If you notice the economy improving, thank us! We been spending a lot of money lately and it needs to stop!! The spouse booked 2 vacations totaling over $2200 this month, all on Discover :( she’s leaving this weekend for her first trip and will also need spending money, probably around $400.
My computer at home died so I had to purchase a new one. I spent around $400 on a new tower. I’m looking to spend another $350 on a new monitor this weekend. My current computer is over five years old so it was about time to buy something new. Believe me, I am being frugal, I would love to get a new iMac but for now I don’t want to spend more than $800, maybe in another 5 years I can get a Mac.
Our mortgage company, Wells Fargo sent us a bill for an escrow shortage so that was another $300 dollars. I took that out of our emergency fund, I will probably also give the wife spending money out of that, so our new balance there will probably drop to $1000.
The goal for May is to pay off all the trips on Discover and stop spending so much money. I think we need a money manager to control our bank accounts and give us a weekly allowance and say NO to all our wants.
HS
Menu Monday
2 hours ago
12 comments:
I battle this all the time. Just when I think I'm doing great, I get the bug to buy...spend...well, you know.
People must be feeling better about money because my 401K took a big leap...
I'm going back to cash only. I was doing it for a while, but blew it for the last couple of months...
Can you ditch the wife?
Anon,
I can't ditch the wife LOL
Whatever happened to "for better or worse" LOL.
She had a very stressful year, emotional breadown so she needed a break from life. I can't really say No since she also works and brings home money!
HS
HI! I have spent $12,000 since Feb.
I had to have surgery so I prepaid my house bills for April, May, & June $2,000.
I also gave my church about $5,000.
I put $1,000 in my freedom account.
I gave a friend $1,000 to start an emergency fund.
I spent $1,000 going to Ohio for my grandfather's funeral.
I spent $500 throwing my daer friend a baby shower (including her gift.)
I spent $400 on a trampoline for my kids.
And I spent $100 on some gifts (thank you and Mother's day.)
But still another $1,000 was just spent here and there.
I so can not afford to spend like this anymore!!!
I think when I have money it is easier to spend frivolously.
I have to quickly put the rest of my avings in an account I can not easily access.
You're the only one who can say no to your spending. At the beginning of the month, put your income at the top, and then start asking it, "Who are you, and where are you going."
I wish the comment section had spell check-lol
I wonder if a few changes to your thinking might help.
First, you have to limit your credit card spending to what you know you will pay off by the end of the month, not what you think you can or what you make it your goal to pay. You two seem to have a lot of trouble resisting credit card usage. Maybe you should cut up the cards and go cash until you beat the addiction?
Second, you should treat contributing to your savings account as a monthly bill rather than a goal. Pay yourself. Make a transfer to your savings account on the same day as you pay your rent each month. If you think about this as an obligation, I bet you'd save more.
Third, I think you should take a good hard look at where you are spending your money, then sit down with your wife and together decide what your priorities actually are. It's a great first step that you twitter about your spending, but even writing about each $11 charge doesn't show you how it all adds up. I suggest using a program like Yodlee (www.yodlee.com) to track all withdrawals/charges to your accounts for a period of a few months. (I recommend it only because it's what I use, and I love it.) If, for example, you find that you actually spend $1000 a month on cheap lunches out every day, you and your wife can discuss whether that's how you want to spend that money.
Budgeting doesn't have to mean you are "cheap," it just means you've taken it upon yourself to channel your money to spending on the things you want most, and not on the things that you decide you can do without. I've said it before and I'll say it again -- the fact that you and your wife together make $120k in such an inexpensive state and are living paycheck to paycheck means your budget is out of whack, and you need to rein it in.
Also, just an observation: Are you and your wife on the same page with respect to your personal finances? I must say, as a woman, i find it rather offensive that you objectify her in writing on this site ("the wife") and your comments about "giving" her money to spend. You'd be much more likely to be successful if you sit down, set up a concrete budget based on agreed goals(and Yodlee will help you do that and automate it so you don't have to keep track of anything yourself) and then really work as a team to encourage yourselves to accomplish them.
I agree with previous posters that you should do a budget. You are the only one who can tell your money where to go. I know that budgets are difficult and can be a real pain when you first get started. Seriously though, give it a try. You are wasting so much money every month! I cringed when I read your post (as it sounds like you are already doing).
Also, the all cash thing really helps curb the spending and helps you track where your money is going. Clearly, keeping credit cards is not working out so well if you feel your spending is out of control. Sure, you can twitter how much you are spending, but it's not helping you keep it in check.
I think you've said this before, but it seems like you and your wife have different outlooks on your finances. If I remember correctly, she doesn't want to give up the credit cards. As far as the different outlooks, unfortunately, I have no advice on that.
Good luck!!
Getting rid of the credit card debt wasn't enough? Why 2 trips instead of just one you pay for? She doesn't seem to like the idea of being debt free because of other stress, yet debt has no stress. I don't see how you spending $800 is frugal compared to your wife spending $2200 considering you don't have the money. It's okay to spend money and all, avoiding credit helps you actually pay for things though. Then again this isn't the first post I've seen where one of you runs out and buys stuff on credit. Figure out a budget and set aside some money you can save to have fun with. How is your retirement savings going?
Hi,
I only just saw your blog today (don't know your history yet) but was surprised at the things that constituted an "Emergency" like some spending money for your wife. It sounds like you are letting the emotions of money get in the way of common sense and your goals. Money has no emotion, no gender and no agenda to get you. Humans add all of the above to the concept of money.
Sounds like it's time to push back from the table and talk to each other about your goals. Then scoot back to the table and put pencil to paper. Budget for the vacations and the spending money. Even through difficult emotional times!!
Good luck!
I have had such struggles trying to differentiate between "buying" things I NEED and "spending" on things I WANT. I felt invincible with my credit cards for ten years and when the debt piled up I had to come to terms with my SPENDING. It is tough. I have myself on a strict plan and I am working with a resettlement company to get me on the right path to get out of debt. Hang in there!
The same has been happening in england! People are spending more time doing low budget holidays, just to save money during tough economic times.
I feel your pain though... Being able to travel can be an extremely fun and relaxing thing to do!
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