Front Porch Chit Chat

[Sewingcreations15]

@Spikedriver it is so easy to blow money nowadays and tempting to spend money on wants rather than needs too.

In our household ,and might I add certainly not telling you what to do with your own money, here is what we do with windfalls or extra income -

We work on the Scott Pape (Barefoot Investor) way of doing things which breaks down as follows -

1/ Housing 30% - Pay it off the mortgage if you have one.
2/ Utilities 5 - 10 % of income.
3/ Transport 5 - 10 % of income - Pay it off your car loan if you have one.
4/ Insurances - 5% of income.
5/ Food - 5 - 10% of income - Food preps or household grocery stock ups perhaps.
6/ Saving - 20% of income.
7/ Splurge - 20% only if you have paid all your other obligations. This breaks down to 10% feel good money to spend on whatever you like and the other 10% save for holidays etc.

I know we are both way to practical aren't we , but we find this breakdown sensible and it works for us.

 

[Spikedriver]

^^^ @Sewingcreations15 - That is certainly sensible. That said, in the past 13 years I've been from financially ok, to stone flat dead broke, to finally getting ahead a couple years ago. I've blown some money on some pretty dumb stuff that neither provided great memories or great utility. But now, as I enter the back 9 on the golf course of life, I'm seeing the cost/benefit analysis of nearly all my actions. I don't need another gun, but I don't have a CCW back up. It would be prudent to have one, but not absolutely necessary. Is it worth $300 to me? Yes. 400? Probably. 600? Ehh...Or I could use it elsewhere, like on my daughter's car fund or a vacation with her, to make special memories. I have all the $ I need right now, tomorrow is promised to none of us, and I can't take it with me...all of that is what I'm thinking of right now...

 

[Sewingcreations15]

@Spikedriver good to hear you are financially OK now been on that roller coaster of finances too (not as fun as the real amusement ride though ) , and do a cost benefit analysis on everything we do here too. It's all a matter of what your families priorities are at the end of the day and for each of our families that will be different.

 

[VThillman]

Sewingcreations15, that's a logical and reasonable 'plan of distribution' for, um, surplus income. Do be careful with #6 though. Saving $$ is not necessarily accumulating wealth. You could hedge your bet - like 20% of that 20% in 22LR ammo, eh?

 

[Meerkat]

^^^ @Sewingcreations15 - That is certainly sensible. That said, in the past 13 years I've been from financially ok, to stone flat dead broke, to finally getting ahead a couple years ago. I've blown some money on some pretty dumb stuff that neither provided great memories or great utility. But now, as I enter the back 9 on the golf course of life, I'm seeing the cost/benefit analysis of nearly all my actions. I don't need another gun, but I don't have a CCW back up. It would be prudent to have one, but not absolutely necessary. Is it worth $300 to me? Yes. 400? Probably. 600? Ehh...Or I could use it elsewhere, like on my daughter's car fund or a vacation with her, to make special memories. I have all the $ I need right now, tomorrow is promised to none of us, and I can't take it with me...all of that is what I'm thinking of right now...

We never get too old to make big financial mistakes we made one a couple years ago. Still paying fro that one.

Thing is it is harder to get over them in the twilight of life.

 

[Swing]

@Spikedriver, sounds like a nice CCW would be a decent investment for the long term Prep view. I believe in being sensible most of the time, but not all of the time.
I remember my ex-Mother in law (she was the best), would say give yourself a little fun money even when things are tight, or you'll begin to resent everything.

@Sewingcreations15 you plan does seem practical. I do hope you get all the way through that list and get to use the last option from time to time.

 

[Meerkat]

Hubby didn't remember the 1939 movie classic ' Gone With The Wind '. So we rented it on YT for $2.99 yesterday.
I realized I had forgotten most of it myself and didn't realize of historically accurate it really was. even a short take about the Carpet Baggers . We really enjoyed the movie and it's history lesson. It is a 4 hour movie but well worth the time spent,imo. It even has an old fashioned ' Intermission '.

 

[squirrelhunter]

Good afternoon all.

 

[Meerkat]

Good afternoon all.

and good afternoon to you too.

 

[Meerkat]

Anyone who hasn't seen this old classic movie is missing out on a great movie about the true story of Johann Strauss. Acting is superb!! We have heard his music all our lives even if we didn't realize it.
I think it cost more than the #2.99 we paid YouTube for Gone With The Wind yesterday.I saw it first when I was only 15 stuck at home with the Late Show on TV . Nothing else was on so I had no choice but since then it has been on my top 5 movies ever.

 

[Sewingcreations15]

@VThillman aha that is what that comment to spikedriver was all about was to promote thought and what YOU consider as savings. Yes anything that is a tangible asset is a form of savings that offers you security or earns you money being ammo, food storage (earns money each time we get inflation on prices) and any practical item that you think you can use regularly and is considered as asset or a form of savings. For instance a new car although nice is a depreciating asset loosing about 30% in value once you drive it off the showroom floor unless of course that car earns you considerable income as part of your job as work equipment. A chainsaw to me is an asset (savings) as it earns me money because we cut our own firewood and it saves us a huge amount over buying firewood each winter to warm our house. My sewing machine (savings) as it earns me money when I make and sell items made by it.

