the "let's talk money and how to save"

[imoverherre]

Plan and simple. let's talk MONEYnothing more nothing less.

How to save, Investments, tips on how to make some on the side. Planning a budget, ect ect. Ask question about anything money. Let make this like "money Monday" sort of thing.

But please keep it legal. Nobody what to here that you would a extra shift in your local strip to fund your race car (if you now what I mean) :duh:

I'm bored so don't flame on me lol.....

[word sux]

How is stripping illegal?

Sent from my SCH-I535 using Tapatalk 2

[fyneyoungstunna]

I work in a tip industry. I have a prepaid debit card that I put all but $20 of it on. I use my paycheck for bills. If I'm short I pick up an hour or two.

My downfall is that I buy cars on a whim and electronics.

[bc.]

Plan and simple. let's talk MONEYnothing more nothing less.

How to save:
Don't get on Zilvia, because you will look at other peoples cool shit and want it for yourself, before you know it, you flushed $7K down the pooper.

[TougeLove]

Do things right the first time. Buy good tools, better clothing, they will last longer and save you money in the end.

too many people worry about short term and never think about or lose focus on long term.

You either make more money or spend less. I cut about 40% of my monthly expenses by getting rid of a nice car and buying a cheaper one. 06 350z->01 Civic, adding netflix and hulu+ and getting rid of cable, and dropping my internet down 2 levels. I also recently picked up a scooter (ruckus) and drive that most of the time. $2100 for a 2013 ruckus, 114mpg..cant beat that.

Also, dont budget on a monthly basis. Companies love when people never look at the actual cost of something, just whether they can afford the new monthly payment. This is why people work paycheck to paycheck. they almost feel a need to be strapped for cash, our subconscious actually likes drama.

Are you in school or did you graduate? If not, go to school. Im currently working on my MBA and also attending a UC school for a certificate. I have some student loan debt, but when I am done I will have the education for most jobs that start near 100k. (i also have 10 years of manager/corporate experience)

I remember being 22-33 and looking for ways to get money and would get pissed when friends with degrees are making 60-75 out the gate. I started school late but am happy I am where I am today.

Some people "get it" and some dont. This is why there is the 99%'s

Get rich quick schemes rarely work out. You only hear of the success stories. My wifes uncle has been trying these for almost 15 years and he still lives with his mother, racks up her credit, and borrow money from everyone.

If you're modding a car, DO IT RIGHT THE FIRST TIME. don't buy something because its cheap then realize you dont want to go that route. mod your car in stages. Save up in increments of $2k and then buy a group of parts. This will help keep your focus on the end goal, and question whether you really want to spend all that money on it or if it could go to better use.

[TougeLove]

oh and if school is an option DONT pick art history, communication, just business, english, creative writing, etc. When you hear people complain about the lack of jobs, its typically because they have some shit degree that is only used for teaching. unless you work for a university that needs that specific degree, you will find very little value in those types of degrees.

[xoxide]

How to save money? Dont buy a 240.

How to save even more? Dont mod cars.

[collegekid]

Let's see, I'm only 21 so I won't act like some super knowledgeable financial adviser.

I'm still in college and I live at home. So, from that I would say keep a good relationship with your parents so you don't have to pay out of your asshole for an apartment. Unless you really want to live the "college life" and be broke all the time, just spend the extra hour and drive to school if you live not too far away.

Don't go out to bars more than twice a month. I went twice this summer. I never really got the whole bar scene and how it stays so interesting for so long. Buy a case of beer and have people over your house. I work at a beer store. It's like $20 for 24 bottles and its the same if you have like 2 drinks at a bar, WTF? A case of beer, pizza, and stuff for beer pong is much cheaper.

I buy clothes twice a year. Once for summer, once for winter clothing. I like to wear plain shit, so I usually find things cheaper than others. $50 for a t shirt that has a huge NIKE print doesnt really make me feel comfortable.

90% of my money is spent on car parts but I buy the right shit instead of knockoff stuff.
Also, if you plan on modding your car, the first things you should do is security. The worst thing in a build is having to start over because someone stole your car and it was stripped.
Make your car a pain in the ass to steal and not worth stealing. Don't put stickers all over your car to brag about what parts you have.

Cook for yourself. Eating healthy is cheaper than fast food. Remember everything has a price. Maybe the food costs a bit more but remember the inevitable health problems you are causing yourself. Spending $20 more on groceries is cheaper than all the fucking prescription pills you will have to buy later in life.

Wear a condom and pull out. Otherwise you get 18+ years of financial restraint, stress, and responsibility.

[blueshark123]

Play the lottery.

[cdlong]

"the lottery is a tax on people who are bad at math"

:)

[7x13]

Have a Job.
Dont get into Debt.
Buy what you need not what you want.
Dont get Married.
Dont have a Kid.
Dont buy a shit car.
Don't eat out at restaurants.
Give up Drinking/Drugs/Smoking

[andisan]

Get an education and like someone already said, make sure it's a degree on something useful, and get a part time job and make money while your in school.

Wait till your set in your financial life after school, then you can either start a family or get all the things (toys) you want :)

[TougeLove]

Dont get Married.
Dont have a Kid.


