Money Matters

I should know by sometime tomorrow if I got the job at Five Below. I’m pretty sure that I did, as I’ve been made a sort of ‘unofficial’ offer, pending the green light on my background and reference check. I’ve been unemployed for over a month, and it’s been fairly difficult. It’s exciting to be getting back to work again, and in a place like Five Below. Their products and the atmosphere in the store are incredible. I’ve decided once I get paid, I’m going to put away(as will Megan) somewhere around 10% of my paycheck into a high yield money market account, in order to:

1. Build up a savings of three months pay.(I’m starting out small, going with one month built up, and working my way towards three. You never know when life is going to throw some unexpected surprises your way, and it’s best to try and be as financially prepared as possible)

2. Pay off some ‘bigger’ debts that Megan and I have accumulated; including credit cards, school, medical, and cars bills.(many people think it’s normal to have car payments. I do not. The sooner I pay off our cars, the better. It’s a monthly payment that could be going to a much better use, and the next time I buy a car I’m saving for it and paying in cash)

3. Start saving for some sort of meager down payment for a place of our own.(I abhor renting. People pay thousands of dollars a month to rent a place for a year, and when it’s all over they have no investment in that property. It’s like throwing money away. The same amount of money people throw away to rent a property they could have used as a mortgage payment and actually have some equity in their property. When my lease is up next year, I plan on buying)

Any extra money we come into(Birthdays, Christmas, Wedding, etc) we’ll also add to the account.

Financial stability is very important to me, and it’s exciting to see my plan in writing. Any comments? Whats your savings plan? Have you even thought one up yet? If not, I encourage you to do so. Knowing where your money is going–having a plan for every dollar before you even get it–is a very freeing experience. I know I haven’t talked about it in this post but budgets are a fantastic tool that really take the stress and pressure of money matters off your back. Microsoft has a bunch of budgets that are free to download available here. I used to use a personal budget like this one, but due to it’s lack of a ‘projected’ column, I found it inadequate to meet my current needs. However if you’re very new to making a budgets or if the idea scares you, it’s a great way to begin. I happen to like this one, as it contains a longer list of expenses and has a projected column. Once I’m married I’ll probably be using the Family Monthly Budget, as it’s much butter suited to married/family life than the other two.

Hehehe. If I was talking to Megan about all this stuff she probably would have zoned out by now. Money and budgets and spreadsheets are not her idea of stimulating conversation. My guess is you’re not too far behind her, so thats enough money talk for now. Hope you all are having a great week!