Lessons Learned in 2012 (Part 1)
Posted by Gail | Filed under Money Management
Here are some of the lessons y’all learned in 2012. I thoroughly enjoyed reading your responses:
Karen wrote: The biggest money lesson i’ve learned is LESS IS MORE!!!!!
- Less money spent at movies, play places = more quality time with my son
- Less money spent on girls nights out and shopping = more quality time with my husband
- Less money spent on dinners out = more heathy meals (and tastier)
- Less money spent on clothing = more oportunity to be creative and fall in love with my old wardrobe
- Less money spent everywhere = more money down on my mortgage
- Less money spent in the hair salon = more lovely long locks on my head
- Less money spent unnecessarily = more money in my wallet and my bank account
- Less money spent = more positive money conversations with my husband.
I feel like i’ve never had more since i’ve had less. I know next year I will even have more than this year. Thanks Gail. You are an angel. Forever in your debt
Renate wrote: The first lesson I learned from watching your television programs was to keep track and find out where my money goes. I also never food shop without a list. I have also started to plan to go back the next day when I see something that I want while shopping. I virtually Never go back! Before, I would have just impulse purchased.
Amy wrote: The biggest money lesson I learned of 2012 [is] in short, that my financial stability, success and failures are completely in my control. In 2012 I walked away from my beautiful home to not pay the extremely high debt which was accumulated in private, unbeknownst to me, by my former spouse because I made the mistake of not removing his name from the mortgage for the 5 yrs I paid for it solely on my own. I was successfully, legally divorced and I had nothing but I had EVERYTHING! My amazing life partner who is the greatest man on earth, my beautiful daughters and his beautiful daughters. We have everything. We are both HUGE fans of your show and were essentially starting again from scratch so said we are committing to your advice and budget planner. To say it has been successful is an understatement. It is our life! Even the younger two girls have their jars..theirs are labelled SAVINGS, DONATION, SPENDING…their only rule is to divide any money they receive into all three jars, in amounts of their own choosing. Many life lessons for them to learn from that task, I am proud of them and grateful to a friend for the great idea for their age. Now, the kicker is, my amazing partner Curtis laughs and LAUGHS at me for hauling around the jars which I proudly pull out in the grocery store! My girls giggle too HAHAHA … these wallets are sensational and I would love a set so I don’t turn my family off of this amazing way of life.
Sharon wrote: The biggest money lesson that I learned in 2012 was to stop eating out and to cook more at home, this includes coffee runs. I have saved a lot (yes really, “saved” as I am putting that money away I really have learnt that in order to really save you must actually put away the money you are not spending on fast food, restaurants, Timmy’s, Starbucks etc. I am now able to tangibly see that by doing this my money is actually growing and the only thing shrinking around here now is my waistline……which is a very good thing!
Abbie wrote: I think the biggest money lesson I learned in 2012 was bi-weekly versus monthly mortgage payments. I had heard several finance writers tout the benefits of it, but hadn’t really understood why. I thought maybe it was the convenience of aligning the payment with your bi-weekly paycheck–not so! I did some reading and crunched some numbers (mortgage math is really hard!) and realized that if I changed to bi-weekly payments, and rounded it up to the nearest hundred (to chip away that extra bit from the principle) I could shed almost 8 years off of my (embarassingly) 30 year amortization period! The next challenge was convincing my husband of this. He’s all for saving money, he just has a hard time wrapping his head around the budget (which, quelle surprise, falls to me to do). Once I showed him the black and white of it, he got on board and phoned our bank. It was easy enough to do over the phone and sign some forms sent in the mail. Our next step: securing life insurance so we cancel the mortgage insurance we got suckered in to buy.
Betsy wrote: The biggest / best money lesson I learned last year was to budget / put money away every two weeks for Gifts! When Christmas came this past year, I had money to buy everything (using cash) and didn’t end up in debt over Christmas!! Other years would take me three months to pay off the cards!! I will never go backwards and will keep that growing, so Christmas debt will be a thing of the past for us!
Rachel wrote: I love those “portable magic jars!” I’ve been walking around with tattered envelopes in my purse for months, but they do the trick! The biggest money lesson I learnt in 2012 was that no matter your income, you need to budget! I started budgeting for every month last year and it’s completely changed my life. I know exactly what’s coming out of my account each month, I know exactly what I have to spend for variable expenses, and for the first time in my life (except when I was little and living off allowances), I’m living off cash and asking for receipts EVERYWHERE I spend money. Even Tim Hortons. It really hasn’t been rocket science, but becoming so much more in control of my money, as opposed to aimlessly spending has been incredibly empowering.
Sarah wrote: The biggest money lesson that I learned in 2012 is to keep better track of where my money is going. My husband and I started writing down everything we spent. It made it much easier to look back and know for a fact where all of our money was going. This also made it much easier to actually budget and not just come up with a random number but to actually plan and use an amount that makes sense. Thank you for introducing us to the jars and a MUCH better system for tracking and planning our spending!
Dennis wrote: Well, maybe managing money isn’t rocket science but that doesn’t mean its easy! Not even close!
Just like taking care of my health or my kids or my job or whatever …. (looking after what is of value & importance) doesn’t happen without my conscious personal intentional involvement. Ya don’t have to like budgeting and ya may not have warm fuzzy’s by paying attention to what’s coming in and what’s going out blah, blah, blah…. BUT results are undeniable! The results will get ya back on the ’budgeting’ is my happy place every time!
I’m not a numbers person were my partner is …. he really finds the tasks (hourly, daily, weekly or whenever) of budgeting easy maybe even fun (not). I see the benefits of his personality type but I’m not one of them and my daughter is not either so I decided two things:
1) I want my teenage daughter to feel respectfully comfortable with budgeting/money and gain insightfulness with the notion that personal intentional involvement = RESULTS (not crappy, stress filled, anxiety ridden, depressing results) but “Y-E-S-S” I did it cuz I rock results!
Chu-ching! (How on earth is she to do this without my example) – very, very motivating for me!
2) Shift my feelings about the budgeting tasks, no I don’t have to love it but I can choose to think about my impending positive results with every budgeting step I do (and so can my daughter) … with a sprinkle of ’suck it up sister and get it over with’ for good measure. lol
So my biggest money lesson for 2012 is two-fold – like two peas in a pod; my personal intentional budgeting involvement = RESULTS (the kind I love) & teaching my daughter the same things allows her to live her life with results (the kind she loves too)!
Elizabeth wrote: My biggest lesson is looking at my HELOC in little bits instead of the large amount and then I feel I can do it. I have it broken into pieces on a graph that I shaped like my house, and I get to fill in with the date every $250. I pay back on principle. It makes me feel better!
Susana wrote: The biggest money lesson I learned was that being in debt sucks and that it sucks the energy out of you. We are now living on the jars and I can tell you that not shopping is hard but not having buyers remorse feels amazing and my husband and I don’t fight about money now.
Kaitlyn wrote: My husband and I started 2012 off with his unemployment that lasted all the way to December. Nothing teaches you more about money than living on one income. I learned that if I wasn’t paying attention or was spending because of my feelings we would have trouble getting to the end of the month before the end of the money. I also learned that we did have enough income-we are very lucky I had the income I had. When you see it as a lack of income instead of as an income of course you will see all that you don’t have or how much you are short. This perspective change is something amazing to experience.