I disagree. My wife has her mba, currently pursuing her MFA to become a professor at a private university. She already has a job offer when she completes her degree and is guaranteed six figures. in 5 years we're on course for being somewhere around 175-200k a year.

The best two words in the english dictionary: DUAL INCOME.:naughtyd:

I would say this though, dont get married if shes some lazy piece of shit that just wants to hang out all day smoking drinking fucking and spending your hard earned money.

also kids are a great write off. I think my sister gets around 10k back a year from taxes for 3 kids. plus thats kind of fucked up not to have a kid JUST because you want to spend money on a car lol.

[blueshark123]

Marry Rich.

[stevenrapids]

Marry Rich.

That is the #1 plan for anyone.

But, if you can't find that honey hole this is how i manage money.

College student
-live at home
-buy a gas saver
-drink/eat at home as much as possible(take advantage of home cooked meals)
-Go to cheap/shanty bars that charge slim to none for over poured drinks
-put up half your paycheck for savings or a rainy day
-buy parts or things that hold resale value well(Do research and search for deals also)
-don't live outside your means, i know a bunch of people that take loans out for everything, just plain dumb

[7x13]

I disagree. My wife has her mba, currently pursuing her MFA to become a professor at a private university. She already has a job offer when she completes her degree and is guaranteed six figures. in 5 years we're on course for being somewhere around 175-200k a year.

The best two words in the english dictionary: DUAL INCOME.:naughtyd:

I would say this though, dont get married if shes some lazy piece of shit that just wants to hang out all day smoking drinking fucking and spending your hard earned money.

also kids are a great write off. I think my sister gets around 10k back a year from taxes for 3 kids. plus thats kind of fucked up not to have a kid JUST because you want to spend money on a car lol.


Going through a divorce so I'm some what bitter at the situation.:(
I love my son though. I guess I was kinda vague.

Ment dont have a kid or get married if you can't afford it.

[TougeLove]

sorry to hear about that.

kids and marriage/divorce can get expensive.

[S14kouki_10]

College student here. I try to live on a $10 a day budget. If i dont need to spend those $10 a day i wont. Thats just everyday spending though, doesnt include bills. I try my best to stay away from restaurants, I've noticed thats where most of my money goes. What has helped me is having multiple bank accounts, one for daily spending other for bills. etc. Just gotta keep up with them.

[johnydoesit]

Im 21, still live with parents. Some things I do have already been mentioned.
-DO NOT live outside your means
-always put any size amount from your paycheck into a savings account (i personally put 100 every paycheck)
-eat as much as possible at home. if you don't live with your parents then learn to cook. I did.
-as mentioned buy high products once, rather than buying cheap multiple times.
-if you don't really need it, then try to stay away from it. kind of hypocritical seeing as cars are a very expensive unnecessary hobby.
-get an education. I started working full time right out of high school. though i made decent money for some one at that age ($18 an hour), I realized last summer that it would not be enough to make a decent living in the future especially if i were to ever have a family.

Question for any college grads and current students. Im currently looking to get back into school, but am not sure what subject to pursue a degree in. any suggestions?

[collegekid]

Also thought of some things

-Stop using your credit card. It's nice to have it as a backup in case you need it, but I see too many people using it as a primary source of payment, and then wonder how the hell they are going to pay the $700+ credit card bill later. I understand that people want to build credit etc etc, but life probably won't have a lot of situations where you need to have good credit if you just know how to spend money wisely.

This goes along with the first thing
-Use CASH. I'm not saying this so I can rob you when you're walking down the street. I know someone who has never used a credit card in his life, never had a single bank account, and never borrowed money (who really knows). I also think there is some sort of shock value when you count out how much you plan on spending rather than just swiping some small plastic thing you keep in your wallet. It really makes you second guess what you buy. It will help you make better purchases too.

I've actually seen someone who won $1000 from a scratch off lottery ticket stand there and actually drool. Like he was jumping around all happy and when I held it in my hand to give it to him, he froze and drooled for a second. Don't be that guy.


-Also for other college people, don't buy jack shit from the school store. Remember, college is run like a business and they ask for money like a charity. Aside from the fact that everything is run like a business these days, always be prepared. For example, those lab goggles you might need are like $5 at a home improvement store versus $15-20 at the school store. You're paying an extra $10 because you didn't take 5 minutes in the morning to check your damn schoolbag.

-When you go out shopping, (groceries etc) make a list of everything you might need in the house. You can make a list based on what you might need for a certain room, or you can categorize it like (clothing, office supplies, groceries, etc)
I know it sounds stupid, but it will actually help you save time and make sure you only buy the shit you need. There are people who just walk around and browse through every aisle, spend like 45 minutes at a store, and then later complain they have no time to do anything. TIME is MONEY

- When buying stuff, don't waste too much time comparing prices. Before you try and argue, I am suggesting that to save 25 cents on a bag of apples, don't drive 5 miles to another store ( burning like $1.50 in gas). You should be able to judge whether or not to buy something from the store you are at versus driving somewhere else in a matter of seconds.

-Try shopping at small businesses, especially for groceries. I'm not saying this to benefit myself ( My dad owns a beer store AKA a small business), but a lot of times they have things cheaper than big box stores. You have to do a bit of quality control yourself, but normally you can get it cheaper. Also, depending on what you buy, you can also negotiate with the owner/manager about getting a small cash discount. I will explain below.

