Post # 1
I make about 3k monthly but seriously every end of the month it is all gone.. i don’t even know where the money goes?! I pay bills and all, go out to eat and shop but never really observed carefully where i truly spend my income. Its just crazy..I should raelly consider saving the money make some use for it in the future, and open a retirement account!! Its disappointing, thinking i could’ve saved quite a lot if i really tried. So what about you ladies, what are your monthly expenses? Highest? And do you put some away for savings?
Post # 3
The first thing we do from each pay check is put money towards saving (we figured out what we need to live to pay bills plus fun money) anything above that goes to savings FIRST
Everyone’s expenses will be different so you wont learn from that, so what you should do is make a list of your current exepenses by looking at your credit cards and saving your receipts for a month.
- Fixed expenses (insurance, rent/mortgage, phone)
- Variable (utilities, gas, groceries etc)
- Discretionary spending (gifts, clothes, going out to eat etc)
Then look at your income (after tax,take home. Determine where you can cut back and how much you can save and put that amount into a savings acount from each paycheck first every time.
Post # 4
Take home after taxes 5k.
Car payment-$400 (I wish he would get rid of this payment because we have 2 vehicles paid off already)
car ins and gas- $220 month
Post # 5
@cwineingg: Well my expenses aren’t going to help you with your expenses 🙂 Perhaps you can start by keeping track of all of your expenses in a spreadsheet. I have been doing this for years. I have tabs for each month, then categories for each month.
This is the best way to analyze where your money is going, see where you can cut back, and see the potential in how much you can save.
or sign up with Mint.com and it will do it all electronically.
Do you normally get tax refunds or do you owe? If you get refunds you could adjust your withholding so that you get back of your own money at payday.
Post # 6
Years ago I took a class on financial budgeting, etc and they had us log everything we spent for a month. Holy hell! That shed some light on where my money was going. Wells Fargo keeps track, and websites like mint.com might be interesting from a tracking perspective if you want data.
Saving money feels great, especially when it starts to pile up.
Post # 7
- Wedding: August 2013 - Rocky Mountains USA
I have a great app that helps me track my spending. It’s call iXpenselt Lite (the free version) and it’s really well reviewed on iTunes. You track all the money you spend and what category it is, and it’ll create little reports and spreadsheets for you. Give it a try!
Post # 8
@cwineingg: The first step is tracking your finances. Write down EVERYTHING you buy and you will be shocked.
My SO helps me budget since I used to be in debt and am not the best at it. I asked him to help me.
I have monthly “fun” money that I spend on things like clothes, entertainment, makeup etc. When it’s gone, it’s gone.
I save for different things… like Xmas presents, annual bills (like when I have to make a big insurance payment for my rental insurance), etc. That way my cash flow isn’t totally screwed when these things do pop up. So each month some money goes into an account for these things, and then when the bills do come, it’s easy to transfer the money to pay it off.
It helps also to decide what you really want. I hardly ever buy coffee/tea outside… it’s overpriced and I like to make my own tea. That saves thousands a year. I bring my own lunch to work most days. Those types of things really add up. My SO and I have an eating out budget since we love to go to restaurants… but again, we budget for it. It works out to once a week at a fairly nice restaurant, and once a week to McDonald’s (our junk food fix lol).
We shop for groceries once a week (we’ll do one or two smaller trips for stuff like bread if we run out or whatever), and go with a list. I used to shop almost nightly and I spent a lot on unnecessary stuff.
Saving for retirement is hugely important. We have pensions where the employer contributes a fair amount, but we also have RRSPs, TFSAs (I’m in Canada but I know USA has similar) etc. It’s so hard to play catch up on retirement savings so start as early as possible.
Do you have any goals? Maybe a trip you’re dreaming of, buying a house, a new car, etc.? Work the goals into the budget. I spent 7 months saving for LASIK eye surgery, which I had a few weeks ago and paid in full. Back when I was in debt I would have just slapped it on my credit card and hoped for the best. We save for trips. We save for rainy days etc.
