Developing a Game Plan

iVillage Member
Registered: 05-23-2004
Developing a Game Plan
4
Fri, 09-10-2004 - 10:52am
I really love Mary Hunt's theory of living on 80% of your income.

She says save 10%, give away 10% and live on 80%.

I very much want to achieve this. I'm going to have to start by savings 10% - long-term.

10% - to fund my emergency cushion. When I get $500.00 in my emergency cushion, I will turn that 10% to my tithe at church.

I'm going to round up my big 3 - mortgage and two car payments - to the next dollar. That's only $2.80, but it's all I have. So, this is the notion I'm entertaining.

Avatar for zaboz
iVillage Member
Registered: 03-26-2003
Fri, 09-10-2004 - 11:56am
It sounds like you have a great plan in place!

I've always heard if you have extra, even $2.80, it's better to pick one of

your debts and put everything you have toward it. If it's a car payment for example,

you'll get the car paid off faster and then you can put everything (including the first car payment) toward the next debt.



But I see the appeal in writing rounded off checks too. Whatever works and feels right!

iVillage Member
Registered: 09-10-2004
Fri, 09-10-2004 - 1:16pm
I am a Mary Hunt fan also. I think the 80/10/10 idea is such a great goal, but it will be a long time before I am able to give money away.

Rounding up your payments is such a great way to make a difference, even if it's only a little. I have always rounded up my payments, not to snowflake, just because it's easier to subtract whole numbers in my check book register! Right now I'm trying to find other ways to snowflake, saving my change, etc. It's hard though, we are so tight every week.

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Fri, 09-10-2004 - 7:13pm

I think this is a terrific goal!

All my best,
Danni

iVillage Member
Registered: 04-21-2004
Sat, 09-11-2004 - 8:03am
I also love Mary Hunts idea about living off of %80. I have yet to try it though! I am going to develop a new budget to work this in. I am so scared that we don't have an emergency fund (more on that in another post...) Good luck and keep us posted!

kel