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New for You! Control Your Spending-Financial Advice on Budgets
Description: Members were asked: Do you have tips for controlling your spending, managing your money, getting out of debt? Share them with others!
Categories: Dating, Pen Pals, Friends: Member Surveys
This Post has been viewed 4444 times.
Submitted by: Nannette | View Member Profile | View Other Posts
Created: 11/5/2003
InnerBeauty:
Female - Age Range: 21-30
You may use my alias
My problem is: if the money is there, spend it.
So in order to 'not see' it, I put it into a savings account that has no options for checks or ATM/Debit cards. For me, it works better if the savings account is not at the same bank as my checking account.
Say, I have a 'Wells Fargo' checking account. Instead of getting the wonderful little package that includes a savings account, I got a online savings account with www.INGDIRECT.com. It's free, interest earning (2.0%), and has automatic withdrawal options from your main checking account. They also give you a free sign on bonus of $25 dollars!
This way, I never have to see the money. It goes straight to my savings account and stays there until I need it for something major.
I don't mean to 'advertise' Ing Direct, but this is what works for me! I'm sure there are plenty of other online savings accounts you could go with. I'm just talking from experience!I hope it helps you as it has helped me!
God Bless.
msmaria80:
Female - Age Range: 21-30
You may use my alias msmaria80
Here are some tips that help me to control my spending and managing my money.
Step 1 - I would ask myself the following questions.
- Do I really need it?
- Is it an immediate need or a want?
For example, you have moved to a different location for whatever reason. Once you had settled into your new place and have finish unpacking, you realized that it is cooler here in temperature than what it was where you use to lived. You look in your closet and found out that all you have is a lightweight coat. Because of the colder weather you know you need to thicker coat; therefore you buy it. This is a need and not a want because of the colder climate. Now, if you buy it just because you see it and it looks pretty on you when you try it on, that is an impulse want. Basically, when you buy whatever you are buying (from food to clothing or to things for the house), you need to decide if it is a need or a want.
Step #2 - Then ask yourself these following questions.
- Will you be using the item after 2 months?
- Will the item last after a year?
- Why do you want it?
- Can you get it at a cheaper price. If possible, try to wait for the sale of the item.
(One of my rules especially when it comes to things I want to buy at a particular store is that I won't buy it if I don't have the money for it. If it is there when I come back and I have the money for it, then I will buy it. If it isn't there when I come back, then I probably didn't need to buy it. I always try to pay cash when it comes to buying things I want, but sometimes I have to use a credit card for big item. Although, I use it only when needed and sparingly.)
Step #3 - Once you answer the questions above, then you can wisely decide if you really needed to buy the item or not.
I hope this helps.
Female - Age Range: 21-30
What I have done is to first of all create a budget. I have also created a goal for savings. I want to buy a house by the time I am 30. It helps me to forgo that $2 item at the store when I remember that my 'house' is waiting for me. I have also created a spreadsheet in Excel that shows how much I am paying on each of my debts and when they will be paid off. It is so cool to watch the balances decline. Also paying off the highest interest credit cards first is so important.
I have made mistakes in using my credit cards and now I keep one to buy gas because it gives 5% cash back on gas purchases and the others are locked in a cube of ice in my freezer. If I want to use them, I have to defrost them first. Usually I am determined that the item isn't that important after all.
Female - Age Range: 21-30
Print cupons online
set a bank account base to keep in your bank that you will NOT spend unless it's a real need. Like $100.00 or even $50.
Cut up all 'non-emergancy' or business credit cards
don't borrow money especially from family or friends
set a realistic budget, sacrifice when you need to and hold yourself accountable.
create a 'habit' budget, for lattes or chocolate or shoes or expensive, funky smelling after shave.
Female - Age Range: 31-40
I generally will look at an item and ask myself, do I really need this? Or is it something that I just want? Doesn't always work, but more times than not I end up talking myself out of an item.
