Today’s post is very special because my amazing husband is writing for me! He’s writing about his financial management system.
Hi! I’m Coleman, Michelle’s husband and she asked me to write a post about my financial management system. I typically save a lot of money, not through a hard numbers system, but more a set of guidelines.
My husband and I have always tried to keep our finances separate. Based on the numerous articles and posts I’ve read about joint finances, budgeting for the family, etc., I realize this concept is a little strange. It does not come from a lack of trust or any other negative.
We have been together for 7 years and have had numerous conversations about finances along the way. We have very open communication about our financial situations however have never attempted to merge our finances. And honestly, we don’t want to. We have created a system that works for us. It also encourages us to utilize our communication skills, particularly for joint purchases.
We all want a successful future and have some sort of vision of how it will look. If you don’t have a vision, I challenge you to think about what you want your life to look like in 5-10 years. Now that you’ve got a rough idea of what you want, how do you get there? If this is something you genuinely wish to achieve, you must set goals. Think of your goals are the roadmap to your future. Would you want to go a road trip with no map and no plan? I wouldn’t.
Sometimes it’s difficult to save money. You lose motivation, an emergency comes up, or you just have large monthly bills that impact your monthly budget. This is something I continue to struggle with daily.
I am currently working my way through my personal goals, including my savings challenge and using cash envelopes. This is a much stricter budget and system than I have previously employed however I am determined to see it through. I have set up multiple automatic withdrawals to increase my savings and tightened up several expense areas.
Cognitively, I know this will be challenging. Despite having this knowledge, I still struggle with motivation to follow through with the plan. This week I was faced with multiple bills coming out of the same check and resulting in a very small amount in my checking account for the following two weeks. Read more
When you’re just starting to save, it can seem like an eternity before you see your savings account actually growing to a strong number. It’s easy to get discouraged by this slow-growing process. And of course you want to boost your savings as soon as possible. I have a little saying about this:
The savings of a thousand dollars begins with one saved.
I know it’s corny, but it keeps me motivated even when I feel like it will take an eternity to become debt free.
So far I’ve talked about a lot of things that have not worked super well for me. Today I’d like to talk about something that does work for me.
At this point, I’m almost positive that every single person that even just skims articles about personal finance is familiar with Dave Ramsey and the cash envelope system. If not, I’m here to help. I do not attribute the idea of the cash envelopes solely to Dave Ramsey, though he was relatively instrumental in bringing it back in style.
This is my well-loved copy of To Kill A Mockingbird (complete with bird tattoo).