Comments on: The Concept That Changed Our Financial Life http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#utm_source=rss&utm_medium=rss&utm_campaign=the-concept-that-changed-our-financial-life A personal finance blog teaching you how to live debt free and use credit wisely. Fri, 10 Feb 2012 15:18:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Financial Advice for Today: What I Would Tell Financial Newbies Nowhttp://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-186001 Financial Advice for Today: What I Would Tell Financial Newbies Now Thu, 06 Oct 2011 13:00:13 +0000 http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-186001 [...] mile markers in your race for success. Use them.Live Off Last Month’s IncomeI called this the core financial concept that changed my life, and that is still true today. Building in a month’s cushion into your finances makes dealing [...] [...] mile markers in your race for success. Use them.Live Off Last Month’s IncomeI called this the core financial concept that changed my life, and that is still true today. Building in a month’s cushion into your finances makes dealing [...]

]]> By: France Collectionshttp://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-171062 France Collections Sat, 03 Sep 2011 20:10:28 +0000 http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-171062 Good concept, I will try tis system next month and I'll post results after. Good concept, I will try tis system next month and I’ll post results after.

]]> By: Brandyhttp://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-156114 Brandy Tue, 28 Jun 2011 04:20:48 +0000 http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-156114 I love your concept and I defintely will do this plus i have a reception and my son party to plan so maybe this will work for that. I love your concept and I defintely will do this plus i have a reception and my son party to plan so maybe this will work for that.

]]> By: Striving for Abundancehttp://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-120896 Striving for Abundance Tue, 23 Nov 2010 13:33:25 +0000 http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-120896 I like this tip. Just recently I started taking my finances seriously (rather than them taking me) and have decided to do something similar. I'm not at the 1 month buffer yet (more like one week), but it does offer a sense of security. Your blog is an inspiration. I like this tip. Just recently I started taking my finances seriously (rather than them taking me) and have decided to do something similar. I’m not at the 1 month buffer yet (more like one week), but it does offer a sense of security.

Your blog is an inspiration.

]]> By: harrishttp://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-118142 harris Mon, 25 Oct 2010 20:10:25 +0000 http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-118142 I think people are making this too complicated. From what I understand, just keep one months expenses in your checking account. Then, you are using your paychecks each month as working capital. If your expenses are $2500 and you get paid $3000 per month post tax, keep $2500 in your account and at the end of the month, you should have an extra $500, making the grand total in your account $3000. Do with that extra $500 as you wish. It's essentially surplus.The balance should never be below $2500 though. This keeps you from worrying about your balance being too low at the end of the month. I think the thing that is confusing people is the accumulation of that 1st month's money without paying bills. You pay your bills but you are going to have to save each month until you hit that amount that you bills are equal to, then the process can start. I think people are making this too complicated. From what I understand, just keep one months expenses in your checking account. Then, you are using your paychecks each month as working capital. If your expenses are $2500 and you get paid $3000 per month post tax, keep $2500 in your account and at the end of the month, you should have an extra $500, making the grand total in your account $3000. Do with that extra $500 as you wish. It’s essentially surplus.The balance should never be below $2500 though. This keeps you from worrying about your balance being too low at the end of the month.

I think the thing that is confusing people is the accumulation of that 1st month’s money without paying bills. You pay your bills but you are going to have to save each month until you hit that amount that you bills are equal to, then the process can start.

]]> By: Babhttp://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-68468 Bab Sun, 07 Mar 2010 13:15:49 +0000 http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-68468 Hi, when my husband and I started dating 100+ years ago.... I was the financial expert and he had a great job and zero interest or experience in money management. Within 3 months of our meeting, I took over his checkbook, facilitated his opening and contributing to his IRA and have managed our resources to an excellent net worth ever since! Hi, when my husband and I started dating 100+ years ago…. I was the financial expert and he had a great job and zero interest or experience in money management. Within 3 months of our meeting, I took over his checkbook, facilitated his opening and contributing to his IRA and have managed our resources to an excellent net worth ever since!

]]> By: Reneehttp://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-61900 Renee Wed, 17 Feb 2010 01:38:29 +0000 http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-61900 After reading your debt reduction plan I am a bit confused when you say: We take all of the money in month one, say March, and leave it in our checking account. It’s in the account, but we don’t touch it. Every time we get paid in March, we simply put the money aside and hold onto. so, don't you pay your rent and bills (light, gas rent) due for March. I am just starting out, how can your system work for me. After reading your debt reduction plan I am a bit confused when you say:
We take all of the money in month one, say March, and leave it in our checking account. It’s in the account, but we don’t touch it. Every time we get paid in March, we simply put the money aside and hold onto.

so, don’t you pay your rent and bills (light, gas rent) due for March. I am just starting out, how can your system work for me.

]]> By: Nancyhttp://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-54868 Nancy Sun, 31 Jan 2010 01:27:27 +0000 http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-54868 I get it! I had to read it a few times but I understand and it makes more than perfect sense. Last year, my husbands pay schedule switched from getting paid on the 15th and the 30th to getting paid every other week. We spent all year trying to catch up because each check was several hundred dollars less on this schedule. Of course, twice a year we got "extra" checks, but by then we were still playing catch up. Had we been living off the previous month's income instead of the current paycheck, the impact would not have been nearly as great. Now that we are working hard to get debt free and build an emergency fund, I see how living on the previous month's income is imperative to reaching our other financial goals. THANK YOU!!!!! I get it! I had to read it a few times but I understand and it makes more than perfect sense. Last year, my husbands pay schedule switched from getting paid on the 15th and the 30th to getting paid every other week. We spent all year trying to catch up because each check was several hundred dollars less on this schedule. Of course, twice a year we got “extra” checks, but by then we were still playing catch up. Had we been living off the previous month’s income instead of the current paycheck, the impact would not have been nearly as great. Now that we are working hard to get debt free and build an emergency fund, I see how living on the previous month’s income is imperative to reaching our other financial goals. THANK YOU!!!!!

]]> By: Stop Living Paycheck To Paycheck Todayhttp://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-53912 Stop Living Paycheck To Paycheck Today Wed, 20 Jan 2010 16:40:55 +0000 http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-53912 [...] Today, I had the pleasure of reading No Debt Plan's article on living off of last month's income and I just had to share it with you.  Every one needs to read this article.  Then, once you [...] [...] Today, I had the pleasure of reading No Debt Plan's article on living off of last month's income and I just had to share it with you.  Every one needs to read this article.  Then, once you [...]

]]> By: matthttp://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-21490 matt Mon, 18 May 2009 03:42:45 +0000 http://www.nodebtplan.net/2008/03/11/the-concept-that-changed-our-financial-life/#comment-21490 renee you still do this? renee you still do this?

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