Budgeting Tips?

[sigmagrrl]

Anyone here trying VERY hard to save money?

I make a decent living, but after the rent/necessary bills (elec., gas) are paid, I am generally broke for two weeks....

Currently, I use coupons, discount grocery store cards, cook at home (only go out once a week and only at happy hour prices), haven't bought new clothes in heaven knows how long, and am about to cxl my internet access ($16/mo).


I would love to hear how everyone makes their last pennies spread.....

[DGqueen17]

I can't save money. It's impossible. If I do save money it's to buy something expensive. When I was in high school I saved money for about 2 months so I could buy a Fendi bag when I went to NYC.

The only thing that I do that kind of saves money is collecting change. Always pay with bills then put the change in a jar then cash it in after its full. When my piggy bank is full I usually have like $30. Then I spend it on Coronas and underwear.

[DeltAlum]

DeltAlum's law of family finance.

"No matter how much you earn, that's how much you spend."

I'm only "sort of" kidding.

When we were younger, the only way we were able to save was by "enforced" plans like company retirement, etc.

It's tough. I see my kids going through the same thing.

[winneythepooh7]

Welcome to my world. What I do is bring my breakfast and lunch to work now, and prepare my dinner at home. I have cut out going out on the evenings and weekends. If I do go out, I plan for it in advance so I know I will have cash on hand to do so. I don't use my credit cards anymore unless it's an absolute emergency (I was at the mall and felt like buying something trendy is NOT an emergency). Also, I have $200 from each of my paychecks directly deposited into a savings account at a bank that I have difficulty getting to, so I don't dip into it. You'd be surprised how much you save just not eating out. I make sure all my bills are paid first before I take any other money out to spend on anything. Also, I have come to the realization that I am a Social Worker and I am on a limited means. Some of my friends make a lot more money then I do and can afford to go on fancy vacations and blow $100 in the NYC bars several nights per week. That is not me, and I am not going to try to live like that is my lifestyle. I feel that this is why so many people never have $$$$$ for anything--trying to keep up with others who may or may not have $$$$$ either.........

[Jadey28]

This is a very tough time of the year for most people when it comes to finances. I applaud you for realizing your situation and not spending money that you know you don't have. I agree with winneythepooh7 about not living the lifestyle that others seem to have. I'm willing to bet that most people who can afford to spend lots of money constantly don't have major bills to pay (rent, gas, electric, etc).

Have you looked into a part time job that you can work on the side to make some extra cash? I'm not talking retail or restaurant, but something you can do on your own time. Party Lite, Mary Kay, Avon, etc. are all ways to make extra cash without having to spend a lot to become a consultant. I know plenty of people who make this their full time job because the income is so great. Just my suggestion. Good luck!

[norcalchick]

Try selling stuff on ebay for some extra cash. Right now I'm selling my books and will be selling some shoes in the next couple of days. I have not worn some of them, or wore them once and won't wear them again.

[IowaStatePhiPsi]

mmm... selling back books! Forgot about that. I'll put that on the list of things to make money.
Other things: selling plasma. $200 a month to "donate" plasma twice a week.
My goal is to not buy anything for 2 weeks and hopefully not have to make a repair on my car (short in electrical system for heating and wipers)

[norcalchick]

You can sell back you school books to the college bookstores, but i don't know how much you get back. I heard it's not that much though. If you sell them on ebay, you should wait until the next semester/quarter starts because that's when people will look for books. I haven't used half.com, but I guess a lot of people have books on there too.

[DGMarie]

You could get a roommate. Or find someplace cheaper to live. You say you make a decent living. Have you written down where all your money goes?

The old saying goes "you cut your coat to fit the cloth."

[chideltjen]

I started living on my own recently. I realized that not having a roommate was tough on the finances so I cut a few things.

•Netflix... get off of it. That's $20 a month to go toward something else.
•Cancel your landline if you have one: if you have cable internet and a cell phone, you are better off without it.
•Dumb down your cable to the extreme basic... or use rabbit ears. (I'm never home, so I don't watch TV.)
•Carpool to work/school - saves on gas
•Stop buying Starbucks, et al. (This helps A LOT!)
•Pack your lunch the night before
•Pay attention to what your electricity needs are. If you are constantly leaving lights on, have the heater on all day unregulated, or keep your computer on for days, it may be affecting your bill.

[33girl]

Don't wear things you have to dry clean.

Launder at the rents' house or a friend who has a washer/dryer - i.e. try to avoid the laundromat.

