How To Manage Your Money thread

[Stormhammer]

Haha, alright, as lame as this might sound, but I know some of the folks here on IA are well off, and short of landing a nice paying job, I believe managing money is key - so this thread is for anyone who has managed their money to the point that it has actually profited them and thensome - also it'd help for some of us younger ones to better manage things than learning the hard way ( if at all possible )

So far my money management is don't buy useless things and don't eat out as much

[David88vert]

I spend an insane amount. Luckily I make a good bit. I am bad about money management.

[Jecht]

To help with money, I ask my friends that they help pay for gas since I drive many of them around on a day to day basis. I don't buy things that I could download online, and I don't go out to eat unless its someone else's treat. It also helps to put money into my savings account, because I don't want to make the effort to take money out of it.

[GermanMuscle]

if you have a good bit of money in your savings account and you dont need it. dont just let it sit there, you should invest it in bonds or at least put it in a money market

[EJGuy]

one of the biggest things I do is not carry cash. If I don't have it I can't spend it. I have creddit cards but, I'm old school. They are for mager or on-line purchases only.
My fiance dose the budget & manages my money. She's been a big help when it comes to saving $$.

[SniperJoe]

Here's a tip that I use with a lot of my clients:

Take a little notebook with you everywhere and write down every cent you spend. If you spend a quarter in a vending machine, write it down. Not only will that help you figure out where all your money is going, but eventually, you'll get so ticked off by the idea that you won't spend money just so you don't have to write it down in that damn book.

[iloveboost]

Here's a tip that I use with a lot of my clients:

Take a little notebook with you everywhere and write down every cent you spend. If you spend a quarter in a vending machine, write it down. Not only will that help you figure out where all your money is going, but eventually, you'll get so ticked off by the idea that you won't spend money just so you don't have to write it down in that damn book.

That's actually a great idea. How's life treatin' ya, Joe?

[SniperJoe]

That's actually a great idea. How's life treatin' ya, Joe?

Not too shabby, how about you? I'll see you Sunday at the meet.

[iloveboost]

Another good piece of advice is to pay yourself first. Before any other bills, put money away for yourself. My wife and I are only 23 and we focus on savings, investments and retirement. Before that, we worked hard to get to where we're at. We didn't get here by maxing credit cards, blowing entire paychecks, and living beyond our means. We quickly learned how to spend (and how not to) our money. Spend wisely, save, and play later.

It all comes down to self discipline. You either have it or you don't. If you don't, find alternatives to forcing yourself to save.

Set small goals. Aim for $X in a savings account in 3 months, then 6 months, then a year, and so on. If your current job/living situation doesn't allow you to save, start looking for ways to be able to save more (second job, cutting back on luxuries, use public transportation).

Self discipline is key.

[IndianStig]

Surprisingly...Clark Howard even says that eating out less is the #1 way in most ppl's cases to save money.

I agree.

For me it would be, eating out less, going out less, and staying away from women

[ksniperfox]

resisting tempation to stupid things you dont need.
and eating out less(home usually food, somewhere). driving slower(saves gas $).

setting a weekly budget, and trying to stick with it. the rest goes towards whatever goal i have/timeframe for something i want to buy. or into savings.

i carry little or no cash, i can look in online banking to see where my money goes and to who.

those simple rules are quite effective for me.

[scabtastic]

this is helping me alot...i just landed a very nice job thats going to pay me well.... 10-11 dollars an hour...im 18 btw so i think thats pretty good. Ill be getting about 25+ hours a week. So as soon as the good people at Global Imports BMW gimme my first paycheck ill know what NOT to do with it

[Frög]

i just got a bad ass job for a college student.. 15 an hour with raise after 6 months, will be working 24 hours a week. ive been saving since ive been 10.. seriously, i bought my prelude by myself.. though i know its probably stupid, i save all my money to spend it on a car.. ima be saving for my s2k in a year..

[Wurm]

Ways to save

Buy cartons (if you smoke) or quit
Buy 24oz drinks in a six pack and keep them in your car
Dollar menu or eat at home
drink at home
eat at home

DONT CASH YOUR PAYCHECKS

At the end of this week I will get my 4th check that i still have yet to deposit and I still have money in my bank account

[IndianStig]

i need a fucking job. damnit


i wanna be a valet a a car dealership soo bad. i'd even be a damn porter right now. PM if you got anything near my 30043 zip code

[ahabion]

^^^ Agreed, pay yourself first. My wife and I stash away 100 bucks per paycheck everytime we get paid. Me weekly and her biweekly, from there we budget AFTER we pay ourselves. it could be as little as $1/week or 10, but you'll soon see a lot of money after a short amount of time.

also, spend wiser... old saying goes, "the more money you make, the more money you spend." ever wonder why those folks making 100k+ a year still are so "tight" on their lives and budget?? thats why! those folks will continue to work for money... where as it should be the other way around... have your money work for you.

great book that i highly recommend to everyone, is "Rich Dad Poor Dad" and some more of his series... great stuff about money management.

