Nearing the end of my first week on an all-cash budget
Turns out I was wrong and right, kinda shorta... While spending within the budget wasn't the issue, I had some problems with figuring out what came out of where; Does new cork material for my school wall count as 'fun' or is it 'misc' or is it 'entertainment'? Because of this confusion I've downsized to two jars (deviating from Gail's plan) to 1.Fun $24/wk 2.Transportation $24/wk and 3.Food $66/wk.
Over the past week I have learned about what RRSP and TFSA accounts are and opened them, I've set up direct deposits to them, and budgeted towards saving for an Emergency Fund (which I opened a new savings account for it, and it alone). An emergency fund according to Gail is supposed to be 6 months worth of rent, food, gas/transport needs, and insurance payments (car, house, life). It's a few thousand dollars, but it's important she says, because if anything were to happen (like unemployment or sickness) you have something to fall back on that covers your most BASIC needs.
Another biggggg change I've noticed is that I am MUCH more stressed over the future than I was before I was monitoring my pennies. Is this supposed to happen? I've even started reading her book about retirement. I feel like I'm flustered and losing it and never going to be ready. I'm only 23... I wonder how the 40+ year old people reading this book are feeling...
:(
Over the past week I have learned about what RRSP and TFSA accounts are and opened them, I've set up direct deposits to them, and budgeted towards saving for an Emergency Fund (which I opened a new savings account for it, and it alone). An emergency fund according to Gail is supposed to be 6 months worth of rent, food, gas/transport needs, and insurance payments (car, house, life). It's a few thousand dollars, but it's important she says, because if anything were to happen (like unemployment or sickness) you have something to fall back on that covers your most BASIC needs.
Another biggggg change I've noticed is that I am MUCH more stressed over the future than I was before I was monitoring my pennies. Is this supposed to happen? I've even started reading her book about retirement. I feel like I'm flustered and losing it and never going to be ready. I'm only 23... I wonder how the 40+ year old people reading this book are feeling...
:(