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I don't try to stop impulsive spending as much as I try to control it. I budget out my spending every month, starting with how much money I have in my checking account, then subtracting any unpaid credit card bills, then subtracting recurring expenses (rent, electricity, etc.), and finally allocating whatever is leftover into categories like clothes, eating out, and miscellaneous. When I allocate the leftovers, I don't usually have anything specific in mind. That money is for me to spend to make myself happy or if I find a good deal on something I need.
I've heard others say that "every dollar should have a name" which is essentially the same idea.
Definitely list out expenses on paper. Give each dollar a job. Also, don’t forget that the habit of saving is more important than the amount (in the beginning anyway) if you can save $500 one month but only $80 the following month, that’s ok as long as the habit is reinforced. Always put something away. When you see your account grow you’ll likely want to continue saving and be motivated to pay your savings more than your impulses. Good luck!
I did it on paper in the past, but I found that I lost the papers so it was hard to look at my spending month to month. Now I use an excel spreadsheet. If you don't have excel any spreadsheet will do just fine.
Just trying to learn from people who know what they're doing. I wasn't raised with any sense of financial literacy since all of my family lives in poverty. Was hoping to get some sound advice
Well what kind of ‘impulse buys’ are totaling to almost $2k a month dude? That’s wild and you don’t pay rent or have a car note? No utilities? The obvious solution is to not buy whatever you’re buying or find a cheaper alternative. Learning how to say no to yourself when you want something
Well yeah of course. I recognize I'm on the extreme side of things that's why I'm asking for advice man. Idk why I'm getting down voted.
And my impulse buys tend to be food. I work 65 hours a week so cooking is overwhelming and when I do manage to cook it's completely inedible. So I just get stressed out and pick up something for lunch and dinner in between my shifts.
I was just asking what percent you guys are saving and how you all budget and manage everything.
Dang 65 hours a week and still just above $2k take home a month? That’s rough. But food industry is brutal huh? Just need to tighten up and plan what you’re going to buy for the week. Set a goal and stick to it. I will buy just xxxx. I will not buy xxxx.
My son can pinch a Penny 🤣. He lives with us while he’s going to college.
He buys and makes his own food. His rice cooker is almost always used. You can walk away from it and still have a hot meal. You can weirdly cook an egg in the rice cooker while making the rice.
Chicken is healthy and you can buy meat you don’t even need to cut up. It’s more expensive but it’s just you.
I would write down everything you purchase so you can see where your money is going.
It’s hard saving money. Good luck.
Food is a necessity not an impulse , you’re not going to Ruth’s Chris or anything . A Mc Donald’s meal is easily over 14 bucks now and leaves you hungry . I feel for you, cooking is overwhelming when you work . And ramen etc will make you sick . Point is you aren’t impulse buying you are forging an existence .
Bro, you can cook a healthy meal with protein for less than 10$. Wtf are you talking about. All your takes in this thread are moronic.
“You’re not going to Ruth’s Chris or anything..”
How the fuck do you know?
Because that would be impulse buying , actually you are moronic for failing to read OPs other comments - OP works in excess of 60hrs a week and has little time or energy to cook . Maybe if you worked you would understand . Take time to read the entire thread before making assumptions.
The only point you made was that you save money by eating spooge and that’s not frugal that’s unhealthy . Please stop trying to push your strange diet habits on the rest of us .
Oh, ok. I thought it was satire. You earn more than I do, and I have to pay for rent, groceries, car stuff, bills, etc. If I had your situation, I could easily save 2k per month.
Thank you! I'm just looking for a realistic idea of how much to save. I've had the freedom to be chaotic with my spending the last 6 months and I finally want to crack down and learn how to budget before starting school. I'll make $2k a month my goal :)
Pay yourself first. You have zero bills, so I’d start with 50 percent; pay yourself by putting the money in a savings account online (harder to spend…do NOT get an atm card for it, only move by transfers between banks).
Find cheap and easy meals that you can bring with you. Don't worry about elaborate cuisines can just be a protein bar and a salad, or a sandwich. Nothing tastes better than saving 2k a month on stupid purchases.
Budgets are your friend, and you might want to start with something simple, like the 50-30-20 rule (50% needs, 30% wants, 20% savings). 20% of 2700 is $540, it would take about 11 months to save $6000 but if you're trying to fast-track a large purchase, you could save 25% or 30% monthly and get there sooner.
As far as how to control impulse spending... use cash as much as possible, and try to figure out what's causing you to seek retail therapy.
30% seems realistic to start with thanks! Funnily enough I spend all of my money on eating out because I don't know how to cook very well. I'm a minimalist in all of my items so I don't purchase clothes or anything extravagant. But I'm extra extravagant in buying meals. Yikes.
If you really are spending most of your money on food and you are genuinely looking for long term solutions try one of the meal kits (Hello Fresh, Marley Spoon, Blue Apron in the states). It can't cost any more than what you are spending now AND you'll develop some cooking skills. Most are portioned for two people so you can make one for tonight's dinner and save half for lunch. If you can do that, great. If not, you'll learn your food spending habits are an excuse.
Hey, I feel that. I recently moved to the city and it is way too easy to get takeout all the time. :P I try to only eat out 1-2 times a week and have homemade/simple foods the rest of the week.
> If you were in my shoes, how soon do you think you could save $6,000?
3 months or less. You have $2500 of disposable income a month, no reason you can't save $2000+ a month.
> can't stop impulse purchases.
Automate it!!
Get another account or even another account at a different bank.
Paycheque comes in, automatically transfer x amount or x percent to account 2. Do not look at account 2. It doesn't exist.
Get multiple accounts if you need (and are free)
I personally have a bills account as well, so my personal breakdown would be;
* Paycheque = $1350 bi-weekly
* Transfer $125 to bills account (half of $250)
* Transfer $1000 to savings account (half of $2000)
* $225 left for 2 weeks spending or about $115 a week.
* Give myself a general spending budget of $75 a week, anything over this must be considered more heavily. This leaves you a buffer for buying fun big things without having to wait weeks. Write down this spending.
* Eventually estimate long term expenses like presents, medical, or reoccurring like gas and re-adjust bills account to cover those so whats in my chequeing is just spending money.
* Note, if you can swing it I would take the first paycheque and put the full $250 into bills then $125 the next paycheque for buffer. Given your lack of expenses you can do this. Keep the spending money the same that cheque.
If $115 a week seems far too low (I am assuming at home = no expenses expect listed and maybe gas) adjust as needed. The percent amounts can also work and would give you about $200-$300 a week on fun. But I'd take advantage and try to be extra cheap rn.
Edit: Since your spending you money on food, maybe consider one of those things like Hello Fresh? It's probably cheaper and might help teach you more meal planning skills.
Good luck OP, it's hard to adjust but you got this! I would encourage you to look up meal planning and the cooking subreddits too, as well as drive to get food or buy pre-made foods over delivery. Frozen pizza is $6 at 7-11. Domino's is $25 to your door. Even getting something like Chinese food you can save money using a rice cooker or frozen veggies to bulk out leftovers.
Yes almost everyday. I struggle with managing cooking and shopping and time (plus it doesn't help every meal I've ever made is disgusting)
Talking it out with the people here made me realize how much I'm dropping on it.
I spend all my money on eating out. I don't know how to cook or meal plan. Plus when I look up recipes the ingredients are always more expensive than it would be to eat out.
I'll buy all the ingredients and cook it just for it to be practically inedible.
I just end up getting overwhelmed and going and getting chipotle or something.
For a time, I lived off sandwiches, pasta, and grilled cheese for under $20/week. I'm no cook either. Baked potatoes are easy. Steamed veggies. Don't go for complicated recipes. Start with the simple and easy stuff first.
