The MONEY Thread

[txtmax4]

This thread is about money tips and advice, savings ideas, money organization, debt solutions etc. etc.
I hope it becomes a useful tool to help many people.

I just came across some money-related articles:
The Best Budgeting Tip I Know
10 Things You Might Not Know About Your Money
The Worst Money Advice I Ever Got
Please don't quote me on those, posted them rather to get the ball rolling...

[mercaz1]

anyone try to do the 50/30/20 budget

http://money.msn.com/how-to-budget/how-much-should-you-spend-on-weston.aspx

[txtmax4]

anyone try to do the 50/30/20 budget

http://money.msn.com/how-to-budget/how-much-should-you-spend-on-weston.aspx

I'm not sure that's applicable to all. Budgeting is very specific depending on each person's case. 50/30/20 is way too general in practical terms. Some people need to spend 110% on the first category unfortunately.
Also it would be nice to have a slot for investments.

[mercaz1]

another good idea is that every $5 dollar bill should be put aside in an envelope and when you reach $100 then it goes into savings or vacation or whatever you want to save for since $56 is not that much - $1 is to little and and $10 is to much also how often do you have $5 bill in your pocket

[Dan]

How often do you use bills

[AsherO]

How often do you use bills

+1, us DDFers are the swipe happy lot

[txtmax4]

another good idea is that every $5 dollar bill should be put aside in an envelope and when you reach $100 then it goes into savings or vacation or whatever you want to save for since $56 is not that much - $1 is to little and and $10 is to much also how often do you have $5 bill in your pocket

I'm not sure you can get very far with that..
Then you start "borrowing" and all kinds of shtick.
Savings must be done electronically IMO to avoid having easy access to them.

[mercaz1]

my wife and i try and do it and so far in a little more than a year we have saved between 500 and 600

another idea is to put $3 away every day and by the end of the year you have saved a $1000

[mercaz1]

How often do you use bills

thats why you dont have so many $5 bills at the end of the day

[Dan]

thats why you dont have so m any $5 bills at the end of the day

ftfy

[mercaz1]

ftfy

you have to some cash on you even if it just to tip a waiter or something

[Dan]

you have to some cash on you even if it just to tip a waiter or something

Who tips a waiter in cash?

[mercaz1]

what about valet parker or barber

[txtmax4]

Unfortunately, if you live in Brooklyn, NY, you must have cash as there are countless stores that do not accept plastic for less than $5 and some even have a $10 minimum.
Disgusting, but part of life here.

[mercaz1]

someplaces now wont even accept for less than $15

[aussiebochur]

Unfortunately, if you live in Brooklyn, NY, you must have cash as there are countless stores that do not accept plastic for less than $5 and some even have a $10 minimum.
Disgusting, but part of life here.

Isnt that what food stamps are for?

[AsherO]

Isnt that what food stamps are for?

Touché.

[txtmax4]

Isnt that what food stamps are for?

Go pay for a key duplicate with a food stamps card.

[txtmax4]

anyone try to do the 50/30/20 budget

http://money.msn.com/how-to-budget/how-much-should-you-spend-on-weston.aspx

I'm not sure that's applicable to all. Budgeting is very specific depending on each person's case. 50/30/20 is way too general in practical terms. Some people need to spend 110% on the first category unfortunately.
Also it would be nice to have a slot for investments.

In addition, that formula won't really work for people whose income varies from month to month, such as brokers or business owners.

[WhyAich]

Some people need to spend 110% on the first category unfortunately.
Also it would be nice to have a slot for investments.

Not necessarily do I agree with the whole article but I think the point is that you Need to be in this 50/30/20 kind of lifestyle.

If you are spending 110% on needs you either need to readjust your needs (obviously if poss.) or change a job. Etc. you definitely won't get out of debt this way.

It's just a model they want to show you.

Also the 20% is savings and I think it's a broad name - you can probably put 10% saving and 10% investments.

It's a pretty general article though.


I would suggest that anyone that is like wheres my money etc. going to? What's my spending habits? ...
... He should keep a log for 3 months of all his income and all his outgoing expenses and hell start to see a pattern, if he sees his income is $4000 and expenses are $5000 he needs to start to readjust his spendings.