A Spender Needs Help Saving!

[PrincessSarah314]

What are some of your other expenses? A modest salary and having enough extra to spend $200 a week on entertainment/clothing is pretty impressive. Your rent, car (if you have one), insurance, internet, cable, etc. must be very reasonable.

Start small if you need to - maybe cut out $25 a week from your frivolous spending and save it instead...try to start increasing that each month or maybe every other by $5. Or, next time you get a raise, be ready to change your direct deposit to take the entire raise amount and put that into your savings account - you won't feel that one at all!

Honestly there's no truly easy way - it's work, but it's worth it!

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!

Thanks!

 

[Chaitali]

Depending on how tech-savy you are, I really like the website mint.com to help with budgeting. You can sync it with your bank account and credit card and it will update when any money is taken out or spent. You can also set it up to send you an email every week with a break down of your spending. I get the email on Friday evenings and depending on what it says, I know to tone down my spending on the weekend or I know that I'm in good shape for the week. The constant reminders keep me on track with the budgeting.

 

[cglaura]

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!

Thanks!

Do you have any sort of emergency fund set up for the usual bills? $1200 left over is pretty good, I'd definitely try to put a chunk of that away for the future. I could live off what you have left over ...but I'm cheap, (er, frugal). Not to say give up your fun all together, but only saving $100/month out of $1200 excess...

I guess it is all relative to income, expense, and cost of living for your area too. Rent/mortgage in my area could get someone a closet in upscale cities and towns. Hard to say without knowing what your expenses are.

 

[princessnoelly]

Ahh....how I miss the days of being childless and young without the need to save!

From one Princess to another. STOP! I still have a closet full of clothes that I bought when I was childless and recently married with the tags on! I look at those clothes and wish I had saved.

Only you can change it but really, now that I have two kids and need to do some major home repairs, pay for DD's braces, and save for Disney I wish I could go back and not go out to the bars and skip on the "one good big sale" in favor of having more savings. I was ok at saving in my 20's (better now) but really wish I had someone to "slam my head in the desk" and tell me to save. Suze Orman where were you 12 years ago? Why am I asking....I wouldn't have listened!

However, you're only young once! Enjoy but try for $50 a week- you'll have more fun ordering an extra drink in Disney!

 

[Irin997]

Um, wow. The answer to your question was in your follow up post. Stop spending money on clothes and in the bars. You're throwing away $800 a month on alcohol and clothes when you probably have a closet full of perfectly good stuff. In one year that's over $10,000. I expected you to be looking to squeeze money from an already tight budget, not a very loose one.

 

[Allison]

Ahh....how I miss the days of being childless and young without the need to save!

I believe the OP is in her 30's and has an 12 year old son.

 

[cglaura]

I believe the OP is in her 30's and has an 12 year old son.

Oh, well, if that is the case...is that $1200 left over after savings for son's college, etc? Not trying to be judgmental, just trying to help see where OP can save since she asked. Maybe also we could help figure out where to save otherwise if we know what the monthly budget was (such as magazine subscriptions, digital cable, etc.). Do you own a home? Are you saving for one? etc.

 

[Evi]

For me personally when I need to cut some corners I look at whats obvious to me. I cut back on starbucks, make my coffee at home. Cut back on mani/pedi's, do it at home. Pack your own lunches. Eat dinner out a little less. Skimp on a few beauty treatments and try to condense your shopping trips for gas. Honestly stop buying what you don't need. You can do it!!

 

[azdisneylover]

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. I work a job that requires me to be on-call 24 hours a day 7 days a week via telephone so I need to unwind sometimes.

My cellphone is affordable at about $75 a month for unlimited everything.

I get paid on Wednesdays and my company does not do direct deposit.

We eat out maybe 2 or 3 times per week at a total cost of around $60.

I agree with the other posters in cutting back on the bars and the clothes. Buy a Disney card every week instead. Plan your vacation, play games on the computer to unwind and earn gift cards.

 

[bettymae1121]

I hear ya about not wanting to cut back on the shoping/nightlife. DH and I love eating out, and no matter how much we SWORE we were going to cut back and use the money to save/pay down debt...it never really happened. So we just gave ourselves a generous line item for eating out in the monthly budget and cut in other areas instead. Sometimes if you can't beat 'em, join 'em!

So what we did cut was things like cell phone plans (went from $175 a month for two phones to $150 a year by using pre-paid plans). I made DH clean out the storage unit and canceled that, for $75 a month. I recently downgraded the cable package, that should save us another $30 a month. We already have cheap (but good) auto insurance but that would be another place to look for savings.