WORD on skipping Starbucks - it's so expensive. If you must eat out at lunch Wendy's dollar menu is your friend and it's got enough choices that you won't get bored. If you drink pop at work, buy 2 liters and bring them in instead of paying 60 cents or whatever from the vending machine. Same if you drink juices or bottled water or snacks.

Make sure your gas reading is the actual reading - they might be estimating to your disadvantage. My gas and electric both have a budget option so you don't get screwed at the times of year that you use them the most often.

[winneythepooh7]

I agree location is everything. I could live in Manhattan but don't want to spend $1200 a month (or more) on rent for something smaller then I have now so I opt for Queens. I recently also cancelled all my cable except for the basics. I have the minimum minutes on my cell since I have a work cell, and local only package for my house line. I am planning to cancel this in the future as well. Not getting coffee and a bagel from D&D anymore saves me tons. I buy bagels at the grocery store for $1.25 for a package of 6. The bagel and coffee combo at D&D costs almost $3.00 here. I also leave a ton of snacks in my drawer at work, along with fresh fruit on my desk. That way I am not only eating healthier, but I won't spend $2.00 running across the street to the bakery for a snack. I was thinking of cancelling my AOL broadband but don't think I can deal without having the internet at home right now. Besides, I don't think that $65.00 a month is going to "break me". Oh yeah, consolidate all your student loans. Mine start up in February. If I were paying them all seperately, it would be over a $1000 a month probably. I have come to accept that school loans are always going to be there and it is better to have just those as part of my debt as opposed to massive amounts of credit card debt. Entertain at home. I would much rather spend time in and buy a cheap bottle of wine or a 6 pack of beer then go out and spend $7-$12 on only one drink, then $20 or more for the cab home when I am too tipsy to take the train home. I also try to limit the amount I drive. Yeah, I have a new car, but my company also has vehicles we can use to go see clients in so I do that. We are also given an unlimited metrocard for work too so sometimes I use that. This is gonna be my car for the next 5 or 6 years probably so I want to keep the wear and tear down so I don't have to shell out a lot of dough for car repairs. Oh, instead of going out for dinner, I have been making my boyfriend food at home. Even if it's something simple like a sandwich, he thinks this is the sweetest thing in the world and I think most guys like women who can cook as opposed to having to spend a lot of cash on them for expensive dinners

[Jaggergirl]

I hear you on the lifestyle thing. But something to keep in mind: a lot of people who are "living the life" are doing it on credit. Very few people actually have the money they're spending. I'm serious. Have you seen what the average credit card debt is in America? Its staggering. And 20somethings are leading the pack. So don't feel bad when your friends spend $100 on drinks every weekend. The next day you wake up with money in savings and they have a hangover and credit card debt.

As far as figuring out where to cut back, there are lots of little things and people here are giving good advice. Do you know how to make a chart in excel? If so, I recommend spelling out your monthly budget in there and seeing where its getting eaten up. Gas bill? Maybe you need more blankets. Eating out? Try appetizers. Rent? Get a roommate or move.

For the holidays I'm trying to be very smart about my gift buying. I'm making cookies and breads for people instead of buying stuff. When I do buy, its either heartfelt or inexpensive. Just today I was at a site that sold super cute plushie toys (www.bedbuggs.com) for about $6. That covered most of the little kids in my family.

Hang in there!

[AGDee]

One way to save that totally prevents you from spending the money is to make sure you're claiming Single with 0 exemptions on your W-4. You get no interest, but if you really can't save any money, do it through tax refunds. Also, look into whether your employer offers I-series bonds. This way, it is taken right out of your pay check and put into a bond which cannot be liquidated for a year.

You do say that you use coupons and grocery discount cards, but do you make a grocery list? I plan my menus from the sales ads that week, buy generics and only buy what is on my list (unless it is an absolute necessity that I forgot to put on the list.. like toilet paper!). I realized that I throw out half a package of ham lunch meat every pay period because my daughter doesn't use a whole package in a week for her school lunches, so this time I separated them into small freezer zip lock bags and put them in the freezer as individual servings. I am doing the same with hot dog and hamburger buns. I realized I was throwing out a lot of food because I couldn't use it all before it went bad. I have cut my grocery bill in half using all these methods. Ditto on what people have said about vending machines or buying pop (soda, coke, whatever) by the singles. Sometimes, using a coupon isn't as good of a deal as buying the generic. Try to use coupons that will be doubled too.

[valkyrie]

Get a sugar daddy.

I'm kind of kidding but not really. I can't budget at all so I just spend when I have it and then eat at Taco Bell when I don't.