Organising Weekly Challenge #7

Toni @ A Bowl Full of Lemons is continuing her weekly challenges for 2011 with a challenge to . . .

ORGANISE YOUR FINANCES

I skipped last week's challenge (digital photos) as I had no real need of it (or time to do it) and I was sorely tempted to skip this week's too since I know our finances are in pretty great shape BUT . . .

. . . there is always room for improvement so I'm picking up the torch and running with it.

We are debt free apart from a mortgage, having paid off hubby's bachelor days' home improvement loan and my student loan within the first six months after we got married!

I only use my credit card to make purchases online (as it's not linked to a bank account) that we already have the money in the bank to pay for. Hubs uses his to get petrol (giving us 2p off each litre - which all counts when you consider we're now paying around £1.30 a litre). Both cards are paid off when we get the bill (if not by direct debit automatically). I'd love to scrap the credit cards but they are useful for the protection they provide for online purchases and for the added money off at the pump.

All our bills (phones, electric etc) are paid by direct debit and since I'm paid cash we start out each week with £20 each (with purses and wallets emptied of change into our change jars) and it is only very occasionally we go over out "budget" and purchase things on our debit cards.

I don't go shopping very often (which saves us a lot of money straight away) but when I do I am always thinking ahead to upcoming birthdays etc and to stocking up the gift cupboard and I have been know to purchase birthday presents more than a year in advance!

I am also building up a stock of amazon vouchers through taking surveys and using Swagbucks (referral link).

I bulk cook and freeze (using less electricity for cooking in the process). I menu plan so I don't waste food and I stretch meaty meals by blending my minced meat, using turkey instead of beef (cheaper and healthier) and adding beans to everything.

I try to be frugal in the extreme without it affecting our lives negatively BUT I know I waste a lot of money by not being as careful when it comes to indulgences (chocolate, presents for my hubby and family and truth be told myself).

I am going to create a workable zero-ing out budget tomorrow (at work, since I'll have some downtime while the children are working independently at their homework) since it's now my bedtime and I'll be aiming to try and follow along with all Toni's challenges this week:

Day 1 - Set up a budget, track all spending for entire 6 day challenge & Enter Giveaway
Day 2 - Learn about & set up an envelope system
Day 3 - Create a "Budget Box"
Day 4 - Create your debt snowball & learn about free budgeting software
Day 5 - Dave Ramsey interview questions answered
Day 6 - Giveaway Winner & debt free stories
Getting your house in order must start with knowing you have the money to get those bills paid and keep the roof over your head. I firmly believe God provides all the wherewithal (money) I have BUT He also demands that I am a good steward of all He has given me.

Thanks again for the challenges Toni!