This topic contains 169 replies, has 22 voices, and was last updated by Silje 11 months, 2 weeks ago.
July 19, 2017 at 1:41 pm #694215
Eeesh $18 cocktails. I would probably cut those out, unless you’re doing it once a month or every two months.
Hair – yeah, I got a true hair stylist when I moved to my state. I have followed her to several salons. If you’re going every 6 weeks for $150 for just a *CUT* it’s probably time to figure something else out. That’s a bit crazy. Or going every 12 weeks or more.
The gym thing I get. Are you going to personal training or something? Can you join a 24 hour fitness for cheaper and get the same?July 19, 2017 at 1:50 pm #694218
I confess: I feel incredibly frustrated whenever I hear someone who is part of a dual-income couple complain about how hard it is for them financially.July 19, 2017 at 1:51 pm #694219
I highly recommend downloading an app to your phone called Mint. Once you have your credit cards and bank accounts synched to the app, it can help you create a monthly budget and track where all your spending is going every month. Physically seeing how many times you’re spending $18 on a cocktail alone may inspire you enough to cut down and just make it for yourself at home. Mint also tracks your spending trends over the course of time as well as your cash flow each month, current debt, among other little tricks in it that I haven’t discovered….
Also, keep an eye out for banking and credit card reward programs that come up. I know Chase, for instance, is constantly sending me incentives to open up a checking and savings account. If you open up a checking account and set up direct deposit, you can earn up to a $200 bonus, and I believe they offer a $300 bonus for opening a savings account. There are credit cards available with very little to no interest for the first 18 months….I have a few guy friends who used this approach as a way of purchasing and paying off an engagement ring purchase. 🙂
And if all this still leaves you confused, definitely consult a financial planner.July 19, 2017 at 1:51 pm #694220
Also, my gym is probably the last luxury I’d cut.July 19, 2017 at 1:52 pm #694221
@bondgirl I tried Mint several years ago. I liked it in theory but it didn’t sync with some of my credit cards, but for that reason, I did not like it in practice.July 19, 2017 at 1:54 pm #694223
I feel your pain. I think a lot of people just don’t save anything they make and spend it all on stuff. And take on debt. I know a couple who live in LA and have a house, 2 cars + a corvette that the husband races, and a boat. And they’re like, 30 years old. But I also know they spend their money on this stuff instead of saving it, so there’s that.
I have plenty of debt that I’m working off- college, car loan, some credit card debt. I spent my 20’s living paycheck to paycheck, so I’m glad now I can put money into savings and will be paying off a bunch of stuff, including my student loans, by the end of this year. But I live in SF, aka most expensive city ever- houses in my neighborhood, according to the realtor postcards I get in the mail, sell routinely for hundreds of thousands over asking price within a week of going on the market and for millions of dollars. It’s normal around here. I don’t know how people do it. But I’m not in their tax bracket anyway, so I can’t even bother comparing myself to that.
I focus on simplifying my life which translates into fewer bills. I focus on spending money where it matters (like on healthy food and exercise/dance classes) and making sure some gets socked away. I have bad months where I don’t save much and better months where I save more. Somehow I muddle through.July 19, 2017 at 1:55 pm #694224
I really like the website A Simple Dollar, especially some of the older articles. While his approach is a little too cut-throat for me, he really helped me think through true needs versus wants. Want cocktails with friends? Invite them over. For the cost of 3 of those overrpriced drinks, you could buy bottles of liquor and make months’ worth of drinks. Is the gym a necessity? Is that PARTICULAR gym a necessity, or could you go to a Planet Fitness? For folks who can’t let go of coffee drinks, is going to Starbucks or other coffee joint a true necessity, or could you make one at home? It’s really made me rethink how I spend my money. Really look at your regular expenses – do I really NEED all the bells and whistles, or do I just want them?July 19, 2017 at 1:58 pm #694225
What’s different between dual income couples complaining vs a single person with one income?July 19, 2017 at 1:59 pm #694226
I use Mint and like it. It does have trouble syncing with some accounts, but overall it’s useful.
A $150 gym though, @Copa? My last gym was $40 and had free classes and stuff. I’d probably cut the gym fee down and look for ways to stretch out hair appointments and cut down on drinking out.July 19, 2017 at 2:03 pm #694227
I TOTALLY think you should have a water heater party. Call it a “water-warming”. That’s a party I’d go to!
It’s not “fun” to spend on those adult-type expenses, but for us, security is very important. Insurance, paying down debt (we have none aside from mortgage, and healthy equity in our home), savings (retirement, college fund, investments, emergency fund) = financial security. Knowing we’re fine if something comes up, like needing a new water heater, medical expenses, etc…that feeling is better than expensive dinners out or getting my nails done. Though we still try to make room for some of those fun things after all the bills and savings are paid.July 19, 2017 at 2:03 pm #694229
Agree on the gym membership. I just convinced ex to drop that and change to mine which is $30/month. If the $150 included some personal training it could make sense but if you are struggling with finances that sounds like a very unnecessary expense.July 19, 2017 at 2:14 pm #694231
Yep! Everything is SO MUCH MORE expensive nowadays. Housing, food, fun, etc. It’s crazy.
I keep my spending to a minimum and try to not have too many ‘luxuries’ (Starbucks is one of my terrible ones . . . i really really should cut that down).
But i have a cousin who has five kids, oldest is now 20 – shes a SAHM, husband is a doctor so he makes great money – but they live in a huge house, buy EVERYTHING on credit cards, haven’t set their kids up to be successful adults (None of the older ones, who are 20, 18 and 16) have held a job and they’ve all been home-schooled and aren’t accustomed to authority figures or having to wake up for a job (She lets them start school later morning)…. yeah, it’ll be interesting to see how these kids do. The younger ones are getting older and older and that house is going to feel very very small soon and they’re going to have to rent an apartment or something for the older boys – and pay for it, because they won’t be able to afford it. Adulting is hard!