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Author: moggiemac One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 884907  
Subject: Re: LBMM advice for a lapsed Fool Date: 4/26/2004 9:58 AM
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Warning - Long

Hi there,

Thanks for the suggestions OceanEmerald and 4. It's nice to know that I'm not the only one who has trouble with a monthly allowance being gone too quickly. :) Both of your responses got me to thinking.

I must admit I balked at the idea of automating all savings and bill payments when I first read it. I mean how could I do that!?! What happens if there was an emergency? What happens if something un expected comes up and I need ready cash to pay for it? Since I mainly distrust knee-jerk reactions I started thinking about what bothered me so much about this.

Warning - Soul-baring ahead

I'm late on paying my hydro bill and possibly telephone. It's three days to payday and I have $500+/- in my chequing account. But I haven't paid either bill. Why not? I have this real fear of being caught short of money. So instead of paying the bills I have chosen to leave the money in the account Just In Case. I know that means both late fees and interest. I know it looks bad on my credit history.

So it got me to thinking:

Write down all of your monthly expenses and income so that you can see where you stand. Maybe this fear is based in reality but maybe not.

Turns out that if I were to pay off everything I would still have money left over at the end of the month. So what's the big deal?

So my goal for today is:

Set up a pre-payment schedule for the two utilities I have (hydro & phone), keep up the prepayment in to the E-fund. Set up a reminder for Visa payments (I'm living in another city and sometimes my SO forgets to bring my mail with him on weekends). Sit back for a few months and see if maybe that helps.

It's got to be worth a shot. At least that way I'll know that the bills are paid and that any money left in the account can be used as I see fit.

Thanks for listening to me ramble and for giving me the eye-opener that I needed.

Moggiemac
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