How Are You With Finances...
03-09-2005, 09:57 AM
#1
Senior Member
Thread Starter
Join Date: May 2003
Location: Orange County, NY
Posts: 635
I don't know about you guys, but I'm the type that likes to save more than I spend. I don't know why, it's not even one of the guidelines in my faith to keep so much of the money you have.
But before I was 21, I saw $10k in my savings acct.
I'm the type, however, that still believes money shouldn't stand in the way of a good time. If I can't afford to drop $30-60 on a Rock concert, Snowboarding up at the mtns, or $20 a week on going out to eat, I should reconsider my finances.
I've never been in debt to anything besides a cell phone and insurance, until now. My FD has a small loan on it (Sub $6k) and so I have that as an added monthly bill now.
I've gone from saving $500+ a month to almost nothing. There's hope of a raise and some commission checks very soon, but I still hate the idea of not saving much.
I also just took on voice lessons which is another $120+ a month, and judging by my vigor for a musical future, I may reconsider where I spend/save my money. Just sucks that things like buying contacts, paying for B-day gifts, and such are actually taking away my chance to save more money. I should be doing this easily, should I not...
How much (If not a dollar amount, then percentage) do you save a month?
But before I was 21, I saw $10k in my savings acct.
I'm the type, however, that still believes money shouldn't stand in the way of a good time. If I can't afford to drop $30-60 on a Rock concert, Snowboarding up at the mtns, or $20 a week on going out to eat, I should reconsider my finances.
I've never been in debt to anything besides a cell phone and insurance, until now. My FD has a small loan on it (Sub $6k) and so I have that as an added monthly bill now.
I've gone from saving $500+ a month to almost nothing. There's hope of a raise and some commission checks very soon, but I still hate the idea of not saving much.
I also just took on voice lessons which is another $120+ a month, and judging by my vigor for a musical future, I may reconsider where I spend/save my money. Just sucks that things like buying contacts, paying for B-day gifts, and such are actually taking away my chance to save more money. I should be doing this easily, should I not...
How much (If not a dollar amount, then percentage) do you save a month?
03-09-2005, 10:05 AM
#2
Super Moderator
Join Date: Sep 2002
Location: Tallahassee, FL
Posts: 5,425
I save pretty much nothing. I'm another one of those paycheck-to-paycheck, over $2,000 in credit card debt Americans.
It seems like any time I get a sum of money in the bank, we go out of town, or something that drops it back down to next to nothing. I have assets though, so I'm not real worried. I also realize I'm pretty much ahead of the game for my age. Sure I have trouble paying for bills and such, but we have 3 running cars (2 not running), a motorcycle, a large house that's paid for (given to us), and I have a secure job that pays more than what most people my age (22) are getting. But I'll have less than $50 in my account before my next paycheck.
It seems like any time I get a sum of money in the bank, we go out of town, or something that drops it back down to next to nothing. I have assets though, so I'm not real worried. I also realize I'm pretty much ahead of the game for my age. Sure I have trouble paying for bills and such, but we have 3 running cars (2 not running), a motorcycle, a large house that's paid for (given to us), and I have a secure job that pays more than what most people my age (22) are getting. But I'll have less than $50 in my account before my next paycheck.
03-09-2005, 10:30 AM
#3
Senior Member
Thread Starter
Join Date: May 2003
Location: Orange County, NY
Posts: 635
Originally Posted by Baldy' date='Mar 9 2005, 12:05 PM
but we have 3 running cars (2 not running)
LOL You want to edit that sentence?
I could imagine not saving money would be a little better if one of my monthly bills was toward a mortgage, or something like Real Estate that appreciates or at least stays the same.
It also, like you said, depends on your situation and where that money is invested. I just hate not seeing my savings rise. I still have thousands in the bank I guess I'm just used to and liked seeing it go up and up...
03-09-2005, 10:42 AM
#4
Super Moderator
Join Date: Sep 2002
Location: Tallahassee, FL
Posts: 5,425
No, I have 3 cars that run, a Hyundai and 2 rx-7s, and 2 cars that don't run, another rx-7 and a Nissan (which runs, but I haven't driven it in months, about to sell it).
I guess the big difference for me is saving up for something. There's nothing that I need to save up for, except maybe an emergency fund, so I don't have a problem with not having a good savings stashed away. If I didn't have a house or car, or wasn't already married, I might be wanting to save up for something. And as for kid's college fund (he's 3), he has more money than I've ever had at one time, so I don't feel that I have to contribute to that (for the time being, anyway).
I guess the big difference for me is saving up for something. There's nothing that I need to save up for, except maybe an emergency fund, so I don't have a problem with not having a good savings stashed away. If I didn't have a house or car, or wasn't already married, I might be wanting to save up for something. And as for kid's college fund (he's 3), he has more money than I've ever had at one time, so I don't feel that I have to contribute to that (for the time being, anyway).
03-09-2005, 10:49 AM
#7
Super Moderator
Join Date: Apr 2002
Location: VA
Posts: 2,532
A word to the wisest of you young guys (and gals): Start saving now. Put something away every year, preferably in an IRA. If you don't, when you're an old fart, you'll be living in a box unless your kids are rich.
You should consider 10% of everything you make to be totally off-limits and save it.
I didn't follow my own advise, but you can benefit from my wisdom.
You should consider 10% of everything you make to be totally off-limits and save it.
I didn't follow my own advise, but you can benefit from my wisdom.
03-09-2005, 10:50 AM
#8
Administrator
Join Date: Jul 2001
Location: Stuart, FL
Posts: 24,416
Originally Posted by 1988RedT2' date='Mar 9 2005, 11:48 AM
A word to the wisest of you young guys (and gals): Start saving now. Put something away every year, preferably in an IRA. If you don't, when you're an old fart, you'll be living in a box unless your kids are rich.
You should consider 10% of everything you make to be totally off-limits and save it.
I didn't follow my own advise, but you can benefit from my wisdom.
You should consider 10% of everything you make to be totally off-limits and save it.
I didn't follow my own advise, but you can benefit from my wisdom.
I consider 20% off limits and hand it to the tax man, he's gonna take care of me when I get older.
