The MONEY Thread

[WhyAich]

An advantage to budgeting is that if you allocate let's say $300 a month for clothing you don't feel bad buying an expensive pair of shoes for $200-300 dollars if you have that budget for it but if you don't have a budget for it you might feel bad.

[txtmax4]

I look at it roughly this way:

-Needs are needs.
-Wants is depending on how you're doing financially.
-The rest stays in the account.
-Put the main emphasis on "make it" and you won't have to worry too much about "save it".

[WhyAich]

I look at it roughly this way:

-Need are needs.

This is a really vague part.

Needs to be broken down. What are needs....
(Rent) Do I want to live in a nice condo or not?
Is getting new clothing for yom tov a need?
(Utilities)Is having a cell phone a need?
Is going out with your wife to a restaurant a need?
Is having a car a need or can you waste extra time and take a subway?
(don't want to sound depressing)
(Food)Is eating steak/fish/meat every night of the week a need?
There are many such questions and
that's what pple. Have to decide.

Do I want a lifestyle like A and have the consequences of being 110% in the needs or want to give something up.
Or will he go out and make more money so that the budget is balanced.

[txtmax4]

To me basic needs is living like a mentsch.
Although one can survive on bread and water and, essentially, those would be the basic needs in the food category I don't call having normal food splurging.
Fillet Mignon every night? That's is over the top.

And so it is for the other categories.

Get my drift?

[WhyAich]

To me basic needs is living like a mentsch.
Although one can survive on bread and water and, essentially, those would be the basic needs in the food category I don't call having normal food splurging.
Fillet Mignon every night? That's is over the top.

And so it is for the other categories.

Get my drift?

Totally.

I just know there are pple. That are living gig lives and cannot afford it but they are just used to it. And there are pple that are the opp. Extreme.

My point is: see you income and your expenses and make it fit by either changing what you need or making more money because living in the red just ain't gonna work.

[mercaz1]

I look at it roughly this way:

-Needs are needs.
-Wants is depending on how you're doing financially.
-The rest stays in the account.
-Put the main emphasis on "make it" and you won't have to worry too much about "save it".

if you dont worry about saving it then when you can no longer make it you will have nothing to live on
i think the one peice of advice that every financial planner will agree on is that one of the most important things to do when your young is to start worrying and saving for your retirement and the more you put away and save today the better you will be off tomorrow.

[skyguy918]

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.

Sites like Mint.com and a few software program are very good for this. My brother is a rigorous budget-er, and because of it he's able to make his finances work where others would fall apart. He uses a very receipts and paper based approach and I keep telling him, just use a software or online tool, it would be so much easier. Then again I don't really budget, I just sort of track without aim.

[Name Changed]

Sites like Mint.com and a few software program are very good for this. My brother is a rigorous budget-er, and because of it he's able to make his finances work where others would fall apart. He uses a very receipts and paper based approach and I keep telling him, just use a software or online tool, it would be so much easier. Then again I don't really budget, I just sort of track without aim.

I use quickbooks for living expense budgeting.

Since I basically only use CC, I am able to import all my transactions and filter them into 7-8 different categories I created. I have been doing this for about 2 years. It takes about 15-20 once a month (I usually do it the 4th of the month to give enough time for all transaction from the 30 or 31st to post...

Besides for my saving that I do.
I have started about 5 years ago when Wachovia had a "Way to save" account with decent interest incentives, I had $100 transfer from my checking to a savings account monthly. This really adds up, and this isn't money that I am trying to save.

[dans fan]

How often do you use bills

you can put aside a $5 amex gc

[AsherO]

you can put aside a $5 amex gc

I have a bunch of Amex GCs, no simple way to cash them out. I used to use them to pay cellphone and cable (internet) bills, but now with Chase Ink 5% I prefer 5x UR over cashing out GCs. Anyone want to accept ~$2k in GC CC funding from me*

Obviously I expect you to pay me back promptly

[txtmax4]

My point is: see you income and your expenses and make it fit by either changing what you need or making more money because living in the red just ain't gonna work.

Unfortunately, this ain't always in man's hands..

if you dont worry about saving it then when you can no longer make it you will have nothing to live on

I didn't say no to worry about saving. Rather, the emphasis should be on making money and, if spent consciously, the savings will just save themselves

[txtmax4]

Question to mods: Why was this thread moved to "Credit Cards"?
Isn't there more to money than just CC's?

[Dan]

Question to mods: Why was this thread moved to "Credit Cards"?
Isn't there more to money than just CC's?

Read the board description.

[txtmax4]

Read the board description.

Shkoiach

[mercaz1]

I didn't say no to worry about saving. Rather, the emphasis should be on making money and, if spent consciously, the savings will just save themselves

there is more to saving then just spending smartly
you should have dedicated retirement accounts like an IRA or Roth IRA or similiar for sure

[txtmax4]

there is more to saving then just spending smartly
you should have dedicated retirement accounts like an IRA or Roth IRA or similiar for sure

Absolutely, I'm not saying that the unspent money should not be funneled into better places than a simple savings account.

[txtmax4]

This guy knows a lot about finances. I find his radio show to be very informative and comprehensive.

[Saver2000]

This guy knows a lot about finances. I find his radio show to be very informative and comprehensive.

You serious? 

[txtmax4]

You serious? 

Yes.

[Saver2000]

Yes.

Aright,  well here's what some of us think about him

Dave Ramsey is an idiot.  Any idiot knows not to spend more that what you have, sometimes that's not possible unfortunately.
But to advocate using a debit card over a credit card while throwing away valuable fraud proctection, extended warranties, and of course miles, is utter foolishness. 
Unless you have absolutely no self-control.  As we all all human we have a brain that should rule over our hearts-that's what differentiates us from animals, and should provide some level of self-control...
/Rant.

Perhaps, but the subject has been hashed over before on DDF.  The stuff that Ramsey spews is ridiculous.
I would guess that 99% of DDF members beat the system.