The jars kept me on track for the first week, and I was loving it. Unforutnatly, this weekend - I wound up using my credit card more then I should have.
I am not giving up on the jars as a concept, however, to dig myself out of this - I see two options.
One:
I'm going to have zero variable spending after I get paid on August 7th, which means no Jar Money in order to pay myself back first. This hurts in a couple of different ways. It means if I have to buy groceries (or gas, which I do) it will have to go on my credit card. *sigh.
Two:
I could continue to use the jars, as planned, & not pay myself back for this weekends issues. I think Jordan would probably support this idea the most. I can add another two weeks to my debt repayment schedule, or find a way to make more money so I still meet my goal. If I do this, then I can continue to try not to use my visa, rather then setting myself up to have to use it and then feeling guilty over it.
Here's what went on visa:
I'll go over each line item.1. Annual Fee, I completely forgot about when this would be happening, and didn't budget for it. I pay the $29/annual to get an interest rate of 11% rather then 19%.
2. Interest. Lame. Also, not planned for.
3. Gas for Jordan's truck, we drove to Golden to pick up my saddle and what not - only fair that I pay for at least half of the gas.
4. Ancestry.ca - i'm clinging to this online subscription (I cancelled two others, and downgraded this a while back). Researching my family tree is a huge interest for me, and this really helps.
5. Kanin's gift - Jordan's little brother's bday, and neither jordan or I saved enough to cover it. Jordan is going to give me some cash for this in a couple weeks when he gets paid.
6. Shopper's drug mart - we needed things like razer blades, shampoo, I got a few last thing for my horse (rubber gloves & vaseline). Also not budget for in the 'everything' budget
7. Groceries, Jordan bought half, and this is my half. Only it was more then the cash I had left.
8. Vaccinations for starlight, I didn't realize when I was budgeting that she would need a booster ( a second shot) for one of them, which brought the cost up more then I thought.
What did I do to save money?
I'm giving starlight the shots myself (just muscle injections) which saves me about the cost of the injections themselves. We got some lunch food, when grocery shopping, so I won't need to buy any lunches at work this week.
Where did I go wrong?
I spent $70 in cash, to cover some clothes that went about the $200 my mom gave me. I was seriously in desperation of new clothes. I probably won't need to buy again for several several months. Not that this was my only problem, but it upset the rest of my alocated 'jar money'.
So, do you think I should just cut all spending for the next pay periods 'jar money' and use that to pay off the overspending on my credit card, or; should I continue with the jars and try harder to limit my overspending?
Oh Jessie,
ReplyDeleteThis is really sad. =(
What I would do is take out SOME money from the jars but not all. I mean, I probably wouldn't take out the things that were yearly costs like the annual fee or the Ancestry site. I know that when I try to go off of NOTHING I'm far more likely to overspend - because something mentally says "Well, you've already blown it, so what does it matter?"
Whereas if I give myself a smaller budget (i.e. a little forgiveness for past mistakes) I try REALLY hard to keep to that budget and make sure that I don't have to do it again.
Hey there SS4BC, thanks for that! It could work to tighten my belt next time instead of giving myself an all or nothing situation.
ReplyDeleteI was blindsided too by some annual fees that I had forgotten about. Card fees, costco, CAA etc. I put a line in my budget to take X out a month and put into a savings category called 'membership fees' so I would have that money when I needed it.
ReplyDeleteI choose option two! Also, don't beat yourself up for buying clothes you needed, cause, you know, you needed those.
ReplyDeleteOption two, for sure.
ReplyDeleteThings happen. Don't beat yourself up! Changing your lifestyle is hard, and someone would be very ignorant to think else wise.
Stay disciplined for the rest of the month. But in order to make your jars not only a success, but for it to become habit, you have to keep at it. Add an extra 2 weeks to your debt repayment!
I wouldn't even think about last weekend anymore, and just focus on today. :)
Good luck!!
I also vote for option 2. You just started with the jars, you need some time with them to get 100% used to them and to adjust your spending 100% Also, there's no point in beating yourself up for your mistake, just watch your spending for the rest of the month! You can do it! :D
ReplyDeletewow, thanks!!! I feel well and truly supported. I'll keep going with the jars, and not worry about this past weekend. You are all right, it was the first time, and no one is perfect the first time they try something new.
ReplyDeleteThanks again for all of the support!!
Hey Jessie, I might suggest a hybrid approach: scale back on some expenses like entertainment while you pay off the CC, extending your payback period as little as possible.
ReplyDeleteEspecially since the CC is high interest debt, you probably want to get rid of it as quickly as possible.
Pick yourself up, dust yourself off, and start all over again. Without the shopping and vaccinations. And consider lightening up on your gift spending. Your generosity is a wonderful part of you, but you are and can be more generous with your time (ie taking Kanin camping) that your $$ (ie $128 on a gift)
ReplyDeleteI have a question for you but can't find an email address to send it to...is it that i don't know where to look or do you not have one?
ReplyDeleteHi Anon,
ReplyDeletePlease feel free to send it to jessiesmoney@gmail.com
I didn't have one, but I've just created it. Thanks for giving me that idea. I hadn't thought to have a jessiesmoney email account.