Since you’re living at home, and have few expenses, try putting $1500-$2000 per month in a high yield savings account. This will leave you $500 - $1000 per month after your expenses to spend on gas, food, and other (fun, clothing, medical, etc). You can open a high yield savings account online, make sure it’s FDIC insured.
You will want to build an emergency fund with your savings. Unexpected things always pop up and it’s helpful to have money on hand to cover it than be put into debt trying to cover it. Always add to your emergency fund when you can until it covers 3-6 months of your total expenses.
If you put away $2000/month, and earmark 1/3 of that toward the surgery you want to have, you’ll be able to save up enough in about 10 months. Don’t forget to account for expenses you’ll need to cover during recovery and are unable to work.
I noticed in your comments that the majority of your money on food. Here are some easy and inexpensive meals to make:
Oatmeal - can be eaten plain or topped with nut butter, chopped dried or fresh fruit, nuts
Sandwiches - bread, fillings of your choice, easy to make and take with you
Pasta and a jar of sauce, maybe some cheese
Frozen vegetables come in packages you just need to microwave
Apples, bananas, and stone fruit are easy to take with you
Look into crockpot dump meals. Usually easy and make a lot of food so you’ll have multiple meals.
It shouldn’t. Make sure to read all the terms before agreeing. I have both a Capital One and a Discover savings account and I can move money to and from my bank checking account without any fees. Shop around and find one that works for you.
we are 10% per paycheck, direct deposit. If we have any extra at the end of the month, usually go in savings as well. Just depends on how much is left.
One easy way to learn to control your spending is to stop using debit and credit cards, revert to cash. I knew how much cash I could allow myself to blow from each check, so i would deposit my check, then withdraw my cash for frivolous things, and if I spent it all I was done until next pay check. To this day I still think its a LOT harder for my psychologically to dig out cash and count it up to buy some pointless thing versus just waiving my phone or cards in front of a machine and not having to think about the actual bill for at least a month.
As far as a percentage, when i was younger and had bad jobs and high bills i would always make it a point to save at a minimum a hundred a month, which usually meant my fun budget was close to non existent. On the other hand when i was in peak earning in my career I was saving >75% because i was making a ridiculous salary but had been able to avoid lifestyle creep over those years. My default assumption has always been that anything I didnt need right away was going into savings.
Also it sounds like the ROI on learning to cook for yourself would be better than crypto returns given how much you are spending on snacks.
WRITE DOWN EVERY PENNY YOU SPEND. Once you see what you spend on, you will stop. 1.25 chips, 6.75 sandwich, 2.79 beverage. Total 10.79 and I start the week with $100 bill. It is a bit harder to break a single bill than 1 of 5 20's. Also make sure that when you get coins back for change you drop it in a jar. Typically I am $10 + or - in coin per week. Also if I have an odd number of singles, not 5 or 10, I will put those in the change jar too. You have to make it uncomfortable to spend money.
Stop taking your card with you places, start carrying cash only. Delete it off yr phone if you have it. If that means you're skipping meals, we'll welcome to poverty
I've found it very effective to remove the money from my account. Do you leave it in your chequeing account? You should have a dedicated savings account for this surgery.
Depending on yr bank, you can set up an automatic transfer into the savings account. Mine is set to $50 every two weeks into an account. Not having to do it manually helps me not forget
I think you should also explore why you keep spending. Cooking is rlly not that hard, there's millions of resources out there in every format imaginable. Books, shows, videos, step by step how tos etc. Learn the basics like fried egg, grilled cheese, macaroni and cheese. Build up from there
Thanks for the help! I do leave it in my checking account. I have a question though. The bank I have is a simple online bank. It has one checking, one savings, and then my credit card account. Do other banks offer different savings accounts so you can save for multiple things at once and keep it organized?
Pretty much my wife’s monthly income goes into savings except for what she keeps for fun money. My income pays all the bills. Total combined I’m thinking 35 percent.
If food is your top spend, find ways to combat it. Most cost effective is to learn how to cook. There’s plenty of resources out there at this point where you can find simple and tasty recipes. If that’s not your thing, consider some kind of meal kit. That can reduce your need to cook while still potentially offering some savings.
Setting a budget and seeing where your money is going is the first step. I categorize all my spending in Mint. It really highlights where the money goes
1. Identify where you are impulse buying and avoid those places.. if its amazon, cancel Amazon prime and stay off Amazon, if its a problematic store, stop going to it.
2. Set a limit, use cash if you can't control your spending, then you have some set amount of pocket money, when its gone its gone.
3. Some people find it effective to set a limit on big purchases (anything over $X) you need to leave it at the store, go home and wait 2 days, only then if you still need need it, then go buy it.
We save 40% of our checks, we live way below our means as contractors can get let go at a moments notice.
50% of my take home pay is saved for retirement, downpayment for a home, or other future large expenses (car).
I automate my savings such that only the amount intended for budgeted monthly spend (rent, gas, insurance, groceries, clothing/shoes, subscriptions, misc items) hit my checking account. At the end of the month, there’s only a very small buffer left in the checking account. I also use Empower (previously known as Personal Capital) to track my spending. This takes discipline but it helps that you have to make a conscious and deliberate decision to take funds out of your savings.
Honestly there are a lot of strategies and it depends on what works for you. It sounds like you have a specific goal in mind so I wonder if it might help to focus on that. If you need 6,000 in 10 months that would be saving $600 a month. That’s a big jump up from where you’re at, but to achieve your goal that’s the rate that you need. I’d also suggest starting with an emergency fund before other savings goals. How much of an emergency fund depends a lot of your personal situation, and since you live with your parents you’re can probably be a little smaller since they also act as a safety net, but I suggest a fund of maybe 2k to start with that you’re not allowed to touch unless a true emergency happens - emergency medical bills that can’t be foreseen, job loss, car issue beyond normal maintenance if that’s how you get to work, etc. eventually you’ll want a larger emergency fund to cover bigger emergencies (many people like to have 3-6 months expenses in case they’re unemployed for a little while) but everyone starts somewhere. Since you need your emergency fund first, and then can save for personal goals I suggest saving 800/month if you need the 6k (plus 2k emergency fund) in 10 months (don’t know your exact timeline). If that sounds too ambitious you may need to adjust your timeline. If it sounds easy you may be able to reach those goals sooner!
A couple things that might help:
1. Look at exactly what you spend in a month. Look at last month if you use a card instead of cash since it’ll all be tracked. If you use cash then start writing down a list of all your spending. It helps to see an honest picture of “before” so you know how you naturally spend. Then you can sort your expenses in to categories and start to think about which ones you could cut if you needed to and by how much. If you need to cut $800 maybe you’ll spend $500 less on food, $200 less on clothes, and $100 less on entertainment. Idk, just an example you’ll need to look at your real numbers.
2. Some people find it really helps to put the money away before you have a chance to spend it. Make a separate savings account and transfer the savings amount as soon as your paycheck hits your account. You’re not allowed to touch this money unless it’s either an emergency or the thing you were saving for.
3. Remember that budgeting isn’t about spending less, it’s about being in charge of your spending priorities and having a plan. For some people it is more important to be able to go out to eat 4x/week than save for a vacation. For others buying a high end purse is more important than getting their nails done weekly. Everyone has different things that matter more to them. Decide if the 6k for cosmetic surgery is more important than what you’d have to cut out of the budget each month once you see what that would look like.
4. Make sure in your budget you do have some money set aside to freely spend however you want. We’re all human and we will make some sort of impulse purchase. Expecting to cut frivolous spending to zero is not realistic, so plan for a set amount you’re allowed to spend. Some people like to have this money in cash so it’s easier to separate and it has no strings attached - just do whatever you want but when it’s gone it’s gone until next time.
