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Are you good with money?

post #1 of 32
Thread Starter 
I hemorrhage money like it's my job. I don't know why, either, I don't buy extravagant things, I go shopping other than grocery maybe once a year, etc.

I just always seem to spend more than I have

I just recently cut up two of my credit cards and put the other one in a drawer so I can't use it unless I HAVE to (like, rush Zissou to the vet or suddenly buy a plane ticket, real emergencies), and I am paying them off pretty steadily. Hopefully that helps a lot.

What is it that seems to make some people good with money and some people like me? Any of you have advice for me? I'm trying to have no debt, first, and then start saving up some, and I don't get much.
post #2 of 32
Originally Posted by Zissou'sMom View Post
I hemorrhage money like it's my job. I don't know why, either, I don't buy extravagant things, I go shopping other than grocery maybe once a year, etc.

I just always seem to spend more than I have

I just recently cut up two of my credit cards and put the other one in a drawer so I can't use it unless I HAVE to (like, rush Zissou to the vet or suddenly buy a plane ticket, real emergencies), and I am paying them off pretty steadily. Hopefully that helps a lot.

What is it that seems to make some people good with money and some people like me? Any of you have advice for me? I'm trying to have no debt, first, and then start saving up some, and I don't get much.
Pay for everthing in cash. Everything. It will make you think twice about how much you are spending.

Also, put your credit card in water and freeze it. If you want to buy something you'll have to let it thaw out before you can get to it.

I've started a 10% account. Every paycheck I stash away 10% of my paycheck. I pay it like a bill.
post #3 of 32
yeah, I feel your pain Julie I make really good money, but haven't been able to save a dime over the last 8 years the divorce didn't help, but a lot of it is my own darn fault! Food is a major expense for me, if I would just grocery shop and cook it would help tremendously if I didn't have 12 cats that would help too! I've always paid my bills, but never had much left over
post #4 of 32
Yes..I am awesome with money

I learned a hard lesson in college maxing out three credit cards.

My current Credit card balance is always at 0..and I have never paid a bill late. I don't shop for myself..unless its a new cd every now and again.

I have investments that I put money into every month.

I do sometimes feel strapped, but I have never actually been completely broke. I would gladly get another part time job if the need ever arose. (My car breaks or Trout gets sick).
post #5 of 32
Heck I am useless with money, I've got soo much debt its not funny, surprised the debt collectors aren't knocking down my door. And what do I have to show for my debt? absolutely nothing. I was working 80+hrs a week last year, and the $ was only just enough to cover my living expenses. have only 1 credit card, with a low limit. I have been to budget advisers and they offer little help and some of them just couldn't work out, how with my income and my out goings I had next to no money. My income was nearly 2x my debt, but yet I have no money. I keep receipts if I don't get a receipt I write it down.

I've got just enough money to support myself for another few months before returning to my home country. I don't care what my wife says or others, I won't allow her to support me. Even if it'd her idea that I be a house husband.

Sorry kinda took over your thread there. But I too am no good with money.
post #6 of 32

*wipes away tear*

Heavens no.
post #7 of 32
I'm good with money just a poor student.. both me and my husband recently returned to school so money is tight. We pay our bills on time allways have food, rent and the cats get well taken care of so I guess were doing good.

Only haveing one 500$ limit credit card helps... I refuse to let them up my limit.

Pay things in cash!

Allways looking for the best deals for big items like furniture, electonics, etc. Scratch and dent! Sometimes even talking to the sales person gets money off or a better deal. Like incudeing a 3 year xtra warenty or a upgrade. Example, getting a free split boxspring for our new bed. Sometimes it pays to be a cheepskate!

Talking to lenders and credit card personel sometimes can get a lower intrest rate.

Setting aside a small amount of money to yourself in a saveings account before you do anything else is also a good thing.

I buy food on sale, all my dry and canned items are from big sales. Meats and other foods I get in the larger family packs or when they are really on a good sale, I split them into smaller portions and freeze them.

