Category: funds

You can try it that way and it might work for you

For us, esp my non numbers person DH, we have a bunch of small sinking funds. Our bank lets us have as many sub accounts as we want. Right now they are set up as savings accounts then we put the amount we need into our main account when we need to spend it.

We currently have

DH’s allowance (as he jokingly calls it) this is his money for his gas, his haircuts, whatever he needs, he gets 250 a month, and as long as he doesn’t blow it all he can spend the rest however he wants – lunches out, whatever.
Savings – this is used for big ticket items we need or things that pop up we didn’t expect. Like my youngest needed bike repairs recently.
Car fund – this is for any car related expenses, plate/ tab renewals, maintance, whatever
Kids clothing – clothes & shoes
Vacation – this was suppose to be a cruise in 2014 however hubby has decided to retire from the Army & get a new career so it will now be moving expenses.
Scouts – our kids don’t do sports or music so this is our major expense for them, we put aside enough to cover summer camp & monthly expenses including dues, camp outs, day outings, they do fundraising to supplement this as well.

Im sure we have more I just can’t think of them right now.
DH’s allowance is actually a debit account so he can withdrawl with a separate debit card with a credit card logo.
My blow money is taking out monthly and put in my purse as cash. Which works better for me.
My gas is taken out 2 times a month, on payday. One tank will do me each 2 week period. Even with DH sometimes taking my car.

We tried dumping it all into one account and doing a spreadsheet/ check register for tracking the money, but it was just too much extra work for us. This way is so much easier for us, esp DH. And if you borrow money from say savings if there isn’t enough in the car fund, we can track it better that it was moved.

Like you, we don’t finance anything any more either

Any extended warranties are paid for with cash, when the appliance/etc. is bought. With our washer, in the last couple of years Sears spent a TON more on replacing parts and on labor than we could have earned in that time frame, even in a mutual fund. I think the last extended warranty we bought (before the 2 a couple of years ago) was back in 2008—before drinking the koolaid. Smile

Like your guys, my dh is pretty handy too and has saved us tens of thousands of dollars of the (almost) 34 years we’ve been married. He has saved us on repairs for vehicles, appliances, electronics, house repairs, etc. dh has also saved us a ton on things like adding electrical outlets around the house, toilet repairs, etc.