Credit cards offer incentives to normal people to use them. They might offer you a small percentage of cash back on everything you buy, but for how much THEY make and how much YOU get back, it's not even worth your time. The thing is, Credit card companies charge a shit ton to business owners, whether its the local grocery store or a franchise. The transaction sale charge is like 1-2%, but if you do the math with all of the other charges ( I did) , business owners actually get charged about 10%. That means that at the end of the year, 10% of whatever business you did goes to the credit card company for no reason.
Business owners will know, but I'm putting it out there NOT because I want you to go put walmart out of business by using a credit card for a water bottle (they actually lost money on that transaction) BUT BECAUSE IN SOME SITUATIONS IT WILL HELP YOU SAVE MONEY!


/thread

[EnemyS15]

2 points that will lead to a relaxed financial life.


Get an education that pays

LIVE WITHIN YOUR MEANS!!! people like to live like a baller when they financially can not. Do not splurge on a 2k watch when you only make 2200 a month. IMHO, this is the #1 reason people can not save money. They put what they want over what they need and that want puts them under each month.

[tricky_ab]

For me, I just set a realistic budget for myself. The challenge that people have is to STICK WITH IT!

Learn to save money. I get 15% of my pay automatically deposited into a savings account. I don't really "miss it" when I don't "see it" on pay day.

Cash is king! Using credit cards is cool, if you have the cash to pay for the items at the end of the month. Don't think of your CC as being an extension of your bank accounts.

Don't have the funds? SAVE!!!

2 points that will lead to a relaxed financial life.


Get an education that pays

LIVE WITHIN YOUR MEANS!!! people like to live like a baller when they financially can not. Do not splurge on a 2k watch when you only make 2200 a month. IMHO, this is the #1 reason people can not save money. They put what they want over what they need and that want puts them under each month.

I actually came here to post this.

It seems like a lot of people like stretching themselves thin over material goods.

[HIGHFIVEBETA]

-Dead that credit, you think that subordinate indebtendess gonna pay you, forget it. Don't let the bank fuck you

-Go to college. Pick computer science, engineering, or any other real science as a major.

-Save $ every check. I'll be the one to say it again. And by savings I mean retirement savings. Not savings so you can go spend it on your 240sx

-Learn about the financial markets and make educated investment decisions. Buy low, sell high

-Always look for a deal. Ask yourself what is the maximum you're willing to pay for something. If it's above what you would previously contemplate on paying, it's not yours. Period. Get the thought in your head that everything has price (Price: The maximum you will pay until you consider your opportunity cost. Opportunity cost: Have more money for a better next buy or for savings) Sometimes a good deal will take time. Practice patience

-Have a woman who is a big drain on your income? Then ask if she is still willing to stay if finances get hard or if you just decide to save more money for your future. Spending money on your broad is understandable. But if shes asks you for shit constantly, drop her.

[initial_jc]

Dont follow the hype in clothes, electronics, cars, dont eat out everyday.

NO credit cards if you cant afford it now you cant afford it later.

[enkei2k]

I'm the opposite of most people here when it comes to credit card use.

I use my credit card whenever possible because my credit card company gives me 1% cash back on most purchases (2-5% on others). HOWEVER, I know exactly how much is in my checking account and check to see if I can afford the purchase or not. Use the credit card to your benefit. Boost credit rating for the future and cash back? Sure why not.

Always write down how much you spend. I've been keeping tabs on my spending for the past 5+ years and at the end of every month, I write down the total spent. If the total is too high, make adjustments to spend less.

Ditch the gym membership. I had one for a while and it wasn't really worth my while. I realized that many things you don't need weights for and can be done for free. I can go to my local park and they have pull/chin up bars, a track for jogging, sit up bench, etc.

[Dolph_KYAS13]

I'm the opposite of most people here when it comes to credit card use.

I use my credit card whenever possible because my credit card company gives me 1% cash back on most purchases (2-5% on others). HOWEVER, I know exactly how much is in my checking account and check to see if I can afford the purchase or not. Use the credit card to your benefit. Boost credit rating for the future and cash back? Sure why not.


I Agree with this 100%. I do the same thing and make sure its payed off at the end of every month. In fact I use my Credit card for all purchases to avoid withdraw fees at my bank.

I believe also that you can use the "buy now and pay later" to your benefit, you just have to be very careful. I bought my sectional like this because if i signed up for the stores credit card I would save an extra 20% In addition to the30% off for the boxing week price. Now I dont have to pay for it until christmas 2014 but ive paid it off already so it was win win. You just have to stay on top of it.

Buy everything on sale. This goes for groceries, tools or anything else. I went into Canadian Tire today and picked up a set of wrenches for 70% off. They have a lifetime warranty and are good enough quality for the average user. Its also easy to get caught up in sales flyers make sure you are looking for something in particular and not getting things because they are a good deal. Buy meats on sale in the grocery store as they can always be frozen.

Which brings me to my next point. MAKE LISTS and think about your purchases. you work hard for your money. Make sure youre not spending it on things you dont need. Compare brands and prices. Lots of products (especially power tools) are all the same just branded differently. read reviews and make educated decisions about each purchase. Always "sleep on" a purchase, its easy to get caught up and end up with something you dont need.


