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Oct 24, 2018    |       8 comments

22 Days of No Extra Spending

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We made it 22 days into October before I had to break down and spend some money. I’m pretty proud of that number, it’s definitely the longest I’ve ever gone.

But the kids finally convinced me to hit up the grocery store. (I combined my shopping with my personal shopping client so it didn’t cost me anything in regards to extra gas or time away from work.) I spent just at $36.

With both twins taking their lunch to work and Sea Cadet taking a dinner to school two nights a week, our lunch meat ran out. Then we ran out of milk. And I ran out of bacon. We are out of fresh veggies and fruit as well, but have plenty of canned still so I decided not to restock those at this time.

Buying Meat on Sale

But I was in luck, I found 3 packs of sandwich meat (12 oz each) marked down to $2.49 each due to the use by date being within the week. Since I knew the boys would eat it quickly, I grabbed them. I put one in the freezer to extend it a few days and they should last us to the end of the month. Yeah!

Back in Virginia, I knew which days the grocery stores marked down in their meat department was able to get great deals on meat by buying it close to the expiration date. Since I freeze all our meat, the expiration date doesn’t matter much to me.

Unfortunately, bacon never seems to be on sale, but I determined I could make it through the remainder of the month with one pack. I just can’t stomach eggs without bacon, but cooking them in the bacon grease solves this. As I cook the bacon a couple of pieces at a time, I will save the grease. When I’m out of bacon, I can use the grease to satisfy the taste issue for me until I restock.

Meal Plan

We are still going strong following our meal plan and I haven’t deviated much. But I have a few times. With the cold weather setting in, I am cooking more soups that I planned on in the crockpot. Their favorites thusfar have been potato soup and chicken taco soup.

It’s great for two reasons: 1) I started it and forget it for the rest of the day. Voila, dinner is ready when the kids are hungry without me having to stop work. 2) I’m able to use more canned items in the crockpot than I normally would and am really working through cans of things we probably wouldn’t use otherwise.

As we eat meals, some newly created, I am making a list of the ones the kids love, and already started on the meal plan for November, along with a grocery list as we run out or low on things so I’m ready to grocery shop when its time.

I did splurge on one item, it was only $2.50 and I feel like I’ve already gotten that back. I purchased a box of 4 crockpot liners. I’ve never used them before but as much as I’m using the crockpot, cleaning it is a pain! I used one for the first time this week and I’m not sure I will ever go back!

 

 

Oct 22, 2018    |       8 comments

Working with the Twins – Young Adult Budgets

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The twins and I have met (individually) to discuss their budgets and goals. They are working with quarterly budgets and starting (really just starting) to think long term when it comes to their finances.

I am covering their room and board now, but they are responsible for all their own monthly bills, spending money and school expenses. It has been a learning lesson for us all.

How We Created their Budget

These are the categories we used to plan their money:

Weekly
Gas
Food
Entertainment

Monthly
Individual subscriptions (Hulu, Xbox, Spotify, etc.) – these vary for each of them
Cell phone
Car Insurance

Quarterly
Car Maintenance – oil change and then a little extra for other regular car care items such windshield wipers, tire rotation, etc.
Shoes
Clothes
Special events (varies by season) – this quarter we discussed including extra monies for our Thanksgiving Trip to Texas, Christmas presents and a trip they plan to take over the Christmas holiday back to Virginia

Once we had these numbers, we divided them up into weekly/bi-weekly amounts based on their pay schedules with their jobs.

How the Money Works

Once we knew the number they needed to have available to them for these expenses, we made a plan.

  1. Every time they get paid, they put their monthly and quarterly monies into their personal savings so when those expenses/bills arise, they have easy access to the money.
  2. They also “pay themselves” their weekly money and put it in their personal checking or withdrawal in cash, whichever they prefer.
  3. The remainder of their paycheck gets moved into a shared checking account. (Each twin and I share an account.) This is not to be touched without a discussion with me. We call it their nest egg.

Because Sea Cadet has been working on this for quite a while, he has another account where we put $500 which is for car maintenance. This is for any major repairs, etc. that he might need for his car.

I plan to do the same with History Buff, but he’s just getting on his feet so it will take a little while.

What about an Emergency?

I believe this is a good jumping off point for them. They are responsible for making sure they maintain their personal savings with no oversight from me for the budgeted items and know that if it comes time for any of the pre-planned budgeted expenses, they will not be able to withdrawal any additional monies.

But having their nest egg allows them to have an EF of sorts. Sea Cadet has dipped into his nest egg a few times:

  1. When his hours got cut and he didn’t have enough to cover his budgeted needs. It was a small amount but really nice for him to see that savings at work.
  2. He had to purchase some medical supplies and uniforms for his EMT courses and clinicals. Again, not a significant expense but something unexpected. And it was really nice to be able to buy them without stressing at all.
  3. When his cell phone stopped working, he was able to purchase a new phone on Amazon quickly. (He later found out that his phone issue was a the result of an Apple defect and they fixed it for free and he got this money back.)

Long Term

They really are just starting to think long term and the money required for that. They both dream of better cars. (I just hope their cars make it until they are done with college.)

Sea Cadet has his eye on the prize of graduating with his Advanced EMT diploma next August and plans to move out. He’s really earmarking his “nest egg” for that move and possibility of being independent and  out of a job/income for a while when he moves.

We haven’t talked numbers for these long term plans yet, but they are starting to think about them. And they are definitely enjoying the freedom (from stress and otherwise) that having a nest egg gives them.

I’d love to hear ways you helped your young adults launch into the world post-college specifically when it comes to finances and planning!

 

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