As discussed a couple days ago, I have $80 allocated for my 'other' jar, when I change up my budget as of the end of June. This is following Gail's magic jar method. Many of the things the other jar is used for, I already have covered in different areas of my budget: bank fees, boys' activities, pet food etc.
so what to do? what to do ? with that money.
I could:
a) whap it on my debt (that's where everything extra currently goes and maybe I AM obsessing a bit too much.
b) add it to my montly EF deposit, which would bring that up to $90 a month
c) add it to the $ I put aside for the boys' activities. I currently put $300 a month in there but I haven't upped that amount in 5 years and costs keep going up.
d) add it to the money I put aside for xmas/summer goals. I currently put in $140 a month so that would up it to $220
e) I could up the boys RESP by $40 each a month
f) I could up my RRSP contribution by $40 a month to bring it up to $165 a month
g) I could add it to the newly formed 'clothing' jar which would bring that up to $180 a month
h) I could leave it where it is, and if it's not used, snowflake it.
so so many choices. I love having choices but they all are justifiable.
Thoughts??????
Not Much Working Out Monday
2 hours ago
5 comments:
I would go emergency fund, until that's fully funded and then probably debt...but I'm boring. What about taking part of it for a date night with your husband once a month? Or the kids activities might be smart, since you said those get more and more expensive? Good luck deciding!
Hmmm all sound like great choices. Maybe keep it as extra leeway room. If it's still left over then you can pick where you want it to go that month. Maybe toward the boys' fund if something is coming up that month, or to the clothing fund if you want a bit more spending cash that month, etc. Otherwise if it's not used I'd continue laying it on that debt and E-Fund. I'm boring too.
I agree with LBC Teacher. I'd put it in the EF Fund until it's fully funded. You're not very far from that.
Once that's covered, I'd put it in RESP (if you are SURE your boys are going to post-secondary). If not, I'd put it some other savings vehicle for their schooling.
thanks for the comments all. I think I've made a decision but then I think of something else and I sway a different way LOL
I would probably toss it in my EF fund too, then if you *REALLY* needed some extra $$$ for one of your other jars you could always dip into that for it, kwim?
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