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PSA: Please watch your spending!
- Thread starter Mediking
- Start date
Been using YNAB for over a year, so yeah.
We spent down some savings with a home purchase and the maintenence, unexpected repairs, etc. that comes with that, but have a concrete plan to get our savings back to where we want and pay off some credit card debt.
Not having a plan isn't doing anyone any favors.
We spent down some savings with a home purchase and the maintenence, unexpected repairs, etc. that comes with that, but have a concrete plan to get our savings back to where we want and pay off some credit card debt.
Not having a plan isn't doing anyone any favors.
This. With a budget and a good awareness of purchases, a credit card isn't a scary thing
I'm always checking my spending thanks to YNAB.
Others in the thread have already praised it plenty but it's truly fantastic. One of the best decisions I've ever made has been adopting its budgeting model and using it constantly.
Being under budget in categories, and slowly getting to the point where you have multiple months of essential bills accounted for is so extremely good for mental health when there's so many other stressful factors in life.
Others in the thread have already praised it plenty but it's truly fantastic. One of the best decisions I've ever made has been adopting its budgeting model and using it constantly.
Being under budget in categories, and slowly getting to the point where you have multiple months of essential bills accounted for is so extremely good for mental health when there's so many other stressful factors in life.
I'm balling out of control the last 2 weeks. I went to the dentist, bought a grip of weed, 3 Switch games, and now I'm importing expensive canera equipment. I dont even have that kind of money. I'm probably having a manic episode honestly.
Tabris watch START...
On topic:
The key is to not tie your wants to your needs, but it feels like they've stopped teaching that to kids these days. Stop buying crap. I hate credit cards too.
On topic:
The key is to not tie your wants to your needs, but it feels like they've stopped teaching that to kids these days. Stop buying crap. I hate credit cards too.
Get off my lawn.
since switching jobs and working in London it has gotten worse - the hot weather has me taking the tube for AC, car parking and lunch nibbles away without you realising. Trying to get it more under control though.
Big stuff is fine - we have an excel we review regularly with all the big ticket items - monthly bills and regularly yearly expenses which get broken down to a monthly cost and put aside in a separate 'yearly shit' account.
Its the little bit left over which is disposable that I'm not good at looking after.
Big stuff is fine - we have an excel we review regularly with all the big ticket items - monthly bills and regularly yearly expenses which get broken down to a monthly cost and put aside in a separate 'yearly shit' account.
Its the little bit left over which is disposable that I'm not good at looking after.
I put pretty much all my daily expenditure on my Credit Card. All bills paid automatically from my savings account where my salary is deposited.
So long as I don't overspend on my credit card, I'm fine. That's about all the money management I do. Barely check it anymore and pay off my credit card whenever I get a low balance alert.
So long as I don't overspend on my credit card, I'm fine. That's about all the money management I do. Barely check it anymore and pay off my credit card whenever I get a low balance alert.
This. Plus it's waaaaaay harder to keep track of my money when I spend it in cash. I basically started using a credit card to accurately track my spending plus building up credit.
I pull $100 out of every week's paycheck. That's my budget for daily living. I buy groceries and other essentials plus use it to eat out, see movies, etc.
Once that $100 is drained, my spending is done for the week. If I have money left by the next payday I'll simply roll that over and "refill" it up to $100.
I find this keeps my spending in check. Of course it doesn't hurt that I get fucking anxious and nervous every time I use a credit card, because I feel like I can't actually see the money leaving me.
Once that $100 is drained, my spending is done for the week. If I have money left by the next payday I'll simply roll that over and "refill" it up to $100.
I find this keeps my spending in check. Of course it doesn't hurt that I get fucking anxious and nervous every time I use a credit card, because I feel like I can't actually see the money leaving me.
This. Its really not that hard if you watch your spending habits.
I'm very anal retentive with my money. I check my bank account and credit limit all the time. Especially before and after making purchases. If I go too low, I'll already know it. My CapitalOne app notifies me when I make a purchase of anything over $0.99 just so I know if someone has stolen my number or something. I just wish I could set my TD Bank app up to do the same.
I have been keeping a budget since 2011 (first YNAB3 and still on YNAB4) and this has slowly made me adjust my spending habits. I have been debt free since 2013. I can assign all expenses to budget categories way in advance so it won't be available to spend and can save up slowly in some categories for any future purchases.
I was a major spender in my 20's. I have spent handsome amounts of money on the latest gadgets and tons of media of films and games. I guess that's what happens when you suddenly have a good amount of disposable income after years of poverty.