Every once in a while I splurge a tiny bit on my husband and I, it helps the spending sprees people can get on if they get more money than they normaly have.

And one last thing if you buy something or recive a service and are truely not happy with, say something! Nothing like finaly parting with your money and not being happy with what you got. Complaing can do some wonderfull things.
post #8 of 32
Yes, I'm good with money, I just don't have any!!!
My car is paid off but I have a feeling I will have to get a new one before the year is over.
I have a daughter that has been in orthodontic treatment for years, but that is totally worth it. I haven't bought a house, I'd like to, but am not ready yet.
I am a single mother, I am the only source of income; it's tough.
I do have some savings, I own a couple stocks -nothing big- but hopefully they will be worth alot more when I'm gone, they are for my kids.
The only thing I really wish is I had some kind of retirement $$ building up, 401K or something.
I do have big credit limits on my credit cards, which have low, low balances, so that is kind of comforting . . . . I think.
post #9 of 32
How would I be good with money if I suck at math? no, I am not good with money at all.
post #10 of 32
A good money management course is Dave Ramsey's Financial Peace (think you can find it online too). We just did that in our church small group. While we are pretty good with our money, it did teach us a few new tricks, etc.

The best helpful thing is the "envelope" system - surprisingly it works very well and you actually have money you didn't know you had out of the paycheck.

And the bottom line is you need to assign your money to go to certain places; "tell it where to go" otherwise it will go somewhere else and you won't have a clue as to "where did it all go?"

One of the biggest problems is the easy money in credit cards and the companies aiming this at teenagers to get them into debt very quickly! Others are the "no money down" sceams too.

DH and I had a discussion about why do so many lottery winners (big time) are broke in a very short time.....he says and it makes perfect sense. IF you know how to handle a small amount of money (your paycheck), then you can handle a lottery winning. IF you waste your money now and are always broke; then you will do the same with millions of dollars.
post #11 of 32
I am pretty good with money. Lately, I have been spending more than I wanted to, but I still live at home and have the leisure to do so. I am in the process of saving for a house, furniture, and my account will be built up incase "something breaks", because you know there will always be something that does.
I have my money in money funds and put aside a small amount for each one each month. I also have a Roth and 402b that money gets put into each month. I had a huge student loan, but I have already started paying it off and will have it paid by next year. I don't like debt so when I finally move it will be nice to have that cleaned off.
I am always saving because you never know when you will need it. I only have two credit cards. I would only have one, but discover is not taken everywhere. I always pay all my bills on time and never put anything on it that I can't pay off, which means I always pay the complete amount each month. If I really want something bad enough, I will save up for it.
I will be starting another fund just for the cats because I want to know exactly how much I will have for them and it's better than getting pet insurance, IMO.
Try getting a log book and start logging the amount of money you are spending and where it is going to. That may help you figure out where it is going to. Paying in cash is a good idea also. I carry my credit cards with me, but only use them if I need to. I don't carry an ATM because that keeps me from spending more money and if I really need cash, I have to go to the bank to get it.
post #12 of 32
I think I'm good with money. I own a house that is worth more than what I paid for it cuz I rehabbed the old ugly thing. My car is paid for, runs great. My kids are well dressed and really want for nothing.

Yup I have credit card debt, yah, but this is America. It's up there, too!

If I had a dollar for every credit card I did the 'cutting up ceremony' with, I'd be able to pay everything off. All those 'musical credit cards' (where you transfer the 12% interest card debt onto the 0% interest card for a year) only work for so long. But it does work. Short term, anyway.

I have a credit card set aside just for pet illnesses / vet visits. And one for household problems (garage door just fell down? dishwasher just exploded?). Kind of keeps a running tally on where I've been!
post #13 of 32
Originally Posted by lookingglass View Post
Pay for everthing in cash. Everything. It will make you think twice about how much you are spending.
I spend more money when I have cash. I use my debit card to pay for about 95% of the stuff I buy because that way I can go online and see exactly where I spent my money.

