Hello friends! Oh, yeah, you are probably still transfixed on that oddly labeled banner up there, aren’t you? You are also wondering about the title, “Thoughts on”. Well, one of us had do to a post on money management sometime. Also, we figured this was a good time to introduce a new series of lifestyle posts called, “Thoughts on”. The series will be used as an outlet for the girls and I to share our thoughts on different and more unusual topics, like today’s. I know, I know. Money is definitely an abnormal one for a blog such as ours; you’re used to outfit posts, fun giveaways, and most things having to do with a vintage-loving lifestyle. But haven’t you ever wondered about just how we decide when to spend, or save (manage) our money? After all, we three are all about thrift, or stretching the paper money as far as it will go, so, why not? Stick around, and I will attempt this “daring feat” in explaining how we, specifically I, manage my money. Don’t worry, you won’t be gagging by the time you’re through reading! I can promise that it will be interesting, and hopefully helpful.
How I Keep My Money
Okay! So the first thing that ever happens when I get a little job to earn some money, is the simple action of putting it all (yes all) into a labeled envelope, on whose back holds two very precise columns: “Amount Put In”, and, “Amount Taken Out”. The idea here is to record the date of when I earned the money, put in the amount/balance, and then let it sit in there until I have need of it. When that time comes around, I spend however much I can afford, sometimes all of it at once, sometimes much less. The key rule though is to not exceed my spending over the balance currently held in the envelope. I earn some mental gold stars and sprinkles if I don’t spend it all right off the bat, which means I get an even bigger mental party going on in my head when I put it all in my bank account! After I have taken out the money, which is usually handed over to Mom to refund her bank account, I then record on the back of the envelope, under Amount Taken Out, the exact date, and amount subtracted from the original balance, as well as what it was I spent the money on.
Note: I do have more envelopes besides the dog sitting one above, They all work exactly like this one, but each is labeled differently. For instance, when Christmas time comes around, all the money I earn, be it from dog sitting or some other place, goes into a Christmas Savings envelope, until I have enough money for family presents. On Christmas day, we three always get a card with money in it, so the Christmas money I get, also goes into this envelope. I even have a Birthday envelope, and you can guess how that one works. 🙂 The envelope system is basically a place holder, as well as record keeper for my money.
How I Spend My Money
Here is what I do:
- Wait for sales. Even if it is at a thrift store/website like Goodwill, Clothes Mentor, ThredUp, or Twice, I wait for sales.
- I buy the products (i.e. makeup, hair care, hair accessories) that are reliable, attractive, and will last me a good while.
- I buy material, or readymade garments that are of good quality, and I know will last me a long time without showing wear and tear.
- I put money in the bank whenever I don’t need to spend it.
- I always tithe 10% of everything I earn, as the Lord call us to in Deuteronomy ch. 26.
Here is what I don’t do:
- I don’t go shopping very often, that way I won’t feel the urge to spend.
- I don’t look online at the thrift sites for clothes when I don’t need them.
- I won’t buy expensive jewelry, or accessories (unless it is a Christmas gift for Mom). I won’t buy even the cheaper options unless I know I will wear it a lot, and it will last.
- I love shoes way too much, but I will not buy a pair that will only be worn a few times out of the year.
In the event of a purchase at a store, or even online, I make sure to save the receipt, which is then put in a little pocket of the plastic receipt wallet you see above. Bank balances go in here too.
This post is all thanks to Mom, who thought of the idea, and who also taught us how to use the envelopes and other little folders to store away all of our records. Thanks Mom. 🙂
How do you manage your money?
Is my way new to you?
From whom did you learn how to manage your money?
Love to you all!
Jessica, the eldest sister & singer