The thrifty mom secrets to an easy budget system is consistency and self discipline. A consistent budget system with bills paid on time saves time and money.It takes self discipline to do this at the right time each month.
Thrifty moms do not like to pay money to other people, they like to save. Paying out late fees is not thrifty.
Detailed planning and tedious spreadsheets do not work for my quick paced life. My easy system works for me and only takes a short time to complete each week.
Creating the easy budget system was something that I put together over time. I analyzed what I needed each month and would implement that one item, but he month. The next month, same thing. This happened each month until I had a system that was complete, flexible and functioning.
Create A Binder or Storage System
First step is to create a location. The location for all of my bills, insurance information, and any related information was put into an accordion file. This file is labeled by each month. I then stick all of the bills into the current month. As I pay them, I mark the date and PAID. This is done on each bill.
Make a Template of Expenses that Reoccur
Next, I sit down in January, around the first, and create a spreadsheet template for the year. It has all of the reoccurring bills such as the mortgage, utilities, gas and whatever else on the template. We don’t add the numbers in because they fluctuate monthly. I pull this out on the 25th of each month to start paying bills for the upcoming month. This is when I add in the numbers. Finally, I have a template of this spreadsheet so that each year I do not have to create something new.
Use Plain White Lined College Ruled Paper
Why? This paper is for my savings and things I am planning to save for each month. From August to December I save for Christmas with focused intensity. From November to April I save for homeschool convention with focus. Along the way their are birthdays and other events like medical bills that I just save a small amount each month. Then when something comes up it is not a huge bill. The college lined paper helps me to see what I have saved and what I need to save for next. This goes into the current month as I do bills.
Install Your Bank App on Your Phone
Without my banking app I would be lost. Checking my balance and expense history is important. Frequent use is for payment of all reoccurring bills. Saving time as a busy mom is important. This is a thrifty mom secret because it increases efficiency and decreases spending.
Use Automatic Withdrawals Banking for All Possible Reoccurring Bills
This is a lifesaver for a me. As a thrifty mom, I like to make sure all major bills are paid….on time. I can’t be thrifty and efficient if I am paying late fees’ all the time. Yes, I will race to the video store to return a movie on time to see the late fee. There is no need to pay anyone else. Even if it is only a dollar. My house payment, insurance, netflix, hulu and gym membership all come out automatically. No stress and no late fees.
Use Phone Reminders To Pay Bills On Time
Most importantly, pay bills on time with a phone reminder. Technology is a great thing, and should be utilized to make our life easier. My phone pops up a message that tells me a bill is due. Most of our bills are reoccurring, so I set a phone reminder for one that is new. For example, we go to homeschool conventions. A hotel room or reservation may need to be booked. My phone pops up a message for me to set the reservation, or cancel one if need be.
I also use an easy budget app on my iPad called every dollar. This helps when I need to take my finances on the go.
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