A Spender Needs Help Saving!

[Irin997]

I think if the OP has all of her bills covered, is able to provide for her 11 almost 12 year old and has $1200 left over, then the $$ spent on going out, clothes etc is up to her.

Do I think $1200 a month is a lot for that kind of stuff? sure BUT i would rather use that same $1200 to buy a purse. yes just 1. But again, my bills are covered, my daughter is more than provided for and I still have money left over.

Different parts of the country have different cost of living. I live just outside of NYC and what i make could buy me about 10X the lifestyle (house, car, luxuries, etc) i currently live.

in a perfect world i would love to see the OP not spend $1200 on clothes and going out. maybe reduce that to $800 and put the rest into savings or an emergency fund.

The OP asked about saving money to go to Disney and i think reducing the money sent on clothes and going out is the way to do it. Also, once you are use to it then that extra $$ could go into savings for either emergencies or you could pay for your next vactation up front!

Lara

Sure it's her money to choose what to do with. However there's a big difference between majority of the posts I've seen about asking for tips on saving and this one.

 

[suzieQ36]

The envelope system is a great way to save. We started that a few years ago and it has changed the way we save and spend. Like others have mentioned, write down everything you spend each day and take a hard look at those things that you can live without. Try to incorporate "no buy" days into each week. You spend $0 on those days.
Visit these budget threads often...they will inspire you and give you more ideas to save. Other websites that have been mentioned are great, too.
If you love socializing, incorporate one evening each week (one that you would normally go out) as a stay home night and invite friends over. Everyone brings one bottle of wine or favorite drink. You all share and enjoy each other's company. Each week, someone different could be the host! The nights you do go out, just drink more water and less costly beverages!!
Good luck! You may find that saving becomes an enjoyable hobby!!!

 

[Grumpy's Gal]

Emergency fund? Ummm...no. I don't even own life insurance!

I would highly recommend that if you have a child, you get life insurance on yourself!

 

[nowellsl]

Watch Suze Orman, Saturday nights at 10:00 on CNBC. Best thing I did back when I was trying to save. That and stopping the recreational shopping

 

[nowellsl]

I would highly recommend that if you have a child, you get life insurance on yourself!

Absolutely!

 

[livvylivvie]

I would highly recommend that if you have a child, you get life insurance on yourself!

Oh My goodness! Please get life Insurance! This is Important. You have a son. Things can happen, and it is important to take care of your family.

O.K. Now... Tips for saving $$$....
Tip#1~ STOP SHOPPING!!!!
Tip #2 ~ When in doubt refer to Tip #1!


Sorry I find myself funny. LOL!

But Seriously I guess the question is ~ Do you want to go to Disney?

If you really want to go, then it looks like with what you have posted, you have a good amount of wiggle room. If I had 1200$ a month after all my bills and expenses were paid, I'd be dancing to the bank!!
What are you willing to cut back on?
Can you have friends over to your place for cocktails and hor d'oeuvers?
Pick a signature "drink" for the night. Stick with that, less mess and cost. Get your friends to all bring thier favorite hor d'oeuvers.
Et Voila! Its a fun evening.

 

[PrincessSarah314]

I had dinner out last night at the total was just under $20 so I put aside $20 in a cookie jar!

Today is payday. I had about $90 leftover from my excess money from last check so I am setting $50 from that aside into my savings for vacation.

AND I didn't spend any of my singles or change yesterday or today so that is all going into the cookie jar as well.

In one day I've saved nearly $80. Everyone's advice is awesome and is helping me sooo much!

THANKS!!!

 

[MrsPete]

I spend the majority of my spending money in 2 places: the clothing store and bars. I enjoy the nightlife and spend an average of $150-$200 per week on new clothes and nightlife. I know that it seems like a no-brainer to eliminate this but I'd like to keep it in some way since it is my only relaxation time.

So you know these are splurges for you. The question is, Which do you want more? The trip or your weekly splurges?

Idea 1: Write down everything you spend for the next week or so. EVERY thing: A soda from the drive-through, a magazine, a pair of socks. Then look for patterns. Unless you are very, very unusual, you'll find places you can cut back. Then look at the places you NEED to spend and look for ways to cut back those specific items; for example, if you're spending $5/day on lunch, you could easily bring a bag lunch for $1/day. If you're buying a soda out of the machine for $1/day, you could easily bring a 12-pack of sodas to work, which'll cost only $3/12 -- essentially that'd be 8 sodas for free.

Idea 2: You say you spend on clothes. Look through your closet for things you no longer wear. Put them on ebay and save the money for your trip. Now here's the real lesson: Total up what you spent for those things, and then total up what you were able to get out of them later. If you're lucky, you'll get 10% back. That's 90% of the money gone, and for something you didn't care about for very long. Next time you're out shopping, ask yourself if you need the item badly enough to spend on a depreciating asset.