It took me years to adjust, but all the glamor has faded out. I still make the occasional almost impulse buy but it's much better now. I am still rocking my original MS Surface Pro 5 years on because it does what I want from it and I'm planning to keep my One Plus 3 for at least 2 years more until the 8T (or whatever handset offers the best value at that time). Still spend a bit on the gaming side but I try to allocate some of the saving I make from the other categories to it so to not have big spikes in spending.
It's a long process but I'm enjoying it. There is some satisfaction to be had from controlling one's urges and living within a certain budget. I still use a credit card (to get some Amazon points). It gets paid in automatic withdrawal the following month. I hate carrying a lot of coins, you see. Japan is slowly warming up to CC's.
I was a major spender in my 20's. I have spent handsome amounts of money on the latest gadgets and tons of media of films and games. I guess that's what happens when you suddenly have a good amount of disposable income after years of poverty.
It took me years to adjust, but all the glamor has faded out. I still make the occasional almost impulse buy but it's much better now. I am still rocking my original MS Surface Pro 5 years on because it does what I want from it and I'm planning to keep my One Plus 3 for at least 2 years more until the 8T (or whatever handset offers the best value at that time). Still spend a bit on the gaming side but I try to allocate some of the saving I make from the other categories to it so to not have big spikes in spending.
It's a long process but I'm enjoying it. There is some satisfaction to be had from controlling one's urges and living within a certain budget. I still use a credit card (to get some Amazon points). It gets paid in automatic withdrawal the following month. I hate carrying a lot of coins, you see. Japan is slowly warming up to CC's.
This is how I live every month and I haven't starved to death or got evicted yet. You'll be fine.
"Money is precious."
Right now daycare x2 is cutting into my spending budget but in a few more years once those payments and 2 car payments are done I'll be a bit less strict on spending.
I use my credit card on absolutely everything possible. If not I use paypal 6 month /w no interest and make sure i pay it off in full at 5 months.
My other self imposed rule is that I do not make any big purchases until my checking is over $10k (i know that is way too high and I'm not making any interest off of it but my savings account is a no touch unless we lose our jobs or a medical emergency)
edit: i also sell everything on letsgo or Era's B/S/T thread. Most times i fund my purchases by unloading old items i have no use for.
Right now daycare x2 is cutting into my spending budget but in a few more years once those payments and 2 car payments are done I'll be a bit less strict on spending.
I use my credit card on absolutely everything possible. If not I use paypal 6 month /w no interest and make sure i pay it off in full at 5 months.
My other self imposed rule is that I do not make any big purchases until my checking is over $10k (i know that is way too high and I'm not making any interest off of it but my savings account is a no touch unless we lose our jobs or a medical emergency)
edit: i also sell everything on letsgo or Era's B/S/T thread. Most times i fund my purchases by unloading old items i have no use for.
Create a budget. Use a credit card. Assign $x00 for discretionary spend. Review monthly and see what you can cut out.
If you're bad about buying random crap, go do some summer cleaning of stuff you've accrued. Do you really need all the crap that's just sitting in boxes in your garage? Most likely not. How much did it cost you? How much could you have saved by not buying these?
Reflecting on spending can go a long ways to curtailing spend. Lookin at the actual tangibles you barely used Is another way to see what you should spend time on before going for the next new shiny thing.
Beyond 5K or so for immediate cash you could just keep it in a non-retirement investment fund. I could liquidate mutual funds and stocks, then transfer proceeds to my bank account in less than a week. If you do most purchases w/ a credit card it shouldn't be an issue.
If you're bad about buying random crap, go do some summer cleaning of stuff you've accrued. Do you really need all the crap that's just sitting in boxes in your garage? Most likely not. How much did it cost you? How much could you have saved by not buying these?
Reflecting on spending can go a long ways to curtailing spend. Lookin at the actual tangibles you barely used Is another way to see what you should spend time on before going for the next new shiny thing.
Beyond 5K or so for immediate cash you could just keep it in a non-retirement investment fund. I could liquidate mutual funds and stocks, then transfer proceeds to my bank account in less than a week. If you do most purchases w/ a credit card it shouldn't be an issue.
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Closing on a house today so will need to be more strict on budget and start using mint more seriously. I can work OT anytime I want if I'm trying to justify buying something I don't need.
I'm not necessarily good at watching what I buy, but for the longest time, I only made 500 USD a month and more than half went to rent/groceries/bills
I got used to having maybe 150 in funds for leisure and I kind of still live like that.