Do everything yourself (where applicable) Make extra for dinner and bring it to work for lunch the next day. Saves you a TON of money, is healthier and saves time. Buy tools for a certain job that way you have them for the next time not to mention the gratifying experience you get by doing it yourself and the skills you learn.

CAR Wise. drive slower, you save on fuel, wear and tear and tickets. I can get 50-70km to a tank more by driving 105 km/h rather than 125 km/h. The few minutes of time saved doesnt make up for it. oh and buy a civic for a DD.

When building a car, have an end goal and take baby steps to get there. do the work yourself, learn and buy quality parts. MAKE SURE YOU CAN AFFORD THE HOBBY. or else you will end up with a busted, ill maintained car built with cheap parts and has a high heatscore.

[sw20>>s14]

-Go out to have fun and enjoy good company, but don't drink yourself silly at $12/drink
-Don't have a girlfriend because a $700 anniversary dinner is not cool.
-Avoid the Zilvia marketplace like the plague.
-Have a firm grasp on "want vs. need."
-Get out of your comfort zone and make a conscious effort to excel in your career every year or two (more frequent if you're in the tech field).
-CONSTANTLY review the options in your career path.
-Don't be too embarrassed to use coupons or other promotional means of saving.
-Also don't be embarrassed to shop around for the best price of something. Everyone always buys in on the convenience factor or caught up on the appearances/perception of being viewed as cheap.
-Learn to cook staple foods that last a while in quantity.
-Forget Starbucks, Boba, Jamba Juice, or any other type of indulgence (or at least scale down the frequency if you're a no good dirty fiend).
-Understand that "saving" isn't a means of instant gratification or tangible (well, I guess it technically is tangible), but a tremendous force in the aggregate. Don't pass, get lazy, or think you're too good to save less than $5 bucks on something, or even $0.25. Think big picture; think AGGREGATE.
-Make 'mo damn money.
-Don't be American.

[BustedS13]

Don't buy a car you have to make payments on until you can afford it. If you have to do the math, you can't afford it.

Don't get hung up on what other people around you appear to be able to afford.

Don't pay credit for anything but property. Maybe gas and food, if you want to build your credit. But don't go ringing up Macbooks and shit you don't need.

Cook your own meals.

Take public transportation. Ride a bike.

Get the best paying job you possibly can with your skillset. This seems obvious, but I worked for significantly less than I currently make. I did for years, and I didn't have to, because I didn't know better opportunities were out there.

Don't waste your money on college if your life plan doesn't require it, or go to community college. Don't wind up with six figures of debt on an art degree.

[NiSilS14]

-Categorize your spending, and create a budget that fits within your paycheck. If you over spend in one category, you'll know where to cutback.
-Learn to balance your checking account.
-Keep your hobbies in check, don't go all crazy on throwing down Gs on your car, clothes, girls, electronics, unless you 100% sure you have the extra income for it.
-Save for what you really want. Want those sweet Work wheels? Keep putting away those pennies.
-It's already been said but know your wants and needs. There's gonna be good deals to lure you in to buy stuff. Ask yourself if you need it or just want it because it's cool.

[BossHogg]

This is a hard subject as it is easier for others than some people. It all depends on income to. The more you make the easier it is to save and make more money. I personally pay cash for everything. Only take a loan out when absolutely necessary. I pay it off fast to. Like this year for instance i paid off 13 gs to wipe out the student loan. Avoid as much interst as possible.Try to keep a set a zero amount. Like make 10 grand your 0 limit. Anything over 10 grand is spendable. Make money management a hobby. A big thing is make sacrifices. Dont waste money on short term happiness (movies, games, cheap parts etc). Don't follow the terrible american logic of fall in love and have kids. Love is a temporary emotion. You can love any woman at anytime. Women arnt going anywhere they are in every city. Kids are an automatic money pit. Wait until you get ahead in life. People get prego to early and throw thir life down the drain. A 10 grand tax return isnt shit compared to what you spend over the course of a year for them. I got 8, 500 back with no kids or wife. Focus on the long term. Invest invest invest. Its all mindstate. You got to want it and be able to mentally take the sacrifices to achieve stacking cash.

[collegekid]

I agree on the Set 0 limit. I kept mine at 2,000 before but I kept raising it as I made more money. Say for example, you save 2,000 in one month, after your bills are paid etc. Save 1,000 of that and keep the other 1,000 as your hobby/spending money. Basically, SAVE a penny, SPEND a penny. Or just keep raising your set 0 amount.

Keep your credit/debit cards in your wallet in such a way that you can not whip it out in under .5 seconds to buy something. I keep mine in a slit with a fold up note that asks me

-is it necessary?
-will it help you make more money?
-would this purchase make you feel better than donating to charity?

Saved my ass plenty of times.


There are a lot of tricks with making lists to keep your purchases in check but few people want to spend an hour making lists of groceries,healthy diets, necessary clothing , etc.
The simple point is to only buy what you need, but too many have a hard time distinguishing between need and want.


