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      07-23-2012, 06:53 PM   #1
BMWFB02
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money management

I ve been making a bit more money lately because I work at 2 additional hospitals to the one I'm primarily employed at. I noticed that I still end up spending a lot and I don't feel that I make any additional amount. How do u manage ur money. What is the best way. Do u guys feel that u r able to save any.
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      07-23-2012, 07:04 PM   #2
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I am in the same situation. I am making triple what I was making 2 years ago but it's not showing. I am supposed to have a lot more money than what I have now but then again I am almost debt free.
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      07-23-2012, 08:04 PM   #3
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I was just thinking about this today as well before i came in at work. I am guessing the most of my money goes to going out to eat and spending it on un-necessary car parts. Starting last friday i am cutting back on everything to save up as much money as i can.
I am going to calculate all of my expenses and income for the month by 2 paycheck basis (get paid every 2 weeks). So we'll see where i stand then.

Also, if anyone has any tips, that'd be helpful as well.
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      07-23-2012, 08:15 PM   #4
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Save it. Invest it. Don't spend more than you have. Maintain the same lifestyle you did before even though your income has increased. Don't be fucking retarded

This thread hurts my feelings.
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      07-23-2012, 08:22 PM   #5
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U r right, most of my money spent on eating out and travel. Working hard prompt u to spend whatever to ve a nice break. I tried to calculate and made a set up amount of money to spend every week and save the rest but I still spend more. The thing that really worked was saving 10% of every amount of money I earn but I still feel that I should be able to save more and my spending is still high.
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      07-23-2012, 08:27 PM   #6
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Quote:
Originally Posted by Bimmer Nerd View Post

Also, if anyone has any tips, that'd be helpful as well.
Got a copy of excel or some other spreadsheet that you know how to use ?

Got a bank account and/or credit card that allows access to transactions via a web browser?

Log-on, do an inquiry into past transactions. Some of the better tools (especially with visa) will even tag your purchases with a category based on the retailer (computer guesses, but it can be really accurate).
Cut n paste your bank account and credit card transactions for the past 6 mos into a spreadsheet.

Use excel to group by category, and get totals for the past 6 mos.
This will show you where your money is really going, not where you sorta think it's been going (assuming you dont pay cash for a lot of stuff, this ain't 1980 after all).

This can be a very revealing & suprising thing to do, you wont believe where your money goes sometimes.
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      07-23-2012, 08:30 PM   #7
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Saving 10% of what you earn is weak... I understand certain situations dont allow people to save more but 20% should be a standard rule. Put it to you this way... I save 42% of what I earn monthly but I am pretty sure I am an exception to the rules when it comes to money management.
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      07-23-2012, 09:43 PM   #8
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Spend less than you make and marry a CPA. Works for me.
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      07-23-2012, 09:47 PM   #9
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Quote:
Originally Posted by MiddleAgedAl View Post
Got a copy of excel or some other spreadsheet that you know how to use ?

Got a bank account and/or credit card that allows access to transactions via a web browser?

Log-on, do an inquiry into past transactions. Some of the better tools (especially with visa) will even tag your purchases with a category based on the retailer (computer guesses, but it can be really accurate).
Cut n paste your bank account and credit card transactions for the past 6 mos into a spreadsheet.

Use excel to group by category, and get totals for the past 6 mos.
This will show you where your money is really going, not where you sorta think it's been going (assuming you dont pay cash for a lot of stuff, this ain't 1980 after all).

This can be a very revealing & suprising thing to do, you wont believe where your money goes sometimes.
This is what the CPA wife does...... She does that shit with her diet too..... and her work outs.... she may have a problem.
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      07-23-2012, 11:13 PM   #10
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Quote:
Originally Posted by MiddleAgedAl View Post
Got a copy of excel or some other spreadsheet that you know how to use ?

Got a bank account and/or credit card that allows access to transactions via a web browser?

Log-on, do an inquiry into past transactions. Some of the better tools (especially with visa) will even tag your purchases with a category based on the retailer (computer guesses, but it can be really accurate).
Cut n paste your bank account and credit card transactions for the past 6 mos into a spreadsheet.

Use excel to group by category, and get totals for the past 6 mos.
This will show you where your money is really going, not where you sorta think it's been going (assuming you dont pay cash for a lot of stuff, this ain't 1980 after all).