Female - Age Range: 31-40
My greatest money management solution is to first return my tithe and offering from any source of money. God's math is better than mine and I always have enough after I return what is His. The times I haven't done it that way I always run out of it.
kiwigirl:
Female - Age Range: 31-40
You may use my alias.
When I first submitted this article it was anonamously because I didn't want anyone to think I was looking for a rich guy/friend. Well not anymore, I am not ashamed of this place I have been in and come out of, it is part of my relationship with God, it is part of my testimony to His love and Faithfulness. Why should I get on my soapbox about honesty when I walked in pride while first writing this article. Walk the walk, not just talk the talk. Amen
Having just come out of a place that was full of debt and having 3-4 months of being unable to afford to put food on my families table I wish to share with you.
First and foremost this money battle has been a lifelong challenge to me, through God's presence in my day to day life He revealed to me that the root cause was control. I had to give it up, that meant dropping the pride as well. Obedience at no matter what the cost, we say it but of course it becomes hard when you have to walk it out.
Out of obedience I did and He honoured that by placing people and situations in my life that were such a blessing to me. The first step was to seek out someone who had knowledge of budgeting and ask for their help. We looked at my situation and just wept. It looked so huge and dark. 12 weeks on I am now debt free and have amazing skills in cutting costs on a day to day basis. It means dying to self, ie sacrifice of all those things that we think we need. The takeaways, the buying of the childrens school lunch, the shoes and clothes that we just have to have, the holiday or outing that we just had to do to stay together as a family. It meant that the only thing I had to give was time to put into baking and trading off, ie I would garden for someone and they would give me food or other things that I needed in exchange instead of cash. It meant having to face the debt collector and sitting down and working out a plan. It does mean that this year on a materialistic level I do not know what I am going to do for my childrens chirstmas presents(please I am not sending a sob story so don't think that) but it means that my Faith is so great that I know whatever our needs are God will meet them. Regardless of what society and the world say. It means retraining of everyone in the house on everything. Looking at respect of people, situations and the gifts that we already have.
I have hundreds of tips that I use in a day to day situation but they are all useless unless you are ready to submit this fleshly need of materialism. Give up the control, walk with and let God take care of it, By Faith. It's the first step. It will be and is hard, I am not kidding you the reality hurts when you cannot do what your job description as a parent says you must do, Provide a home, food, and clothes.
This has been submitted as an encouragement for all those who are, or will be in the place that I have been.
God Bless you.
Female - Age Range: 31-40
I make a shopping list that I constantly update by adding new items as I see a need for them. Then I edit the list one last time before I go shopping to delete items that I do not truly need. I buy only what is on the list. I eat before I go shopping because I read that people tend to buy too much when they shop on an empty stomach.
I treat a credit card as I would treat cash. I never use a credit card to spend more than I can pay back in a single month. I have one credit card with a large-enough limit, rather than several cards for which I run the risk of losing track of the total balance.
I keep two savings accounts: one for long-term savings and investments, and the other for intensive savings with a specific short-term goal in mind.
For small loans, I borrow from friends and family at zero interest rate, rather than borrow from a bank.
I take advantage of sales, and try to buy only the things that I actually NEED.
If I have a loan to repay, I cut back on other expenditure and repay the loan in manageable increments. Until that loan is repaid, I do not feel truly free.
Female - Age Range: 41-50
In controlling your spending and managing money: for me, Tithing is the very 1st secret...though it's not really a 'secret' at all. God's Holy Scripture explains it very well. 2ndly, I've learned to live within my means. Just because something is on sale, doesn't mean it has to be purchased. Only if it was needed. There's a difference between 'wants' and 'needs'; learning to not give in to the 'wants' list. Setting up a written budget and then sticking with it (giving some flexibility). Setting a little bit of money away in a slush-fund for those 'rainy day' moments when you do desire to go out for an occasional dinner. Fellowshipping more with other Christian friends, having them over for dinner -vs- going out to eat. Not going out to places that are costly. A walk on the beach at sunset, is far cheaper than a movie and much lovelier. My son, daughter and I basically live on less than $30,000, so if we can do it, others can also. Most of it's just learning to be a good steward of the 90% the Lord lets you keep after His 10% goes back to Him.
