22 Jun Magic Jars Ease Money Jam
Gail Vaz-Oxlade is well known for being a money guru and has a way of explaining money management and budgeting simply. An article was published in the London Metro on March 10, 2014 called Magic Jars Ease Money Jam and it explains how to make the ‘Magic Jars’ work for you. She explains that having a balanced budget must be the first step in order to make the jar system work. Gail mentions her website, gailvazoxlade.com, has interactive worksheets she’s developed to help you create a balanced budget. Once that is done, you can work your budget into the ‘Magic Jar’ system. The money that you withdraw each week for your jars is only for variable spending such as food, clothing, entertainment, etc. The money for your fixed expenses such as mortgage/rent, car payment, insurance, etc. would stay in your bank account. She said in her experience, people will still have money left in their jars at the end of the week. Gail thinks that all debt repayment should work into your budget and be paid off within three years. If that’s not possible, the only option is to make more money. She also thinks every budget should include money allocated towards savings and retirement. She doesn’t agree with waiting until your debt is paid off first. It’s important to get into the habit of long-term savings today, or you may never start. To learn more about Gail’s money tips check out her website at gailvazoxlade.com.