Money- weird or not?

[Anonymous]

Anonymous wrote:Agree that you sound stupid, OP.

Three reasons:

- You can't figure out how much you make (head-thumpingly stupid)
- You can't figure out how to increase the amount you have left every month (average stupid)
- You don't even seem aware of how stupid you are (definitely stupid)

Maybe u r jealous because you need to account for every cent. Maybe u can't imagine having some financial freedom and wiggle room.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Agree that you sound stupid, OP.

Three reasons:

- You can't figure out how much you make (head-thumpingly stupid)
- You can't figure out how to increase the amount you have left every month (average stupid)
- You don't even seem aware of how stupid you are (definitely stupid)

Maybe u r jealous because you need to account for every cent. Maybe u can't imagine having some financial freedom and wiggle room.

this is a NP - but seriously. even if you have tons of money - don't you want to have some idea of your budget???

[Anonymous]

Anonymous wrote:That's for the details.
But don you think your income will change over he course of your life? I guess you adjust it when it does.

It's easy for me because my first goal in life is saving for the day I don't need to work anymore. Any increase in income gets 50-75% squirreled away into the 401k or a savings account so I never see it. The other 25-50% magically appears in my bank account the day after payday and if I want to spend it on shoes, why the heck not?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I always check my bank info online.

My spouses pay is consistent, though may vary by 600 a month. Mine varies by 2000 a month at times. Depends on how much I feel like working.

I know how much I transfer into a savings acct.
Also, how do you account for expenses like getting a new backsplash, window coverings etc. We have a new house and have been having constant expenditures for the house. Or getting a new computer etc?

So, tell me, what do you do? How do you guys track your money?

I'm not a very organized person, so I just make sure I pay myself first. All bills are set to autopay twice a month on paycheck days. Also on paycheck days I have about a dozen Capital One 360 savings accounts that auto-debit my checking account. There's one for emergency savings, one for car repair, one for house repair, one for once-a-year insurance or tax payments, one for vacations, one for tech purchases, etc. When I need to pay for something out of a category I just shift the money back to checking. It makes you plan big purchases because the money takes two days to transfer.

This way I know whatever my online balance says I can spend, I can spend it without worrying I just blew the car payment.

I like this idea!

[Anonymous]

OP how much do you make a year and how old are you? I was just like you in my early 20s. I made $70 or $80K and I just didn't really monitor stuff. I spent what I wanted and always had money left over. Then at 22, I started making real money and started tracking it. Once your income hits $200 or $300K then it gets fun to track.

[Anonymous]

Ignorance is bliss.keep spending

[Anonymous]

I'm not a very organized person, so I just make sure I pay myself first. All bills are set to autopay twice a month on paycheck days. Also on paycheck days I have about a dozen Capital One 360 savings accounts that auto-debit my checking account. There's one for emergency savings, one for car repair, one for house repair, one for once-a-year insurance or tax payments, one for vacations, one for tech purchases, etc. When I need to pay for something out of a category I just shift the money back to checking. It makes you plan big purchases because the money takes two days to transfer.

This way I know whatever my online balance says I can spend, I can spend it without worrying I just blew the car payment.

I do exactly the same thing, but without the auto debit. It works really well.

[Anonymous]

Anonymous wrote:OP how much do you make a year and how old are you? I was just like you in my early 20s. I made $70 or $80K and I just didn't really monitor stuff. I spent what I wanted and always had money left over. Then at 22, I started making real money and started tracking it. Once your income hits $200 or $300K then it gets fun to track.

38.
Combined we make 200-250.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP how much do you make a year and how old are you? I was just like you in my early 20s. I made $70 or $80K and I just didn't really monitor stuff. I spent what I wanted and always had money left over. Then at 22, I started making real money and started tracking it. Once your income hits $200 or $300K then it gets fun to track.

38.
Combined we make 200-250.

If you suspect you're spending too much, but don't want to faff about with counting pennies, this method might work for you. Open a second checking/atm account- most banks offer some type of no-fee no-frills account. Decide how much you should be spending each week on groceries, entertainment and eating out, then have that amount deposited every Monday. Use only this debit card for discretionary spending.

Nothing cures poor budgeting skills like having to do your Saturday grocery shop with a calculator because you overindulged at Starbucks and Macy's the week before. Too many well off people skip this salutary stage of financial development and never learn the lessons contained therein.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP how much do you make a year and how old are you? I was just like you in my early 20s. I made $70 or $80K and I just didn't really monitor stuff. I spent what I wanted and always had money left over. Then at 22, I started making real money and started tracking it. Once your income hits $200 or $300K then it gets fun to track.

38.
Combined we make 200-250.

Well, it sounds like you are saving, so I guess you are OK. The only "foolish" bit is that you might be throwing money away somewhere and don't really know it. An extra $1,000 a month in savings now is an extra ~$36,000 a year in future dollars by the time you hit 70. Or to put in terms that feel more real - saving an extra $1,000 a month now, plus inflation, until you hit 70 is an extra $1,500,000 or so in your retirement account at a modest 6% rate of return. An extra $2,000 would be $2.9M more.

- Signed, 34 yo, $1.6M in retirement funds

[Anonymous]

(PP here, and you'd be surprised how easy it is to find $1,000 a month when your income is $250K and you haven't ever tried to. )

[Anonymous]

does hubby give you an allowance

[Anonymous]

OP- I'm exactly like you wrt finances. Money comes in, money goes out. As long as all bills are paid and all savings targets met, I'm not concerned with the rest. Maybe this is stupid, but it works for me.

[Anonymous]

Anonymous wrote:does hubby give you an allowance

No, I manage out finances.

[Anonymous]

I meant, I manage OUR finances.