Avoid convenience store type pharmacies unless its a serious emergency. A lot of big box stores spend a lot of thought/time/resources to get you to make impulse buys. This goes for any store but the small convenient type stores seem more effective because you aren't really walking around the whole store to give yourself that time to second guess your purchase.

[Silverbullet]

I know the number of OGs on here are dwindling as life goes on, but I know there are still a handful of us on Zilvia.

Something I've been trying to figure out is my personal budgeting.

Back when myself and many of my car friends were in our late teens to early 20 somethings, it was sustainable to spend all of our spendings into our cars and go to track events and such as we had limited responsibilities and were still under semi-care of our parents. Half a decade later- times have changed!

After breaking down my necessary spending, it appears the amount we have left over as "fun money" tends to fall a little shorter of what we'd expect from what we predicted while we were in college.

I'd like to share my budget, and maybe others can chime in and we can all compare and contrast with each other.

House spendings (mortgage, rent, ins) - 1100
Bills/Util (house utilities, internet, cell phone)- 550
Food/Dining (groceries, occasional eating out) - 300
Auto/Transport (gas, insurance, small maint items, NOT MODDING)- 250
Student Loan- 50
Pet stuff (rolling balance for doggy food and vet visits) 30
Health/Fitness (Gym memb) 20
Savings (personal savings, and auto repair/maint NOT MODDING)- 700

I consider the above to be mandatory for my day in day out. What is left over monthly is a few hundred dollars, and quite frankly, i'd like to have some money to go out and travel, hang out at cafes, do a little shopping in the city, or just even invest some more on my houses.

I'd like to read about how some of you guys break down your budget, and how you guys save money for car stuff, or if you're just as stagnant as I am and am having a hard time finishing your car for the past few years.

Go!

[sidewaysil80]

Budgets are crucial. But moreso is the ability to immediatley cover your responsibilities upon getting payed. Have fun with whats left. Also, credit cards are great if you have he means/willpower to pay them at the end of the month and only spend what you have. I 've pretty such sidelined my bank card in favor of a credit card that offers up to 5% back. I just set a mental limit for whatever disposable cash I have around and don't overspend. I'm literally getting free money from the credit card company.

[brndck]

I just started using a free iPhone app called "spending".
Every time you spend something, you enter it in, and what category it goes in, etc.
I'm not gonna post my expenses but I'll just say that so far this month Way more on car parts than on Rent.

[Silverbullet]

I just started using a free iPhone app called "spending".
Every time you spend something, you enter it in, and what category it goes in, etc.
I'm not gonna post my expenses but I'll just say that so far this month Way more on car parts than on Rent.

brndck, that sounds awful having to input EVERY purchase. Try Mint.com and its app. If you're okay with it, it links all of your bank accounts, credit cards, loans, and assets into one location. You can set your budgets and it'll take every purchase you made on any of your accounts and categorize it into the appropriate budget or spending type. Certain purchase may require you to input what category it belongs in, but it learns real quick. The result is real easy to view status of your budget any time you want. Its great for the micro and macro managers that like looking at metrics.

[tiggertsi]

brndck, that sounds awful having to input EVERY purchase. Try Mint.com and its app. If you're okay with it, it links all of your bank accounts, credit cards, loans, and assets into one location. You can set your budgets and it'll take every purchase you made on any of your accounts and categorize it into the appropriate budget or spending type. Certain purchase may require you to input what category it belongs in, but it learns real quick. The result is real easy to view status of your budget any time you want. Its great for the micro and macro managers that like looking at metrics.

i totally disagree with this. in particular with mint. this is my opinion but i don't want anyone having access to any of my financial data. also i find that working out budgeting the old fashion way, by manually writing it down and accounting for it, keeps me more on top of my finances than any software program i've ever used. it tends to make me make a conscious decision everytime i spend any money instead of spending money and then later looking at what i've done by opening up some software. tho the main drawback to manually doing it is discipline.

[blueshark123]

i totally disagree with this. in particular with mint. this is my opinion but i don't want anyone having access to any of my financial data. also i find that working out budgeting the old fashion way, by manually writing it down and accounting for it, keeps me more on top of my finances than any software program i've ever used. it tends to make me make a conscious decision everytime i spend any money instead of spending money and then later looking at what i've done by opening up some software. tho the main drawback to manually doing it is discipline.

Welcome 2 the new century why bother doing it by hand

[sw20>>s14]

Welcome 2 the new century why bother doing it by hand

It's not for efficiency or "getting with it", but more so for mentally reconciling your expenditures and reassessing your spending habits accordingly. I still reconcile every single purchase/receipt at the end of the month online and tag them for my quarterly/annual reports.

TIL: I should stop being an idiot by smoking, having multiple cars and a bike, contributing more than normal to my 401k (although it'll come in handy later on), and buying hundreds worth of toys each month in addition to sustenance and modding.

[fliprayzin240sx]

You want to have a budget that sticks...do the envelope budgetting.

How to Do Envelope Budgeting (with Pictures) - wikiHow (http://www.wikihow.com/Do-Envelope-Budgeting)

The idea is simple, you stick with what's available for you. It's harder to want to spend money on something when you physically see how much money you have left for something you budgetted for. Keeps you from going swiping crazy and blowing your budget.

