Saturday, December 24, 2011

Christmas Eve ... and we're getting ready for our New Year's resolution a la Gail Vaz-Oxlade



Last Sunday, the three of us took root on the couch, and just lazed all day long, watching a marathon of the TV show "Til Debt Do Us Part" hosted by Gail Vaz-Oxlade.

Gail Vaz-Oxlade with Jars

We wondered how she figured out all the numbers, and how to divide up the variable expenses into the five "Magic Jars".  By afternoon, I was surfing the 'net and discovered all of the helpful resources, and interactive worksheets on Gail's website.  By mid week, I had a 'hold' placed on her books at the local library, and last night, Hubby and I went to bed, each with a book.  Today we came up with a budget, and a plan.  It will likely take the rest of the week to get completely organized, but we're so excited! 

Turns out, we're not in bad shape at all -- I thought maybe we were paying way too much for housing, because rent it so high here.  But Gail says we can spend up to 35% of our net income on housing ( and utilities, insurance, etc.) and we're actually under that figure.  Transportation costs should be up to 15%.  Since I don't have to pay for parking, and my car only gets taken out of the parkade once or twice a week, we are well under that as well.

Starting January 1st, we start our "cash only" lifestyle. 

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