Question about the money jar system

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Question about the money jar system

by Curious
(Canada)

I love the show Till Debt Do Us Part and we are working on paying our debts down, however, when making a budget should we be including my husband's smoking money under a fixed expense or to be used from the misc jar? He has tried to quit numerous times and we currently see it as a fixed expense.
Please advise.

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Question about the money jar system

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Jul 26, 2010
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Re: question for those who use the money jars
by: Remy (Tightwad Supreme)

Lisa,

Learning to live on cash is a big adjustment for anyone. Transitioning from debit/credit cards to a cash only system like the money jars seems like a step backwards but let me tell you - it really works!

Here are a few suggestions for you that may help make the transition to the money jars go a little smoother:

1. Do whatever it takes to get yourself out of the borrowing cycle. It's a vicious cycle of debt that is extremely difficult to got out of so borrow from a friend or relative who won't charge you interest to pay back this debt if you have to.

2. Pay your bills (fixed expenses like car payments, mortgage/rent, telephone) as you normally do. These expenses are not included in the money jars.

3. Follow the directions on my page about creating a budget here:

http://www.money-saving-ideas.net/create-a-budget.html

Click on the free budget worksheet link and fill out the form. This will help you create your money jar budget and reduce your variable expenses at the same time.

It is by cutting your variable expenses that you will be able to live within your means and get you out of the hole.

I hope this helps.

Remy

Jul 08, 2010
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Help!!
by: Lisa

I have question for those who use or used the money jar, How do you do the money jar system every week when you have to pay your bills? I pay bills EVERY WEEK!! I am trying so hard to get this budget and to use the money jar to work but it’s just working for me! I need help! I’m always behind and have lots of bills!! I would love to get things in order; I have a 3 year old and one on the way in 6 weeks. So can anyone tell me how to get this to work? Also my bank offers something called early access what that is if you need money you can barrow and pay it back when you get paid but for every hundred you barrow they charge you ten dollars and I’m barrowing every week. Please Help Thank You

Mar 22, 2010
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Powerles
by: Anonymous

Smoking is an ADDICTION, what makes addiction is Obsession plus Compulsion so in other worsd you do not want6 to ENABLE HIS ADDICTION. HE NEEDS TOHIT BOTTOM..

Feb 06, 2010
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It's a variable expense
by: Tightwad Supreme aka Remy

I would classify this as a variable expense because money spent on cigarettes does not qualify as a fixed expense. Fixed expenses are things that are non-negotiable like property tax and car payments. Even though your husband spends a fixed amount on smoking ultimately he does control how much money he spends, just like you can control how much you spend on groceries.

BTW - I smoked a pack a day for over 10 years and quitting is still one of my proudest accomplishments (almost 10 years later). The money I saved every month really softened the blow not to mention the obvious health benefits.

I hope that helps. Best of luck to you and your husband.