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:steps up onto crate:
hello...? My names ollie,and I'm a spendaholic too.... :lol:
Heu I feel your pain bro.
I too spend WAYYYY too much on frivolous junk.
My first bit of advice,and I should take this to heart as well.
STOP EATING OUT! :lol:
I find that I buy food almost every day! Coffee here,burger there,take the fam out to eat cause I'm too tired/lazy to cook or rely on the Mrs to cook.
One big expense that can help is mentally limit yourself to eating out.
I figured out a while back how much I actually spend on food in a year. :shock: :shock:
I have actually made myself go home for lunch and stay away from food places(as much as possible).
I then treat myself to a lunch out once or twice a week.
It all adds up in the end.
Also ya gotta ask yourself "Is all this clubbing beyond my budget?"
I used to go to clubs,but I rarely visit one anymore.Bar tabs will put you in the poor house faster than a bum on a ham sammich!

GL sir and hope I've helped with my lil insane tidbit of life! :peace:
 

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Unfortunately I can not be of any help...I have been diagnosed with the same disease.

The other day I went to get my haircut but the usual person at the mall, she wasn't there, but I still ended up spending $200. The main source of my money disappearance is clothing. No matter how full my closets get, I still catch my self buying more clothes.

I also have a problem you I go out to the local bars. I don't go out as much as I did when I was going to school at Mizzou, but you couldn't tell by looking at my bank account. The problem I have now is when I do go out, I tend to pay for everyone that I am with. I guess it makes me feel like a big shot.

You would think we would slowly learn from our spending mistakes, but for many of us, that is simply not true. I'm currently looking to buy a house, but I might have to put that on hold until I learn to control my spending. But with my current Rex rebuild current underway, I don't see that happening anytime soon...

Joshua
 

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hey guys ,I hear ya.I have about 200 bucks to my name right now,and with my current crx turbo project I don't don't see my financial situation improving in the near future.Damm.....I gotta get some more overtime, but I don't mind, it'll all work out,when the project is finished.F#*K,when will that be....
 

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Pay yourself first off when you receive your paycheck. When I say pay yourself, I mean put away money into a savings account that will not be touched. This way, it limits you to spending only what you have left over. I pay myself half of my check after taxes and SS and more taxes and all of the other **** the government steals from me. Oh my 401K is taken out of that before I pay myself too.

Anyway, this limits you to spending only what is left over. Yes, pay yourself before you pay your bills. Sounds backwards, but it is the best way to do it.

I still eat out and do what I want, but it is limited now.
 

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The food issue is an easy fix.
Buy a Crock Pot. And get the plastic liners for it, no clean up.
I'm still amazed by what you can cook in one of those things.

Make sure you don't lose the cookbook that comes with it.
Make dinner in the morning, eat leftovers for lunch the next day.
Oh, and I am a BIG fan of the baking bags, they are over next to the tin foil in the market.

Throw a roast or chicken in, a little water and potatoes and carrots, you got a great meal.
And of course, leftovers for sandwiches.
Another cool thing about them?, again, NO MESS.
(I hate doing dishes)
Since the summer is here, BBQ more.
Invite your friends, tell them to bring something,
in a snap, a cheap meal.
Course just feed them hotdogs and hamburgers, and of course, Brats...Man, I love a Brat on the Q.
 

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If spending money frivolously was the will of Christ, you may very well call me the Anti-Christ.

You can get really REALLY strict with this, which I would suggest if you have specific goals, or you can set modest guidelines which are probably more reasonable. Either way, you need to set parameters and work out what's appropriate to meet your needs.

I would suggest structuring this in a spreadsheet. I use Corel's quattro pro, but excel is just as good.