This can be a very revealing & suprising thing to do, you wont believe where your money goes sometimes.
+1000000

Having a monthly budget that clearly shows where every dime of your cash goes will help you live more comfortably. You'll very quickly realize where your cash is going and how you can make it last longer.
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      07-24-2012, 03:24 AM   #11
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      07-24-2012, 07:38 AM   #12
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Quote:
Originally Posted by MP0WER View Post
This is what the CPA wife does...... She does that shit with her diet too..... and her work outs.... she may have a problem.
I used to do that with my diet and work outs too and it works really well. I'm going start my son on one. As far as my finances I've never done one because I guess I'm afraid to find out where all my money is going to.
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      07-24-2012, 12:14 PM   #13
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mint.com.

just started using it but it gives a you a great view of your income, debts, expenditure, investments, etc. and it's free with mobile apps as well. very well designed and easy to use.

As for spending/saving in general, it's all about discipline aka stop spending money on useless shit.
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      07-24-2012, 12:19 PM   #14
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If your company offers a 401K you should max it out, if you can. Money comes out of your paycheck pretax and since you don't see it, you can't spend it. The earlier you start doing this the better off you'll be.
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      07-24-2012, 12:20 PM   #15
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It's really simple. The more you make, the more you spend.

The only way to stay on top of it is to make a budget and see where the money is going. Once you do that, you'll know where to cut back.
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      07-24-2012, 12:34 PM   #16
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Send a message via AIM to BMWPower06
www.mint.com
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      07-24-2012, 02:17 PM   #17
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Quote:
Originally Posted by bga23
If your company offers a 401K you should max it out, if you can. Money comes out of your paycheck pretax and since you don't see it, you can't spend it. The earlier you start doing this the better off you'll be.
If you want to have money when you are 65... great tip. If you want to be one of those that can afford to make riskier moves... then I would do other things. It comes down to having money when you are really old or trying to do something with your money today. People that generally go on retirement and wait for that big pay day are thoroughly disappointed... especially if they have been saving so long.
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      07-24-2012, 03:27 PM   #18
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Quote:
Originally Posted by Q4P View Post
Saving 10% of what you earn is weak... I understand certain situations dont allow people to save more but 20% should be a standard rule. Put it to you this way... I save 42% of what I earn monthly but I am pretty sure I am an exception to the rules when it comes to money management.
Saving almost half of what your earn is impossible for most people with a mortgage and especially family. I should back up and say that there are obviously many variables involved into what you can save.

Personally, I am single, have a mortgage, and put 10% into my retirement account and 10% into a savings account. I find if you set up auto transfers, it forces you to live on a budget that much less.
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      07-24-2012, 03:32 PM   #19
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Quote:
Originally Posted by danniexi View Post
mint.com.

just started using it but it gives a you a great view of your income, debts, expenditure, investments, etc. and it's free with mobile apps as well. very well designed and easy to use.

As for spending/saving in general, it's all about discipline aka stop spending money on useless shit.
+1

I love mint!
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      07-24-2012, 03:34 PM   #20
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I doubled my income since last summer yet feel broke all the time lol. I mainly put a lot more into 401k and my personal savings so realistically my monthly spending is pretty close to what it was before I increased my pay. Just write out a budget and stick to it. Use sites like mint.com to better budget. It will really put things into perspective for you. When I started using it I realized I was spending 700+ a month just on eating out! That doesnt include going out/drinking or any dates I go on.
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      07-24-2012, 04:05 PM   #21
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Quote:
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+1

I love mint!
for everyone using mint.com, do you feel comfortable giving them you username and password to your bank accounts I know it says you can't move the money within mint.com but what if someone decides to hack into mint.com where everyones information is stored.
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      07-24-2012, 04:13 PM   #22
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Without a doubt the best tool and system out there is You Need a Budget (YNAB, for short). See this website: http://www.youneedabudget.com/

This tool and the thought behind it blows Mint.com or spreadsheet budgeting out of the water. Trust me. It has a cult-like following because it works so amazingly well. You think about money in a completely different way (category balance vs. bank balance).

Over the past couple of years it has completely changed my life financially. It takes a little bit of work - but the payoff is so well worth it.
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