With a fortnightly paycheck / monthly rent you get two 'bonus' pays a year aka 3 paychecks in a month. That shit rocks.
Yeah, and this is one of those months. I'm quite happy about that--I've spent the past couple months more or less on financial lockdown, so getting that "bonus" paycheck is huge.
I'm trying to punch out about $14000 in debt, car loan, credit card, stupidity, by April next year. While doing this I'm still trying to ferret away about $700/month to dabble in long term hold bluechip shares and also scrape whatever I can into a cash savings account. this current sharemarket meltdown has got me pissed. There's mad bargains to be had if you have a slightly long term view but I'm totally broke. Fuck margin lending right now tho while its still fairly volatile. But yeah, I used to fear babylon, now I embrace it. Not spending money is the biggest way to save it. I've stopped buying records recently, just for a while til I get other areas of my life sorted out. It's all about your frame of mind. Friends of mine still buy dumb shit everyday for comfort, books, cigarettes, coffee, alcohol, shit food.. now it's the thought of actually having a vague sense of financial security that gives me comfort after years and years and years of being a consumer whore. And how!
Wife and I put a flat amount in the group checking account every month, other than that, we do sadly little budgeting. I'll pay off my credit card next month then we can get to saving again.
We could stop buying.... but I'd rather get paid more and keep spending
Dont ever overlook the little things that take your money on the low... like ATM fees and paying bills late... all but maybe one of my bills are automated... that is when its due, they take it out of my checking account... I am usually able to save $1,000.00 a month... yeah I know I used to complain about the wife spending but she has gotten on the same page with me and I let her get hers and my children and I am happy with my little beer money.
If you are married, I recommend having only joint accounts... it dont make cents to me that we swap body fluids but keep our money separate...
you can always get more money but if you catch some disease, you may have it for life...
how do i budget my money? spend it ALL and get more. remember kids, you only live once. saving is for the birds... don't fall into that trap. the man just wants you to save and invest so that he can make mo' money and mo' money off of YO' money. then either you die or your too damn old to enjoy it. spend that schitt, get high, go raw. LIVE.
It's amazing to me what some folks are saying here though... don't buy books? wtf
I spend way too much money on eating and drinking out, but I also can't think of a much better way to pass the time... enjoying a nice meal with friends, that's the shit right there. Not to mention getting out and networking or what have you. Of course cooking breakfast would be cheaper than Sunday brunch but little things like that have their place, as long as you've handled your priorities. I think it's fine to pick and choose what leisurely pursuits you spend your discretionary income on.
Rent is really the worst shit in most big urban markets, really eats closer to 50% of one's income in many cases. And at least in NYC you are not getting a lot of bang for the buck.
I don't really worry too much about music as every record I buy is a tax write-off but still... DONT BUY STUFF? Silly that's what money's for... buying stuff... I would only say if you're gonna spend frivolously make sure you're getting top drawer shit.
If you look at your cc bill and see a bunch of crappy food, beat up records, well drinks and shit.... hate life
I feel like dolo could add something to this discussion on that last point.
I'm really trying to budget myself but checking my latest credit card statement shows I've spent $800 since July 17th. I'm really trying to get myself down to $400 to $500 on general expenses (food primarily). $60 of that from eating out, $250 from misc stuff (movies/insurance/gasoline) and the rest coffee and groceries. I have to figure out to spend less.
I probably spend close to 45 percent of my after-tax income on rent, but I justify that with the location -- it's so close to my work, I have no transportation costs. I still own a car (but only about 14 months from paying it off for good).
I wish I could bring rent down to a quarter of my money. I shudder to imagine the apartment that would buy me, however. That, or I'd spend an hour-plus on the road getting there instead of a 15-minute bike ride.
Rent is really the worst shit in most big urban markets, really eats closer to 50% of one's income in many cases. And at least in NYC you are not getting a lot of bang for the buck.
Real Talk. My rent is almost exactly half of my take-home in a two paycheck month for a large one-bedroom apartment. Still, there's enough space for me and my records, it has a back deck, and I'm a 12 minute walk from work. Boston is no joke when it comes to housing costs.
It's amazing to me what some folks are saying here though... don't buy books? wtf
That's what libraries is for.
Eating out is fine, great - to try a new cuisine or splurge a little. But most people eat out all the time just to stuff their lazy faces with crap. I say, at home, listening to good music, and cooking and enjoying a great meal and conversation with friends and family is one of the greatest pleasures in life. Dinner table should be a central part of people's home life if you ask me. Has been lost in most households. Been replaced by Starbys, cellphones, TV, videogames, shopping, malls, convenience stores, TGIFridays, driving, etc.
