My 15 yo son and I left the bank today and he said, “money stresses me out.” I was surprised to hear my sheltered, over-indulged, under-achieving (jk) son say that. Being the therapist mother that I am I wanted to dig into that. But he couldn’t say why.
I think money just hits us all in primal place inside. Classism is such a hugely defining aspect of our life experience. Survival hormones run rampant at times. Like when we’re racing around in a primal panic, because we’ve lost our wallet~or debit card. And then there is that big, fat scary bill for the auto, or the furnace that broke down, or sudden dental thingy. It just hits you in the gut.
This should help. I’ve got 2 Top Tips that are tip top when it comes to HOW you do your money. This can really take the agony out of a sudden big bill. It is great for singles or couples.
These 2 tips have made the single most difference in our financial life, of anything we’ve ever done!
1. Each month, pay ALL of your bills at the same time. Arrange bill/dates with companies to align with that timeframe. Super time saver. Throw every bill into a bin or drawer until then.
2. One day, set up sub-accounts at your bank. You can have as many as you want, because my banker told me that you could. Then, at that same time you’re paying your bills, transfer online from regular checking into your sub-accounts:
Mom’s fun $75
Dad’s fun $75
These $numbers are just examples, of course. When your family grows, you can increase those numbers, or create a sub account for childcare, or entertainment, or pedicures. Wait, no, that comes out of your “fun” account!
When you have an auto or house expense, or head out on vacation, transfer monies out of those sub-accounts into regular checking! Voila.
Does anyone else have a tip to share?