@Angie we do use the last option often and if we want something we buy it be it be within a reasonable price as we are saving for a home after starting from scratch again. As most of the financial advisers say you should and must splurge to keep you on track. Life would not be worth living in our opinion if we didn't have some treats or enjoyable things in our lives.

 

[Sewingcreations15]

This is a thought provoking question for everyone and as we know in the prepping community that our form of savings differ greatly from that of general society.

What do YOU consider as savings in your household in items you buy ?? .

 

[Meerkat]

This is a thought provoking question for everyone and as we know in the prepping community that our form of savings differ greatly from that of general society.

What do YOU consider as savings in your household in items you buy ?? .

Have to think about this one. But will say many things we made years ago we don't have to replace like dog houses, bar , tables we bought and refinished and bedroom we also bought repaired and refinished.

 

[Sewingcreations15]

@Meerkat you are right they are all things that gave you savings because you put in the hard work to make that happen. You could have purchased them new at a high price but you instead chose to buy lower priced items and added value to them by doing them up without hiring someone (a tradesman) to do the work for you and built things too.

 

[Spikedriver]

@Angie your ex MIL sounds like my late Grandma. She and Grandpa struggled most of their lives. But after Grandpa passed, and the farm and little house in town were paid for, she was doing well enough financially. She still had that Great Depression mindset, but she treated herself now and then. And when she did she would say, "I have 3 children, and not much money. I could leave it for them, but not much split 3 ways is even less, so I think I'll just spend it on me!" She was a wise woman, I think...

 

[Amish Heart]

Food bought and stored saves me money. I only buy good sales, and the prices have gone up so much. Ammo is good, too. Never can have too much. AR's were good to stock up on, then we had the possible AR ban and they got really expensive, and now they're back to normal prices.

 

[Sewingcreations15]

@Amish Heart yes buying groceries on really good specials really saves a lot in the budget. I don't know about the States but here they usually do really good specials just before all the prices go up and the packages of food get smaller , things are going up here in price leaps and bounds as well.

To get or own guns here you have to have a licence, be a member of a gun club and or have permission to shoot on a property to carry them in your car even and then they have to be secured as well as in the house likewise. Needless to say that is why I am not particularly up to date with the latest models of firearms.

 

[Sewingcreations15]

Another thing we maintain and spend money on is our vegetable garden (a savings) as we worked out that over a year taking out expenses it saves us $3500 a year over buying vegetables in the grocery store.

 

[havasu]

$3500? I don't think I have even purchased that amount of veggies in my 62 years of living.... Unless you include bananas. I eat a banana every day, but that is a fruit, right?

 

[VThillman]

$3500? I don't think I have even purchased that amount of veggies in my 62 years of living.... Unless you include bananas. I eat a banana every day, but that is a fruit, right?

Hey, donuts are veggies, ain't they?

 

[Caribou]

@Amish Heart yes buying groceries on really good specials really saves a lot in the budget. I don't know about the States but here they usually do really good specials just before all the prices go up and the packages of food get smaller , things are going up here in price leaps and bounds as well.

To get or own guns here you have to have a licence, be a member of a gun club and or have permission to shoot on a property to carry them in your car even and then they have to be secured as well as in the house likewise. Needless to say that is why I am not particularly up to date with the latest models of firearms.

Do you have a firearms license?

 

[gumpy]

Hey, donuts are veggies, ain't they?

Send me some seeds for that donut bush. I could plant it in my living room!

 

[havasu]

Umm, donuts!

 

[VThillman]

Send me some seeds for that donut bush. I could plant it in my living room!

The donut bush grows like high bush peas. Make a mess of your living room. Except the Boston Cream variety, those look more like tomato plants.

 

[Spikedriver]

The donut bush grows like high bush peas. Make a mess of your living room. Except the Boston Cream variety, those look more like tomato plants.

Hmm. Suddenly, horticulture has become interesting...

 

[Terri9630]

Send me some seeds for that donut bush. I could plant it in my living room!

They sell them st Wal-Mart in a big yellow cardboard package.

 

[Sewingcreations15]

@havasu yes bananas are fruit . The reason why that figure is so high on the savings on growing vegetables here is that our prices are horrendously high to buy them in our small country town for instance snow peas run out between $30 - $33 per kg, a bunch of silver beet is about $4.50 at the moment, cherry tomatoes currently run at $12 kg, organically grown sweet potatoes $9 kg. I seriously wonder how many people can truly afford those prices ?, when we blanch and freeze ours here for food storage it is not uncommon for us to use 11 bunches or more, sweet potatoes we will blanch and freeze 60 - 70 kg for a year for the 2 of us.

@Caribou we have not got a firearms licence yet but have looked into it and have a friend who is a firearms instructor. The rental we are in at the moment would not accomodate a gun safe as it has to be either mounted to the wall or floor of the house. I don't think they would appreciate us doing that here. It will also be easier to get a gun licence when we buy our property as we can carry it with us then on the property and if we went out they would have to be in a car gun safe. We are not allowed here in Australia to open carry like you are there in many States.

 

[Sewingcreations15]

I want a chocolate tree on that note, someone should seriously invent one of those .

 

[Amish Heart]

Then I would need samples from that chocolate tree.

 

[havasu]

I will plant maple bar donuts throughout my plantation once I find the seeds!