Welcome to money Monday, where I share my highs and lows from a week of money management.
Wise Money Management
This week I saved money by investing in our youngest son’s UTMA. We utilize our state PFD checks for funding our children’s education. Feel free to read more about how we save for our kids’ futures, and why we choose to use UTMAs rather than 529 accounts.
Plus, I went shopping with my twin brother who was in town briefly. I spotted an adorable Patagonia shirt on the clearance rack at REI. I’m obsessed with Patagonia.
I took a deep breath, reminded myself that I can keep an eye out for something similar on ThredUp, and went on my merry way.
**Janeen takes a brief moment to pat herself on the back.**
We’ve gone over on our grocery budget for the month.
Can I be honest?
We’re not being particularly diligent in making sure that we check our available budget amounts before making purchases.
One of the coolest parts of using an envelope budgeting system is that you’re held completely accountable to budgeted amounts. It’s impossible to go over budget because when you’re out of money …you’re done spending for the month. Easy.
Unfortunately, we don’t use the envelope system anymore. Now we use a program that we love called Moneywell. It allows us to create our monthly budget on our desktop. We then use the associated mobile app to input expenses as they occur.
The step that we’re missing is that it’s imperative to check how much has been spent in each category (or “bucket” in Moneywell) before making a purchase.
That’s a money management no brainer.
What does that make me? Brainless?! 😉