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January 28, 2011



Ahhh, always a challenge, and I share your challenges with managing finances. I like the "jar" suggestions. Another suggestion on the same vein but with respect to saving money is to take say 10 per cent of your income and sock it into a savings account. And, (here's the part i find most difficult) DON'T TOUCH THAT MONEY! Let it build momentum and then, once you've built it up, you can withdraw for a real emergency, or to pay down a debt.
That's my two bits


I like the "sock away at least 10% rule" -- you have to put that away regularly and you'll never miss it. Talk to your bank about making 10% of every deposit go automatically into a separate "savings" account. Then you can put it towards debt reduction, and when the line of credit is paid off, towards longer-term goals. Other than that, even though I too like tracking my expenses via credit card, I think the jar thing really works. Try it for a month, and see. It prevents you from exceeding your planned spending in a very obvious way! The only other advice I have is with respect to grocery shopping. Plan on having at least two vegetarian, home-cooked meals a week. It doesn't sound like much, but putting it into action has dramatically reduced our grocery bill (and improved our diet). It forces you to plan a menu and go shopping ahead of time, which increases your chances of following through. Good luck, Arjun!

Arjun Singh

Thanks for your thoughts folks!


I have personally used the "jar method" but with envelopes. It's a bit time consuming to go to the bank for cash but it really works! Not seeing any money in the envelope really makes you realize that there is nothing left to spend for that month.

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