Cash, Family, Money Management

What Works For Me – Combining Our Finances

My wife and I have been married for almost thirteen years.  For that entire time, even before we got serious about managing our money, we believed in combining our finances.  Here’s our simple system and what works for us. Our Combined Finances – Checking Accounts – We have one, joint, primary checking account.  My wife and I can both write checks from this account.  We both have debit cards associated with this checking account.  Since I’m the nerd, I keep up with the checkbook balance.  We write less than ten checks per month, mainly to pay for babysitters and daycare.  I reconcile the checkbook once or twice a week, which takes less than five minutes.  We both carry a book…

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Debt Reduction

Maximize The Power Of Micro-Payments

I am a big fan of micro-payments. If you are unfamiliar with the term, a little background information might help.  Back in 2005, while working to pay off my debt, I decided to try a little experiment.  Instead of sending just one payment to my credit card company each month, I started to send several.  I called these small payments micro-payments.  At one point, I actually sent $5 a day (via online bill-pay) to one credit card company, just to see if the system would work.  (I don’t recommend sending micro-payments quite that often, and I only did it for one month, as proof-of-concept.)  At the end of the month, my balance was reduced by an additional $150, above and…

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Debt Reduction, Guide, Money Management

Next Month Syndrome

There was a time when I was infected with a terrible condition – Next Month Syndrome When my credit card bill came in the mail, I would make a promise to myself – Next month, I’m going to do better. When I reached for my credit card to make ends meet, I would promise myself – Next month, I’m going to do better. When a friend would mention that he was living on a budget, I would promise myself – Next month, I’m going to do better. When I would read a story about someone saving for retirement, I would promise myself – Next month, I’m going to do better. Here are some common side effects of Next Month Syndrome…

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