Drink a little less while you are in the bar maybe have one or two less drinks each time you are there.

Good advice. Go out, but cut the drinks in half.

If you're going out to dinner, drink water instead of soda (or similar). Drinks around here run $2-3 each at sit-down restaurants, so drinking water not only saves our waistlines, it cuts $8-12 off the bill for our family of four.

It might help for you to think of your clothing and bar purchases in terms of what that money equals in Disney terms. A blouse for $80 (that you don't need) will equal one day's admission to a Disney park. A third drink at the bar (that you don't need) will equal a counter service meal at POFQ or one of the parks. A pair of shoes for $200 (that you don't need) will equal one night at POFQ.

I think about things in this way sometimes. I also sometimes equate the cost to the number of hours I need to work to pay for the item. I'll think about my worst-worst-worst moments at work, and I'll ask myself, "I worked that hour and earned X amount -- is this worth that time?"

Another method I use sometimes, especially with clothing: I'll buy the item that catches my eye and leave it in the bag (with the receipt) for two weeks. If after that time I still want it, I'll keep it -- if I look at it and say, "What was I thinking? This matches nothing, and I'll never use it", then it goes right back.

I guess I should have defined my idea of modest. After my bills are paid off I have about $1200 a month left over.

I will try my best to eliminate $25 a week this month and see how it goes!

You have $1200 after bills are paid, and right now that's all disappearing . . . and you're looking at trying to cut back $25/week -- that's an 8% cut-back. Barely enough to even notice. You asked for advice: If this is going to work, you'll have to cut a little deeper.

Emergency fund? Ummm...no. I don't even own life insurance!

So now I need to set up another savings account for emergencies? I live in suburban Chicago.

How about retirement too? You're saying that your job is stressful -- do you want to keep working at it 'til the day you die? You have $1200/month after bills -- you can afford to save.

I had dinner out last night at the total was just under $20 so I put aside $20 in a cookie jar!

Today is payday. I had about $90 leftover from my excess money from last check so I am setting $50 from that aside into my savings for vacation.

AND I didn't spend any of my singles or change yesterday or today so that is all going into the cookie jar as well.

In one day I've saved nearly $80. Everyone's advice is awesome and is helping me sooo much!

THANKS!!!

And it wasn't painful, was it? You didn't really miss out on anything important, did you? Thta's more than the piddly 8% you theorized you could manage!

One suggest I'd make: Put that money in the bank, not a cookie jar. It's too easy to reach in and grab out a couple twenties for something that seems important right now -- don't set yourself up to sabotage your plans.

I have my checking and emergency savings at my main bank, and what I call my short-term savings at another bank (my paycheck is divided into those two accounts and is directly deposited). I purposefully have the short-term savings at a bank that's a little inconvenient to get to, and I don't have an ATM card for it. As a result, we rarely ever take money out of that account -- and when we do, it's a plan rather than an impulse. I highly recommend this method.

 

[csmommy]

I had dinner out last night at the total was just under $20 so I put aside $20 in a cookie jar!

Today is payday. I had about $90 leftover from my excess money from last check so I am setting $50 from that aside into my savings for vacation.

AND I didn't spend any of my singles or change yesterday or today so that is all going into the cookie jar as well.

In one day I've saved nearly $80. Everyone's advice is awesome and is helping me sooo much!

THANKS!!!

YOU GO GIRL!!!

 

[wdw71]

I do the "never spend change" thing. I have a jar I put all my change in and it is amazing how fast a little jar can fill up and how much a jar can hold. I may start not spending singles before our next trip which isn't until 2013

 

[Marionnette]

I had dinner out last night at the total was just under $20 so I put aside $20 in a cookie jar!

Today is payday. I had about $90 leftover from my excess money from last check so I am setting $50 from that aside into my savings for vacation.

AND I didn't spend any of my singles or change yesterday or today so that is all going into the cookie jar as well.

In one day I've saved nearly $80. Everyone's advice is awesome and is helping me sooo much!

THANKS!!!

$80! Both guiltless and pain-free! You're on a roll, girl! Keep it going and you'll have that $2K well before August!

 

[disneyofcourse]

I must say that this brilliant! There is no way I would pay double for many things so I think this will really help me curb my excess spending. Thanks so much!!!!

Let me tell you I did this type of thing a few years ago when I was spending just like you are now. BUT seriously this works!! When you pay double for everything it really makes you think!! I like this shirt for $50...But would I pay $100?

 

[cglaura]

I had dinner out last night at the total was just under $20 so I put aside $20 in a cookie jar!

Today is payday. I had about $90 leftover from my excess money from last check so I am setting $50 from that aside into my savings for vacation.

AND I didn't spend any of my singles or change yesterday or today so that is all going into the cookie jar as well.

In one day I've saved nearly $80. Everyone's advice is awesome and is helping me sooo much!

THANKS!!!

