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  1. #1
    12 and a half weeks BerberElla's Avatar
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    Default How good are you with money?

    Because I have a question and don't want to waste it lol.

    I'm crap with money, saving it, spending it, hating it, and loving it. I can never make up my mind what to do with any excess money I have, I have so many things I need and can't make up my mind which item is the most important to buy and which can wait.

    The only thing that forces the decision on me is when I need to replace something that has broken, mind you even then I guess it goes with how much I think I need the item, ie my microwave broke a year and a half ago and I still haven't replaced inspite of having had the cash many times over.

    I can't save either lol I'm so impulsive when it comes to shopping, I only saved for something once and it did give an amazing feeling of satisfaction and pride once I achieved the amount I had planned for, but it took forever and I haven't managed to match that patience and determination since.

    My latest financial confusion is there are 2 things I want, one is well within the boundaries of this months budget, and one will take 7 - 8 months of saving all my excess, maybe longer in light of my impulsiveness, so I go for the first affordable thing, or do I put it off, using this months excess to start the saving for the longer more expensive aim thus getting there sooner? lol

    How do you decide?

    I mean my impatience says to just go for what is affordable now, and start saving after.
    Echo - "So are you trying to say she is Evil"

    DeWitt - "Something far worse, she's an Idealist"

    Berb's Johari Berb's Nohari

  2. #2
    RETIRED CzeCze's Avatar
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    I'm generally bad with money but the good news is the less money I have the less money I waste. Do you have a savings account? Do you pay your credit cards off with more than the minimum balance? A lot of "bad habits" can be justified if you splurge in moderation. The key is having more coming in and staying in than going out.

    Always pay yourself first. Even saving a seeming small amount a month will add up.

    My friends don't make much money (technically at or below poverty line and qualify for state health care, etc.) but they were able to put enough aside per month over a year towards a vacation and now they are going to Ireland.

    I am also horrible at impulse buys, etc. I've learned over the years though value over getting the cheapest item possible and looking at the overall picture before buying something.

    I would ask myself, "Do I need this? Can I get something cheaper? How long can I wait to get this?"

    Good luck!
    “If you want to tell people the truth, make them laugh, otherwise they'll kill you.” ― Oscar Wilde

    "I'm outtie 5000" ― Romulux

    Johari/Nohari

  3. #3
    12 and a half weeks BerberElla's Avatar
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    Quote Originally Posted by CzeCze View Post
    I'm generally bad with money but the good news is the less money I have the less money I waste. Do you have a savings account? Do you pay your credit cards off with more than the minimum balance? A lot of "bad habits" can be justified if you splurge in moderation. The key is having more coming in and staying in than going out.

    Always pay yourself first. Even saving a seeming small amount a month will add up.

    My friends don't make much money (technically at or below poverty line and qualify for state health care, etc.) but they were able to put enough aside per month over a year towards a vacation and now they are going to Ireland.

    I am also horrible at impulse buys, etc. I've learned over the years though value over getting the cheapest item possible and looking at the overall picture before buying something.

    I would ask myself, "Do I need this? Can I get something cheaper? How long can I wait to get this?"

    Good luck!

    I have a savings account, but it has sat empty since the day I opened it lol

    I don't have a credit card to pay off anymore, I wouldn't touch a credit card with a barge pole right now as I am aware of how badly I could screw that up, again.

    I do have some debts though, and sometimes I pay the minimum monthly payment, other times I am so desperate to clear it off faster that I put all my extra money towards a much larger payment. I've almost cleared off the second to last debt with this erratic payment method.

    I've definately learnt the whole value over money lesson too, the amount of cheap furniture I have had to replace has taught me that the hard way.

    The thing I need the most is the larger more expensive item, the one that is going to take 7-8 (maybe more) months to save for, and that's only if I can buckle down and not get distracted by that banging pair of shoes I saw last week.
    Echo - "So are you trying to say she is Evil"

    DeWitt - "Something far worse, she's an Idealist"

    Berb's Johari Berb's Nohari

  4. #4
    Alexander the Terrible yenom's Avatar
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    Read financial news and economic books. Understand how the economy works, work at different business and learn how thery get income. Learn as much you can about finance and investment and how everything fits together.