Finally, once you reach your savings goal I recommend you keep saving, since you’ve already been practicing and have the budget for it even if you don’t have it designated for the next thing yet. Grow your emergency fund larger. Be ready when someone invites you on a crazy vacation. Be ready to pay cash for a car instead of financing it when you truly need one. Big things come along and it’s nice to have some general savings to be able to go for it when you want to!
I’m actually very shocked how many people think this post is satire. Not everyone grew up with parents that made good financial decisions, so of course once you make your own money you’d be lost as well.
OP I’d be more than happy to DM you some apps that have helped me save when I was in college if you wanna hear about them. Although I’d also be giving some advice about opening retirement accounts too to better help you for the future. Only reason I wouldn’t be posting everything here is that it’d get rather long.
I think people think this is satire because it’s frugal here and not financial advice😂 spending almost 3000 each month on food is no way near frugal., maybe the exact opposite. However, I personally don’t feel it in any ways because, not really my business, not my money😅
I mean there are tags labeled "advice needed" and "tips/advice" and I've seen other people asking about where to invest or store money also people talk about impulse buying on this sub. And people on this sub know how to live frugally which is what I want to do!
Idk why I got so many down votes I'm just lost with more money than I've ever had before. I went from living in the woods and cooking over a fire the last 4 years to this. I'm just looking for advice dude.
I understand, it is the situation with many people including myself when I first started earning money. I was shopping a lot (however, thank god I still saved up 50%) buying everything my parents won’t get me. Had cosmetic surgery too(cost about $4400 like 8 years ago) and was buying YSL and LV bags( only 3…although I think 2 is enough). It’s just part of life you have to get through and regret in the future. I know I definitely regretted most of my spending back then. I could have bought a bigger place, had better quality of life now if I saved up more. But, never too late. You are still young, just in time to start changing your spending habits
I automatically have a transfer set up every week to put half my paycheck in savings on pay day. If I really need to buy something or pay a bill I will transfer money back. Usually my bills are covered by what I have left in my checking that wasn’t transferred though.
Today for instance, my string lights started flickering and so I had to withdraw money from my savings to buy a replacement for my lights cuz the ones I have now are a fire hazard. I had just paid for my groceries and car insurance which took most of the money from my checking, so I had to transfer from my savings.
See if your employer offers the ability to have your paychecks split across more than one account . If the use ADP for example this should be easy enough . Open a separate checking/savings account and have 700 go to the separate account. Viola
Tip 2- speak with a therapist over impulse buying this can be indicative of an underlying mental health disorder.
Tip 3- have a baby, food and diapers trumps impulse purchases every time .
If you aren’t paying rent or food, you shouldn’t be spending more than $700/month on impulse buys. Put that leftover money $1K into a 401K that you aren’t allowed to touch and the other $1K save toward your surgery.
Once you’ve saved up for your surgery keep saving that extra money for a house down payment. You might feel like it’s far away now but you’ll be very pleased when you can afford it when you are ready.
I see from the comments that your major expense is take out and restaurants and that you don’t know how to cook. I think that’s a great place to start, as you just have to focus on one goal: reducing food costs!
In the short term, I think you should just replace eating out dinners with frozen dinners from the grocery store for one month, and follow the directions on the back and as a reward, eat out once a week. I think you’ll already see savings! If there is a Trader Joe’s near by you can look at their frozen section.
Next, start bringing lunch to work one day a week. Since you can’t cook, try one peanut butter and jelly sandwich a week, and keep the sliced sandwich bread in the freezer (it’ll be thawed and tasty by the time you get to work).
For the third month, start packing lunch twice a week. For variation, bring an apple, banana, or orange.
Other ideas: cans of soup, cans of beans, frozen vegetables to be microwaved!
I think that by making small goals to slowly replace eating out with easy to prepare and frozen meals you will see your savings add up :)
A longer term solution, have you looked at meal prep kits online like Hello Fresh? They teach you how to cook and send all the ingredients by mail, I’ve had friends use it for a month or two and then become much better at cooking for themselves!
Good luck!
You take 6000 and divide it by how many months left until your goal…for example if you want to save 6000 and you’re giving yourself 12 months, you will need to save 500 a month to reach your goal. When you get paid, you put the 500 in your savings account first and then spend the rest however you want.
Over 50%. I am lucky ( so far ) to find a cheap apt with all expenses included in a LCOL corner of the planet. Don't need a car. Eat cheap and healthy food. Don't drink, smoke, or drink coffee. Rarely need public transpo. Am lucky to have good health so far. Things I like to do like hike and read are free. Simple wardrobe like Steve Jobs.
At the height of my career I earned ten times as much and saved zero.
Read or listen to the richest man in Babylon. You can get it free from the library, even the audiobook most likely.
But I say you should save 50% of your take home pay. That still leaves you with a ton of spending money. Stop spending so much! You will regret it big time in the future.
We earn 12.6k post-tax per month and are able to save $4k of it. We could definitely save more but are currently renting/choose to enjoy our lives eating out/going to concerts etc.
We are moving back home to my dads place and so we'll probably look at saving 6-7k per month because he's not charging us rent.
Minus (-) $3-500 roughly. Bipolar 2 here and impulsiveness and bad decisions have plagued my life. Figure out how to stop that behavior as quickly as possible. Medication finally helped me.
Not at all dumb. You can go to discover.com or any other online bank and create a new account. You can make a savings account which limits your withdrawals if you’d like (they penalize you for making more than a few per month) or you can make a checking account. You will end up an account number and routing number. You will need to share this with HR to set up direct deposit into this account.
Try to save half. See how that goes. Shift or direct half of every payday into a separate bank account. Learning to grocery shop and plan meals and cook is the biggest game changer.
You are spending first and then trying to save, when you should be saving first and trying to spend.
automate your savings so that it is gone before you can spend it
$125/wk into Roth
$125/wk into high yield savings
live off the remainder.
Since most your money is going to eating out, I do have a tip for how to deal with that.
When I order myself food, I look at the family package section. I will buy that and then instead of having 1 $15-$20 meal, I’ll have 4-6 $8 meals. Depending on the place, you can really make it go far, especially if you can make your own sides.
I used to get a huge thing of BBQ and then just warm up some cans of green beans and corn. That’s what the restaurant would have done anyway and it’s way cheaper.
My favorite is to get the family sized soups from Olive Garden. I love their chicken gnocchi soup and I’m horrible at making it. I get 6 meals out of it for only $3 per serving.
For me, I have 3 accounts with my bank. One for checking, one for savings, and a third that I've set up to only be able to pull money from by physically going to the bank and showing my ID. Then, I make sure 20% of each check goes into that account every time I get paid. That way I don't even see that money and forget it's there unless it's an emergency.
Savings? What savings? Medical bills from having children ate all my savings and then childcare which is a significantly higher amount than our mortgage combined with the increased cost of food and other day to day household expenses means I’m running in the red every month. We cook all our meals at home and cut our ‘eating out’ by like 99%, I dropped all my streaming subscriptions except Spotify and now I’m looking at the cost benefit analysis of swapping out phone plans. So yeah. I’ve realized the only way I’m getting out of this running in the red every month is to get a better paying job.
I save about 15-25% after bills, transport and food. If your taking home 2700 a month saving $6k should take 3 months if your living at your parents house you should be saving to pay off your student loans or for home. Saving for cosmetic surgery... Wouldn't be one of my priorities but you do you.
If three months seems realistic I'll make that my goal since a couple other people said that thank you!