[irritatedmax]

Yeah, listen to some Dave Ramsey and do the envelopes. It's crazy how you start saving cash. Put the plastic away.

[tiggertsi]

Yeah, listen to some Dave Ramsey and do the envelopes. It's crazy how you start saving cash. Put the plastic away.

dave ramsey is good, i've read a few of his books. tho if you are doing exactly what he says you won't be buying any car related goodies until you have no debts whatsoever and can at least survive for 6+ months on what you have in your bank account. at the moment i have no debt other than student loans. debt free is the way to be.

[Silverbullet]

Put the plastic away.

I understand that many people do need to see their money in the form of a tangible form such as cash in order to keep one's budgets in check, however the huge huge disadvantage to that is not being able to utilize a credit card. I WANT all of my purchases tracked in the form of data. That data can be outputted into metrics for me to easily manage and analyize day to day whether its on my Mint app or on the Mint.com website. Also, by putting all of your purchases on a good credit card, you can rack up on reward points. I typically get 1-2 round trip flights a year from rewards. I pretty much depend on that for my vacation.

[tiggertsi]

I understand that many people do need to see their money in the form of a tangible form such as cash in order to keep one's budgets in check, however the huge huge disadvantage to that is not being able to utilize a credit card. I WANT all of my purchases tracked in the form of data. That data can be outputted into metrics for me to easily manage and analyize day to day whether its on my Mint app or on the Mint.com website. Also, by putting all of your purchases on a good credit card, you can rack up on reward points. I typically get 1-2 round trip flights a year from rewards. I pretty much depend on that for my vacation.

not being able to use a credit card is a disadvantage?
i keep track of all my purchases, i do it manually, it takes time that i grant. but i always know how much i have to the cent, doing it manually and with cash i also see where my money goes and i make sure to give all my money jobs to perform. and even better i have damn near cut out all extraneous spending by seeing that physical, though fiat, cash dwindle when i spend it on things like a coke here or a burger there or a dvd rental here. now i rarely spend any money in two weeks time other than on gas and the very basics.
i've tried some of the best budgeting and financial software out there and have even made my own spread sheets, frankly i find i can do it better, more focused and more disciplined by doing it manually, which is what i like. but to each their own as the saying goes.

but ultimately how does electronically tracking your data and gaining rewards on credit cards for going into debt help you save money? i would say if saving money is your goal then only by not spending money particularly money that you do not have to begin with such as credit cards and by not taking on debt can you save money. and believe me i've been in to debt up to my eyeballs, i've learned the hard way you can say. but after getting out, never again; credit be damned. this is my opinion, but credit is the biggest lie ever sold to the consuming masses and the quickest way to economic slavery ever devised.

[VNG704]

I use credit cards even though I have money. I just pay the bills on time with said money. This way you don't get in debt. The cc has rewards, unless you have a problem with overspending with a cc, why not? Secured cc may be a better option for some.

One way of saving I practice, is having a side account the gets direct deposits from my income. I never touch this account. Say, $25 a week or what you can afford, it adds up, trust me.

[240sxcure]

I use credit cards even though I have money. I just pay the bills on time with said money. This way you don't get in debt. The cc has rewards, unless you have a problem with overspending with a cc, why not? Secured cc may be a better option for some.

One way of saving I practice, is having a side account the gets direct deposits from my income. I never touch this account. Say, $25 a week or what you can afford, it adds up, trust me.

I practice the same thing. I use my credit card for every purchase and pay the balance off every week. I accrue about $40 in rewards every month. Never let it carry a balance.

You have to become disciplined and not buy more than you can afford.

The only real drag is that there is little money to be made in short term savings, even cds have lackluster interest rates at the moment.

[tiggertsi]

I use credit cards even though I have money. I just pay the bills on time with said money. This way you don't get in debt. The cc has rewards, unless you have a problem with overspending with a cc, why not? Secured cc may be a better option for some.


my reward is not having a credit card. rewards credit card companies give out to consumers to help them make profit off debt just fuels something else that would lead into philosophical confines. and again, my opinion, your first sentence completely negates the purpose to have a credit card.

[Silverbullet]

not being able to use a credit card is a disadvantage?
...
but ultimately how does electronically tracking your data and gaining rewards on credit cards for going into debt help you save money?
...
this is my opinion, but credit is the biggest lie ever sold to the consuming masses and the quickest way to economic slavery ever devised.

Yes, not using a credit card is a disadantage. You do not get reward points from using a debt card/cash, and you are not building credit. It is how you spend your credit and borrowed money.

Tracking my spendings via online allows me easy access to my metrics anytime.

Yes credit can be damaging to individuals, however you must understand economic wealth is based on debt in forms of investments and compounding interest.

To clearify, I'm not going into debt from credit cards. All of my cards are paid off automatically. If you want to consider that short window of transient time debt, then thats fine.

The more one uses a credit card, the more credit one is building. Credit matters to me as I invest in realestate. But like I said previously, my short term benafits from the credit cards is i'm getting atleast one free vacation annually.

[sw20>>s14]

^ This. People that avoid credit cards in utter fear are doing themselves a disservice. This nation and your opportunities in life revolve around credit. Good luck purchasing your first brand new car worth over $60k or first home if you never dabbled with credit.