Female - Age Range: 41-50
I never carry more than $20 in my wallet or I will spend it.
I go to the grocery store twice a month, after I get my paycheck. If I buy my groceries daily or every other day, I will spend more.
I pay my tithes and bills on pay day so that I don't spend more than I can afford.
Female - Age Range: 61-70
When you live on a fixed income and a strict budget you do not have a lot over to spend and I do not use credit cards. I am still able to give to the Lord's work and to help others, as the Lord taught me a long time ago to be frugal. His work is more important to me than spending His provisions that he has given into my hands to use unwisely. If Christ Jesus is Lord of my life He is Lord of all of me, money encluded.
Male - Age Range: 21-30
1. Avoid new debts. Debt drains your money in the form of interest that you pay on the debt. You gain nothing material in exchange for the interest paid; interest is money lost.
2. Cut costs. Often a little research -- comparing prices, service costs, utility costs, etc. -- can save you a lot in the long run. Look at all the options, and stay informed. Consumer magazines or websites can tell you what is a reasonable cost, and things you can do to save money ($50 worth of insulation might save you hundreds of dollars a year on your electric bill, for example). If you are deeply in debt, there may be a kind friend or relative who would give you free or cheap room and board so you can save monthly rent costs.
3. Economize. Buy at discount stores. Shop at sales (but not just because there is a sale -- only buy what you would buy on a non-sale day). Prepared meals, junk food, restaurant food, etc., is a lot more expensive than buying fresh produce, dry grains, etc. -- and often not as nutritious. Simple, quick-to-prepare, wholesome dishes you make yourself give you the most nutritional bang for your buck.
4. Avoid impulse buying. (Of course, it's nice to be spontaneous when you're in love... but that's not what I mean.) When considering an expensive tech toy, or an expensive new outfit, give it some time. Leave the store, put down the catalog, and give yourself time to think rationally. Is it really worth the money? Can you get the same effect with things you already own, or with a cheaper solution?
5. Avoid credit card spending. I allow myself one credit card. If you are really in a bind financially, give yourself only one debit card -- or none at all. Credit cards allow you to spend money you don't have -- which puts you in an interest trap. They also make it easy to lose track of how much you've spent in a month, and you can easily spend more than you think you have. If you use a card, pay off the debt in full every month, or at least try to pay more than the required monthly payment.
6. Make a budget. Find out how much you earn in a month. Calculate your basic monthly expenses (rent, utilities, fuel, insurance, food). Make a note of how much you have left. That is what you have to work with to meet all your yearly expenses -- including emergencies, gifts, etc. If you have nothing left, you are in big trouble! Time to find more work, or change jobs. You don't have to redo the budget every month (although it's easy if you have software to help you), but at least once a year is wise.
7. Look for other ways to make money. Do moonlighting work. Make money from a hobby. Invest.
8. Be sure to give God His portion. God blesses those who are generous. On the other hand, it is possible to be generous to a fault ... so give wisely.
It's worth noting that some parts of the country are much more expensive to live in than others. I have a nice 2BR apartment in very good condition for only $380 -- which I split with a friend, so for me it is only $170 a month. I pay less than $50 a month for electricity -- with no alternative energy sources -- it's all from the electric company. Some people pay more for electricity than I pay for my rent and electricity combined. I live in the country, but I have a tech job with a cutting-edge Christian ministry with 100+ employees. So I don't think I'm falling behind by living here. Others are throwing away thousands of dollars per year to burn themselves out competing with the Jonses in the smoggy city. You have to decide what's most important.
