Payday today. How much do you....

iVillage Member
Registered: 04-30-2003
Payday today. How much do you....
29
Wed, 08-18-2004 - 12:41pm

leave for yourself AFTER you pay everything?


I guess i'm getting frustrated because I seem to




my pet!

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iVillage Member
Registered: 05-23-2004
Fri, 09-10-2004 - 10:29am
I would love to do that - but, guess what -

I have a serious problem!

Boo-hoo

iVillage Member
Registered: 05-23-2004
Fri, 09-10-2004 - 10:48am
I mean I have a serious problem in that when I deduct expenses from income - I'm barely squeaking by. Paying myself first doesn't seem to be an option at this point.

But, there are some good ideas in this thread.

I will have to re-evaulate.

iVillage Member
Registered: 08-16-2004
Sun, 09-12-2004 - 8:53pm
DO NOT! I REPEAT, DO NOT! USE YOUR retirement to build your buffer. It sounds good, doesn't it, I mean you won't need that retirement for a long time yet and you need that savings buffer now. But you will need that retirement and you are young, so just hang in there, pay those bills off, BUT DON'T TOUCH THE RETIREMENT!!!!

Sorry to shout, but I think it's important.

iVillage Member
Registered: 09-12-2004
Sun, 09-12-2004 - 11:45pm
I always include everything I could possibly buy in a grocery store in my grocery budget. This means shampoo, feminine napkins, laundry detergent, Windex, aspirin, cough syrup, vitamins, badaids, toothpaste, moisturizing hand lotion... etc are all in my grocery slot on the budget sheet. The best way to handle your cash flow is to save ten percent right off the top for emergencies. Most banks will happily set up an automatic transfer from your checking account to your savings account on a certain day every month. It's easier to save the money if you don't have to make a new decision to set aside money every month but have it done automatically instead. If the money is quickly and automatically whisked away to savings, you won't have a chance to miss it.

Perhaps you are trying too hard to pay down your credit card debts quickly. You should not send in such a big payment to the credit card companies that you have too little left over for necessities such as food, rent/mortgage, and utilities. You should track your spending by writing down every little and big thing you spend money on for two months to get a grip on what your actual spending patterns are. Personal finance authors often say people are shocked at how much they spend on small indulgences each month. They say to the financial guru "Now that I look at my spending journal for the last sixty days, I see that I can save $175 ( or $200 or 350) a month if I stop eating so many fast food meals for lunch, stop buying so much junk out of the vending machines, and stop buying so many cocktails when I'm hanging out with my friends after work. I'm going to stop wasting my money on this kind of frivolity and save it for a rainy day instead." You have to be good at delayed gratification to save money. Don't let the impulse of the current moment distract you from your long-term goals. When you are tempted to buy something frivolous, stop and ask yourself if this thing will really help you in the long run. I often say to myself "I want to be debt-free with zero credit card debt more than I want fancy new things."

iVillage Member
Registered: 04-30-2003
Mon, 09-13-2004 - 4:12pm

I think you read my post wrong. The last paragraph has nothing to do with my retirement. I'm not pulling my retirement to make a buffer, if that's what you were thinking.


I am getting my buffer because I get paid every other week, but this month, I get three paychecks in one month, so that extra paycheck will be my buffer.


Hope that cleared that up.

~Cher




my pet!

iVillage Member
Registered: 04-30-2003
Mon, 09-13-2004 - 4:20pm

I think you're right. I think I'm trying too hard. But then again, I am living at home with my folks, rent free, totally money free. I will be moving out in the next two years. Why? Because I'm planning on getting married.


So, my goal was/is to pay off as much as I possibly can, so that way, when I marry my DBF, I don't bring in 25k worth of CC debt, and instead have like 10k or less. That's the goal. So he doesn't have to literally support me. I want to be able to help him out with rent/food/utilities/etc. instead of just mooching off of him. Hopefully, after we marry, he'll be more willing to help pay it off with his huge commission checks. lol. and get me out of debt, which will help US in the long run.


That's my goal.


But, I think with this buffer, something I have NEVER had, I won't be feeling so stressed out over it all. KWIM?


But, I will keep in mind what you said. In case the buffer doesn't help, or for some reason it dwindles away.

~Cher




my pet!

iVillage Member
Registered: 08-16-2004
Mon, 09-13-2004 - 9:02pm
ah, well, see what happens when you stay up too late reading and replying on message boards?! lol I see what you mean.
iVillage Member
Registered: 05-23-2004
Tue, 09-14-2004 - 12:49pm
This is the 2nd time I've read a post from you today. Both are pretty much the same.

A commercial.

So not cool.

iVillage Member
Registered: 04-30-2003
Tue, 09-14-2004 - 1:45pm
It's okay. I read my post and realized, well, it could be misconstrued that way, cuz it's like I went off on a tangent otherwise. But, if you knew me....you'd know it was clearly a tangent. lol. Damn ADHD. LOL.

~Cher




my pet!

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