Yeah this is a good example of making the best of your personal situation. Sounds like it's working for you if you can manage without an apartment.
I study in my home town so I already have an apartment, bad side is that it includes my mom in it , but that's how things go here, 90% people live with their parents until... 28 LOL.
we are trying to sell apartment and change for 2 smaller ones, that'd be awesome if we manage.
anyway.. yeah i am happy to have that money bc i'll have prolonged education .. and i dont want to be burden to my mom.
i've always had a buffer.
when i started working full time i aimed to get a year's buffer.
at 29 i have a decent 4 year buffer in addition to savings.
i have investments primarily in precious metals.
i never get in debt either. ever.
every normal man must be tempted, at times,
to spit on his hands, hoist the black flag,
and begin slitting throats.
I had usually about 100-200 eur in bank account when I was 20, at any one time,
200-300 when I were 22,
2000-3000 when I were 24,
10000-15000 when I were 26,
0-2000 from 28 to 31,
0-4000 from 31 to now.
Funny thing about college, I don't know what I'm doing with that but I should really take some personal finance classes. Along with general business finance. I want to own my own business so I suppose my personal situation is that I need more startup money than the average person. It certainly can't hurt...
Don't go to college until you know why you're there! It's way too expensive for that. A lot of that kind of information can be found online and in libraries, though you'll have to work a little harder to find it - on the plus side, it'll probably be more current than a class. Not sure about the business finance since I've never looked, but PF stuff is everywhere! It's hard to know where to start, though.
I could really benefit from some spreadsheets to track my expenses. I have no realistic idea of how much I spend. I just know I make more than I spend and that's about it.
To track expenses, I use a simple excel spreadsheet that I threw together, nothing fancy but it does everything you would want and is easy to use. I can send it to you if you want to have an idea where to start. ?
I can do this pretty easily from my credit card statements (don't know how I could do it with cash other than writing it down constantly) which I add to the sheet every few months or so.
See, I don't see how that's doable!? Before now, were you in debt or something? Or just living off loans?
So at first mostly living off loans. We get a ridiculous amount here, enough for tuition+living expenses for a not really frugal student. I would always save about half of it. Plus I lived at home until 2nd year university - though I still had to buy everything but rent, rent is the biggest expense!
Then, I was in a coop degree so I did some terms working for half-decent money at the time (10-15 when min wage was 7-8). So I'd be working fulltime in the summer, then often stay parttime during school.
I also had a connection to get a sweet summer job right after I graduated which payed something ridiculous like 22$/hr fulltime.
I'm pretty notoriously cheap so while I don't consciously try to stick to a budget, I don't spend much either, and I was always conscious of a huge amount of debt to pay off later (no interest while I'm in school). So I tried to save for that. (Going out is the single worst thing for spending money...especially if booze is involved, but food's bad enough. I try to limit it to special occasions and also only buy 1 drink or occasionally 2. The markup is crazy!)
I had a few 1000 or 2000$ scholarships thrown in here and there, too. And I got 2000$ and free tuition for grad school from a scholarship, PLUS I get paid enough to live on and maybe save a bit if I'm careful (have mostly been breaking even the last year, but my rent just went down by 100$ so that'll help!!).
Also I don't have a car, and will resist buying one as long as humanly possible. I know that's not an option for some people but the transit system here is decent and much cheaper than a car. My bf does have a car though, and I often pay for gas. I kinda wish we didn't have it, though I'd miss all the trips we take in the summer.
Originally Posted by Bamboo
I try not to spend money I don't have but I see the appeal of the credit card. I think I want to get a credit card, but really, I'd only use it to build my credit and just pay off everything immediately. As mentioned in another post I want to have my own business, so I think I might need loans to get that started, and having a good credit score will help.
Good to be thinking about. Just have to make sure to NEVER pay even a day late, then you get stuck with interest. It's awful, I earn a crapload of rewards on my card (currenly 120$ saved up) but lose almost as much in interest by forgetting to pay on time every 3-6 months or so. Every time is like 10-20$ Gotta get better about that.
Some people are very anti-credit card (or even debit) but I love my card. Just have to be smart with it.
IF you can keep discipline about how you use a credit card, you should have one or two. Pay more than you owe every month and what's key is, pay it on time or a day early every month. That's all you have to do. It takes time to build credit. You may really need credit one day -- to buy a house, even to buy a car, for medical bills, if major appliances break down -- even if none of that applies to you right now, just consider building credit the same thing as building money in the bank. It's important to have a good credit rating.
Hrmm. I'm 20, will be 21 in November. I get paid around $980 (give or take $80 bucks). I currently have $8,864 in my savings account. I keep $1,000 for any kind of repairs or anything that I need to send home. Like if my mom's car breaks down, or the shingles on the house blow off, etc. I have a budget plan that if I were to get kicked out tomorrow, I have enough money to last me eight months. I do not have any credit cards, and despise them. Too much temptation for me.
Why do I help support my mother? She barely makes enough to cover her bills and she supported me for eighteen years, four of which we lived on $500 a month when she and my father divorced. I remember working at sixteen and lending her money if her car broke and she coudn't get it fixed. I also got into trouble for taking it to the shop to have it fixed and paying for it.
The rest of my paycheck I use for whatever the hell I want. I have $100 spending money and the rest I use for bills or gets shoved into my bank account. Just as a FYI, I've been in the military since 2008.
Anything that you haven't fought for isn't going to be appreciated. It takes blood, sweat, and a large amount of tears before you appreciate what you have.