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Forum
-> Household Management
-> Finances
MamaBear
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 Mon, Aug 29 2016, 2:47 pm
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You need to take a percentage of each paycheck and put it into savings before you spend it. You can do automatic withdrawals. You will then start each spending cycle with less money.
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BetsyTacy
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Mon, Aug 29 2016, 2:59 pm
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MamaBear has it right. You know yourself that you love to shop. You also want to save up for a vacation. I think the vacation money should come off the top, straight to the bank. Then you can portion out your money into "envelopes", including an "overdraft envelope". That is your cushion money. If you think of your vacation/savings money as a cushion, it will be too easy to spend.
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amother
Wheat
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Mon, Aug 29 2016, 3:04 pm
Wow! I am really getting inspired over here. I definitely think I will do the envelope idea. I think I might journal about my path to a more frugal life style. It could be fun! Woohoo! Maybe I'll journal about it on here, and if anybody wants they could follow. Every time I hold myself back from spending I'll write about it. I will think about ways to save. I will challenge myself not to spend more then $100 a day, except for grocery days. I'm getting pumped up!
And my reward at the end will be a trip to Disneyland in California. I've never been there and I'm dying to take my kids. How much do I need to save for that?
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amother
Brunette
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Mon, Aug 29 2016, 3:10 pm
| amother wrote: | Wow! I am really getting inspired over here. I definitely think I will do the envelope idea. I think I might journal about my path to a more frugal life style. It could be fun! Woohoo! Maybe I'll journal about it on here, and if anybody wants they could follow. Every time I hold myself back from spending I'll write about it. I will think about ways to save. I will challenge myself not to spend more then $100 a day, except for grocery days. I'm getting pumped up!
And my reward at the end will be a trip to Disneyland in California. I've never been there and I'm dying to take my kids. How much do I need to save for that? |
good for you!!
ill follow your journey 
im very budget conscious, (because I have to be) and I hope to see u reach your goal
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amother
Navy
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Mon, Aug 29 2016, 3:11 pm
Following! This is really up my alley. Maybe we will meet in California or Disney 
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amother
Wheat
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Mon, Aug 29 2016, 11:45 pm
Ok. So even though I didn't start my "allowance" this month, I decided to start practicing.
I took the kids to. Fun zone that had general admission plus extra for pony rides and laser tag. Normally I would by ghe extra tickets as well. But I didn't! Even when my son asked me for laser tag, I didn't give in.
Then we went to walmart for school supplies. As usual, my son asked me for a treat. I did not let.
The negatives:
I spent $150 on school supplies. I'm trying to figure out how it got to be so much. Two thoughts:
A) I definitely stocked up on extras. As long as I keep track of the extras and keep them in a set place, when their folders rip, or their pencil case breaks, I just need to take it out of the closet. In the long run, that saves money because if I were to go to the store again for one folder, I would inevitable spend more money. The key is staying away from the stores.
B) I was getting tired, hungry and overwhelmed so I was not really looking at prices. I just let the kids pick whatever they wanted.
Also, they were very hungry so I let them each pick a snack. Other then that, I refrained from browsing bad bought nothing else.
Total spent today:
$180
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amother
Chartreuse
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Tue, Aug 30 2016, 8:07 am
OP, I used to feel the way you do.
My husband and I went into marriage with very little understanding of how to handle money. We would constantly spend above our means, not intentionally, but because we just did not know how to budget.
Fast forward 2 years and we were in $15,000 of credit card debt. Credit card debt is like quicksand-- the interest piles on sooo much quicker than you think and suddenly you're in a major rut. Bh we always were on time for our household bills and made the minimum on all our cards.
At that point I realized I had to do something drastic. The debt was eating me up and was putting a huge huge strain on our relationship. I was so embarrassed about where we were at but I also knew I had to make a move. I gathered up my courage and called a credit counseling agency and bh (a thousand times over) we were able to negotiate a much lower interest rate with our credit card carriers and reduce our minimum payment by over half. We now pay one monthly sum to the credit agency who distributes it to all our cards. Our credit cards are closed and it is such a HUGE relief.
Although I would not wish this on anyone, our debt was a huge turning point for us. For the first time in our lives we learned to budget, actually budget. We set aside specific amounts for groceries, food, rent, entertainment etc and when the money runs out, WE SURVIVE. I used to be someone who always needed new things but I've come to understand that having a brand new pair of shoes is no where near as comforting as having a padded savings account.