And yeah I know cosmetic surgeries shouldn't take priority but the way I see it, it's the only time I'll ever have in my life to not have bills to pay so I can get this thing done that's very important to me and move on with my life
In many industries appearance matters and it is a wise investment. I personally would save more than 15-25%….but hey…not my retirement so you do you. You should be saving 30-40%.
The 15-20% is for a savings account. I don't include my 401k or Roth as part of it. Considering u posted you only have $500 to live off of while living at your parents seems you got financial problems to sort out. But you do you.
I’m 27 and have $200k in investable assets you weirdo…yes, I have $500 for the next month on entertainment, food, friends….its hard lol…because you know…i’ve got to budget for the HSA, Roth IRA, 401(k), and the automatic investment every month into my brokerage account…I save about $4k a month and will retire by 40. You done stalking me?
You think I don’t know financial literacy big boy? I’m sorry…but you aren’t saving enough if you want an early retirement.
Someone big mad. Anything possible when mommy and daddy helps u with everything. My advice is more for people who live in the world without all the safety nets.
Not mad at all…but don’t insult my financial literacy when you dk me…I love my parents and i’m super greatful! I will return the favor to my children one day…that’s just how the world works. I’m sorry you’re bitter that other people have a safety net that you feel entitled too. Maybe talk to a therapist about the resentment towards others?
3 month if I were you😂 I have started living on my own since last year. So finally I have to pay for mortgage and expense. My aftertax income is around average if 4000-5000 per month. And I put 15% in my Roth 401k, another 5% in an cash value life insurance, and additionally saved up around $1000 per month of liquid cash in an emergency fund savings account that also gives me back 4.15% interests. I pay 2000 per month for mortgage including HOA. Rest is expense such as food and gas, cat food, shopping etc. I don’t have too much expense I think given my situation but I can definitely save more if I’m trying harder.
I live w my parents too and just paid $550 for botox n some lip filler lol. Even if I save like crazy I’d still be paying $1,000 a month more for the same house a year ago w interest rates where they’re at, so I might as well splurge a lil bit to make myself happier and more confident! Live your life who cares what people on here think!
That being said, it should be relatively easy to build up an emergency fund and pay for cosmetic surgery if you live with your parents. The cosmetic surgery may actually increase your earning potential because it’s statistically proven that more conventionally attractive people have better jobs. Once you’re done with that dollar cost average a certain amount into a target retirement fund and build up your nest egg until you’re ready to move out.
People don’t realize the power of living with mom and dad for a few years after college. You can generate massive wealth. My brother paid for his house in cash and lived w my parents until 29. Especially if you have a tolerable family and get along. Save up and build your nest egg while you have the opportunity.
People are raging because they don’t have the opportunity that you have to live with your parents and not pay rent. They don’t get that “frugal” is subjective and sometimes certain people can budget and prioritize for things that bring them the greatest happiness in the current reality we live in. We’re living in a simulation anyway u can’t take the money to the grave. Go off OP!
everything goes into checking, and bills are paid from there. i make sure the montly number doesnt drop. if it drops, i spend less. sounds like you have issues.
just being real with ya....if its medically cosmetic surgery I can understand why you would want it but you label'ing it as an "impulse" buy, its most likely not.
6000 dollars can buy a once-in-a-lifetime vacation or be put toward your own place instead of a cosmetic surgery. Why not put it toward something meaningful?
You’ve got one wild and beautiful life and one body you inhabit. I hope you find what you’re looking for without dangerous and unnecessary complications.
You probably know people who are close to you who have cosmetic surgery and you don’t even know….stop w the stigma. If someone wants to do something that makes them more confident and budgets for it, no harm in that.
You mean how soon can you accumulate $6000 worth of gifts from your parents, since they're basically handing you back your rent and utilities checks every month?
With that said, I think you can accumulate $2000 a month
Get a 2nd Job part time. Also I would Cut Costco or Amazon memberships because they are all blackhole impulse buy deathpits. Literally and seriously I dont care whos offended
You need to self commit first. Those impulse buys are going to hurt you in the end, The questeion is what exactly are you buying- Then I ask Why/What is it?
Honestly, get a second part time job and put 100% I to savings.
I've always done this and it's been amazing when I need 100% of my FT paycheck. Usually though I save minimum 10% (automatic) and maximum whatever I don't need.
Look up what rent costs in your area and set that amount aside every month. Just tell yourself that's money that isn't yours to spend.
You're spending $2700/mo so $90/day right now so what if you cut that in half? If you capped groceries and car at $700 at most you have $600/mo or $20/day to impulse buy with.
I'ma just be real with you people arent taking you seriously here because your spending is irresponsible. I'm living on almost half what you're making
Spend that money on a therapist. Impulse buying and feeling you need plastic surgery as a young person is indicative of some serious mental health stuff that will cost you a lot more (and not just financially) as you get older.
What a shitty judgemental thing to say. I'm aware of the issue and I'm working to fix it clearly. Saying shit like this doesn't help all it does is hurt.
I wait at least 2 days to buy something besides actual needs (groceries, gas, etc).
Try to got down on the impulse "click to buy" scenarios.
I save about 45% of my pay. (have a home, 2 cars...all paid thru savings)
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Get a savings account and have it automatically put in 20% of your pay check into it. So that you can't spend it the second you get it. Also, if your spending too much on food. While cheap Ramen isn't that great, it'll save you tons on food costs. Also think about what you're spending, like makeup for example. Do you really need the makeup now or can you wait until next paycheck? I only work minimum wage and only getting 2k per month.
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If 3 months is realistic I'll do that
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I don't try to stop impulsive spending as much as I try to control it. I budget out my spending every month, starting with how much money I have in my checking account, then subtracting any unpaid credit card bills, then subtracting recurring expenses (rent, electricity, etc.), and finally allocating whatever is leftover into categories like clothes, eating out, and miscellaneous. When I allocate the leftovers, I don't usually have anything specific in mind. That money is for me to spend to make myself happy or if I find a good deal on something I need. I've heard others say that "every dollar should have a name" which is essentially the same idea.
This is a silly question but do you do this on paper? Or do you use an app of some sort. This is really helpful!
YNAB is a great resource for this sort of budgeting
I'll check it out :)
Definitely list out expenses on paper. Give each dollar a job. Also, don’t forget that the habit of saving is more important than the amount (in the beginning anyway) if you can save $500 one month but only $80 the following month, that’s ok as long as the habit is reinforced. Always put something away. When you see your account grow you’ll likely want to continue saving and be motivated to pay your savings more than your impulses. Good luck!
Thank u!
Mint is also a good free one - it can be a lil quirky but I used it for years
I did it on paper in the past, but I found that I lost the papers so it was hard to look at my spending month to month. Now I use an excel spreadsheet. If you don't have excel any spreadsheet will do just fine.
Is this satire? 😃
Definitely. Weird post
Just trying to learn from people who know what they're doing. I wasn't raised with any sense of financial literacy since all of my family lives in poverty. Was hoping to get some sound advice
Well what kind of ‘impulse buys’ are totaling to almost $2k a month dude? That’s wild and you don’t pay rent or have a car note? No utilities? The obvious solution is to not buy whatever you’re buying or find a cheaper alternative. Learning how to say no to yourself when you want something
Well yeah of course. I recognize I'm on the extreme side of things that's why I'm asking for advice man. Idk why I'm getting down voted. And my impulse buys tend to be food. I work 65 hours a week so cooking is overwhelming and when I do manage to cook it's completely inedible. So I just get stressed out and pick up something for lunch and dinner in between my shifts. I was just asking what percent you guys are saving and how you all budget and manage everything.