I am horrible with money. I very rarely buy anything big. We do have a 42" tv, Playstation 3 and a Nintendo Wii, but those are the only big things we own and were all paid for with bonuses, not paycheques. I really don't make much though (about $300 a month) and my boyfriend makes about $300 a week. We pay the bills, buy food, go out to a movie every now and then and thats about it. We don't waste money going to bars or anything. We do eat fast food quite a bit but that is going to stop soon.

I have 2 credit cards and my boyfriend doesn't have any. I have a $300 limit card that I mainly just use if we are buying something online, and I used it to pay for the hotel when we went away once. My other one is for where I work. It has my 10% employee discount on it automatically and it is only a $1000 limit. Neither of those are too hard to pay off.
post #14 of 32
Originally Posted by Zissou'sMom View Post
I just always seem to spend more than I have
Try to open an account abroad, it might help you to keep the money there and not touch it

I see it as a better thing than opening a CD because you can find yourself following the progress of your CD everyday and that's not 'healthy'
post #15 of 32
We are really good with money (ok maybe I didn't need to spend $150 on gardening books today they were on sale and no shipping).
We save alot every month-when I mean alot its 40% of take home plus we have Roth's and Neil contributes 15% to his 401K.
What some people think of essential we do not have such as cable TV, hi-speed internet, extras on the phones. We do not eat out very much-I have a large veg garden and we have a big freezer in basement so when items go on sale I stock up-I probably wouldn't have to go grocery shopping for 4-6 weeks!!! I don't stop for coffee in the am-I bring my own water jug to jobsites-I don't by bottled water unless there is no option. At gas station I only just get gas. But I do have my weakness-books and magazines and plants!!
Neil grew up in a large family on a small dairy farm-there just wasn't any extra money so he doesn't shop for any extra items ever!! If I sent him to grocery store with a list that would be all he would buy!!
We pay our only CC off monthly and use the float on it to our advantage-buy a larger ticket item shortly after CC cut date and float that money until the CC bill comes due and then take out of savings acct. I try to watch for items to go on sale then buy at that time-ie Target had Smith and Hawkens solar lights on sale 30% off-I had been stopping in every couple of weeks to watch for the sale-then I bought them-saved $40!!
For anyone who doesn't know where they money goes-keep a spending diary.
Also menu planning works real well for the grocery budget too.
post #16 of 32
Ehhh..that's part of the college life. I remember spending like $2K a month in college and only brought in maybe $1500 a month.

What finally helped with me (at least before I got this job and moved in with B) was that I set up my online banking to automatically transfer $x over to a savings account. That way I never really saw the money and I had it there in case of an emergancy (Or senior trip ).

Also, what doesn't help is that its easy to get a credit card and easy to buy things in this day and age. I never allowed myself more than one credit card in college. Even afterwards it took me 7 years before I finally got a second one.
post #17 of 32
I was clueless, but have learned everything from my husband who is great with money. Thanks to him we have been completely out of debt for years and are in a position to buy a house. (We are waiting right now to see what's going on with the market.)

We've started teaching our daughter to save 10% of her money, and have shown her how money makes money. She's very excited about the concept and never wants to spend any of her money!
post #18 of 32
Originally Posted by JuJubee View Post
Yes, I'm good with money, I just don't have any!!!
My car is paid off but I have a feeling I will have to get a new one before the year is over.
I have a daughter that has been in orthodontic treatment for years, but that is totally worth it.
Same for me. Plus I manage to show my cats once a month. And my daughter just started orthodontic treatment. I do have my own home also.
post #19 of 32
I'm hopeless with money but am finally getting better. I've never really had much so have never learnt to budget. What I do now is each payday I budget for the month ahead (I get paid monthly). All my bills go out as direct debits within a few days of my salary going in, then I sit down and work out what I need to buy that month (haircut, birthday presents, petrol, cat food, credit card payments, savings etc.) and what's left gets divided by how many weeks in the month so that I know how much I have to spend on food, going out, clothes etc. Then I withdraw my weekly allowance in cash and make sure I use cash to pay for everything. If I run out I just have to make do until the next week. I've become very good at buying food cheaply and take a packed lunch to work. I've finally realised that saving a little here and there really does help as it all adds up.
post #20 of 32
LOL, I am not that good with money. I have a problem of saving up all of it and then spending it all in one shopping trip! It's to tempting for me!
post #21 of 32
I'm pretty good at dealing with my money. I have a set amount go into my savings account each paycheck, so I save up money there. I only use my credit card for things, and that is rarely. And I pay my credit card fully every month so I have no interest.