Post # 9
I wish I made $3K a month after taxes…I would have a ballin’ wedding. Oh well, such is working at a non-profit.
Rent – $575 for my studio
Utilities – $150 in the winter, about $50 in the summer
Cable – $160 for my cable (HBO, HD channels) and internet
Food – $400 (I often cook for FI when he visits)
Student loans – (3) a total of $650
I barely have anything left after that, and I work 6 days a week most weeks.
Post # 10
Well our mortgage plus taxes/insurance/HOA is about $2400/month before any other expenses, so I think my budget isn’t going to help you much! I’d say you should just sit down, write out all your fixed monthly expenses. See how much you have left over. Track how much of that you spend over a month and then adjust accordingly. If you aren’t spending mindfully, it’s impossible to save and get ahead.
Post # 11
@sealevels: same here w the nonprofit! being broke is so fulfilling right. LOL
for me it’s…
550: 1/2 rent (util incl)
100: 1/2 car payment
40: roughly on gas
80: on parking for work (SUCKS to work at a nonprofit and pay to park)
120: school loan (the bigger loan is on IRB so $0 is my payment…for now)
200: roughly on groceries
65: 1/2 cable/internet/house phone
then add in ~$80/month in going out, ~$20-70 in eating out, ~$100-150 monthly in clothes over the year, another hundred or more in the random extra fun thing, gift, event, etc.
Good thing i work 2 jobs haha
Post # 12
- Wedding: October 2018 - Sandals Barbados
My FI and I are just now getting our fiancnes under control after combining everything into one large mortgage loan. After taxes, we have $6k a month for everything.
Utilities: $200ish (electric, water, sewer, trash)
Internet/Cable: $180 (my fiance is into computers.. we have to have the “best/quickest” internet)
Student loans: $50
Car insurance: $140 (full coverage for both, thanks Geico!)
Cell phones: $200 (we carry my M-I-L on our plan, my work discount is nice with Verizon)
Groceries $300-400, depends on what kind of Pinterest recipes I’m cooking up.
Gas: $120 for him and around $80 for me.
We dine out about once a week to get lunch together, which is around $25/week,$100/month
I also spend $50-60 a month on tanning, another $60 or so on pedicures and Shellac, and I spend more than I should in Ulta. We don’t live outside our means, and are very fortunate to both have jobs we love that provide good income and benefits. After the wedding splurge, I’ve been put on a “no spending” budget, we really need to start putting back for an emergency fund. I’m just so very terrible with money… I hope that changes soon 😉
Post # 13
Holy Moses, what kind of jobs do you guys have to make that much a month?
Post # 14
One of the best ways to save money is the second you get your paycheck, transfer a chunk over. Start with $50 and see if you can manage still, then go up from there. I saved $5k in one year doing this and I got paid 1/3 of what you do. Also, two months out of the year you get an exra paycheck, figure out how you can move the majority of that money into savings; however, you wont be able to move it all at one time since you will still have bills. For example, 300 first check, 400 second , 300 third paycheck. 🙂
Post # 15
FI and my salary combined is in the six figures…every month we put my ENTIRE CHECK into savings and just live off of his (Salary-wise I make 45% of what we net combined every month and he makes 55%)…this helps us to prevent excessive spending since we are planning to purchase a home this year and would like to have additional funds saved up!
Post # 16
Well at the end of the month I could bring home between 3K to 4K a month but I have to pay for the following:
Student Loan: 104
Car Insurance: 275 (I know a lot…ugh!!!)
Gas & Electric: 120
Qriocity on PS3: 10
Credit Cards: I usually put 100 to 200 a month for both
Gas: 148 (sometimes less because I barely go anywhere these days)
Wedding Fund: 400 to 500 a month
I usually write down with every paycheck in my little black book what bills need to get paid before the next payment comes in and how much spending money I have after it. Usually I am pretty good with my money. Writing down what needs to be paid and knowing how much spending money I have left does help me a bit. sometimes I will go overboard on the spending but it doesn’t happen that often.