OMG! This month : MY SPENDINGMY INCOME!!!!!!!
@sophisticated_boy (1457)
Indonesia
July 9, 2009 11:27pm CST
Gosh, I really having trouble this month. My salary comes every 15, and right now I almost broke. I am just scared checking my balance in all my bank accounts cause it is nearly zero. I was tempted by all those discounts offered by credit card and end of season sale at the mall last month which I end up have to pay this month. I really2 waiting for Wednesday, right now I cut all my transportation costs, take a bus instead of taxi from office, and just stay at home and not going anywhere in the weekend. So, do you suffer the same problem with me this month? How often do you experience this? Any tips how to save all of your money?
3 responses
@zzyw87 (1254)
• Philippines
10 Jul 09
Honestly, I never experienced what you just experienced. I guess it is because I handle and track my money carefully. For example, I always record my expenses every day. Also, I automatically deposit 40% of my monthly income to my savings account. I always make it a point to never withdraw money from the bank if it is not necessary or an emergency. If there is a sale and I know I am just going to be tempted to buy, I just stay home or hang out with friends at their house or at a nice affordable restaurant. The key here is control. You need to resist temptation like all those mall sales. You could also try automatically saving even just 20% or 30% of your monthly income.
@sophisticated_boy (1457)
• Indonesia
13 Jul 09
Hi zz, I had a budget planning once before, and I am not continuing it cause I am too lazy to keep tracking on my spending, and also in the end I was overspending also, but at that time only for little amount :) But that budgeting experience was a very good experience for me, cause I know where I spend my money, which days I should feel I am saving, and which days I could afford quite a lot spending. In managing my savings, same with you, in my payday, I automatically transfer my money from my payroll account to my other account which I made special for my savings and deposits. That bank has a limited ATM and it also offers a greater interest rate for me. That is my strategy in managing my money. I try to limit 25% of my salary for spending and 40% of it for my saving. Thanks for sharing!
@siomaiii (238)
• Philippines
10 Jul 09
Base on your story, you are living a work-earn-spend cycle. And it is not healthy, you don't have any savings. What if you will get sick or an emergency happened, what will you do? Remember the story of the ants, they save food for the rainy days. Spend your money wisely, after all you've work hard for it. Save and invest and be financially independent. Good luck!
@sophisticated_boy (1457)
• Indonesia
13 Jul 09
Hi siomaii, luckily unlike your comment, I do have savings, but since I "locked" it in a deposit which I cannot withdraw (well I can withdrwait, but you know, I will be charged some penalty for doing it),I literally broke this month. I agree with you I want to invest in something. Been planning to invest in mutual fund or trading stocks, but didn't have a chance to do that now. Just too occupied with my work right now, hopefully I can do it by next month. Thanks for sharing
@Meljep (1666)
• United States
10 Jul 09
Someone once told me it's a simple equation: Saving = not spending.
Self control is the next step after realizing we have a problem.
In the long run that new thing that made us happy for 30 min. or 30 days will equate to a headache when that bill comes in.
The solution to all this is to only pay cash for things.
If you can't afford it then don;t buy it.
It's really hard to wrap our heads around how much money the credit card companies are making off from our foolishness.
Dave Ramsey is a good author who has great advice about making your money work for you. He says budgeting is the key.
Good luck with managing your money!
@sophisticated_boy (1457)
• Indonesia
13 Jul 09
Hi Meljep, I agree with you, it's all about self control. I already save quite a lot for the past several months, and I think last month, when the store offer many discounts are the right time to spend all my salary without touch my savings, but apparently it did touch my savings, when I receive the bill, I know where all the money go, but it still made me shocked when I add all those amounts and just realize it was a lot of numbers coming up and I was overspending. I promise to myself for this payday I will pay all my bills and save up a lot to make up for last month. Thanks for responding!