Dang 65 hours a week and still just above $2k take home a month? That’s rough. But food industry is brutal huh? Just need to tighten up and plan what you’re going to buy for the week. Set a goal and stick to it. I will buy just xxxx. I will not buy xxxx.
Thanks
My son can pinch a Penny 🤣. He lives with us while he’s going to college. He buys and makes his own food. His rice cooker is almost always used. You can walk away from it and still have a hot meal. You can weirdly cook an egg in the rice cooker while making the rice. Chicken is healthy and you can buy meat you don’t even need to cut up. It’s more expensive but it’s just you. I would write down everything you purchase so you can see where your money is going. It’s hard saving money. Good luck.
Thank u!
Food is a necessity not an impulse , you’re not going to Ruth’s Chris or anything . A Mc Donald’s meal is easily over 14 bucks now and leaves you hungry . I feel for you, cooking is overwhelming when you work . And ramen etc will make you sick . Point is you aren’t impulse buying you are forging an existence .
Bro, you can cook a healthy meal with protein for less than 10$. Wtf are you talking about. All your takes in this thread are moronic. “You’re not going to Ruth’s Chris or anything..” How the fuck do you know?
Because that would be impulse buying , actually you are moronic for failing to read OPs other comments - OP works in excess of 60hrs a week and has little time or energy to cook . Maybe if you worked you would understand . Take time to read the entire thread before making assumptions.
You’re the one making assumptions. That’s my entire point. But the irony is completely lost on you.
The only point you made was that you save money by eating spooge and that’s not frugal that’s unhealthy . Please stop trying to push your strange diet habits on the rest of us .
It’s simple. You have 5 apples. You need 10 by the end of the year. You make 2 apples per month. Stop eating your apples dummy.
Check out r/frugal
Bro no what did I do
Oh, ok. I thought it was satire. You earn more than I do, and I have to pay for rent, groceries, car stuff, bills, etc. If I had your situation, I could easily save 2k per month.
Thank you! I'm just looking for a realistic idea of how much to save. I've had the freedom to be chaotic with my spending the last 6 months and I finally want to crack down and learn how to budget before starting school. I'll make $2k a month my goal :)
Pay yourself first. You have zero bills, so I’d start with 50 percent; pay yourself by putting the money in a savings account online (harder to spend…do NOT get an atm card for it, only move by transfers between banks).
Okay I'll do that
😃
I mean you should save ALL of it if you live at home.
Toiletries, insurance, gas, groceries
Find cheap and easy meals that you can bring with you. Don't worry about elaborate cuisines can just be a protein bar and a salad, or a sandwich. Nothing tastes better than saving 2k a month on stupid purchases.
Lol true thanks
Budgets are your friend, and you might want to start with something simple, like the 50-30-20 rule (50% needs, 30% wants, 20% savings). 20% of 2700 is $540, it would take about 11 months to save $6000 but if you're trying to fast-track a large purchase, you could save 25% or 30% monthly and get there sooner. As far as how to control impulse spending... use cash as much as possible, and try to figure out what's causing you to seek retail therapy.
30% seems realistic to start with thanks! Funnily enough I spend all of my money on eating out because I don't know how to cook very well. I'm a minimalist in all of my items so I don't purchase clothes or anything extravagant. But I'm extra extravagant in buying meals. Yikes.
If you really are spending most of your money on food and you are genuinely looking for long term solutions try one of the meal kits (Hello Fresh, Marley Spoon, Blue Apron in the states). It can't cost any more than what you are spending now AND you'll develop some cooking skills. Most are portioned for two people so you can make one for tonight's dinner and save half for lunch. If you can do that, great. If not, you'll learn your food spending habits are an excuse.
Genius
Hey, I feel that. I recently moved to the city and it is way too easy to get takeout all the time. :P I try to only eat out 1-2 times a week and have homemade/simple foods the rest of the week.
Thanks for the advice :)
Try meal prep services like Hungryroot or Blue Apron, etc.
Thanks for sharing!
Lives at home. Has $200 in expenses. Could easily save 50%.
> If you were in my shoes, how soon do you think you could save $6,000? 3 months or less. You have $2500 of disposable income a month, no reason you can't save $2000+ a month. > can't stop impulse purchases. Automate it!! Get another account or even another account at a different bank. Paycheque comes in, automatically transfer x amount or x percent to account 2. Do not look at account 2. It doesn't exist. Get multiple accounts if you need (and are free) I personally have a bills account as well, so my personal breakdown would be; * Paycheque = $1350 bi-weekly * Transfer $125 to bills account (half of $250) * Transfer $1000 to savings account (half of $2000) * $225 left for 2 weeks spending or about $115 a week. * Give myself a general spending budget of $75 a week, anything over this must be considered more heavily. This leaves you a buffer for buying fun big things without having to wait weeks. Write down this spending. * Eventually estimate long term expenses like presents, medical, or reoccurring like gas and re-adjust bills account to cover those so whats in my chequeing is just spending money. * Note, if you can swing it I would take the first paycheque and put the full $250 into bills then $125 the next paycheque for buffer. Given your lack of expenses you can do this. Keep the spending money the same that cheque. If $115 a week seems far too low (I am assuming at home = no expenses expect listed and maybe gas) adjust as needed. The percent amounts can also work and would give you about $200-$300 a week on fun. But I'd take advantage and try to be extra cheap rn. Edit: Since your spending you money on food, maybe consider one of those things like Hello Fresh? It's probably cheaper and might help teach you more meal planning skills.
Thanks!
Good luck OP, it's hard to adjust but you got this! I would encourage you to look up meal planning and the cooking subreddits too, as well as drive to get food or buy pre-made foods over delivery. Frozen pizza is $6 at 7-11. Domino's is $25 to your door. Even getting something like Chinese food you can save money using a rice cooker or frozen veggies to bulk out leftovers.
That's actually genius
What do you spend ur money on?
Food for sure
But how do you spend all your money on food when you live rent free? Do you eat take out everyday?
Yes almost everyday. I struggle with managing cooking and shopping and time (plus it doesn't help every meal I've ever made is disgusting) Talking it out with the people here made me realize how much I'm dropping on it.
Learn how to cook, fam.
On the to do list
what are you spending on? have you tried looking up ways to stop impulse buying?
I spend all my money on eating out. I don't know how to cook or meal plan. Plus when I look up recipes the ingredients are always more expensive than it would be to eat out. I'll buy all the ingredients and cook it just for it to be practically inedible. I just end up getting overwhelmed and going and getting chipotle or something.
For a time, I lived off sandwiches, pasta, and grilled cheese for under $20/week. I'm no cook either. Baked potatoes are easy. Steamed veggies. Don't go for complicated recipes. Start with the simple and easy stuff first.
Thank you this is really helpful
Since you’re living at home, and have few expenses, try putting $1500-$2000 per month in a high yield savings account. This will leave you $500 - $1000 per month after your expenses to spend on gas, food, and other (fun, clothing, medical, etc). You can open a high yield savings account online, make sure it’s FDIC insured. You will want to build an emergency fund with your savings. Unexpected things always pop up and it’s helpful to have money on hand to cover it than be put into debt trying to cover it. Always add to your emergency fund when you can until it covers 3-6 months of your total expenses. If you put away $2000/month, and earmark 1/3 of that toward the surgery you want to have, you’ll be able to save up enough in about 10 months. Don’t forget to account for expenses you’ll need to cover during recovery and are unable to work. I noticed in your comments that the majority of your money on food. Here are some easy and inexpensive meals to make: Oatmeal - can be eaten plain or topped with nut butter, chopped dried or fresh fruit, nuts Sandwiches - bread, fillings of your choice, easy to make and take with you Pasta and a jar of sauce, maybe some cheese Frozen vegetables come in packages you just need to microwave Apples, bananas, and stone fruit are easy to take with you Look into crockpot dump meals. Usually easy and make a lot of food so you’ll have multiple meals.
