Living frugally is paying off...

[boefixepa]

Re: Living frugally is paying off...

2001 Hunydi Elantra - Paid for!!!
31-36 MPG - All freeway I can get close to 40, but that doesn't happen often
66,000 Miles
Less then 400 a year for insurance - Full coverage, no personal medical (my HMO will cover me)
And I budget $50 a month for repairs so the money is there when needed. It just sits there and builds up. When the timing & other belts needed replaced it was no big deal the money was already there!


I just can't rationalize going back to a car payment....I can't...I won't....NOOOOOOO!!!

[Ima saver]

Re: Living frugally is paying off...

I am taking the payment that I use to make on my husband's work van, and saving it in a car fund. I have over $7000 in it already.

[cbmeeks]

Re: Living frugally is paying off...

And I budget $50 a month for repairs so the money is there when needed. It just sits there and builds up. When the timing & other belts needed replaced it was no big deal the money was already there!


I just can't rationalize going back to a car payment....I can't...I won't....NOOOOOOO!!!

That's smart. It's like a car HSA. A CSA. :-)

We do the same but we don't seperate it for just a car. I've managed to put $250 this month into savings. :-)

cbmeeks

[boefixepa]

Re: Living frugally is paying off...

Yes, it works great having the dedicated repair envelope....we all know it's coming, it's just a matter of when and for what...

I have a 'new car' envelope but I am not putting any money in it right now as I am focusing on getting the HELOC paid off as fast as humanly possible or faster if I can swing it. Oh well...eventually.

[cbmeeks]

Re: Living frugally is paying off...

the envelopes work.

We have started a Christmas evelope too. Like DR says, Christmas doesn't sneek up on you...it comes the same time every year.

[Ima saver]

Re: Living frugally is paying off...

I have a christmas envelope also. Always have. It is 7 months from today, by the way!

[boefixepa]

Re: Living frugally is paying off...

YEP! Christmas evelope too, and a birthdays one, and a wedding/other gifts one, and home repair one, and a dog food one (I buy direct in bulk ).....and the list goes on and on and on....

Even if all you can do is throw a little in there it builds up and it's there when the need arises...you don't have to 'steal' it from someplace else.

[boefixepa]

Re: Living frugally is paying off...

As an after thought....you know you've mastered budgeting when you no longer have to 'steal' or 'transfer money' from one envelope/category to another between fundings.

[cbmeeks]

Re: Living frugally is paying off...

I said Christmas envelope but what it really is is a Gift Envelope. Covers bdays, etc.

[Ima saver]

Re: Living frugally is paying off...

I have been doing this for 40 years, I never have to transfer money!