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Post by Rare_Commodity on Mar 7, 2011 16:24:02 GMT -5
I have been a budget since November and have saved so much money. I have always clipped coupons but now I do other things to save money. I drive almost 30 miles one ways so somedays I car pool. I go skating every Thursday its only $2.00 great workout and great entertainment.
1) Creat a budget and track your spending. Clip coupons
2)Conserve Utilities and Water to lower your bills.
-Shut off lights during the day and open up the curtains.
-Evenings by candle light.
-Either turn down the heat (winter) or turn up the cool (summer) at night and while you are gone.
3) Eat in, not out-plan and take your lunch daily to work
4) Car Pool
5)Cut out or down on the cable or satellite television bill
6)Plan outings for free, or minimal cost
7)Liquidate-garage sale or sell things on EBAY
8) Use cash not credit
9) Pay off old debt or make payment arraignments
10) Pay more than the minimum on credit cards
What are some things you do.....?
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Post by T-Rex91 on Mar 7, 2011 16:37:20 GMT -5
#8 is pretty much my go to. Under that comes avoid impulse buys and time big purchases to sales (i.e. cars at the end of the year, flatscreens in March, etc.)
I have never successfully mastered #2
<---Cannot sleep unless the TV is on
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Post by Rare_Commodity on Mar 7, 2011 16:45:50 GMT -5
LOL that sounds like my mom! She just bought a flat screen AND she has to have the TV on to go to sleep.
I never could understand why they say cash not credit/debit but I see now. You get to swiping that card and next thing you know you've spent over $100.00. I get paid once a month so I had to find a balance. I really want to own things and not rely so heavily on credit.
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Post by QueenOH on Mar 7, 2011 16:46:21 GMT -5
I can't car pool. Not everyone has my schedule even if they do work near me. At a moment's notice I could be staying as late as 8pm and I know someone else is gonna be pissed if it is my day to drive. Or I have to run errands for my boss during the summer so I need access to a card everyday.
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Post by Rare_Commodity on Mar 7, 2011 16:52:13 GMT -5
That makes sense. Another option could be the train or bus...I keep saying I am going to try it but haven't got around to it. But paying $20.00 for a monthly bus pass is better than paying $60.00 a week for gas!
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Post by QueenOH on Mar 7, 2011 16:55:17 GMT -5
That makes sense. Another option could be the train or bus...I keep saying I am going to try it but haven't got around to it. But paying $20.00 for a monthly bus pass is better than paying $60.00 a week for gas! You wouldn't say that if you rode Marta. I live OTP and trust I am looking for ways to cut down on gas |
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Post by Rare_Commodity on Mar 8, 2011 9:09:50 GMT -5
LOL I rode the Marta once when visiting fam...yeah it was a sight. I have always been scarred of public trans., there are some crazy folks on there but to save some money it may be worth it. I just don't like the fact you have to stand outside this TX heat ain't no joke.
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Post by All Pledging Is Legal on Mar 8, 2011 9:10:52 GMT -5
fuck a budget. You only live once.
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Post by Rare_Commodity on Mar 8, 2011 9:14:17 GMT -5
Why the foul language ohhhhhh you need Jesus.
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Post by QueenOH on Mar 8, 2011 9:21:56 GMT -5
LOL I rode the Marta once when visiting fam...yeah it was a sight. I have always been scarred of public trans., there are some crazy folks on there but to save some money it may be worth it. I just don't like the fact you have to stand outside this TX heat ain't no joke. Marta can be entertaining, but I couldn't do it day after day. It takes 2hr to get to a destination that is 2mins away. If time is money. I lose money taking public transit. I would take if if the buses didn't break down all the time and the fair didn't get hiked to almost the same as gas prices |
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Post by Rare_Commodity on Mar 14, 2011 15:34:54 GMT -5
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Post by Cambist on Mar 15, 2011 7:14:53 GMT -5
How to eliminate debt? Those things mentioned earlier are good ways to start but how do you pay off credit cards, automobiles, furniture, etc..?
First, you must stop the bleeding! There is no need in bandaging a wound if you are going to cut it back open or intentionally cut yourself in another part of your body, right. So stop spending.