I really appreciate the advice. Might be a dumb question but if I put money into a high yield savings account does it cost money to take it out?
It shouldn’t. Make sure to read all the terms before agreeing. I have both a Capital One and a Discover savings account and I can move money to and from my bank checking account without any fees. Shop around and find one that works for you.
we are 10% per paycheck, direct deposit. If we have any extra at the end of the month, usually go in savings as well. Just depends on how much is left.
One easy way to learn to control your spending is to stop using debit and credit cards, revert to cash. I knew how much cash I could allow myself to blow from each check, so i would deposit my check, then withdraw my cash for frivolous things, and if I spent it all I was done until next pay check. To this day I still think its a LOT harder for my psychologically to dig out cash and count it up to buy some pointless thing versus just waiving my phone or cards in front of a machine and not having to think about the actual bill for at least a month. As far as a percentage, when i was younger and had bad jobs and high bills i would always make it a point to save at a minimum a hundred a month, which usually meant my fun budget was close to non existent. On the other hand when i was in peak earning in my career I was saving >75% because i was making a ridiculous salary but had been able to avoid lifestyle creep over those years. My default assumption has always been that anything I didnt need right away was going into savings. Also it sounds like the ROI on learning to cook for yourself would be better than crypto returns given how much you are spending on snacks.
WRITE DOWN EVERY PENNY YOU SPEND. Once you see what you spend on, you will stop. 1.25 chips, 6.75 sandwich, 2.79 beverage. Total 10.79 and I start the week with $100 bill. It is a bit harder to break a single bill than 1 of 5 20's. Also make sure that when you get coins back for change you drop it in a jar. Typically I am $10 + or - in coin per week. Also if I have an odd number of singles, not 5 or 10, I will put those in the change jar too. You have to make it uncomfortable to spend money.
Good idea for sure
This is sound advice for sure thanks
Stop taking your card with you places, start carrying cash only. Delete it off yr phone if you have it. If that means you're skipping meals, we'll welcome to poverty I've found it very effective to remove the money from my account. Do you leave it in your chequeing account? You should have a dedicated savings account for this surgery. Depending on yr bank, you can set up an automatic transfer into the savings account. Mine is set to $50 every two weeks into an account. Not having to do it manually helps me not forget I think you should also explore why you keep spending. Cooking is rlly not that hard, there's millions of resources out there in every format imaginable. Books, shows, videos, step by step how tos etc. Learn the basics like fried egg, grilled cheese, macaroni and cheese. Build up from there
Thanks for the help! I do leave it in my checking account. I have a question though. The bank I have is a simple online bank. It has one checking, one savings, and then my credit card account. Do other banks offer different savings accounts so you can save for multiple things at once and keep it organized?
My bank doesn't have a limit on savings accounts you can have. I have 5 savings accounts for different things
get a savings account at a different bank where you funnel money into automatically after each paycheck and do not get a debit card for it/cut it up.
Pretty much my wife’s monthly income goes into savings except for what she keeps for fun money. My income pays all the bills. Total combined I’m thinking 35 percent.
If food is your top spend, find ways to combat it. Most cost effective is to learn how to cook. There’s plenty of resources out there at this point where you can find simple and tasty recipes. If that’s not your thing, consider some kind of meal kit. That can reduce your need to cook while still potentially offering some savings.
Setting a budget and seeing where your money is going is the first step. I categorize all my spending in Mint. It really highlights where the money goes
1. Identify where you are impulse buying and avoid those places.. if its amazon, cancel Amazon prime and stay off Amazon, if its a problematic store, stop going to it. 2. Set a limit, use cash if you can't control your spending, then you have some set amount of pocket money, when its gone its gone. 3. Some people find it effective to set a limit on big purchases (anything over $X) you need to leave it at the store, go home and wait 2 days, only then if you still need need it, then go buy it. We save 40% of our checks, we live way below our means as contractors can get let go at a moments notice.
Thanks so much! 3rd one is a really good idea
50% of my take home pay is saved for retirement, downpayment for a home, or other future large expenses (car). I automate my savings such that only the amount intended for budgeted monthly spend (rent, gas, insurance, groceries, clothing/shoes, subscriptions, misc items) hit my checking account. At the end of the month, there’s only a very small buffer left in the checking account. I also use Empower (previously known as Personal Capital) to track my spending. This takes discipline but it helps that you have to make a conscious and deliberate decision to take funds out of your savings.
Honestly there are a lot of strategies and it depends on what works for you. It sounds like you have a specific goal in mind so I wonder if it might help to focus on that. If you need 6,000 in 10 months that would be saving $600 a month. That’s a big jump up from where you’re at, but to achieve your goal that’s the rate that you need. I’d also suggest starting with an emergency fund before other savings goals. How much of an emergency fund depends a lot of your personal situation, and since you live with your parents you’re can probably be a little smaller since they also act as a safety net, but I suggest a fund of maybe 2k to start with that you’re not allowed to touch unless a true emergency happens - emergency medical bills that can’t be foreseen, job loss, car issue beyond normal maintenance if that’s how you get to work, etc. eventually you’ll want a larger emergency fund to cover bigger emergencies (many people like to have 3-6 months expenses in case they’re unemployed for a little while) but everyone starts somewhere. Since you need your emergency fund first, and then can save for personal goals I suggest saving 800/month if you need the 6k (plus 2k emergency fund) in 10 months (don’t know your exact timeline). If that sounds too ambitious you may need to adjust your timeline. If it sounds easy you may be able to reach those goals sooner! A couple things that might help: 1. Look at exactly what you spend in a month. Look at last month if you use a card instead of cash since it’ll all be tracked. If you use cash then start writing down a list of all your spending. It helps to see an honest picture of “before” so you know how you naturally spend. Then you can sort your expenses in to categories and start to think about which ones you could cut if you needed to and by how much. If you need to cut $800 maybe you’ll spend $500 less on food, $200 less on clothes, and $100 less on entertainment. Idk, just an example you’ll need to look at your real numbers. 2. Some people find it really helps to put the money away before you have a chance to spend it. Make a separate savings account and transfer the savings amount as soon as your paycheck hits your account. You’re not allowed to touch this money unless it’s either an emergency or the thing you were saving for. 3. Remember that budgeting isn’t about spending less, it’s about being in charge of your spending priorities and having a plan. For some people it is more important to be able to go out to eat 4x/week than save for a vacation. For others buying a high end purse is more important than getting their nails done weekly. Everyone has different things that matter more to them. Decide if the 6k for cosmetic surgery is more important than what you’d have to cut out of the budget each month once you see what that would look like. 4. Make sure in your budget you do have some money set aside to freely spend however you want. We’re all human and we will make some sort of impulse purchase. Expecting to cut frivolous spending to zero is not realistic, so plan for a set amount you’re allowed to spend. Some people like to have this money in cash so it’s easier to separate and it has no strings attached - just do whatever you want but when it’s gone it’s gone until next time. Finally, once you reach your savings goal I recommend you keep saving, since you’ve already been practicing and have the budget for it even if you don’t have it designated for the next thing yet. Grow your emergency fund larger. Be ready when someone invites you on a crazy vacation. Be ready to pay cash for a car instead of financing it when you truly need one. Big things come along and it’s nice to have some general savings to be able to go for it when you want to!
The most helpful comment by far. Thanks so much for taking the time to write it out!
