Keeping Up with the Jones'

Personal Note from Clyrese

November 7, 2009 was the date I was hired at a retirement community as a certified nursing assistant (CNA) here in Wilmington, DE.  Two days shy of two years of being unemployed.  My first apartment was an apartment I hated.  It was a two bedroom apartment that was roach and mouse infested.  Crime was taking place literally around the corner, on my block and in my building every day and every night, all night.  Don't get me wrong, I was grateful for having a roof over my son and I head.  But it didn't feel like home.  Once I got my job I was excited! Excited I was on my way to moving out of the Rat Farm.  I felt I "needed" to move.  Within 1 year I finally moved.  But in the beginning it was hard financially.  

Before moving, within that year I didn't save anything.  I didn't even try.  I felt at that time it was more important to make sure my son was equipped with the best clothes and sneakers, had the best 7th birthday party at Chuckie Cheeses.  I wasn't even buying things for myself.  I was buying things for my son.  He didn't need all the things I was getting him.  I wanted to get them.  But convinced myself that he needed them.  Money was still hard to come by.

When I moved January 2011 I didn't have anything.  I didn't have any money.  I went to state agencies for funding to help me pay for my move in fees.  I didn't even have the money to pay my electric bill before I moved.   Needless to say I was late for the first full month I lived in my big, beautiful, and quiet two bedroom apartment.  

I confused needing to move with wanting to move during the time I moved.  Yes I needed to move into an enviroment that was more safe for my son and I. But God kept a hedge of protection around us.   There were things I needed to get in order before I did.  Like save.  I NEEDED to save instead of splurging.  I could have stayed in my first apartment for another year.  The rent was cheaper which would have made it easier to save.  By the time I was ready to move I would have a cushion.  Shoot, I could have been in a house I owned.

Keeping it real

Needs vs. Wants

What is the difference between a need and a want?

Needs are something a person mush have in order to survive or succeed.  Examples of needs are food, clothes, shelter.  You can't survive without food.  Going without eating for several days could cause sickness or worse.  You need clothes to keep you warm and protect you from the cold or hot weather.  Shelter will also protect you from inclement
weather.

Wants are things that a person desires but can live without.  While you need food, you don't need surf and turf (shrimp and steak).  You need something to satisfy your hunger.  You need clothes, yes.  But you don't need the newest Abercrombie dress or the latest Michael Kors hand bag.  We need shelter.  However, if you can't afford a $250,000 house, why try to buy one.

Its important to live within your financial means.  Over spending takes away from things that are important.  Learning and disaplining yourself to save for the things you want is a good way to satisfy your disires.

Another good option is layaway.  Layaway is my best friend when it comes to shopping.  Stores like Marshell's and TJ Max and Burlington Coat Factory allows you to layaway any of their items for up to 30 days.  You may have to put down a small deposit.  Some places as low as $10.  The only two down falls are you have to pick up you items within the 30 day slot or you loose your deposit.

Budgeting as a Single Parent

As a single parent we are already troubled with time and income.  Living within our means is crucial.  Once we have crossed the line of debt and financial stability is is jeopardy and it is hard to get back on track.  

A lot of times, as single parents we forget to get things we desire.  When we see something we go over board.  Go out and purchase the purse that cost too much.  Once it is bought it we feel guilty.  Because we feel like that money could have gone to another bill or something for the house. 

The following are suggestions on how to start a budget plan and begin implementing paying yourself first.  The illustrations below are clips from a spreadsheet I use with clients.  That helps them create a budget.

Step 1- Categorize all your expenses.

                 Example: 

Wk 1 column is where you input how much you owe on those bills.  The actual column is where you input how much you are going to pay on the corresponding bills.

Step 2- Input the values.

                 Example:

Step 3- After you have done steps two and three you can calculate how much you want to spend on miscellaneous spending such as entertainment, shopping, and vacations.  Don't forget to pay yourself first.

Once you begin budgeting you will notice that you will have to make changes and tweak your plan.  That is OK.  There is no budget plan that is perfect.  

Pay yourself first.

This concept is very important.  You don't want to leave yourself out of the little pleasures of life.  I pay myself $10 per pay.  Which is what I can afford on my current budget.  I use that money for myself only. For example, I have a butterscotch krimpet craving.  Its a bad one.  I have to sometimes fight myself from getting them.  :-)  I put in my budget once a month to treat myself to one krimpet.

There are times when I don't spend my $10 allowance.  That will happen to you.  You will find yourself saving when your not trying.  

If you need help with creating a personal budget contact us for a free consultation contact me, Clyrese Minor via email by clicking on the link below.  In your email include the following information:

Full Name

Phone Number

Email Address

The best time to call you.

financialbondagebroken@gmail.com

***PLEASE LEAVE A COMMENT WE WOULD LOVE TO HEAR YOU THOUGHTS AND DISCUSS YOUR EXPERIENCES WITH BUDGETING AS A SINGLE MOM***