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Posts tagged with: cash

Pay Day

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After a recent change at my company my husband and I now get paid every Friday.  It is sort of like being in high school again with a weekly paycheck.  I’m thankful for the timing of the change b/c it has helped make this all feel more doable. 

We each get $200 per week out of which we have to pay for groceries for a family of six (I’ve made HUGE strides in grocery spending since the first of the year), gas and anything else we need for the week.  I’m getting pretty good at making it a game for myself–to see how long I can hang on to the full $200.  This little game has already made an impact on decisions.  I was in such a terrible habit of using the debit card and not keeping track of the many swipes.  My goal is to use whatever I have left at the end of the week and pay down debt…even if it is only 10 bucks! 

It has also been a great lesson for the kids.  In this world of debit cards they’ve grown up in seeing cash is somewhat unusual for them.  The 12-year-old hadn’t gone into a gas station to pay cash for a tank of gas before—and that was a great experience for him, the other kids and me!  All of the kids are at a great age to learn from our new spending habits. 

So, it’s Friday night and I still have ten 20 dollar bills in my wallet.  🙂


Giving to Charity Debate?

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Last week I talked about giving to charity. My husband and I had set a goal early last year to be more giving and we met our goal. I was surprised at how many readers commented on reasons NOT to give to charity while in debt. Most said they’d rather skip paying interest to the banks, making the banks richer, and reduce their own debt instead.

Respectfully…

I disagree.

Looking at the numbers, taking nothing else into consideration, those readers are correct. Giving to charity delays debt payoffs and does mean you will be paying more in interest overall.

BUT, and it’s a big BUT, there will always be reasons to skip donating to charity.

I’m in debt. I need to pay off debt first.
I should pay off my mortgage. I could use that money headed to charity to reduce my mortgage and save interest.
I need to fully fund my emergency fund.
I need to save for my child’s college.
I need to save cash for my car.
I need to…

you get it.

If everyone believed in being debt free before donating to charity… only the rich would donate.

And, do you stick by those same beliefs for everything? Do you never go out to dinner? Do you never buy clothes unless absolutely necessary? Do you never waste a single dime while paying off debt?

I highly doubt it.

I don’t see giving to charity as an exercise solely for the charity. It’s an exercise for me. For my heart. For my obsessive frugality.

It keeps me from believing it’s always about ME.

If you still insist that giving money should never be done, then I encourage you to spend your time. Charities would love an extra set of hands… and it’s free.

So what is the consensus? Give money to charity while in debt? Or don’t?


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