Lack of credit activity equals no to low credit score/credit limit. Don't end up being over 30 just starting to build your credit with a limit of $2000, lol. Lenders look at credit score and credit limits (among other important data points, obviously), both of which take a long time to cultivate.

[t_rempel]

You guys are overstating the role that credit cards play in your credit score. They are important, but they aren't the only factor.
For example; I usually put less than $100 a month on my card and the last time I inquired about my credit, my score was 800+.
Just pay all your bills on time (cellphone, internet, utilities, etc) and don't hover near your credit limits.

The best things you can do is you can do is spend less than you make, avoid consumer debt like it's hepatitis, and spend time improving your earning potential.

[sidewaysil80]

I keep two checking accounts, one for spending one for bills. AS SOON as I get paid (2x month) I put half my total house related expenses into their perspective account. This is where my utility, mortgage, etc. payments/checks come from. I highballed the amount a little so no matter what surprises pop up (i.e. unusually high electric bill) pop up its a non issue.

As for the "spending" account, I use the iphone notepad. I just type the dollar amount of what is left after bills/responsibilites each pay deposit into the note app. EVERYTIME I use the card I subtract from that amount. In essence its a very simple checkbook that isn't itemized and takes 1.5 second to update.

[tiggertsi]

You guys are overstating the role that credit cards play in your credit score. They are important, but they aren't the only factor.
For example; I usually put less than $100 a month on my card and the last time I inquired about my credit, my score was 800+.
Just pay all your bills on time (cellphone, internet, utilities, etc) and don't hover near your credit limits.

The best things you can do is you can do is spend less than you make, avoid consumer debt like it's hepatitis, and spend time improving your earning potential.

yes definitely overstating. the rewards you get for using a credit card to me don't justify having one. and you can build your credit score without ever owning a credit card in your life. besides if you already have the money to pay your bills by using credit card and paying the interest on said card just to earn rewards to me is a preposterous idea. as well as the idea that "economic wealth is based on debt in forms of investments and compounding interest." but maybe i've done too much psilocybin in my day.

"All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation." - John Adams

[Silverbullet]

rewards credit card companies give out to consumers to help them make profit off debt just fuels something else that would lead into philosophical confines.

I see where you're coming from, and i repsect that view point, but really that is diving into a different discussion relating to morals, humanity conduct, and philosophy.

"All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation." - John Adams
I've been trying to do some research on that excerpt without any sucess. I'm interested in the break down of the context of it. If you have any insight, please share.

[tiggertsi]

I've been trying to do some research on that excerpt without any sucess. I'm interested in the break down of the context of it. If you have any insight, please share.

from my own experience one of the things that radically altered my view of what i thought was money was just a cursory examination of the history of how the federal reserve came into being and how the federal reserve act of 1913 was passed. of interest would be the mechanics of how "money" is generated into the system by the federal reserve using the fractional reserve method. from there, again from my own experience, just looking back through history and doing a little research on what exactly is money, how it is created, by whom is it created, whom has authority over it's circulation and to what gain is it created gave me a lot of insight on my own ideas and behaviors concerning it. particularly as it relates to american history from the time of the revolution up to now. one could say that really the history of america is a history of fighting a war to keep a central bank out of the economy which we lost in 1913 with the passing of the federal reserve act.

i really believe that if pressed most people do not really have a good definition of what money is, much less what credit is. and beyond that very few know that there is a real and defined difference between money and currency. fewer still realize that with our fiat based currency operating on a fractional reserve system that debt literally is money. debt is how money is "created" and dispersed into the system.

"If all the bank loans were paid, no one could have a bank deposit,
and there would not be a dollar of coin or currency in circulation.
This is a staggering thought. We are completely dependent on the
commercial Banks. Someone has to borrow every dollar we have in
circulation, cash or credit. If the Banks create ample synthetic money
we are prosperous; if not, we starve. We are absolutely without a
permanent money system. When one gets a complete grasp of the picture,
the tragic absurdity of our hopeless position is almost incredible, but
there it is. It is the most important subject intelligent persons can
investigate and reflect upon. It is so important that our present
civilization may collapse unless it becomes widely understood and the
defects remedied very soon." - Credit Manager of Federal Reserve Bank, Atlanta, Ga. 1935

i would also say don't believe what i tell you, don't believe what any one tells you, go looking for yourself and decide what you believe for yourself after taking time with the material you find. for me personally this is the reason why i've changed my behaviors concerning money and the reason why i do not use credit cards or have a bank membership (tho i do have membership at a credit union) and definitely not out of fear like was assumed in an earlier post by a different poster.

like i said above i think a good place to start is the history of the federal reserve and the federal reserve act, particularly how the act was passed. there are countless resources out there, good books, good sites, good documentaries.

one of the best documentaries i have seen on the federal reserve is put out by the ludwig von mises institute Ludwig von Mises Institute : The Austrian School Is Advancing Liberty (http://mises.org/)
and can be viewed on youtube here ......
Money, Banking and the Federal Reserve - YouTube (http://www.youtube.com/watch?v=iYZM58dulPE)

[sidewaysil80]

If you have willpower and spend what you can pay off at the end of the month (i.e. avoiding interest and debt) there is absolutley zero drawback to using a credit card in lieu of debit card. You will only benefeit, I literally get around $300 in cash rewards a year...no drawbacks or catch.