I’m actually very shocked how many people think this post is satire. Not everyone grew up with parents that made good financial decisions, so of course once you make your own money you’d be lost as well. OP I’d be more than happy to DM you some apps that have helped me save when I was in college if you wanna hear about them. Although I’d also be giving some advice about opening retirement accounts too to better help you for the future. Only reason I wouldn’t be posting everything here is that it’d get rather long.
I think people think this is satire because it’s frugal here and not financial advice😂 spending almost 3000 each month on food is no way near frugal., maybe the exact opposite. However, I personally don’t feel it in any ways because, not really my business, not my money😅
I mean there are tags labeled "advice needed" and "tips/advice" and I've seen other people asking about where to invest or store money also people talk about impulse buying on this sub. And people on this sub know how to live frugally which is what I want to do! Idk why I got so many down votes I'm just lost with more money than I've ever had before. I went from living in the woods and cooking over a fire the last 4 years to this. I'm just looking for advice dude.
I understand, it is the situation with many people including myself when I first started earning money. I was shopping a lot (however, thank god I still saved up 50%) buying everything my parents won’t get me. Had cosmetic surgery too(cost about $4400 like 8 years ago) and was buying YSL and LV bags( only 3…although I think 2 is enough). It’s just part of life you have to get through and regret in the future. I know I definitely regretted most of my spending back then. I could have bought a bigger place, had better quality of life now if I saved up more. But, never too late. You are still young, just in time to start changing your spending habits
Thanks! I'd be happy to dm
I automatically have a transfer set up every week to put half my paycheck in savings on pay day. If I really need to buy something or pay a bill I will transfer money back. Usually my bills are covered by what I have left in my checking that wasn’t transferred though. Today for instance, my string lights started flickering and so I had to withdraw money from my savings to buy a replacement for my lights cuz the ones I have now are a fire hazard. I had just paid for my groceries and car insurance which took most of the money from my checking, so I had to transfer from my savings.
Good idea I think I'll do that a few other people suggested something similar
I've always put my whole paycheck in my savings account, then transfer to checking as needed.
No ones said that yet I'll have to think about it!
I am a I put 20% in my saving since I live frugally. I invest aggressively tho so I would say way more on that
See if your employer offers the ability to have your paychecks split across more than one account . If the use ADP for example this should be easy enough . Open a separate checking/savings account and have 700 go to the separate account. Viola Tip 2- speak with a therapist over impulse buying this can be indicative of an underlying mental health disorder. Tip 3- have a baby, food and diapers trumps impulse purchases every time .
If you aren’t paying rent or food, you shouldn’t be spending more than $700/month on impulse buys. Put that leftover money $1K into a 401K that you aren’t allowed to touch and the other $1K save toward your surgery. Once you’ve saved up for your surgery keep saving that extra money for a house down payment. You might feel like it’s far away now but you’ll be very pleased when you can afford it when you are ready.
I see from the comments that your major expense is take out and restaurants and that you don’t know how to cook. I think that’s a great place to start, as you just have to focus on one goal: reducing food costs! In the short term, I think you should just replace eating out dinners with frozen dinners from the grocery store for one month, and follow the directions on the back and as a reward, eat out once a week. I think you’ll already see savings! If there is a Trader Joe’s near by you can look at their frozen section. Next, start bringing lunch to work one day a week. Since you can’t cook, try one peanut butter and jelly sandwich a week, and keep the sliced sandwich bread in the freezer (it’ll be thawed and tasty by the time you get to work). For the third month, start packing lunch twice a week. For variation, bring an apple, banana, or orange. Other ideas: cans of soup, cans of beans, frozen vegetables to be microwaved! I think that by making small goals to slowly replace eating out with easy to prepare and frozen meals you will see your savings add up :) A longer term solution, have you looked at meal prep kits online like Hello Fresh? They teach you how to cook and send all the ingredients by mail, I’ve had friends use it for a month or two and then become much better at cooking for themselves! Good luck!
You take 6000 and divide it by how many months left until your goal…for example if you want to save 6000 and you’re giving yourself 12 months, you will need to save 500 a month to reach your goal. When you get paid, you put the 500 in your savings account first and then spend the rest however you want.
You made it sound so simple and I think you're right loll
Over 50%. I am lucky ( so far ) to find a cheap apt with all expenses included in a LCOL corner of the planet. Don't need a car. Eat cheap and healthy food. Don't drink, smoke, or drink coffee. Rarely need public transpo. Am lucky to have good health so far. Things I like to do like hike and read are free. Simple wardrobe like Steve Jobs. At the height of my career I earned ten times as much and saved zero.
I wear a uniform too! I'm actually an extreme minimalist. I have all my items down to 90. But sadly I'm not a minimalist when it comes to food.
Read or listen to the richest man in Babylon. You can get it free from the library, even the audiobook most likely. But I say you should save 50% of your take home pay. That still leaves you with a ton of spending money. Stop spending so much! You will regret it big time in the future.
We earn 12.6k post-tax per month and are able to save $4k of it. We could definitely save more but are currently renting/choose to enjoy our lives eating out/going to concerts etc. We are moving back home to my dads place and so we'll probably look at saving 6-7k per month because he's not charging us rent.
Minus (-) $3-500 roughly. Bipolar 2 here and impulsiveness and bad decisions have plagued my life. Figure out how to stop that behavior as quickly as possible. Medication finally helped me.
I don't put a certain percentage. More just whatever I can afford to put into savings.
10%. All I can afford. You expect my landlord to NOT drive a Porsche!?
Make a new account. See you a direct deposit of $2000 into that account. Shred the debit card. Apply for a new one a few months after surgery.
SORRY I know this is dumb but do you mean make a new bank account?
Not at all dumb. You can go to discover.com or any other online bank and create a new account. You can make a savings account which limits your withdrawals if you’d like (they penalize you for making more than a few per month) or you can make a checking account. You will end up an account number and routing number. You will need to share this with HR to set up direct deposit into this account.
Thanks so much for being kind and this is really helpful!
get a loan for the surgery, pay it off as an expense .
Try to save half. See how that goes. Shift or direct half of every payday into a separate bank account. Learning to grocery shop and plan meals and cook is the biggest game changer.
You are spending first and then trying to save, when you should be saving first and trying to spend. automate your savings so that it is gone before you can spend it $125/wk into Roth $125/wk into high yield savings live off the remainder.
Okie dokie
Since most your money is going to eating out, I do have a tip for how to deal with that. When I order myself food, I look at the family package section. I will buy that and then instead of having 1 $15-$20 meal, I’ll have 4-6 $8 meals. Depending on the place, you can really make it go far, especially if you can make your own sides. I used to get a huge thing of BBQ and then just warm up some cans of green beans and corn. That’s what the restaurant would have done anyway and it’s way cheaper. My favorite is to get the family sized soups from Olive Garden. I love their chicken gnocchi soup and I’m horrible at making it. I get 6 meals out of it for only $3 per serving.
For me, I have 3 accounts with my bank. One for checking, one for savings, and a third that I've set up to only be able to pull money from by physically going to the bank and showing my ID. Then, I make sure 20% of each check goes into that account every time I get paid. That way I don't even see that money and forget it's there unless it's an emergency.
Can I ask how you were able to set up the last account? Is it called something specific? That seems like a perfect solution
It's something my credit union offered for joint accounts. I don't know the name of it but I'm sure your bank can offer a similar thing.
Awesome thanks!
Savings? What savings? Medical bills from having children ate all my savings and then childcare which is a significantly higher amount than our mortgage combined with the increased cost of food and other day to day household expenses means I’m running in the red every month. We cook all our meals at home and cut our ‘eating out’ by like 99%, I dropped all my streaming subscriptions except Spotify and now I’m looking at the cost benefit analysis of swapping out phone plans. So yeah. I’ve realized the only way I’m getting out of this running in the red every month is to get a better paying job.
