Kathleen Walter - My System – Your System

My System - Your System

Budgeting made simple for everyone

By Kathleen Walter

To find out more about this book or to contact the author, please visit:
www.vividpublishing.com.au/mysystemyoursystem

Copyright 2015 Kathleen May Walter

ISBN: 978-1-925442-04-5 (eBook)

Published by Vivid Publishing

P.O. Box 948, Fremantle Western Australia 6959

www.vividpublishing.com.au

eBook conversion and distribution by Fontaine Publishing Group, Australia

www.fontaine.com.au

All rights reserved. No part of this publication may be reproduced, or transmitted in any form or by any means, electronic, mechanical, printing, recording or otherwise, without the prior written permission of the copyright owner.

Dedications/acknowledgements etc.

I would like to dedicate this book to my lovely daughters, Colleen, Kirsty and Stacey. My grandchildren Jasmine, Schanel, Hunter and future family, whom I hope will take on board My System now that it has been turned into a book to help make life easier. And my thanks go out to my husband Heinz. He has always given me love and support in anything I have chosen to venture into, usually without question. My sister Judy, brother in-law Richard, sister in-law Barbara, thanks for always listening.

And Melanie Cahani who, without her expertise and friendship gave me the drive, inspiration and encouragement to actually get my system out there or it would still be in the cupboard.

Kathleen May Walter

About the author

I first started my system in 1977 when I separated and became a single mum with one daughter. I then remarried and we had twin daughters.

We have never looked back. We had three children under three and just one income. We could not afford daycare and in any case, daycare as it is known today was not available for most people.

We had 18% interest on our mortgage. Granted a family home only cost around $40,000.00 back then, but remember our incomes were in line with that, so money was just as tight then as it is now.

I grew up in a government house, as we used to call them, and at that time government housing was plentiful but we went ahead and purchased our block of land to build our own home on it.

My husband and I were never very high income earners but my system has allowed us to travel and live a comfortable and fulfilling lifestyle.

My System, Your System
written by
Kathleen-Housewife
AUSTRALIA

Take the worry out of paying household bills

My System is designed to help you to organise your incoming bills into a manageable system. It is not within the scope of this book to tell you how to pay off your debts, but it can help. The system is set out in simple and straightforward steps, making it easy for anyone and everyone to follow, and meaning you can easily adjust it to suit the requirements of your own lifestyle and routines.

If you follow all the simple rules, this system will never fail you. In order for My System to successfully become Your System, there must be rules in place. Once you have transformed My System into Your System, you will have peace of mind and you will never need to worry about an unexpected or a large bill ever again.

My System is for everyday household budgeting, not for helping you to get out of debt, but if you apply this system carefully and follow the guidelines, you will find it easier to get on top of your debts and may even be able to pay them off more quickly. Using My System all the time will help you to stay out of debt.

My System is not just for those on a large income or with a large amount of money left over every pay-period. Neither is it just for low-income households. It is designed for anyone who wants to gain a greater control over their budget, to keeping spending habits controlled and who want to know where their money is going every pay-period. It is about how you can manage your income and make it work to your advantage.

It will take the worry out of every incoming bill that you will receive over a 12-month period. Imagine how you will feel when the next amount is due and you have your payment ready! This will be possible when you put into practise My Systems rules and by doing so, you will turn it into Your System. You will have an account on paper for everything you need to save for.

Note: an Account is a formal record of the debits and credits relating to the named person: YOU

Follow The Rules

My System works better and much more efficiently if you itemise your bills to every payday whether that is weekly, fortnightly or monthly. This way, it will show you the exact balance you are holding for any particular bill.

One important point to keep in mind - you cannot take money from any of your bills and pay back later. You must promise not to touch any amounts that belong to another bill and stick with that promise. In other words, remember the old saying, you cannot rob Peter to pay Paul.

We will file our bills in a folder and we will be using subdividers to separate each bill into its own section under its appropriate name. You can add any item to your system. It does not have to be a bill as such, it may be something you want to save towards. You may want to take holidays so if you can afford it you can allow for this in Your System.

In the same way, you may want to save for a new car, a new kitchen, a college fund for your kids, you might be planning a wedding. Anything that is important to you and will require funds, you can save for using this system, simply by building it into your everyday budget.

If you find it easier or more convenient, you can create a spreadsheet that will do the same job as a folder and subdividers! But it is essential to ensure you calculate your budgeting to fit within your income.

If you cannot afford what Your System is doing for you, go back over your bills, as you may have to adjust where necessary. And dont plan to save amounts of money that you dont have coming in each month. Remember day-to-day bills take priority over some-day saving. This is why My System must be itemised to gain the full potential of a manageable plan that cannot go wrong..

The prime example of someday saving is a holiday. You may not be able to go on annual holidays for a year or two, so therefore the amount you calculate when you set up the system should be saved under your holiday subheading account and it will keep on building. What you have saved for your holiday will be the total that you can spend when you take that holiday. So, let me explain exactly how you arrive at the amount you decide to save each month.