[sw20>>s14]

Just pay all your bills on time (cellphone, internet, utilities, etc) and don't hover near your credit limits.


None of those things help your credit score by the way. Sure they do a credit check when applying for a wireless account, but it doesn't help your score because there's no credit or lending involved (hence no penalty if wireless bills are paid a day or two late, you're only collateral for utilities is an initial deposit, and none are reflected in credit reports). It can't help but certainly can hurt if you're delinquent enough for it to go to collections. That's when your credit is substantially dinged.

Also, 800 is a great score, but what is your aggregate/cumulative credit limit? You can have an 800, but if your total credit limit is $2000 you're not going to be considered for something as measly as a $15k car loan.

Of course there are many (read: many, many, many) factors and geographical variances so YMMV. If you don't see the importance/benefit from credit, you don't. But if you have the discipline, it's definitely something that will help you down the line.

[t_rempel]

None of those things help your credit score by the way. Sure they do a credit check when applying for a wireless account, but it doesn't help your score because there's no credit or lending involved (hence no penalty if wireless bills are paid a day or two late, you're only collateral for utilities is an initial deposit, and none are reflected in credit reports). It can't help but certainly can hurt if you're delinquent enough for it to go to collections. That's when your credit is substantially dinged.

Also, 800 is a great score, but what is your aggregate/cumulative credit limit? You can have an 800, but if your total credit limit is $2000 you're not going to be considered for something as measly as a $15k car loan.

Of course there are many (read: many, many, many) factors and geographical variances so YMMV. If you don't see the importance/benefit from credit, you don't. But if you have the discipline, it's definitely something that will help you down the line.

Thanks for expanding on the aggregate/ cumulative limit. They are important. Mine is relatively low, since I don't have a mortgage or a high limit on my credit card. I do have a personal line of credit though.
If bills have no effect on credit scores, I was misinformed by my credit union. Sorry about spreading false information. I had figured that since you enter into a contract, any late payments would have a negative impact on your credit.

[tiggertsi]

But if you have the discipline, it's definitely something that will help you down the line.
exactly what discipline is involved with maintaining credit? sure some will fail at it, but that is designed as part of the credit/debt system, literally built into it and figured into it as one would calculate a formula. i propose it takes more discipline to use cash and save for the very things that most people take loans out to get. i haven't taken a loan out on anything since '03 and see absolutely no reason to do so. if i can't save the cash for it to buy it outright i don't need it. that's why i have no debt now and that is why everything i own is in my name; everything. and once you have no debt, loans or credit interest being paid at all it's disproportionately easier and faster to save money for the things you want and to budget how you see fit.

[spooled240]

^have you or are you planning on purchasing a home with cash? Especially in today's market you have to have some pretty good credit to qualify for a home loan

[acslater9]

I'm a college student (community college) living with my parents, I have a pretty good job (400-500/evry2wks). Anyways, if I wanted to start earning credit what's the best possible way to earn credit without digging myself in a hole. Reason I want credit is because I want a newer car I wont keep the 240sx forever, and I will be leaving for college at a University in the Fall of 2015. Thanks

[t_rempel]

I'm a college student (community college) living with my parents, I have a pretty good job (400-500/evry2wks). Anyways, if I wanted to start earning credit what's the best possible way to earn credit without digging myself in a hole. Reason I want credit is because I want a newer car I wont keep the 240sx forever, and I will be leaving for college at a University in the Fall of 2015. Thanks
The easiest place to start is yourself a credit card. Just use it for a regular expense (like gas) and pay off the statement balance every month. You could even keep the credit limit low (>$1000) if you're nervous about getting into trouble.

[zeitgeist]

Im doing great financially but I married a lazy bitch........fuck

[ZenkiKid]

I'm a college student (community college) living with my parents, I have a pretty good job (400-500/evry2wks). Anyways, if I wanted to start earning credit what's the best possible way to earn credit without digging myself in a hole. Reason I want credit is because I want a newer car I wont keep the 240sx forever, and I will be leaving for college at a University in the Fall of 2015. Thanks


If for some reason you can't qualify for a regular credit or you can only qualify for a shit interest rate then save up for a bit and get a secured visa.


Sent from my iPhone using Tapatalk

[tiggertsi]

^have you or are you planning on purchasing a home with cash? Especially in today's market you have to have some pretty good credit to qualify for a home loan

you can build credit without credit cards. besides my home is paid for. done with that. so it's a moot point. but if you did it right, like my friend, yes you damn sure can pay for a house with cash money. my friend has been working his ass off since he was old enough to work and has 3 houses and land paid for and well more then 300k in the bank. his secret? he doesn't spend money on anything he doesn't need. need, being the key word there. of course he is one of those that even now being as well off as he is he still won't let any money slip through his hands for anything.

we also have a neighbor that built his house himself on the land he bought by us. he roughly spent 12k on materials for the house and has himself one of the best 3 story log cabins i have ever seen in my life. both land and materials paid for with cash money that he had saved up. so yeah it can be done in multiple ways but it takes more focus, determination, discipline and planning.