Budget?

Welcome back Blogooligans!

Today my post is about handling money. I feel very fortunate that I own (still have a mortgage, but it's getting there) my home, have a fully paid vehicle, affordable bills, RRSP's & extra cash to play around with.

I may not have the $ that a lot of professionals make, but I'm happy just the same. Isn't that what's most important after all? Sure there's things I would like & that I think are worth saving for, but I've got to say I'm not a huge impulse buyer.

How do I get the things I need paid for & still have some money left over at the end of the month? I know that it can be tricky. Most people will tell you to put yourself on a strict budget. How's that working out for you? I know it wouldn't work for me. Does a budget leave room for things like sudden car repairs, gifts for bridal/baby showers, the need for emergency house repairs, the flip flopping of gas prices, school fundraisers, admission charges for school trips etc.

Those are just things off the top of my head.

I make my money work my way. I have the luxury of being paid bi-weekly at my full time job by direct deposit. I know every 2nd Friday my paycheque is in the bank at 12:01am, but you know what happens next? I have it arranged that my mortgage payment comes out the same bi-weekly Friday. This means I don't have to worry if I have enough in to pay my mortgage payment. I just know there is. That's peace of mind for me. Talk to your banker about setting up a bi-weekly instead of monthly mortgage payment. Being that you pay every 2nd week no matter how many weeks are in the month, you end up making an extra mortgage payment per year that you wouldn't have if you pay monthly. In the long run it makes a HUGE difference!

The cash left over from that paycheque is usually enough for a bill payment, groceries & gas. I have a part-time job as well. They pay me bi-weekly as well but on the opposite Fridays as my other job. I love the fact that every Friday I have earnings coming to me. I know most of you don't take on that, so here's my other advice... AUTOPAY the Biggies, I have automatic payment of my RRSP's (twice monthly, so I can split it up a bit), Life Insurance, & Auto Insurance

These are important & y0u don't want to worry about insurance being cancelled because you missed a payment. House insurance I pay once a year, but always know when it's coming & usually use part of my vacation pay for it. (I don't go away every year. I save up for big vacations). Try these tricks for your banking (a lot of it you can set up yourself with your online banking). See if it sets your mind at ease, knowing that money is going out when the money is there to be taken out, no one wants to be in OVERDRAFT

Tune in for my next post about how you can be Frugal & still have FUN!
Have a great weekend
Lisa