It's doable, start small. My suggestions are:
1. You need to sit down with your husband and take stock about where you really are financially. Personally, I do not understand this "husband bailing you out" attitude. Where is he getting this money from? If it's your money why are you not on the same page about what you have? Also, if you know how much you actually have to pay at the end of the month I think you won't be so quick to spend it.
2. Make savings a bill. You need a savings account. Treat it like any other bill-- set an automatic payment every month to go into a savings account.
3. I wonder if you're shopping because of boredom. Maybe try filling your time with other hobbies/ pick up a part time job.
4. Set aside a certain amount of money per month to be used at your own discretion. If you feel too deprived you'll sink back into your old ways.
All in all, there is no monetary item that equals the satisfaction financial independence and stability brings.
(Sorry this was so long!)
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amother
Wheat
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Tue, Aug 30 2016, 8:38 am
| amother wrote: | OP, I used to feel the way you do.
My husband and I went into marriage with very little understanding of how to handle money. We would constantly spend above our means, not intentionally, but because we just did not know how to budget.
Fast forward 2 years and we were in $15,000 of credit card debt. Credit card debt is like quicksand-- the interest piles on sooo much quicker than you think and suddenly you're in a major rut. Bh we always were on time for our household bills and made the minimum on all our cards.
At that point I realized I had to do something drastic. The debt was eating me up and was putting a huge huge strain on our relationship. I was so embarrassed about where we were at but I also knew I had to make a move. I gathered up my courage and called a credit counseling agency and bh (a thousand times over) we were able to negotiate a much lower interest rate with our credit card carriers and reduce our minimum payment by over half. We now pay one monthly sum to the credit agency who distributes it to all our cards. Our credit cards are closed and it is such a HUGE relief.
Although I would not wish this on anyone, our debt was a huge turning point for us. For the first time in our lives we learned to budget, actually budget. We set aside specific amounts for groceries, food, rent, entertainment etc and when the money runs out, WE SURVIVE. I used to be someone who always needed new things but I've come to understand that having a brand new pair of shoes is no where near as comforting as having a padded savings account.
It's doable, start small. My suggestions are:
1. You need to sit down with your husband and take stock about where you really are financially. Personally, I do not understand this "husband bailing you out" attitude. Where is he getting this money from? If it's your money why are you not on the same page about what you have? Also, if you know how much you actually have to pay at the end of the month I think you won't be so quick to spend it.
2. Make savings a bill. You need a savings account. Treat it like any other bill-- set an automatic payment every month to go into a savings account.
3. I wonder if you're shopping because of boredom. Maybe try filling your time with other hobbies/ pick up a part time job.
4. Set aside a certain amount of money per month to be used at your own discretion. If you feel too deprived you'll sink back into your old ways.
All in all, there is no monetary item that equals the satisfaction financial independence and stability brings.
(Sorry this was so long!) |
Thank you for sharing your experiences and tips. I don't think you fully understood my op. Bh we pay our cc bill in full each month and bh we stay within our budget.
I am searching for tips of how to spend below my budget and learn to live frugally even though I know someone will cover my bills.
If you read my op again, you will see that dh and I are setting up a system in which I will get a specific amount of money deposited in a separate account each month which I will use to cover all daily living expenses.
What j mean by "bail out" is this:
Let's say I have $4500
My husband uses another $6000 for bills and such.
$2000 goes into savings
If I spend $5500, dh will "bail me out" and only put $1000 into savings.
I hope it was clearer now.
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cnc
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Tue, Aug 30 2016, 8:47 am
| amother wrote: | Thank you for sharing your experiences and tips. I don't think you fully understood my op. Bh we pay our cc bill in full each month and bh we stay within our budget.
I am searching for tips of how to spend below my budget and learn to live frugally even though I know someone will cover my bills.
If you read my op again, you will see that dh and I are setting up a system in which I will get a specific amount of money deposited in a separate account each month which I will use to cover all daily living expenses.
What j mean by "bail out" is this:
Let's say I have $4500
My husband uses another $6000 for bills and such.
$2000 goes into savings
If I spend $5500, dh will "bail me out" and only put $1000 into savings.
I hope it was clearer now. |
I think it's important that the savings be a non negotiable set amount every month. (Assuming that you can afford it.)
I have 2 savings plans that are X amount of money each. They automatically get withdrawn from my bank account each month. I need to make sure that the money is in there , the same way I need to cover my electric bill and my phone bill etc...
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ChutzPAh
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Tue, Aug 30 2016, 9:02 am
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Do you already own a house op?