My boyfriend and i have only bought 2 major purchases. One was a bed which was $1200, paid off within the year and a half with 0% interest. And the next was a 42" plasma. Amazing deal, so we couldnt turn it up. (He works at Best Buy) So we'll have that paid off within the 0% interest period.

I'm still saving and not in debt. I feel I'm doing alright.
post #22 of 32
Yes, i'm pretty good with my money. I pay myself first (save) with every paycheck i get and i make sure i have enough money before i buy things and i only use cash. I don't have a credit card,i don't feel like i need one. I pay all my bills eithor early or on time and NEVER let myself get behind. I saw how horribly my mom and aunt struggled to take care of my sisters and I and my cousins when we were little- i don't want that for myself.

I took personal finance in high school and learned a lot of good habits from that. I try to keep a list of everything i buy so i can make sure i keep my spending in check. (for me, it's not the big things- i never really buy big things- it's the small things that add up so i watch that and try to have some self control.)

The BEST advice i've ever recieved as far as money goes is PFY (pay yourself first.) From every single check you should be saving some. I also have my retirement account set up in a CD that i do not touch- i only add to it. I have a Savings Account (emergency money, whatever i need) and a Miscilianious account for things i want to save up for - like the wedding, having our bathroom painted which i just did...etc. I also have a little "emergency fund" set aside for the animals if they should need it.

I think credit cards (even though i'm pretty disciplined about saving) would be too much of a tempation for me, so i don't have one.
post #23 of 32
I've always been good with money.

My motto is "If you havent got it then you can't spend it, and if theres something that you want, then save for it".

I'm fortunate that i've never needed a credit card and i havent got any debts, but i've seen people where they buy sofas on interest free credit and don't have to pay for 4 years, but once the novelty of the new sofas worn off and they finally have to pay for it they get depressed because they have to find the money
post #24 of 32
I'm pretty good with my money.

The trick is (as most people were referring to here) is to make your money less liquid. If you have all your money in a checking account (completely liquid), get it the heck out of there and into a savings account or a CD, and just leave enough to survive off of, or minimum balance in the checking.

If you have a lot of credit cards, try to reduce it to just one, with a lowish limit (like $500/mo). That way you're limited on how much money you can spend off credit, plus if you credit card/personal info gets stolen they'll quickly max out and limit the amount of money you lose. Your savings will have a limited number of checks you can write, so use those to pay your big bills that don't fluctuate in value (mortgage, loans, etc, same amount every month).

If you have to spend a lot of money (medical emergency), you can use up one of your savings transfers (gov't limits it to 6/mo). If you're saving for a car or house, open up a savings or IRA specifically for it, so you're not tempted to touch it and you know exactly how much you have for it. The same can be done for like shopping/rainy day. Stick in the amount of money you want to give yourself for that purpose, and then take it out when the time comes.

Also, internet banking is your friend. Use it if it's available to you, and become very proficient at it. You'll become very familiar with your account and if ANYTHING happens, you'll know before your bank does.
post #25 of 32
My DH is the poster child for spending all of his money. If he has $10 in his pocket he will spend it. If he has $1000 in his pocket he will spend it.

