Money Management

[FunkyPorcini]

I hate to chime in here and be a buzzkill but I think the one thing that helped me the most with spending money is realizing how effective the marketing in this country is. I constantly struggle with is buying things that I don't need/won't use. It's an everyday fight but as long as it is the first thought to pop into your mind before walking to the register you may be surprised at how many times you catch a subconscious purchase. They want us to be drones.

Oh, that and don't believe the hype. I'm sure there will be plenty of people in the cigar community that can tell you that.

Sometimes a $20 cigar tastes like a $20 bill.

[eef]

Luckily I do have a retirment plan through the companyI am with... but that wont help till I'm fiddy or so.

Eef Unfortunately there is only one solution to this problem. So sit down have a drink, have two drinks, light up a cigar and face the situation.

The only solution is MARRRIGE as ugly as it sounds. Yes, she will make sure you don't spend it and in most cases even see it any more.

In the meen time mayby you can save enough cigar band to trade in for that computer.

That's what i was afraid of. You know, the chicks don't seem to dog the eef- and I'm sure this cigar smell aint gonna help. But hey we'll see what happens.

I don't understand money market and CD's and all that... it's like a foreign language to me. I don't get it. People try to explain it to me and it goes straight over my head.
-eef

[Da Klugs]

You don't need to have a clue initially. Just get into the habit of saving. What you make on the money initially is negligible compare to saving it in the first place.

Not saving because of ignorance is not a good excuse and sounds like rationalization of your lack of saving.

We could start the Da Klugs savings plan for you... each week you send me XX $$'s and then....

You will someday save if not now then later. How much later will determine how much you end up with.

[eef]

So I'm getting a tax return of about $900. I could easily slap $100 more onto that and have a grand. So could someone explain the CD thing to me? I go to my bank, give them my money... then they lock it away in a thing called a CD? and it grows or something?
-eef

[Roger Miller"]

eef: first of all, you are thinking about saving. That is excellent.

1) take DaKlug's advise -- max out your company 401k. There is no better way to save for retirement. Do this today! DaKlugs has this covered.

2) Avoid consumer debt! Do not use your credit card if you can't pay it off within one billing cycle. Consumer debt is EVIL!

3) Budgeting is good, but can get tedious. I think it is best again to take DaKlugs advise here -- get into the habit of saving.

4) Plan. What are you saving for? Have a goal and do what it takes to get there. New guitar, computer, vacation, etc?

5) Educate yourself! Enroll in a Community College course in personal finance. You've got SOCC down there, and probably other good resources. Check out your library: http://www.cooslibraries.org/search/...ce%2C+Personal
There is a wealth of information there.

Look, at $15.5/hr you probably bring home around $850 per paycheck. Let's say that 60% of it goes to living expenses (housing, food, utilities, beer, etc). That leaves you with about $340. Now you have taken DaKlugs advise and you are putting in 15% into your 401k. That is going to be 190/check. (yeah, that's a big number -- do it anyway!) Your down to $150/ paycheck. What are you going to do? Take 50 bucks and stash it in "some account" that is liquid and move toward building for your goal.

just my 2 cents, and i expect change

_____
rm

[WillyGT]

Originally Posted by eef

I thought I'd start a thread about managing your money- because I need all the advice I can get. I am a single guy, have a 15.50/hour full time job, plus freelance jobs- I live pretty comfortabley but my big problem is I just can't save money! I have vowed to buy a lap top and other stuff like that for a while now and I just can never keep from spending it- especially now that I've fallen in love with the leaf.

So I figuerd if anyone wanted share what lessons they have learned, what works for them, what kind of things to do to force yourself to save... I don't know- please, share your advice with guys like me.
-eef

Damn this are the times when i wish i lived over there. Right now i am at minimum wage since i am a resident (still student) and earn like $8 for a day(6 hours), that is like, 40 dollars a week (real minimum wage in Mexico for nongraduated workers is like 6.5dlls a day for 9 hours). And i have to make this last for the girl, car, stogies, etc... I try to get extra jobs whenever i can also but they are random ( but good i have made like 30 - 50 dlls in a day). SO i really looking forward to finishing school and start earnig as an engineer. Never as much as you guys over there but better than what i am earning right now.