That's great! I think all it takes is the knowledge of what to do and the will power to do it. Looks like you are on a good path.

Now...mother-hen in me says...don't forget to set up an emergency fund asap. If your rent/utilities/bills are say, $2000 per month, you should have at least $12,000 in the bank. That will give you 6 months to live on if you should find yourself out of work. If you look at just trying to only spend $200 (easier for me to say, I know!!! ) on the nightlife, you would have that money saved up in only a year. You didn't mention if you live with anyone that contributes to the bills, but their income would go towards that fund as well (like if you shared the rent/utilities for example). Maybe you could each put in $500 per month, that would still give you vacation money and splurge money.

Then when you get that set up, keep the same amount each month put away, but instead of going to the sufficiently funded ER account, start building up your retirement accounts...so you can continue to enjoy your shopping and fun in your golden years!!

And life insurance. Enough to cover your burial, any debt, and college if you want for ds. I don't really advocate life insurance as a way to leave an inheritance, but as a way for you son to be cared for until he is able to care for himself.

 

[prncess674]

I had dinner out last night at the total was just under $20 so I put aside $20 in a cookie jar!

I think you are missing the point. No one said go out to dinner and see how much it costs and then put that money aside. The point was to be frugal and try to save money by not spending the original $20. Maybe order in pizza for $10 and then you could have put aside the original $20 PLUS the $10 you saved.

 

[Reshapingruben]

pack food lol

 

[Reshapingruben]

lots of chips and sandwhiches lol thats what we do

 

[cglaura]

I think you are missing the point. No one said go out to dinner and see how much it costs and then put that money aside. The point was to be frugal and try to save money by not spending the original $20. Maybe order in pizza for $10 and then you could have put aside the original $20 PLUS the $10 you saved.

I think this plan she is using for now is a force-save kind of plan...to put the exact amount they spent on something into savings...so if you buy dinner $20, put same in savings. If you buy a shirt at $40, put in savings. This forces your excess money down, which leads to less spending overall....basically saving half of what she would have normally spent since she mentioned she usually pays her bills and then has fun. I think it is a good start. Better than not saving anything at all.

She isn't trying to figure out how to cut the budget in order to survive, she's trying to find an easy system to save some of the $1,200 she has left over each month. Now if she couldn't pay the bills, that's a whole other plan.

 

[Marionnette]

I think you are missing the point. No one said go out to dinner and see how much it costs and then put that money aside. The point was to be frugal and try to save money by not spending the original $20. Maybe order in pizza for $10 and then you could have put aside the original $20 PLUS the $10 you saved.

There's no need to lead a Spartan lifestyle just to be able to save for Disney. The OP has enough discretionary income to be able to spend $150-$200 per week on entertainment and clothes. It looks like she has started a method of savings that she is excited about. Don't rain on her parade. Not everyone has go resort to "bean & rice, rice & beans" so that they can get to Disney World.

 

[Marionnette]

 

[PrincessSarah314]

I think you need to go read some of the OP's previous posts. She has an almost 12 yr old son and is a single mom. She has no savings (vacation or just savings for a rainy day) nor does she have life insurance, a 401k or education fund for her son. This OP needs to wake up and smell the coffee that she is drinking while she recovers from her several weekly trips to the local watering hole. Let's say the OP has $2,000 in expenses and hence makes $3200 (2,000 expense + 1,200 booze and shoe money.) $3200 per month is almost $40K in income. She is spending over 30% of her income on booze and shoes and not worrying about the future.

I hate to be a negative nelly, but the OP has lamented in other posts about her Size 28 frame and her inability to fit through the WDW turnstiles. If she is going to continue down the road of personal destruction (booze, unhealthy eating) she should at least worry about her child who will be left with no help should she keel over from her food and alcohol habits. The OP needs to plan for her son's future with at least a small emergency fund should her weight incapacitate from performing her 24 hour a day on call high stress job (her words) or God forbid she drop dead of a heart attack.

See the following threads

Flying for the 1st time in years...Will I fit???
Troublesome Turnstiles

You are waaaaay off on how much money I make. Please do not throw around facts and figures that are incorrect. I will not reveal my salary or profession here, but I do not spend 30% of my income on "booze and shoes".

Also, if you had read the posts on the previous threads, I mention that I was nervous about fitting through the turnstile at HM but was able to fit through easily. Do not misrepresent me. I'm still a size 28. That may make me fat, but it doesn't make me stupid or give you a right to judge me.

It's unfortunate that you have had nothing positive to contribute to this thread. As you are 36 years old and your mother still provides you and your 35 year old sister with an Easter basket I'm sure she raised you to follow the old saying "If you can't say anything nice, don't say anything at all" and I urge you to consider that before posting on this thread and any others on the DIS.

This is a community of Disney lovers and I have always found everyone to be extremely kind and knowledgable and amazing--until now. Shame on you. I'm sure your mother is putting together your Easter basket right now and would not approve.