    Money knowledge is not taught in school, it is up to you to investigate it in real life.
    And don't buy napoleon hill's think and grow rich, it won't teach you anything.
    The fear of poverty turns people into slaves of money.

    "In this Caesar there are many Mariuses"~Sulla

    Conquer your inner demons first before you conquer the world.

  5. #5
    pathwise dependent FDG's Avatar
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    Uhm. I think I'm not that bad, but I'm better at making it than saving it. I don't like to live a very restrictive lifestyle, but I can work fast and I have an high level of energy, so I am usually able to get some money in one way or another. Mind you, restrictive lifestyle is more about, not thinking "oh I have to buy the cheapest food ever" when I go to the supermarket; I don't like spending money on clothes or any type of excess stuff.

    I totally hate debt, I have made an oath to myself never to get into debt (and so far I have been able to, thankfull). I "like" saving because that allows me to be able to afford a more relaxed lifestyle in the future, but often saving just "happens" to me since I don't need a lot to be comfortable. I'm impulsive with eating ice-cream, but I'm not impulsive with anything over 10 euros - in fact I can be rather cheap.

    So, overall, I'd say I'm better than the average person of my age, but there are people that are much better at not spending money than me. I'm an Uni student and I only work part-time, but I've managed to have a cushion of 2000 euros in my bank account for any case of need. I don't think cloud's advice is particularly on-mark, learning how the economy works won't make you any less impulsive, for example.
    ENTj 7-3-8 sx/sp

  6. #6
    Dali
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    I'm not quite 'good with money'.

    In a given month, if I started off with X, I'd have found a way to spend X+Y by the end of the month. If you gave me 3X, I'd end the month having spent 3X+Y. I'm the epitome of living beyond my means. I don't know how I do it.

    As a Uni student, when I did get some money, I'd always spend it like I'd completely forgotten what it felt to be broke.

  7. #7
    Alexander the Terrible yenom's Avatar
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    Saving and living frugally won't get you rich. A wise person would know how to find alternative sources of income other than the salary from your boss. A constnat inflow of income will make you rich. There are people who are collecting money everyday and do nothing.
    The fear of poverty turns people into slaves of money.

    "In this Caesar there are many Mariuses"~Sulla

    Conquer your inner demons first before you conquer the world.

  8. #8
    pathwise dependent FDG's Avatar
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    Quote Originally Posted by cloud View Post
    Saving and living frugally won't get you rich. A wise person would know how to find alternative sources of income other than the salary from your boss. A constnat inflow of income will make you rich. There are people who are collecting money everyday and do nothing.
    Well, I'm always befuddled when you talk about finances/economics of course a constant inflow of income means that you can save, so saying that saving doesn't make you rich is clearly wrong. Living frugally means that you don't have debt and you can invest the money, and get the compounded interest instead of having to pay the compounded interest on the debt. All those behaviors are deeply intertwined and it's not wise to say that "X makes you rich" or whatever.
    ENTj 7-3-8 sx/sp

  9. #9
    Senior Member Ace_'s Avatar
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    I'm very good with money. I just don't buy stuff I don't need. Living a simpler life without many things cluttering the house makes me happy. I also research before buying more expensive things. I go to the market with a list(mental or written) and I don't buy impulsively. I'm still in college but I'm earning money over the internet and I'm spending it wisely.

  10. #10
    Dali
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    Quote Originally Posted by Ace_ View Post
    I'm very good with money. I just don't buy stuff I don't need. Living a simpler life without many things cluttering the house makes me happy. I also research before buying more expensive things. I go to the market with a list(mental or written) and I don't buy impulsively. I'm still in college but I'm earning money over the internet and I'm spending it wisely.
    But we can't all be NTJ now, can we? lol. You're real lucky in that regard.

    I really have to reinforce my NiTe.

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