Actually, you CAN have more than 5 sub accounts at ING, you just have to call and ask them to set up. I currently have 8…

The down side to living (by choice) with all spending under a microscope is that it’s still hard for me to actually follow through with the planned spending. You get so used to not spending that it’s hard to do it even when you’ve planned to. We have the money, I just reeealy hate spending it.

I happily give up the little stuff so that we can have the big stuff. I seem to have the most trouble with the medium purchases, and the ones I feel I don’t have any choice about. Even if we’re expecting to need a dishwasher or winter tires they are still painful purchases for me. I don’t miss the daily coffees, lunches out, unnecessary clothes because I see all those saved dollars in terms of an increased travel budget. I know replacing winter tires and redoing the roof are necessary, but I don’t get any enjoyment out of those purchases. Maybe that’s the difference. If I give up the small miscellaneous stuff, it’s because I’m going to enjoy it later as a trip, or retiring a little earlier. I can’t avoid the new winter tires so I almost resent having to buy them.

I’ve never bothered budgeting $50/mth for 15 years for shingles for example, because it just seems like too much work. I think maybe I need to set up automatic deductions to another account for longterm maintenance. That way it will feel like the phone, mortgage payment, or hydro bill. Just another monthly expense. I guess the next step is to assess what items I should plan for so I’ll know when I have skimmed off enough (roof, carpet, hardwood refinishing, tires for 2 vehicles, furnace, appliances…). How do you plan for these items? Separate savings account? Multiple accounts for the dififerent items?

I am constantly amazed at how you can lay it all out and have it make sense!

Thanks for another motivating and balanced tidbit.

The biggest improvement of this year was moving from using my debit cards to cash only and making a sensible budget. Before I used to put too much towards debt repayment and not enough for ‘life’ which involved putting ‘life’ objects on credit card. Now not only do I budget for food (basically all that was budgeted before), but entertainment, clothes and such as well.

Next thing is RRSP’s and more ‘future planning’. Oh and finding that illusive fulltime job

Thanks Gail for reminding us the road to debt freedom may have detours and bumps beut stay teh course and we will arrive at the destination

Number 5 also rang true, as my mom always said “you don’t solve money problems with money”. This statement has gotten me off my duff more than once, to really examine where the problems arose, and figure out how to change my behaviour to avoid them in the future.

Also, Linda and others, I’ve had excellent customer service from ING, and have had an account there for probably 10+ years. The auto transfers are great, I have a weekly amount that comes out-it helps me to “pay myself first” and not get used to having all my income available to me. As others have said, having to wait a few days to access the money gives you ample time to consider what you’re using it for. I also try to “trick” myself (I hesitate to use that word after last week’s post on tricks, but you hopefully get my drift) into forgetting that the money I’ve put there is available, and I tell myself that it is untouchable except for the purpose for which it was intended. Their strategies to reward customers for making their goals etc. are fantastic-I agree with Geoff that they’re gimmicks but, hey, if they work, why the heck not use them?