1. Choose a term for your budget. Do you want to budget for a quarter at a time? Half a year? Full year? If you're just starting out, I'd suggest you look at a quarterly (3 month) budget. Once you have records and know what you're spending, extend the budget to a yearly one.
2. You need to estimate your total take home pay over the next 3 months. Once you've established a number you are comfortable with, reduce it by 5% (multiply it by 0.95). There will be a day you'll be glad it's there.
3. Establish what your monthly mandatory fixed costs are.
- Rent / Mortgage payment
- Insurance Payments (home and auto)
- Home Phone and/or Cell Phones
- Specific Payments (such as student loans)
- Utilities (Natural Gas, Hydro, Water)
- TV Cable Bill
- Internet Bill
- Memberships / Subscriptions (Gym, magazines etc)
- Condo Fees
- Monthly Bank Fees
4. Establish a reasonable forecast for your mandatory variable costs
- Gasoline
- Food
5. Figure out what's left / month or / quarter.
6. Beyond what most people would describe as necessities of life, you have to forecast for other costs that you have to expect.
- Clothes
- Car maintenance
- License Renewals
- Enrollment fees for sports, greens fees etc
- Gifts (set a strict budget, it's easy to get carried away. Don't forget bdays, xmas, mothers day, fathers day, sympathy gifts (flowers for funerals etc)
- Traditions. Do you have a specific day every year you do something? My family goes to the Canadian National Exhibition every year, this would be the kind of thing i'm talking about. You may want to include a budget for N12 or the Florida meet.
- Haircuts
- Shoes
- Mandatory Toiletries
7. Figure out what's left
8. Are you saving towards a specific goal? Forecast a reasonable amount to save each month
9. Figure out what's left.
10. You have money left? Great. Time for Entertainment and impulse purchases. Maybe save the leftover $ for a trip or home improvement. There's nothing wrong with using leftovers for term deposits etc either.

**Some of these costs are going to be things you do over the course of a year, make sure to amortize the expense into quarters**

The thing you have to remember though, is that the key to making progress is gathering information and monitoring your successes. Track every penny you spend, and adjust your forecasts to reasonable levels. Unless you can see your progress, it's hard to judge and when you do see where money is going, you'll find it a lot easier to cut out needless purchases.

Now, that being said, budgeting may very well ruin your life. I'm so self conscious about spending now I feel horrible every time I pull out the debit card, no matter for what.

Do you use excel or quattro pro? If you want, I'll put together the fundamentals for a relatively low maintenance, but effective budget. I'll leave the values blank, all you'll have to do is plug in your forcasts for yourself.

Always be conservative with these though. Build in extra expense to come in under budget, and predict cash flow to be slightly lower the what you'll probably get.

Andrew.
 

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Don't forget...

Any money you save, make sure it is making interest at least equal to inflation. If you just have money sitting around it will lose value (thank the government for this, what they don't steal from you they devaluate!). So you are better off spending it than letting it just sit around.

I highly recommend doing this for a savings plan:

Take the money you are saving and split it up 4 ways. One into longest rate possible T-Bonds. One into gold bullion (coins). One into a money market fund and the last one into a S&P 500 index fund. Review the plan once a year and rebalance the plan so that each of the four makes up 25% of the total amount. Easy, worry free savings that should grow greater than inflation no matter the economic situation at the time.
 

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We eat out way too much too. Same problem. No idea where all that money is going, but it goes fast! My favorite ideas to limit spending:

1. Take out a big chunk (direct deposit) every paycheck into a savings account that is difficult to get money out. (No debit card, one transfer allowed out per month, etc.)

2. Figure out a set amount you want to have for spending money each paycheck. Get that out in cash, and when it's gone...that's it.

3. Debit cards are the devil! The easier it is to spend your stashed money, the more you will spend. Use cash, and don't go to the ATM except once per paycheck.
 

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Discussion Starter · #12 ·
Dren said:
Pay yourself first off when you receive your paycheck. When I say pay yourself, I mean put away money into a savings account that will not be touched.
Tried that with direct deposit into a separate savings. Uhhh yea. Money goes into savings, money is quickly depleted from checking, money is transfered from savings to checking so everyone including wally is happy.

D_Britt_57 said:
Make dinner in the morning, eat leftovers for lunch the next day.
I eat stuff as old as almost 2 weeks. I don't like to waste food. In fact while some people have a 5 or 10 second rule, I have a 10 minute rule. And when we hit the buffet and Bepsi puts too much as usual on her plate, I'll finish it before the busser comes around. I don't like the idea of wasting other people's money. Oh yea, Bepsi doesn't like my 10 minute rule at all. Much less at the buffet. Although, I'm civilized and mannered enough to look left and right first. LOL

Since the summer is here, BBQ more.
Dave, I know that on the east coast, the trees are already blossoming, but around here we sometimes get snow in June.

BBQ cheap? Are you kidding? You can't have a bbq without brats, wings, steak and A1, and fresh fish from the market. Don't forget the beer and a couple bottles of Henny and 151. I'd rather dine out, it's cheaper!
 