I got used to having maybe 150 in funds for leisure and I kind of still live like that.
i have been flat broke for most of my life lol, not in the sense that i really struggled but in the sense that i would basically drain my resources entirely every two weeks because thats how i lived
now that i am saving money it feels pretty alright though. think i have more money than i ever had before
now that i am saving money it feels pretty alright though. think i have more money than i ever had before
Missed out on Ynab classic eh? I won't pay them for a yearly sub.
There are enough spreadsheets and DBs out there that do it just as well for free. If you want to get off the subscription you can find many alternatives.
The real keys are the mentality, making it a habit and being flexible.
Reading this thread and I am thinking we need a good Financial awareness, help thread etc where we can link good resources and learning.
OP
OP
I cannot ever imagine spending to the point that i dont know what my accounts are doing. Every day i check them, and im meticulous in tracking my payments. Have never had an issue. Also recommend keeping a spreadsheet of all your expenses to see how much a month you spend.
This is what I do. We have gone on vacation 2 years in a row using credit card miles. For a family of 4 that's a savings of $1200 to $1600 on airline tickets for each trip.
I track my financials mainly through mint, where I can look at my savings/chequing/rrsp/tfsa/credit all at once. Helps me a ton. I tend not to spend very much, but I typically put 100% of spendings onto my credit card.
I'm not worried about debt as everything I buy, I pay off every month. Keeps my credit score high and gives me extra money to travel with. No debt here either.
I'm not worried about debt as everything I buy, I pay off every month. Keeps my credit score high and gives me extra money to travel with. No debt here either.
Exactly the same here, living as a student on $220 a week is pretty tricky, if I'm frugal enough tho sometimes I can manage to put aside $5-10 into my savings, which I'm happy about because there's been a few times school has told me that I had an extra charge on my account so I needed to pay it, for example I had to redo a test for a third time, it was either pay $100 or $1,100 for the whole course, so thankfully I was able to get that money relatively easy without having to sacrifice food or bills aha, woo!
I was a financial fool, until I left my parents' house. I will probably finish my debts next year, being optimistic.
Don't do that to yourselves, fams.
Don't do that to yourselves, fams.
If you're more focused on saving money, why are you leaving money on the table by not using a credit card then? Just use it like you would any other spending method and reap the rewards. Don't treat it differently, especially if you're just going to use a debit card instead. Nobody should be treating a credit card differently from a debit card.
Why does living paycheck to paycheck change anything? In fact, if you're living paycheck to paycheck, that's even more reason to use a credit card so you'll save more money. Use a credit card like it's cash or a debit card, spend exactly the same way you would anyway, and reap the benefits. There's no downside to it if you treat it exactly like you would any other method of payment and would be buying the same exact things. What difference does it make if I have to spend $5 with debit anyway and I put that $5 on a credit card instead? The $5 has to be spent, so I might as well get the benefits. A credit card isn't a license to spend more money.
That only works for in person purchases. If you already have the card saved in your amazon profile or have the card number memorized, that won't help.
Where I work ID and credit card used for purchased are required to pick up online/phone orders and I've been handed a cut up credit card multiple times.
Weekend job? Uber on your free time?
If you have a good paying job, though, it would be better for you to get your finances in order, but those are always alternatives if you are really screwed.
If you max out the card and it's a lot more than you make weekly it'll be difficult to get the balance back up.
Why are you maxing out your card and spending beyond your means?
I wish it were just as one time fee, but honestly, with the amount it's "saved" me it's well worth the cost.
No rewards would make a lot of sense as to why they're not popular, if that's the case.
If they do though, they're great for convenience, building a credit score, and collecting rewards. A lot of simple cards in the US will offer things like 1.5% back on every purchase with no annual fee to juggle. If you just use it and pay it off every couple days, it essentially makes every item you buy 1.5% cheaper, which adds up over time. If there's something you would not buy if you didn't have the cash, just avoid that when using a card as well.
When that becomes the norm, each time you log into the credit card site to pay it off, give your purchases a quick look and see what you've been buying. You'll realize you've spent money on things you probably didn't need and can conscientiously avoid them in the future.
Lol I'm not I'm just saying it's a possibility and it's why you have to be careful with credit cards.
Get a night shift factory job. Some could easily toss you $500 a week, with double pay for overtime on weekends. Its just that your sleep schedule will be trash for a few weeks while you adjust.
So have two savings accounts? One for emergencies, one for saving up to stuff.