Go through each monthly bill and see if there is any way to cut it, then put the savings away. And of course, see if you can cut back a little bit on the nightlife and shoping. Or, for nightlife try to go out for Ladies Nights where you don't pay cover and drinks are cheaper. If you have to shop, wait for sales or sell old clothing to consignment stores. You don't have to cut out the things you enjoy, just maybe do them in a smarter way.

 

[PrincessSarah314]

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 would also suggest you try to stop thinking of your retail therapy and nightlife as something you "need" to do because of your stressful job. Its easier said than done - what my DD15 and I do is take a small amount of money shopping and no credit cards. Its a challenge to see how well we can do on the $20 (or whatever) we allow ourselves to spend. Sometimes, in fact, most times, we come home without spending anything.

I must say I really like this idea! I generally don't do too much shopping at WDW but if I can convince myself to cut back now, I could buy lots more things there!

 

[PrincessSarah314]

Each time you spend money on something other than your household bills (rent, for instance, doesn't count) put the exact same amount in savings.

If you tend to spend cash, carry an envelope in your purse to put it in, or if you use a debit card, carry a notebook and write it down. - Deposit or transfer the total into your savings account at the end of the week.

This method gets you started saving, even if it's small amounts, and also makes you evaluate purchases like clothes and drinks more closely, since each item effectively "costs" you twice as much.

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!!!!

 

[prncess674]

I think you need realign your priorities. What type of job is so "super stressful" yet only pays a "modest salary" that requires you cope by drinking and shopping?

 

[PrincessSarah314]

Do you have any sort of emergency fund set up for the usual bills? $1200 left over is pretty good, I'd definitely try to put a chunk of that away for the future. I could live off what you have left over ...but I'm cheap, (er, frugal). Not to say give up your fun all together, but only saving $100/month out of $1200 excess...

I guess it is all relative to income, expense, and cost of living for your area too. Rent/mortgage in my area could get someone a closet in upscale cities and towns. Hard to say without knowing what your expenses are.

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.

 

[MEM]

I must say I really like this idea! I generally don't do too much shopping at WDW but if I can convince myself to cut back now, I could buy lots more things there!

I wasn't suggesting that you buy "things" at WDW, but that you think of your current shopping and entertainment habits in terms of what that money could be put towards at WDW - your room, meals, tickets, airfare. The basic elements of a trip.

I have to say that I am a little confused, however. In your link to your trip planner you indicate that you are a single mom of a 12 year old son? Your income must be more than modest if you still have $1200 a month left over after paying your bills and his. If you do in fact have a spending problem, you need to consider reading Dave Ramsey's books. Just a friendly suggestion.

 

[PrincessSarah314]

I wasn't suggesting that you buy "things" at WDW, but that you think of your current shopping and entertainment habits in terms of what that money could be put towards at WDW - your room, meals, tickets, airfare. The basic elements of a trip.

I have to say that I am a little confused, however. In your link to your trip planner you indicate that you are a single mom of a 12 year old son? Your income must be more than modest if you still have $1200 a month left over after paying your bills and his. If you do in fact have a spending problem, you need to consider reading Dave Ramsey's books. Just a friendly suggestion.

I am a single mom of an 11 (almost 12) year old son.

I must say again, my idea of modest may not be everyone's idea of modest. We have an apartment, drive a Sonata, etc. We don't live luxuriously but we do manage to remain middle class.

 

[Irin997]

I am a single mom of an 11 (almost 12) year old son.

I must say again, my idea of modest may not be everyone's idea of modest. We have an apartment, drive a Sonata, etc. We don't live luxuriously but we do manage to remain middle class.

Spending $800 a month at the bar and on clothes seems pretty luxurious to me.

 

[Allison]

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.

Everybody should have a savings account for emergencies and unexpected expenses or loss of income.

Really you should be putting away savings for that before you save for Disney World.

Do you have a savings for your DS education?

 

[Kitzka]

Spending $800 a month at the bar and on clothes seems pretty luxurious to me.

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

 

[prncess674]

Everybody should have a savings account for emergencies and unexpected expenses or loss of income.

Really you should be putting away savings for that before you save for Disney World.

Do you have a savings for your DS education?

Have to agree! I don't know of hardly any single (responsible) parent that has enough time to go to the bar a few nights a week. Cutting out the bar habit will help your wallet and your waistline. Drinking is expensive and fattening. A domestic beer is at least 150 calories per bottle and if you have 3 or 4 per evening out that is an additional 600 calories in drinks. if you drink fruity girly drinks they are easily 300 calories per drink! Won't even mention the fat laden food offerings that bars tend to offer. A night out at the bar can easily pack on an additional 2,000 calories.