Second, get on schedule to pay your bills on time. You must set a baseline. There is no need in putting an extra $50 on one bill if you incur two $35 late charges on others. You'll never get ahead. Make sure all bills are paid on time. You may have to adjust your lifestyle to save money but that's what you have to do. See recommendations above.
Third, create another bill. When you pay your bills every month, pay yourself (much like you SHOULD do with your savings) an extra $30-100 (depending on your income this may be higher but lets start here). Use this money to pay off the SMALLEST debt you have. So if you have 3 credit cards, furniture, car note, it should look like this:
Credit Card #1: $35 (Balance = $600)
Credit Card #2: $35 (Balance = $1000)
Credit Card #3: $40 (Balance = $850)
Furniture: $75 (Balance = $2650)
Auto: $300 (Balance = $4700)
In this scenario, you should make each monthly payment on time. Then, if you can budget an extra $50 per month towards debt reduction, put that on the Credit Card #1. So you're making the scheduled payment PLUS an extra $50 each month. Once you pay off that card, take the $85 you have ($35 monthly + $50 debt reduction payment) and start on Credit Card #3. In most cases, you want to attack the lowest amount first.
Continue to do this until you pay off everything. You can increase the amount you use for your debt reduction but always make sure it is MORE than what you initially dedicated. The key is being consistent and sticking to the plan.
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Post by Rare_Commodity on Mar 15, 2011 8:13:33 GMT -5
^^ Great advice!  I have been in the credit card revolving debt cycle for too long and started credit building back in 2009...first thing I did was pay off myauto loan. I canceled my CC's all but 1. I also recently (2010) opened one secured cc to strengthen my credit. I pay cash (debit card) for most purchases. |
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Post by Rare_Commodity on Mar 15, 2011 8:32:35 GMT -5
Third, create another bill. When you pay your bills every month, pay yourself (much like you SHOULD do with your savings and TITHES) an extra $30-100 (depending on your income this may be higher but lets start here). |
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Post by T-Rex91 on Mar 15, 2011 8:32:55 GMT -5
Closing credit cards is not the way to increase your score. The system is warped. Pay down balances and use them sparingly. Your credit score is positively affected by how much available credit you have. Having several cards with very low balances actually pays better dividends than one card with a higher balance.
Go figure. Your credit score should sowehow reflect income to debt ratios but it doesn't! It's purely a function of how you manage whatever credit you have.
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Post by Rare_Commodity on Mar 22, 2011 8:38:28 GMT -5
Save money on treating your kids to a eat out.
Great app---->http://www.kidseatfor.com/
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Post by LejaOMG on Mar 22, 2011 9:02:00 GMT -5
Third, create another bill. When you pay your bills every month, pay yourself (much like you SHOULD do with your savings and TITHES) an extra $30-100 (depending on your income this may be higher but lets start here). yeah, I pay myself 10% of each paycheck...but I transfer it into a "luxury" account that I use mostly for travel. Not sure if that counts as saving, but it feels good to be able to buy a plane ticket or rent a car or register for a conference without having to touch my operating capital. At the end of the year, when I'm ready for my New Year's Eve trip, it's nothing more than a word. I tend to splurge about once every couple months (usually on cocktail dresses...not sure where I picked up that obsession, lol) but its become such a solid habit, that it's now built into my budget. I would also like to have some "petty cash" in the house for a rainy day. Alc suggested saving $5 bills. I don't use cash frequently enough to receive change in order to make that a worthwhile plan for me, but I think he said he did pretty well with it. I'm thinking maybe doing a $20 "cash back" every time I buy groceries. I'm preparing to do some cosmetic work on my home, so I need to figure out a savings plan for that. |
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Post by Rare_Commodity on Mar 22, 2011 9:17:35 GMT -5
I haven't been doing this I have been lumping it all in "savings" but this is a great idea too. These are all good ideas.
*mental note: Savings Account,Splurge Account,Petty Cash*
My hardest thing is when I log onto online banking and I see the accounts and SEE the money it makes me want to transfer and spend...
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Post by Rare_Commodity on Mar 22, 2011 9:21:36 GMT -5
What about a Financial Independence Challenge (kind of like the weight loss challege). you wouldn't be cheating anyone but your self but it helps with motivation hmmmmmm?
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Post by LejaOMG on Mar 22, 2011 9:26:53 GMT -5
Maybe I could do a dollar-for-dollar match on my alcohol or grooming purchases.
