Tuesday, April 24, 2007

Tackle it Tuesday - the budget

Tackle It Tuesday Meme

As I mentioned yesterday, we are going away this weekend. So I decided to be responsible and tackle the budget ahead of time so that we know exactly what's going on.

When we go on holiday, we try and prepay as much as we can - obviously flights and car rental are prepaid this time, as is 50% of the bed and breakfast. So it's really only spending money and the other 50% (which I will pay once we get there and see that everything is in order - one day I must tell you the horror story of another holiday place, which is the SOLE reason I don't prepay absolutely everything).

What I then do is transfer the spending money into a separate, mostly unused credit card and then it doesn't mess with our other money. I like things neat and separate - nicely filed! As I'm typing this, I just realised that I do this with many aspects of my life - that's why I have 6 different blogs, 3 desks, 3 credit cards, 5 different email addresses, a tote bag for every hobby, and so on. Are you weird like this too?

I usually do a mammoth exercise every month and balance each of our accounts (my business, my personal, Dion's personal, joint savings) down to the cent. And then I do a quickish 20 - 30 minute update every week, complete with filing. You see, this is where OCD is good.

So while I was watching TV on Thursday, I took all the receipts and made nice neat piles for each credit card account, ready to input into my spreadsheet. It's a very simple system (or so, I think) but you have to do your part too.

And I tackled it this afternoon.

Now I know exactly what is in each account and exactly what we will be spending on holiday. Of course, if there's a gorgeous bag, watch or wallet, there's always my savings account to fall back on!

Oh by the way, I am releasing a Financial Freedom e-course/ book during May. If you want to be notified about it, please join my mailing list. It's the box in the top right corner. When it's ready, you'll be the first to know. And my subscribers will get a discount for the first week.

Go visit 5 minutes for mom for more great tackles.


Rae said...

Yes, I'm weird like that too! haha
I like the idea of prepaying only 50%..very good idea. I've had a horrible experience before too. My mom usually never pays until she arrives, I've started doing that too.

I finally posted up that Show Your Desk Challenge! Sorry I'm so late, I've been so busy with Spring cleaning & wedding plans. It's up now though, thanks again for tagging me! Have FUN on your weekend getaway! =)

Angelika said...

I am somewhat weird like that. :-)

But I couldn't handle 5 blogs, LOL.

Elizabeth said...

Great system! I never thought of having a specific credit/debit card filled up before a vacation.

tegdirb92 said...

I'm weird like that also--I like to keep things separate so I know I have "all my ducks in a row" :)

Kili @ Live Each Moment said...

I'm weird like that too. Except we don't have credit cards. So I have actual envelopes labled with what the money is for and have our travelers checks in them.

Although our budget we do the same way. A cash envelope system.

Jennifer said...

Wow! Way to go! I'm not nearly that organized - I wish I was! I am taking your idea up of a business binder - I have a household one, but I really think I'll get further with my business if it were more organized! Maybe I'll have a chance to work on that this week.

Did you get your gift made? Did you take pictures?

Marcia Francois said...

I know! I started the 5 before blogger beta. If I'd done the blogging thing now, I would have just made lots of files.

I’m the same with credit cards (maybe that’s why I’m so neurotic) – we put money in there and then use them as debit cards, so we never actually buy anything on credit!

I made the gift! I'm going to email them to you. Just shout if you need any help or feedback.

AnnaLiza said...

wow! you're extreemly organized!! great job! you deserve a new purse!! happy holiday!

designer replica handbags said...

Filing your bills and receipts makes it easy to compute and budget your money.