Tag Archives: Investing

Budgeting Update 1/25/2016 – Using YNAB

For me, budgeting was hard, but budgeting with YNAB is not as hard.  Since we have been using YNAB for about 2 years now, it is really easy!  My wife and I really don’t have many “heated” discussions when it comes to money as of late.  Here are a few key reasons:

  1. We set up a zero based budget in YNAB and learned to prioritize.  This helped us look towards the future instead of the past.  We did an excellent job at tracking our spending for years without any real forward progress in controlling our money.  We were just able to see where it went, but did not have a plan until we created a comprehensive Zero Based Budget.
  2. Diligence in entering all spending into YNAB in a timely fashion.
    1. Reconcile YNAB with bank account each month to make sure we did not forget to enter something.
  3. Don’t overspend the category.
  4. Spend based of YNAB category balances, not check book balance.
  5. If an expense comes up unexpectedly, deal with it.
    1. If it is going to be recurring expense, make a new category and figure out how to fund it.  This may take some creativity, but is doable even if you have to cut another category or categories.
    2. If it is a one time expense, maybe it has to come out of the buffer and then rebuild your buffer over the next few months.
  6. Review, revise and relax.

Continue reading Budgeting Update 1/25/2016 – Using YNAB

Automatic Transmission Repair – Saving money by going DIY

Dodge Diesel 47RE and 48RE transmission repair

BOTH FIXED!!!  $750 saved for each truck!!!

1999 Dodge Diesel 47RE – stuck in first
2003 Dodge Diesel 48RE – stutter shifts from 1st to 2nd gear

Automatic transmission repairs can be very expensive if performed by a transmission shop of dealer.  Here is how a friend and I saved at least $750 each by doing the work ourselves.  $750 per vehicle saved is very conservative, I think it would be closer to $1000 per vehicle at most retail shops and dealers. Continue reading Automatic Transmission Repair – Saving money by going DIY

$300 saved by changing my truck water pump myself

Dodge Cummins Turbo Diesel Water Pump Replacement

Dang, another truck repair.  Had to replace the water pump.  Pretty simple job on my truck, but it takes a lot of anti freeze.  The water pump had been leaking intermittently for a few months, but it got progressively worse and had to be changed.  I bought the water pump off Amazon.  Great part at great price.  I did buy the antifreeze locally.  It took a couple of hours start to finish, but it was not difficult and I only needed a second pair of hands for about 15-20 minutes.  I’m sure this job could be done in an hour or less if in a hurry.  It really was the easiest water pump I have ever replaced on a vehicle.

My Dodge 5.9 Cummins turbo diesel is back on the road and leak free and it only cost me $75 in total.  I got an estimate from a reputable shop at $400, so that is a savings of $325 or $162.50 per hour.

How to replace the water pump (video here).  I did not use the spill-free funnel, but it really would have been nice and probably saved some time.  As a side note, my water pump was not stuck, it popped right out.

Hopefully this post shows you that a couple of hours of DIY can save you some cash.  Invest it and let it multiply!

How much could this $325 saving be worth in 20 years

$325 savings one time @ 6% for 20 years = $1,042

$325 savings each year @ 6% for 20 years = $13,670

If you do a project around the house each year that you would have otherwise had to pay someone for and put that in an investment, it can make a big difference long term.  Just imagine if you did this 6 times a year it would grow to $75,900.

 

Got Bugs? How to save on pest control

DIY pest control

We live in South Georgia where there are lots of bugs.  Sometimes roaches come into the house.  We are not all that fond of them, so we try to keep them under control by various DIY pest control methods.  By doing your own pest control, you can save at least 50% off your annual bug control bill. Many of the professional products are available for retail purchase, so good products are easy to obtain and easy to apply. Continue reading Got Bugs? How to save on pest control