[Julio]

Common sense goes a long way..

[JDM onlyy]

I wanna save and keep my money, but my girlfriends being gay. I'm trying to look towards the future, but all she seems to care bout is now. And she calls me the immature one...

[sirkus]

I landed a 17$/hr job.. I was living out on my own and having to spend tons of money. So to save money, I built a budget. No eating out (you'd be surprised how much money you save when you buy bread, ham and cheese, or peanut butter and jelly and not buy fast food). Stay the hell off of e-bay (my biggest flaw with money). I also sometimes set goals for my accounts. Then.. Last year, I moved back in with my dad to help him with bills after he got a divorce. Which saved me a ton of money. I actually can put money into my 401k without worrying if I can pay my car payments. I put 100/week into my savings account also. Last year.. it was sure nice having 4800$ just sitting in my savings account. I think I'll get it high enough and just pay off the mazda.

I want to know though...
How in the hell do these 22 yr old kids have a 05 wrx.. (or a $30K+ car) and already have the title? There is no way in hell that they could have made enough money to pay off that car that fast. Full time college students, how in the hell do they go out and buy evo's and already have the title in hand, with enough money to throw at serious mods?

[iloveboost]

I want to know though...
How in the hell do these 22 yr old kids have a 05 wrx.. (or a $30K+ car) and already have the title? There is no way in hell that they could have made enough money to pay off that car that fast. Full time college students, how in the hell do they go out and buy evo's and already have the title in hand, with enough money to throw at serious mods?

See: Wealthy parents; maxed credit cards.

[Julio]

Learn to live below your means. That was my biggest mistake when I was in my early 20's..Blowing money in BS.. Including old car. I look back now and say fuck.. I wouldve been loaded.

Most human brains think.. The more money we make.. the more we can spend.. biggest BS we go through.
I wish they would teach this shit in School instead of all other bullshit they have today. ...

[seniosoul]

THis thread should be in the "VEHICALS FOR SELL SECTION" so it could get more views and post. . .anyway im just saving for a 5spd teg. .. then i think i'll be set on really "saving". . .

[Frög]

damn i need to start saving.. im just going to keep my lude throughout college and save.. im going to pay myself big time everytime i get paid..

[Slow Motion]

I really wish i could find a job paying 14-17 dollars an hour. The one peice of advice i can give is to live like a college student. Don't spend money unless you absolutely have to. If its not a bill don't spend your money. Use a debit card instead of cash. Don't use your money to buy unecassary things. If it is not a need then don't buy it.

[Stormhammer]

Use a debit card instead of cash.

actually, I have to disagree with that. Think about it, cash is more limited per say than a debit card, and if you dont have cash on you, well shit, your just outta luck... whereas the debit card...

I actually just cut my debit card in half the other day - as it might sound, but I realized that was my weakness, being too cavaliar and having a quick easy access key to my funds right there. My friend told me this is what he did, every week/paycheck, like someone else also mentioned, just take out like $50, maybe $100, whatever you need for that upcoming week ( or two ) in cash, pocket it, and deposit the rest and not touch it.

Its going to be an interesting month to say the least. After I pay my insurance, and my last ticket, its game on

[phongt12]

i look at my online bank account constantly. if i know i literally don't have the money, i won't spend it. what i need, though, is one of those little pocket check books. it helps you track how much you spend when you are not around a computer.

[Julio]

i look at my online bank account constantly. if i know i literally don't have the money, i won't spend it. what i need, though, is one of those little pocket check books. it helps you track how much you spend when you are not around a computer.

Seriously, you dont need any of that. You know better then anyone else how much you have. Atleast I hope so.

I know exactly how much I have and whats coming out at all times down to the last penny

[Julio]

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[Halfwit]

i like the idea of the lil black book with what u spend, i am gonna ty that.

iloveboost had good points. i live by one of them

get a certain amount of $$$$ u want to ahve in the bank, never get below that, and let it get bigger every 3/6/9 months ect. have a lil fun with extra.

i believe (with exception of my house) that everything i buy, i should EARN.

if i ever want a new car, i will have the amount it costs in the bank, i may not buy it str8 out, but at the end of the day i knwo that i could pay it off it i wanted, and that makes me think i deserve the car.

[Stormhammer]

if i ever want a new car, i will have the amount it costs in the bank, i may not buy it str8 out, but at the end of the day i knwo that i could pay it off it i wanted, and that makes me think i deserve the car.

my mom always said something similar to that, mroe like if your going to go buy a new car, if you dont have at least half of what it costs in your bank account, why buy it