Son_of_Perdition
Senior Member
Three things came to light after I started my umteenth and hopefully last personal budget back in 2009.
1. I was paying too much in interest/fees to credit card accounts.
2. I was unaware of how much I was spending on everything.
3. I knew how to save and the importance but must have liked living on the edge.
Solution: After getting serious about budgeting I:
1. Eliminated as much debt as I could fast.
2. Controlled my money since no one else was.
3. Got saving.
During my working days I had no fixed income. I was paid every 2 weeks for 35 years and it was chicken one payday then feathers the next. I had almost unlimited overtime so checks were all over the place. I could always rely on the fact that if I wanted something unnecessary I could get a little OT or charge it to my CCs because there would always be extra money within a coupla weeks to cover it. Then boom! along came 2007-2008, then my looming retirement and with the economy tanking my overtime started to dry up. Management was on a budget too. I was lucky that the company I worked for had a decent pension plan in place that I had grandfathered into early. They also started their 401K around 1984 and in my brilliant mind I choose to use it as my personal slush fund. Over the next 23 years it enabled me to buy alot of toys, pay for 3 weddings, take extended trips and live large for the moment. Taxes were out of control but I was living high.
After many aborted attempts and web surfing for information the first few weeks of my revelation I finally decided to track and budget my money using a simple spreadsheet application. I had experience with them during my career and was able to create one that met my situation. It has been an interesting 5 year journey, I hoped for and arrived at a place I can now look back and say 'It worked!'. I first hated credit cards then decided they are a necessary evil for many but I had no control over them. I choose to go on a cash/debit card diet and have remained there since 2008. I purchase older relieable autos. Sold our home and downsized with no mortgage debt, I do have space rent but it is less than my house payment was. Money in the bank/cd's/money market accts, limited money in the stock market, a little mad money on hand for emergencies and can give my children/grandchildren a gift without charging it. My final expenses are covered, my wife has a road map and enough to weather a little strom until things are in her name. She is totally in step and has the knowledge to get into and close my accounts. She also has a clearer picture of my stupid mistakes financially. Believe me it wasn't my finest hour coming clean with her financially. I never knew she knew those words and names that I was subjected to during our first family meeting, she was like a pit viper.
1. I was paying too much in interest/fees to credit card accounts.
2. I was unaware of how much I was spending on everything.
3. I knew how to save and the importance but must have liked living on the edge.
Solution: After getting serious about budgeting I:
1. Eliminated as much debt as I could fast.
2. Controlled my money since no one else was.
3. Got saving.
During my working days I had no fixed income. I was paid every 2 weeks for 35 years and it was chicken one payday then feathers the next. I had almost unlimited overtime so checks were all over the place. I could always rely on the fact that if I wanted something unnecessary I could get a little OT or charge it to my CCs because there would always be extra money within a coupla weeks to cover it. Then boom! along came 2007-2008, then my looming retirement and with the economy tanking my overtime started to dry up. Management was on a budget too. I was lucky that the company I worked for had a decent pension plan in place that I had grandfathered into early. They also started their 401K around 1984 and in my brilliant mind I choose to use it as my personal slush fund. Over the next 23 years it enabled me to buy alot of toys, pay for 3 weddings, take extended trips and live large for the moment. Taxes were out of control but I was living high.
After many aborted attempts and web surfing for information the first few weeks of my revelation I finally decided to track and budget my money using a simple spreadsheet application. I had experience with them during my career and was able to create one that met my situation. It has been an interesting 5 year journey, I hoped for and arrived at a place I can now look back and say 'It worked!'. I first hated credit cards then decided they are a necessary evil for many but I had no control over them. I choose to go on a cash/debit card diet and have remained there since 2008. I purchase older relieable autos. Sold our home and downsized with no mortgage debt, I do have space rent but it is less than my house payment was. Money in the bank/cd's/money market accts, limited money in the stock market, a little mad money on hand for emergencies and can give my children/grandchildren a gift without charging it. My final expenses are covered, my wife has a road map and enough to weather a little strom until things are in her name. She is totally in step and has the knowledge to get into and close my accounts. She also has a clearer picture of my stupid mistakes financially. Believe me it wasn't my finest hour coming clean with her financially. I never knew she knew those words and names that I was subjected to during our first family meeting, she was like a pit viper.
