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  • Jen_C Jen_C's Avatar 01-11-08 | 09:44 AM
  • So if your trying hard to get out of debt and putting all your money towards paying off credit cards, car payments, etc. how do you decide how much to put in savings? I would like to have savings to cover things like automobile expenses that just pop up, to cover the cats if they get sick and need to go to the vet, etc. We also need to save up enough for a deposit for rent for when we move. So how do you decide each paycheck how much goes to savings?
  • Dopey406 Dopey406's Avatar 01-11-08 | 03:21 PM
  • Right now, we have $1000 in our emergency fund. Everything else goes to our envelopes and debt.

    Once we're debt-free, we'll build up 6 months' living expenses.

    In the meantime, you can budget a set amount each time to go into the car repair fund, animal vet fund, or whatever. Just decide an amount and stick with it.
  • Jen_C Jen_C's Avatar 01-11-08 | 08:50 PM
  • Thanks Deanna. I would love to have a few months of expenses saved up just in case, but I know that can't really happen until we focus on this little bit of debt.

    So Deanna - do you have just one checking account you use and then have the different amoutns for the differing funds just written on paper? I should go read Dave Ramsey's book before I go asking you tons of questions I guess
  • Valleygirl Valleygirl's Avatar 01-11-08 | 10:10 PM
  • I think Deanna does it the same way we do, but correct me if I'm wrong D. We pull a certain amount out each pay period in cash. We pay cash for everything except our bills, like mortgage, electricity, phone etc. We pay cash for groceries, fastfood, clothes, etc. The cash is divided up according to our budget and placed into seperate marked envelopes. When I go to the grocery store I only use the money out of that envelope. If we need gas for the car we only use the money out of that envelope. It really keeps you accountable for your spending and parting with cash is much more difficult than using an atm/debit card.
  • Dopey406 Dopey406's Avatar 01-11-08 | 10:16 PM
  • Yep, that's what we do!!

    I have a couple of Excel spreadsheets I'd be happy to send you, Jen, to get started. One is our regular budget form and the other is one for savings (determining on paper how the money in the account is divided). They're very simple and easy to use.

    Please ask all the questions you like--this is why this board was created!

    And Dave's book does help a lot.

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