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Discussion Starter · #13 ·
Canrex said:
everything you wrote
Thanks for the offer Andrew but as everyone knows, change starts with number one. I'm getting back to the point where I'm kinda ready to put a choke hold on my finances again. There's just so much that's happened in the last 7 years or so that's made me not really care. Come to think about it, I was more responsible with my money 12 years ago. Heck, at age 19, I was a home owner without anyone's help. Which reminds me, had I held on to that house, right now I could sell and put 60 big in my pocket. Real estate is where the money is. No one knows that better than my pops and even moreso my uncle who once built a 5 bedroom house cash, and recently bought a 250k house in a better neighborhood also cash. Not bad for a guy who started out in the U.S. in 1980 knowing zero English and riding a bicycle to work at Mickey Dee's huh? OK, before I go off on another tangent, that right there just made me feel real pathetic in comparison.

Financial freedom here I come!

p.s. Thanks for all the input guys.
 

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man, I don't know what to tell ya, I budget myself AND track most of what I spend in an excel spreadsheet, and I still manage to spend too much.

I would say what gets me spending is my large group of friends. There is always a few people doing something or other almost every night that involves going to eat, a club / bar, some event comes up, birthdays, etc etc. It never ends!! Plus I just dropped $115 on an ozzfest ticket (going with friends again)

Ahhhh! account empty again! :shock: :x
 

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Discussion Starter · #15 ·
Update (yes already)

I took my first baby step to recovery. Today I got off work early and so did my GF. We were undecided on where to go all the while this thread was on my mind. She suggested window shopping (yeah right) but I said hey why don't we just go for a walk through the small patch of woods at a nearby park instead? Well we did and wouldn't you know it, it cost nothing! That worked up an appetite in both of us so we were trying to decide where to go eat. Of course I remembered this thread again and suggested: the grocery store to get something and I'll cook it up. (fixin' cars aint the only thing I can do mang :wink: ) Granted we got snow crab legs and scrimps but it's better than the $160 tab plus tip at Third Street Pier we racked up a few weeks ago for pretty much the same kinda stuff I'm cookin' up now.

Progress baby!!!

Well, let's see how long it lasts. LOL... alright gotta check on mah schtuff.

[insert words of encouragement here]
 

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Even if you are terrible at budgeting and all that crap like I am, there's one good thing anyone can do: track ALL your expenses for just one month. Write down EVERYTHING you spend, down to the penny. You don't have to try to live differently, just document it all. After your month is up, take a good look at your records and see where all the money went...you might be very suprised to see how much you blew on stuff like food and booze. So, your big change might be to budget how much you spend on food and trips to the bar -- get a new checking account with a new debit card that you ONLY spend on that stuff (and never use another account to pay for anything food/drink related). Fund the account with a certain dollar amount, like half of what you figured you spend in an average month. Take the other half and throw it into a savings account every month and watch it grow :)
 

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I found that budgeting (kinda like what Canrex and Mark have posted up) is not that hard to do.

One simple way to budget: put your money into the things that need to get paid, put some away WHERE YOU CAN'T/WON'T spend it, and put some in a place that's easily accessible to you.

For example: I have my direct deposit split between two separate accounts. One checking what I use to pay bills. I don't carry around the debit card OR checks from this account, and I only pay bills from it using my banks bill payment service, which is free. That way, I go online, see a balance, pay a bill pretty quick WITHOUT TOUCHING CASH OR PULLING OUT THE CHECKBOOK WHICH CAN EASILY BE STORED IN A POCKET FOR LATER (get the hint?).

I have a savings at the same bank with the bills account. Whatever is left over in the bills account gets transferred to the savings. I also have a health savings account that gets a few dollars per pay period, as well as a 401k, both deducted from my paycheck. The health savings is nice because I have a debit card from that account that can ONLY be spent on health care - contact lenses, co-pays, prescriptions and the like.

Now - here's the important one - pay yourself: I keep a second checking account that gets a pre-set amount via direct deposit and I carry that debit card with me. This is the account that my gas money, lunch money, incidentals (and not much of them), and "free cash" is drawn from. Since its pre-set how much goes in there every payday, I KNOW HOW MUCH MONEY I HAVE (or don't have) TO PLAY AROUND WITH. IF IT'S EMPTY, I CONSIDER MYSELF BROKE UNTIL THE NEXT PAYDAY.

Doesn't matter if I have a couple thou in the other account. If you condition yourself to living within a budget, and sticking to it, you'll begin to resist those urges to spend more than your conscious tells you would be prudent. All of a sudden, beef jerkeys and new sunglasses get less important than seeing large amounts in the bank account for when YOU REALLY WANNA SPLURGE! (j/k)
 
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