all I have to say is…can I get a do-over?

There is still a lot of growing pains with this new habit. What I did observe was my impulse purchasing went down. I tended to stay away from my usual websites by keeping a list of “wants” and talking myself out of items. I was very vigilant in writing down every penny in and every penny out.

The hurdle I still face is with the Sink Funds & Cash envelopes.  I did have the cash I needed, when I needed it, for the windshield wipers. However, some of that leftovers in that category went towards a trip to Hobby Lobby as well. Meh.

So what to do!? Frist, I am going to factor in an envelope category for “Mad Money”. This is the funds left over each pay period that will go towards this and when that is gone, it’s gone. So if the left overs are $10 or $50, that is what I get to spend. It may not be the best idea I have ever come up with but it will a good place to start.

I’m a spender, which is fine. Having a mad money category fulfills my need to spend and still feel good because all my bills are paid, I emergency money and 3% of my paycheck is being saved.  So it’s not all a loss!

Also, I wanted to share with you Rachel Cruze – the daughter of Dave Ramsey. She has her own book out and a great YouTube channel as well.  These little segments have been a great help for me – check her out here.

Any suggestions dear readers?


Financial Maintenance

Mr. Chan

Mr. Chan

Each quarter of the year I take my little gold piggy to the market, where I deposit his insides into a coin machine. I generally request a gift certificate for Amazon since it allows me to have the whole proceeds (if you choose cash, it take almost 10%).  The most I have received is about $30 but lately it’s around $20.

It’s the first quarter review here at the Keep. I have lots of things to work on and my accountability is lacking substantial evidence of being responsible and trust-worthy.  More coming on that in an upcoming post.

So for this quarter, I will be re-working my budget based on Dave Ramsey’s worksheets, with a review of my cash envelopes, sink funds and improving my emergency savings strategy.

Ugh, Financial maintenance is a drag man.


Gathering Acorns

Though I haven’t truly mastered the Seven Baby Steps of Dave Ramey’s Financial Peace , I felt the need to start a rather small investment. I personally don’t utilize company based 401(k)’s as I’ve seen too many family and friends lose thousands they put into this strategy only to lose it or be told they can’t use it.
I think we all know by now, a financial guru of spending thrifty I am not. I am a certified shopaholic {and yes, there is a group for that}. However, I came across a financial app that intrigued me.
It is called Acorns. It links to a checking account and gathers the change from you purchases and then in turn into diversified investments. Here’s a snippet from the Acorns Support page.
I also wanted to include this web article so you could review for yourself the pros & cons on this investment.
I decided to go with this as I am not a Saver. If I have a dollar, I will spend it. I wanted a way of getting started that did not allow me instant access to my money.  My Emergency Savings is not an investment, it’s for emergencies.  When I get to the third baby step per the Financial Peace Seven Steps, I want to have a bit stuck away. Call it my back up baby step.
Check out the sites and give me your feedback.
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