After about 15 years of trying to coach him on the topic, I finally got him to pay off all of his credit cards. He did that right after I paid off the mortgage to our home. Once he realized how good it felt to be debt free, he started paying attention to where his money goes. He's been much better since then.

I'm the one that is good with money in our household. Other than the mortgage, I've been debt free for about 25 years. I even pay my cars off within 6 months.
post #26 of 32
I am the one with all the money power in our home. Dh has a debit card though. I know how much he spends, when and where. I am anal about money like I am about my house. I have to have enough of it or I get very nervous. What is enough? I really don't know. I just know if it gets under $500.00, I get very panicky. No idea why. I know that we will have this much each week, and every other week mine will be there too. so why do I panic? Oh well, the cats are taken care of, the bills are paid, we have food and necessities, and money to spend on what we want, etc so I guess I can't complain.
post #27 of 32
Rob & I are pretty good with money. We pay extra on all our loans, we've put away $15,700 in the last year for a land/home down payment, we pay off our credit card in full every month ... basically we use his pay as regular spending money, and my pay as bills/credit card/money market money.

I saw what credit cards did to my parents ... they are so far in debt that they dont own a penny of the house they put $100k down on when they bought it in 04. My mom racked up $30k+ in credit card debt buying tons of jewelry she doesnt need (she has a $36,000 diamond ring...) I never want to be in the situation they are in, scraping up the mortgage payment every month because if they miss just one, the bank gets the house. So I've pretty much decided to be good with money.

Every now and again we'll splurge on something, but we dont go shopping very often - just minimal grocery shopping for lunches for work and a snack here and there. We're bad when it comes to going out to eat (but there rarely is anything to eat at the house we're at..) We dont go to fancy restaurants though, so it's not all that expensive and we deal with what we've got if we dont have the money.
post #28 of 32
I grew up with a family income that the government considered poverty apparently. (we already owned the house which helped). So I learned early you don't spend money.

And I appreciate it so much on the rare occasion that I buy stuff that it makes it easy.

I almost NEVER eat out. Not even fast food - it adds up. Always cook or bring your lunch to work and only let yourself eat out 1-2 times per month. You'll be shocked how much that will save you. If you don't know how to cook - learn. Those microwave dinners aren't much cheaper than eating out.

Never shop for food hungry - you'll spend way too much.

Only buy clothes when you absolutely need something and only get what you need. Shop at places like Marshals, Ross, or the garment district if your in Southern California. No the clothes won't last forever but they don't really need to - and most of my stuff has lasted over 5 years and it is all SUPER cheap.

Pay with things with your debit card, that way you only spend what you have NOW and you don't just hemorrage cash with no clue where you spent it. You can go online and account for every penny and see where you are spending too much.

See if you can get by with a cheaper cell phone plan. It amazes me how many friends I have with $80+ cell phone bills. Do you REALLY need instant internet access wherever you are? Didn't think so.

Make a realistic budget and stick to it. Cut things as needed until you're not spending more than you're bring in. When I was in college I lived on $800/month. And $625 of that went to rent. (granted my parents paid my cell and car insurance but everything else was mine). So I did food, bills, and fun stuff on 175/month. Its COMPLETELY doable - yes it sucks and you never get to do anything fun. But you aren't going into debt.

Thats what I do and it works for me. It all is really perspective you have to reconsider what you can and cannot live without and if you really think about things you don't think you can give up - you'd probably find you could give it up if you had to.
post #29 of 32
I totally suck with money. I don't go shopping either, I always blow it on crap like fast food or junk at the gas station.
post #30 of 32
I have double standards on the money. I refuse to pay over $30 or $40 for jeans or a shirt (or most anything for that matter) that I like. I buy things on sale or discounted for myself. But when I buy for my family or the cats, I will spend it.
I nickel and dime my money. Never spend a lot at once, but little by little. I am so afraid to be broke. I want to provide for my family and myself.
But, I manage my money well, I think. I am very meticulous with paying my bills and stuff. And I've been trying to rub-off onto the BF.

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