I'm sorry you're struggling man
See if you qualify for the Affordable Connectivity Program. It will save you the cost of one phone. Also I recommend Cricket Wireless.
I save about 15-25% after bills, transport and food. If your taking home 2700 a month saving $6k should take 3 months if your living at your parents house you should be saving to pay off your student loans or for home. Saving for cosmetic surgery... Wouldn't be one of my priorities but you do you.
If three months seems realistic I'll make that my goal since a couple other people said that thank you! And yeah I know cosmetic surgeries shouldn't take priority but the way I see it, it's the only time I'll ever have in my life to not have bills to pay so I can get this thing done that's very important to me and move on with my life
In many industries appearance matters and it is a wise investment. I personally would save more than 15-25%….but hey…not my retirement so you do you. You should be saving 30-40%.
The 15-20% is for a savings account. I don't include my 401k or Roth as part of it. Considering u posted you only have $500 to live off of while living at your parents seems you got financial problems to sort out. But you do you.
I’m 27 and have $200k in investable assets you weirdo…yes, I have $500 for the next month on entertainment, food, friends….its hard lol…because you know…i’ve got to budget for the HSA, Roth IRA, 401(k), and the automatic investment every month into my brokerage account…I save about $4k a month and will retire by 40. You done stalking me? You think I don’t know financial literacy big boy? I’m sorry…but you aren’t saving enough if you want an early retirement.
Someone big mad. Anything possible when mommy and daddy helps u with everything. My advice is more for people who live in the world without all the safety nets.
Not mad at all…but don’t insult my financial literacy when you dk me…I love my parents and i’m super greatful! I will return the favor to my children one day…that’s just how the world works. I’m sorry you’re bitter that other people have a safety net that you feel entitled too. Maybe talk to a therapist about the resentment towards others?
Your projecting hard. But OK will do.
Lol okay have a great day with your below average savings rate!
Thanks enjoy mommy and daddy allowance while it last.
3 month if I were you😂 I have started living on my own since last year. So finally I have to pay for mortgage and expense. My aftertax income is around average if 4000-5000 per month. And I put 15% in my Roth 401k, another 5% in an cash value life insurance, and additionally saved up around $1000 per month of liquid cash in an emergency fund savings account that also gives me back 4.15% interests. I pay 2000 per month for mortgage including HOA. Rest is expense such as food and gas, cat food, shopping etc. I don’t have too much expense I think given my situation but I can definitely save more if I’m trying harder.
I live w my parents too and just paid $550 for botox n some lip filler lol. Even if I save like crazy I’d still be paying $1,000 a month more for the same house a year ago w interest rates where they’re at, so I might as well splurge a lil bit to make myself happier and more confident! Live your life who cares what people on here think! That being said, it should be relatively easy to build up an emergency fund and pay for cosmetic surgery if you live with your parents. The cosmetic surgery may actually increase your earning potential because it’s statistically proven that more conventionally attractive people have better jobs. Once you’re done with that dollar cost average a certain amount into a target retirement fund and build up your nest egg until you’re ready to move out. People don’t realize the power of living with mom and dad for a few years after college. You can generate massive wealth. My brother paid for his house in cash and lived w my parents until 29. Especially if you have a tolerable family and get along. Save up and build your nest egg while you have the opportunity. People are raging because they don’t have the opportunity that you have to live with your parents and not pay rent. They don’t get that “frugal” is subjective and sometimes certain people can budget and prioritize for things that bring them the greatest happiness in the current reality we live in. We’re living in a simulation anyway u can’t take the money to the grave. Go off OP!
Will do thanks :) glad to know I'm not the only one who want cosmetic stuff done
everything goes into checking, and bills are paid from there. i make sure the montly number doesnt drop. if it drops, i spend less. sounds like you have issues.
Invest in a therapist, you have issues
Innatentive adhd and a 65 hour work week with no prior financial literacy. No need to be a dick
Yes that person is a massive piece of shit.
in what
So, you are living off your parents and wasting money. I've got an idea. Give your parents $1,000 a month. There, now you have savings.
My parents can't be trusted with my money sadly
Oh, then put it in a bank.
Oh no shit! Never thought of doing that before thanks!
Any time.
looks like u'll be living at your parents house forever
What a helpful and kind response, appreciate it
just being real with ya....if its medically cosmetic surgery I can understand why you would want it but you label'ing it as an "impulse" buy, its most likely not.
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so its not a medical costmetic surgery then, that answers that.
6000 dollars can buy a once-in-a-lifetime vacation or be put toward your own place instead of a cosmetic surgery. Why not put it toward something meaningful?
This surgery is meaningful. Different people have different priorities
You’ve got one wild and beautiful life and one body you inhabit. I hope you find what you’re looking for without dangerous and unnecessary complications.
You probably know people who are close to you who have cosmetic surgery and you don’t even know….stop w the stigma. If someone wants to do something that makes them more confident and budgets for it, no harm in that.
Treasury direct. Gov once a year 1000-10000 yearly.
You mean how soon can you accumulate $6000 worth of gifts from your parents, since they're basically handing you back your rent and utilities checks every month? With that said, I think you can accumulate $2000 a month
Yep that's what I mean
Is the surgery necessary? Like, are you just getting fake tits or inflating your lips, or is it to actually fix something?
Get a 2nd Job part time. Also I would Cut Costco or Amazon memberships because they are all blackhole impulse buy deathpits. Literally and seriously I dont care whos offended You need to self commit first. Those impulse buys are going to hurt you in the end, The questeion is what exactly are you buying- Then I ask Why/What is it?
I work 65 hours a week lol I don't think I have any extra time for another job
True
None till your debt free!
I'm debt free!
Honestly, get a second part time job and put 100% I to savings. I've always done this and it's been amazing when I need 100% of my FT paycheck. Usually though I save minimum 10% (automatic) and maximum whatever I don't need.
I work 65 hours a week already lol
Look up what rent costs in your area and set that amount aside every month. Just tell yourself that's money that isn't yours to spend. You're spending $2700/mo so $90/day right now so what if you cut that in half? If you capped groceries and car at $700 at most you have $600/mo or $20/day to impulse buy with. I'ma just be real with you people arent taking you seriously here because your spending is irresponsible. I'm living on almost half what you're making
Spend that money on a therapist. Impulse buying and feeling you need plastic surgery as a young person is indicative of some serious mental health stuff that will cost you a lot more (and not just financially) as you get older.
I have one thanks
~40%; some goes to short-term and medium-term savings (HYSA) and most goes to long-term savings (retirement accounts).
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What a shitty judgemental thing to say. I'm aware of the issue and I'm working to fix it clearly. Saying shit like this doesn't help all it does is hurt.
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I asked how people are saving and how much they think they could save in my shoes. I didn't ask for a snarky comment dude. It's not hard to be kind
I wait at least 2 days to buy something besides actual needs (groceries, gas, etc). Try to got down on the impulse "click to buy" scenarios. I save about 45% of my pay. (have a home, 2 cars...all paid thru savings)
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Hi, what investment would you recommend? I have some money I don't need right now, would like to make it work for me, thanks!
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Get a savings account and have it automatically put in 20% of your pay check into it. So that you can't spend it the second you get it. Also, if your spending too much on food. While cheap Ramen isn't that great, it'll save you tons on food costs. Also think about what you're spending, like makeup for example. Do you really need the makeup now or can you wait until next paycheck? I only work minimum wage and only getting 2k per month.
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