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Post by Rare_Commodity on Mar 22, 2011 9:30:17 GMT -5
Ok I'mma search the inet for some parameters and come back and start a thread if enough people are interested...
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Post by T-Rex91 on Mar 22, 2011 13:07:39 GMT -5
Bottom line, don't get into it. Some things are hard to avoid like mortagages and student loans but avoidance and restraint trump a good pay down plan any day. You need a reliable car, not a tricked out luxury car. Too much on the income side is unpredictable these days to count on being able to pay multiple debts over the long term.
As for the financial independence idea, good idea but I don't carry any debt except a mortgage so I can cheerlead but not participate.
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Post by Rare_Commodity on Mar 23, 2011 9:24:34 GMT -5
Yes I agree. On Yahoo News the other day they were speaking about a lady who got denied a mortgage because she lived with family and had no debt and they made it seem like it was bad. I heard on the radio how leasing a car is bad for most people (www.clarkhoward.com). Yeah now that I don't have a car not it feels great I rather have medicre, reliable and no loan versus luxury, reliable, and car note. That's good '91 I'm trying to get like you and Leja!
*takes out notepad and a black colored pen and continues to take notes*
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Post by LejaOMG on Mar 23, 2011 13:18:53 GMT -5
Don't get like me. I have $100k+ student loan debt staring me in the face everyday. I'm paying it as prescribed and I'm pretty smart with my money...so my credit score is pretty solid (i suppose), but the mental anguish of knowing that you owe someone THAT much money is very stressful.
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Post by Coldfront06 on Mar 23, 2011 14:59:38 GMT -5
Bottom line, don't get into it. Some things are hard to avoid like mortagages and student loans but avoidance and restraint trump a good pay down plan any day. You need a reliable car, not a tricked out luxury car. Too much on the income side is unpredictable these days to count on being able to pay multiple debts over the long term. As for the financial independence idea, good idea but I don't carry any debt except a mortgage so I can cheerlead but not participate. This is my philosophy...I hate debt with a passion. I've been saying forever that I'm going to buy a new car...but the one I have is paid for and it runs most of the time...LOL...so I'm delaying that as long as possible. |
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Post by 123Diva on Mar 23, 2011 21:50:23 GMT -5
I need to start a travel account, and also a gifts account. At this point, both may have to wait until after grad school  Any tips on where these types of accounts should be located? Wheredo you all keep these 'other' type of Savings accounts? (e.g.-brick and mortar, online,under the mattress, storage, etc...) |
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Post by LejaOMG on Mar 24, 2011 6:32:00 GMT -5
I need to start a travel account, and also a gifts account. At this point, both may have to wait until after grad school Any tips on where these types of accounts should be located? Wheredo you all keep these 'other' type of Savings accounts? (e.g.-brick and mortar, online,under the mattress, storage, etc...) My primary (brick and mortar) bank...I have several accounts that I manage online. That way I can transfer funds back and forth and so on. |
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Post by Cambist on Mar 29, 2011 7:02:44 GMT -5
Mortgage and student loan debt. I only use charge cards (not credit cards) or my debit card for purchases and reservations.
Yeah, my car is 6 years old this year but it still looks good, runs well, and gets good gas milage. My house is 30 years old but it's in a wonderfuul neighborhood, has no problems, and is adequate for the needs of my family of 4.
Just took a vacation and stayed 4 days longer than expected....but paid cash and wont have to worry about "paying off" a vacation that I took 6 months or a year ago.
Pay off your credit accounts. You don't necessarily have to close them since one factor in determining credit score is age of account. Just make sure you pay them off and then destroy the card.
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Post by QueenOH on Mar 29, 2011 8:23:02 GMT -5
my bank closed my credit card account when I paid it off and stopped using it
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Post by Rare_Commodity on Mar 29, 2011 9:09:44 GMT -5
Yeah I had that happen too so maybe I should have just left a small balance or used it ever now and again to keep it "active".
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{=}http://s2.images.proboards.com/sad.gif{/=}
I have been in the credit card revolving debt cycle for too long and started credit building back in 2009...first thing I did was pay off myauto loan. I canceled my CC's all but 1. I also recently (2010) opened one secured cc to strengthen my credit. I pay cash (debit card) for most purchases. 
