How do you save?

[EnigmaticParadigm]

Straight forward. How do you save money each month/ paycheck? Do you do the minimum of 10% net thing? Was trying to think of creative ways to put money aside while finishing school. Keep in mind that I am poor as fuck. Seriously, I have close to the GDP of Easter Island...its that bad.

However, I still believe that no matter how poor you are (sans fucking homeless or a crackwhore) you can always manage to put something aside for later.

Wru tips?

[Eomer]

In the past I just had my banking setup so that every month a couple hundred bucks would be pulled out into my mutual fund RRSP. But the past couple years I've just been dumping cash in when I figure I'd be better off investing than spending. Course, that means I've only put away a couple grand so far this year, when normally I'd be putting away 5 to 6k. But that's what happens when your mortgage jumps by 50% and your condo fees and utilities double.

I should give myself a raise. Not sure if I can do that yet or not.

[EnigmaticParadigm]

Your mortgage jumped by 50%? Buy a new house or are you doubling up on payments?

[tjac]

First, you need to be earning more than you spend in fixed expenses. Then you can't allow the leftovers to burn a hole in your pocket. Do something like this:

$35,000 per year, less ~17% (only federal witholdings, yay Texas) comes out to about $2,400 per month.

From that, budget-out the following monthly expenses:

$700 - housing
$300 - car note
$200 - car insurance
$150 - gas
$150 - utilities (phone, electric, etc.)
$300 - food
(you might have to factor in student loans at $60+ per month, or a credit card payment)
-----
$1,800

YMMV, because things like housing cost are situational. And at this point, you're left with about $600 to save, invest, or indulge. Saving 10% net (in this case $240 per month) is not enough, in my opinion.

It really is that simple, but also see, $35k per year goes fast, too, and that's a pretty typical income figure, maybe even a bit high.

[EnigmaticParadigm]

Yeah, the housing thing is fucking ridiculous still. $575 FOR A FUCKING STUDIO HERE. Want a decent 1bdrm apt in a non-ghetto part of town? $1000/mo. Want a fucking absolutely shitty house in the back crack alleys that was built in 1912? $280,000.

I can't wait until this shit stops...if it stops. My friends sold their home which they paid $200,000 (ish) for in 1999 for $457,000 last month. Good for them, but still; shit is out of control.

At least gas is cheap...aw,fuck.

[Dokomo]

Well at least you got the huge pay raise last . . . .

Ehh, fuck

[EnigmaticParadigm]

On the gas tip, I filled up my tank two days ago and it was over $61. Granted, I drive an old, gas guzzling POS, but still *cry*.

Point and laugh. At least my Gremlin is disco blue. 1976, 65k original miles, paint is still mint, not dings, dents, or engine problems (sans an annoying oil leak somewhere). I love old people that keep cars garaged for decades. Single owner car, too. WTF?

But its still a Gremlin. Bwahahahahaah! *cry harder*.

[Eomer]

That fucker needs flames.

And yeah, I bought a new place back in May worth nearly twice as much as the old one. Principal on the mortgage jumped by about 70%, but because I had way upped my payments on the old mortgage (it would have been paid off in 12 years), the payments didn't go up a huge amount to have the new mortgage at a 20 year ammortization. The biggest hit has been the condo fees and utilities, mainly because a) the new place is twice as big and b) it's inefficient as all hell and the heating costs are ridiculous. Condo fee was 225 before, it's 420 now (both include heat, sewer, water) and electricity was about 35 bucks a month before and looking to be 70+ a month now, at least (the home theatre and two 520W computers isn't helping that, I am sure).

[Blaezenfury]

how much was your welcome tax, or did you even get one?


welcome tax for my area was almost 5 fucking grand.

[EnigmaticParadigm]

Welcome tax? That's a pretty fucked up, lol.

[crrimson death]

$150 - gas

Get your big ass wasteoffuckingspace vehicle off the road so i can see around you at intersections and shit please


now then, as far as saving, i just have a 2nd bank account open that i toss some money into each month. like 50-150 or whatever. It's much easier when you seperate it, so you don't spend it, and you know exactly what you've got.

[Eomer]

What in the fuck is a welcome tax? I have a feeling it's something to do with Quebec paying people to move there or some shit. Fuck I hate Quebec sometimes... bitches ride off the rest of the country's hard work.

[tjac]

Originally Posted by crrimson death

Get your big ass wasteoffuckingspace vehicle off the road so i can see around you at intersections and shit please


now then, as far as saving, i just have a 2nd bank account open that i toss some money into each month. like 50-150 or whatever. It's much easier when you seperate it, so you don't spend it, and you know exactly what you've got.

I try to overestimate with my fixed monthly costs -- so really, my Vibe needs a 13 gallon fill-up once a week at most, and that's $30-$40 lately.

What's the tank on a F150? 25 gallons? x$3 per gallon x4 times per month...$300??? Gas payment exceeding note payment makes me sick =/

[EnigmaticParadigm]

Gas tank on Gremlin = 20 gal...seriously.
MPG = 10...seriously again (after a tune-up no less).
Price to fill up = $60 (I'll round down).

I fill up about once a week.

~$240/mo on gas FOR A FUCKING GREMLIN. Point A to Point B my ass .

I'd do the obvious and save for a car, but I'll be finished with school by then.

Then a fucking decked out Tacoma will be mine...oh yes, fuckers. MINE.

[Screamfeeder]

Dude...if you are still not smoking that should be at least another $100 a month in the bag.

I am perpetually in the negative. I live outside my means in the most drastic of senses.