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amother
Wheat
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Tue, Aug 30 2016, 9:14 am
| ChutzPAh wrote: | | Do you already own a house op? |
We own a house in the country. We don't own in Brooklyn yet, but we are looking. It's expensive, but we grew up here and want to stay.
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amother
Lavender
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Tue, Aug 30 2016, 9:46 am
| amother wrote: | | We own a house in the country. We don't own in Brooklyn yet, but we are looking. It's expensive, but we grew up here and want to stay. |
I noticed that this happens a lot with people from Brooklyn. They live very very comfortable lifestyles before putting away for a house and are married for a while and still renting because they like to eat out and wear designer clothes and get the latest stroller etc. Op u have to prioritize. Home ownership is an amazing thing and should be a goal that not only ur dh puts away for. U seem to be spending a lot every month on essentially nothing. With better spending habits, u should be able to buy a house in no time.
Do u mind me asking how many years u are married for and how many children u have?
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amother
Salmon
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Tue, Aug 30 2016, 9:54 am
Also you are going to want to finish buying/renovating your home a nice bunch of years before your kids start reaching marriageable age....
Maybe create that as a goal for yourself- to buy before you make your first bar mitzvah.
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amother
Wheat
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Tue, Aug 30 2016, 10:03 am
| amother wrote: | I noticed that this happens a lot with people from Brooklyn. They live very very comfortable lifestyles before putting away for a house and are married for a while and still renting because they like to eat out and wear designer clothes and get the latest stroller etc. Op u have to prioritize. Home ownership is an amazing thing and should be a goal that not only ur dh puts away for. U seem to be spending a lot every month on essentially nothing. With better spending habits, u should be able to buy a house in no time.
Do u mind me asking how many years u are married for and how many children u have? |
You're 100% right. Why do you think I came here to look for encouragement on not spend in even though I technically have the money. Regarding my husband, it's not as simple as you think. He is not the saver that people think based on my posts. His relationship with money is very complicated. It is very hard for me to save when I don't see the fruits of my labor. That is the main reason I asked for this seperate checking account. Now, when I refrain from buying something, I will actually see the money I saved.
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rowo
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Tue, Aug 30 2016, 10:13 am
Once you can see the money in your own account and track the saving you will feel great!
If you can, set up another savings account connected to your account. You can set up an automatic payment to go through weekly/monthly/whatever you want.
I recently did this for the first time for a big household appliance that I wanted to upgrade. It was such a good feeling to reach the goal and the appliance is iyh coming tomorrow!
If you put aside $50 a week and then whatever is left over at the end of the month, you'll make it to Disney land soon!
Especially with vacations, planing and looking forward to it is half the fun. You'll be building excitement for it and giving yourself something to look forward to. Plus it's a really great lesson to teach your kids.
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amother
Powderblue
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Tue, Aug 30 2016, 10:31 am
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nothing to do with budgeting but just wondering if may be you could make some extra income as a personal shopper. It sounds like you love to shop regardless of who it is for and some people really don't like it...
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ChutzPAh
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Tue, Aug 30 2016, 10:59 am
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Putting in all the savings for your buying a house fund should be enough of an incentive, unless your parents and in laws are buying you a home, in which case that is probably why you're not motivated to save.
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amother
Wheat
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Tue, Aug 30 2016, 11:09 am
| ChutzPAh wrote: | | Putting in all the savings for your buying a house fund should be enough of an incentive, unless your parents and in laws are buying you a home, in which case that is probably why you're not motivated to save. |
Nobody is buying us a home. That would be nice! As per my previous post, that's why I want to have my own account so that I can actually see the money I save. With my husband in charge, I can't see what's coming a nd going.
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amother
Brunette
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Tue, Aug 30 2016, 2:14 pm
| amother wrote: | | Nobody is buying us a home. That would be nice! As per my previous post, that's why I want to have my own account so that I can actually see the money I save. With my husband in charge, I can't see what's coming a nd going. |
that makes sense! to see the fruits of your labor
did u think of the idea of above poster to be a personal shopping?
spending other ppls money, and u get to buy stuff
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amother
Wheat
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Tue, Aug 30 2016, 2:46 pm
| amother wrote: | that makes sense! to see the fruits of your labor
did u think of the idea of above poster to be a personal shopping?
spending other ppls money, and u get to buy stuff | 
Lol. I tried personal shopping. It was to stressful for me . Any working is stressful for me. I do shop for my working siblings. That's just a favor, so it's no pressure. I enjoy volunteer work too, because that's no pressure.
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