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Recieved the money

January 18th, 2008 at 02:36 pm

I got paid for both cakes yesterday to the tune of $64.00.

For the challenge I've decided to add $1.00/day for no air/heat, round up to the nearest dollar on all debits and checks, $1.00/day for eating/incorporating leftovers, coupon savings, and adding all money from cake/cookie sales.

So far this month:
6 days using leftovers $6.00
5 no heat/air days $5.00
rounding up $12.00
cakes $64.00

Old total $80.00
add $87.00
New total $167.00

Now to just have the discipline to actually put it in an ING acct! Or should I put it toward debt?

Posted in Uncategorized | 8 Comments »

8 Responses to “Recieved the money”

  1. luxliving Says:
    January 18th, 2008 at 02:39 pm 1200667189
    1200667189

    Hi Littlemama, do you have an emergency fund?

    I might be tempted to split it up 3 ways...

    goal, debt, e-fund. But that all depends on your particular situation, ya know?

  2. Amber Says:
    January 18th, 2008 at 02:42 pm 1200667363
    1200667363

    I actually split my savings between debt and the house saving fund (ING). But remember debt is usually at a higher interet rate than an savings account so in the long run you're really paying more on the det; but I guess it is what you are comfortable with. Way to go on the savings Smile

  3. Ima saver Says:
    January 18th, 2008 at 03:01 pm 1200668469
    1200668469

    I would save it until you have an emergency fund fully funded.

  4. littlemama Says:
    January 18th, 2008 at 03:52 pm 1200671534
    1200671534

    We have $1000.00 E fund, money that we put back for our different insurances and taxes (that we don't touch for any other reason), and we are working on paying off my car which has a balance of $10,200 at around 5.5%. Our mortgage and car is all we owe. We were snowballing the car until our income slowed down. (It should pick up around mid April where we can start again).

    Thanks for the quick replies. Smile

  5. luxliving Says:
    January 18th, 2008 at 04:23 pm 1200673394
    1200673394

    Okay littlemamma it sounds like you have your insurance and taxes taken care of - but WHAT IF the car breaks down, the washer goes out, your Aunt Ethel dies across the continent and the hot water tank explodes all in the same week?? Big Grin God forbid!

    It sounds like what you are calling your emergency fund is really your Tax & Insurance Escrow Fund and those are going to be spent no matter what. What you might be lacking is the extra $500-600 to cover an emergency auto repair, UNLESS all your vehicles are under warranty? as are the household appliances, etc.? know what I mean? What if these things happen the day after you've just sent off a big wad to pay the insurance for the year and funds are low?

    That can kind of sound like too much to worry about while you are carrying debt, but if you can squeeze something back towards a true Emergency Fund while at the same time cutting the debt you'll eventually find yourself at the tipping point where you don't have to pull out the CC when an emergency does come up, unless ya'lls monthly income is enough to cover all your bases plus the minor catastrophe now and then?

    Ahhh, now I see - you don't carry CC debt. Well, even so, I'd make sure I had those kinds of emergency contingencies allowed for somewhere in my planning. YMMV! Big Grin

  6. littlemama Says:
    January 18th, 2008 at 07:00 pm 1200682825
    1200682825

    LL, I re-read my post and it is confusing. I have the ins/tax accout seperate from my $1000.00 EF.

  7. luxliving Says:
    January 18th, 2008 at 09:03 pm 1200690185
    1200690185

    Well then, that being the case Amber has it right above. Where you put it might well depend on the interest you'd earn in savings vs. the interest you're paying to service your auto & mortgage debt.

    That is, IF you are trying to merely make the best Financial decision.

    If though, you're wanting to save up for some personal goal or treasure, then yeah, you might want to set up a little separate savings account for it somewhere as you climb towards getting your wish fulfilled.

    Brain or Heart then becomes the question!

  8. littlemama Says:
    January 22nd, 2008 at 05:14 am 1200978877
    1200978877

    Okay LL, I've decided to go with heart. I have figured the intrest difference to only be about $1.00/mo. So I will set up an Ing acct. tomorrow for the Disney fund.

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