I'm not saying live like a monk. I'm saying you can enjoy life, maybe even more, if you cut out 99% of the consumer frivolity, get back to basics. Which is not about consuming.
Thank you, and now I'll continue to cruise the internet for the next five hours, ignoring the real humans around me. Bye!
Listen, I don't think, 'Stop spending all money!' is a real solution, folks, so let's be a little more realistic.
Savings is important; keep a solid 'emergency fund,' built up, and don't touch. If you crash the car, break a leg or lose a job, it is there for you. One rule of thumb is to keep enough to live off of for 3 months.
SAVE FOR RETIREMENT. My wife and I each have Roth IRA, and participate in our company's 401K. I also have a traditional IRA from an old job that I've kept going as a way to put away more money. That shit is important, and should be a high priority item.
Pay your bills. Don't go into debt. Wife and I each put a proportional percentage into a joint account for Bills/Rent/Savings.
Then, our personal money goes to 401K, Roths, and whatever is left over is for our own spending, including records for me and clothes for her.
Just be responsible; take care of your essentials (including Savings) first, and then take care of yourself.
Listen, I don't think, 'Stop spending all money!' is a real solution, folks, so let's be a little more realistic.
No, but whoever first made the point seemed to be saying "stop hording" as much as stop spending, and that's good advice. I think most record collectors tend to be packrats, and honing in on the one "hobby" you like the most and limiting your spending with the others can really transform your finances. Obviously a lot of people here are married, have careers, maybe even kids, and this advice is hopefully less applicable to them.
It helped me a lot when I realized that about 90% of the books I bought a)were owned by the local library, and b)would never be read by me a second time. Now I only buy books that I know I want to have at hand time and time again, and that filtering process has definitely saved me a few thousand bucks over the last few years.
That's fine, and I am definitely a user of the library...And, a media budget is a GOOD thing.
But, my attitude on books seems to be different than yours, and it means a lot to me to have them around. So, they are a worthwhile expenditure, along with records and other important items.
Look; if a few $15 paperbacks are breaking your budget, you have bigger money problems at hand. I know all those things add up, but if that is what is killing your budget, it might be time to reallocate.
Well, like I said, some people here are older and have careers and are thinking about putting away for their future, whereas others are probably in their early 20s, haven't lived on their own long, and are just trying to figure out how to make ends meet, so different people are looking at this thread for different info.
Books are just an example... I think when a lot of people with the collector's mentality live on their own for the first time, they start to horde everything; for me it was books, but for other people it might be DVDs, antiques, designer toys, whatever.
For people in that position, picking one "hobby" is probably very good advice. We all know that records can be a significant expense, and if someone's spending the same considerable amount on another non-essential collection, that might be what's breaking the bank.
Well, like I said, some people here are older and have careers and are thinking about putting away for their future, whereas others are probably in their early 20s, haven't lived on their own long, and are just trying to figure out how to make ends meet, so different people are looking at this thread for different info.
Books are just an example... I think when a lot of people with the collector's mentality live on their own for the first time, they start to horde everything; for me it was books, but for other people it might be DVDs, antiques, designer toys, whatever.
For people in that position, picking one "hobby" is probably very good advice. We all know that records can be a significant expense, and if someone's spending the same considerable amount of another non-essential collection, that might be what's breaking the bank.
Your point about different tax brackets, etc. is a good one. Point taken...
Had some unexpected expenses come up a few months back so I was forced to budget. The system I've found that works is to print out a couple months of calendars and clearly mark each pay period. Then I go through all my regular recurring bills like cable, internet, rent, car payment, etc and write the amount due on the date its due. When this is all done I can clearly see what bills need to be paid out of each check. When I get paid I go to the bank or ATM and withdraw a set amount of cash for random shit like lunch / beer / parking whatever. Everything else stays in the bank. I try not to use my debit card for anything except gas / bills (I refuse to get a credit card). Seems to be working so far.
Comments
Yeah, and this is one of those months. I'm quite happy about that--I've spent the past couple months more or less on financial lockdown, so getting that "bonus" paycheck is huge.
Funny I should read this. I come to the same conclusion more and more.
Takes some practice, but the understanding of the idea is there.
So I
(not so fam. with slang..)
