Author Topic: Budgetting...  (Read 1136 times)

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Offline NObshere

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Budgetting...
« on: April 17, 2015, 01:17:49 PM »
  Something that does not pop up in conversation or on forums too much, is how to budget yourself for preparedness. Some folks handle money quite well, and some of us don't. This is not to say that some are neccessarily smarter than others it's just the way it is. These are just a few things that have helped me out over the years. Set a big goal of where you want to be in 10 years time (Property, house, assets....) Make shorter term goals along the way to reach that point based on 3/4 of your current income. Example What I did was based on an annual income (20 years ago) of 60,000 I calculated 3/4 of that to 48,000, my budget looked something like this:

Rent/mort-500
utilities-250
vehicle (insurance, maintenance...etc)- 600
clothing-100
groceries-200
prep stuff-250

Left over from a $4000/month budget=2100

Flipping half of that into silver(Which at that time ran at about 6-7 dollars an ounce) and holding onto enough cash for incidentals gave me a pretty good cushion for shit happens along the way. Which it most certainly did.
Inflation has played a large part in decreasing my spending power with cash, theft of some of my properties,and some very serious physical injuries, have played a large part in depleting my on hand supply of currency. This is not a feel sorry story, I was ready, and came out of the other side stronger than ever. My whole point is, in order to not stress yourself out over expenses and what the future may hold for you and yours, make a plan and stick to it.
Please feel free to comment and add anything from your own personal experiences. This forum is a great place to share our experiences, and help others with advice and thoughts on many different subjects.

Thanks and take care

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Offline icrcc

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Re: Budgetting...
« Reply #1 on: April 17, 2015, 02:48:22 PM »
If you take a long term view say ten, twenty or even 25 years it is worth taking a real hard look at the big ticket items; property and transportation. Buying a new car very few years can rack up a total bill that can actually dwarf your property costs. What is worth is that in the end you have nothing to show for it as it is mostly lost to depreciation.

Property on the other had in most cases will appreciate in value. Also looking at a ten or twenty year mortgage you know that it is just a matter of time before you own the property. With that in mind try not to borrow against your property if times get tough. Find another way. You want to try to have your property mortgage free by the time you retire or you will have difficulty paying it off once you move to your pension which will most likely be less than your current earnings. On the property topic everyone wants a nice house but start small and work your way up. A modest start is much easier on the pocket book and the mortgage gets paid off faster. Once you sell you have more equity which you can apply to your next abode. Buying and selling a few times can put property in your hands and out of the banks hands much faster. Buying and selling your primary residence makes sense. Keep in mind that if you buy and sell a second property you will be subject to capital gains which to some extent defeats the purpose.
It may never happen. Best to be prepared just in case.

http://www.preparingforthefuture.org/index.php
http://ontariopreparedness.com/

Offline NObshere

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Re: Budgetting...
« Reply #2 on: April 18, 2015, 03:56:08 PM »
 Good points ICRCC, on the vehicle end of things I look at them as disposable, I spend about 2000-3000 on a vehicle maintain it until I've spent about 1500 then run it until she blows up...lol If it lasts 6 months to a year then great I've gotten my money out of it. Any thing that has no use is not a part of my life, my wife says I live like a Spartan...lol
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Offline Henry

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Re: Budgetting...
« Reply #3 on: April 18, 2015, 06:06:07 PM »
Once you have no mortgage than you can also plan ahead much easier. You can afford better car and not to worry about it.
Also start buying thinks that saves you more money, like a good wood stove or wood furnace. You always have to think for future.
But by trying too hard pay off your house , you do not want to neglectother areas of your life.
Henry

Offline NObshere

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Re: Budgetting...
« Reply #4 on: April 18, 2015, 06:31:54 PM »
 Good advice Henry
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