We could stop buying.... but I'd rather get paid more and keep spending
If you are married, I recommend having only joint accounts... it dont make cents to me that we swap body fluids but keep our money separate...
you can always get more money but if you catch some disease, you may have it for life...
yes
I spend way too much money on eating and drinking out, but I also can't think of a much better way to pass the time... enjoying a nice meal with friends, that's the shit right there. Not to mention getting out and networking or what have you. Of course cooking breakfast would be cheaper than Sunday brunch but little things like that have their place, as long as you've handled your priorities. I think it's fine to pick and choose what leisurely pursuits you spend your discretionary income on.
Rent is really the worst shit in most big urban markets, really eats closer to 50% of one's income in many cases. And at least in NYC you are not getting a lot of bang for the buck.
I don't really worry too much about music as every record I buy is a tax write-off
If you look at your cc bill and see a bunch of crappy food, beat up records, well drinks and shit.... hate life
I feel like dolo could add something to this discussion on that last point.
I wish I could bring rent down to a quarter of my money. I shudder to imagine the apartment that would buy me, however. That, or I'd spend an hour-plus on the road getting there instead of a 15-minute bike ride.
Real Talk. My rent is almost exactly half of my take-home in a two paycheck month for a large one-bedroom apartment. Still, there's enough space for me and my records, it has a back deck, and I'm a 12 minute walk from work. Boston is no joke when it comes to housing costs.
That's what libraries is for.
Eating out is fine, great - to try a new cuisine or splurge a little. But most people eat out all the time just to stuff their lazy faces with crap. I say, at home, listening to good music, and cooking and enjoying a great meal and conversation with friends and family is one of the greatest pleasures in life. Dinner table should be a central part of people's home life if you ask me. Has been lost in most households. Been replaced by Starbys, cellphones, TV, videogames, shopping, malls, convenience stores, TGIFridays, driving, etc.
I'm not saying live like a monk. I'm saying you can enjoy life, maybe even more, if you cut out 99% of the consumer frivolity, get back to basics. Which is not about consuming.
Thank you, and now I'll continue to cruise the internet for the next five hours, ignoring the real humans around me. Bye!
About to get engaged... been thinking about this a lot lately.
Don't stop, get it get it.
Savings is important; keep a solid 'emergency fund,' built up, and don't touch. If you crash the car, break a leg or lose a job, it is there for you. One rule of thumb is to keep enough to live off of for 3 months.
SAVE FOR RETIREMENT. My wife and I each have Roth IRA, and participate in our company's 401K. I also have a traditional IRA from an old job that I've kept going as a way to put away more money. That shit is important, and should be a high priority item.
Pay your bills. Don't go into debt. Wife and I each put a proportional percentage into a joint account for Bills/Rent/Savings.
Then, our personal money goes to 401K, Roths, and whatever is left over is for our own spending, including records for me and clothes for her.
Just be responsible; take care of your essentials (including Savings) first, and then take care of yourself.
No, but whoever first made the point seemed to be saying "stop hording" as much as stop spending, and that's good advice. I think most record collectors tend to be packrats, and honing in on the one "hobby" you like the most and limiting your spending with the others can really transform your finances. Obviously a lot of people here are married, have careers, maybe even kids, and this advice is hopefully less applicable to them.
It helped me a lot when I realized that about 90% of the books I bought a)were owned by the local library, and b)would never be read by me a second time. Now I only buy books that I know I want to have at hand time and time again, and that filtering process has definitely saved me a few thousand bucks over the last few years.
But, my attitude on books seems to be different than yours, and it means a lot to me to have them around. So, they are a worthwhile expenditure, along with records and other important items.
Look; if a few $15 paperbacks are breaking your budget, you have bigger money problems at hand. I know all those things add up, but if that is what is killing your budget, it might be time to reallocate.
Books are just an example... I think when a lot of people with the collector's mentality live on their own for the first time, they start to horde everything; for me it was books, but for other people it might be DVDs, antiques, designer toys, whatever.
For people in that position, picking one "hobby" is probably very good advice. We all know that records can be a significant expense, and if someone's spending the same considerable amount on another non-essential collection, that might be what's breaking the bank.
Your point about different tax brackets, etc. is a good one. Point taken...
When this is all done I can clearly see what bills need to be paid out of each check. When I get paid I go to the bank or ATM and withdraw a set amount of cash for random shit like lunch / beer / parking whatever. Everything else stays in the bank. I try not to use my debit card for anything except gas / bills (I refuse to get a credit card).
Seems to be working so far.