PATZ:
Male - Age Range: 31-40
You may use my alias. A few money tips I use are:
1) Avoid impulse buying! I will usually think long-term regarding my purchases. Will I still need it in the future as much as I do now?
2) In light of eternity, would this purchase hinder me in my journey towards God's kingdom?
3) After giving your tithe & offerings, pay your bills. When I do this, at least I know that anything that is left over is truly left over!
4) Sign up for automatic withdrawals to put money into a savings account to build up an emergency fund. Just be sure not to use this money just to dip into simply because it's there! I don't consider the money in my savings as part of my monthly budget.
5) Plan and stick to a budget! There are some good sites such as crown.org that will show you how!
6) Eat out less and learn to cook simple meals.
7) Learn to make 'cash only' purchases.
8) Search for Internet sites or the public library for books with tips on getting out of debt and managing your money, of course!
9) Shop at thrift stores, look for the clearance rack and borrow a one-time usage item instead of purchasing it.
10) Before buying that 'must have' book, borrow it from the public library or from a friend to see if it's something you really want.
MMMike:
Male - Age Range: 41-50
You may use my alias.
I know it's hard, but whenever I want something that costs over a certain amount I wait about a month before buying it. If it was a temporary impulse urge, then it will pass. If it is still a want and is financially appropriate then I'll start shopping for the best deal.
MtnHeir:
Male - Age Range: 41-50
(You may use my alias)
First -- recognize your money is not your own but God's.
Second -- tithe first, offerings next then create a budget and faithfully stick to it! Remember this world is not our home, we're just passing through.
Third -- keep track, preferably with receipts (keep them in a receipt file), of all your spending. Open a register for each of your accounts including cash then be faithful to enter all transactions as quickly as you have access to that register. Most computers come with money management software as part of the bundle. Use software of your preference such as Quicken.
Adventista1844:
Male - Age Range: 41-50
you may use my alias
There are many ways to control spending. Please, try some of these ideas. In the beginning of the month start carrying a notepad and write down every expense, I mean every penny. You will be amazed at where you can start cutting back and also see where you are not wise or careful with your money. When you buy gas, do you also buy a soda or a candy bar? What about bottled water, thats the biggest rip its off there is. Water is almost free from the tap. Do you eat out too often.? When you cook at home, do you try to eat well and stay away from junk foods or foods with no food value? Do you buy a lot of boxed foods, those are so expensive. Do you drive your car or pickup until the wheels fall off or do you buy new every few years? Do you finance your car for more than 3 years? That is a mistake that only makes the banks even richer than ever There are now auto loans for eight years! This would be a very foolish, eight year loans are way too long. Do you trade your car or pickup or do you sell it on your own? Selling it on your own can reap you up to twice as much as what the dealer will give you.. Its best to pay cash for anything that devalues in time like cars and pickups. Do you buy trendy clothes or do you buy when they are on 'clearance'? Do you buy clothes or anything from the malls? Almost always you can get it cheaper elsewhere. Do you pay for parking? Don't do it, most of us could use the exercise. Do you have a handicapped parking card or tags? Do you not have to feed any public parking meter if you do. Do you have your deductables on your insurance at $1,000 to keep those costs down or what about home owner's insurance, set the deductables at $2,500 if you mortgage will allow that. You will save a bundle. Making small claims will get you nothing, but fired by your insurance company and it make be very difficult or even impossible to get a new policy somewhere else! Take out only 15 year or shorter mortgages, any more than that and you are buying a house you cannot afford and your banker will love you for all the wrong reasons. Do you use credit cards? I do, but pay the cards off each month in full, except for emergencies. You can always ask your credit card company for a reduced interest rate. I have done this and have my interest rates are very low. Do you really need that cell phone or is it just for convenience? What is so important that you can't wait for your calls on the answering machine at home. Cable or satellite TV is another expense that eats up a ton of money. Watch broadcast TV, its FREE! Do you have a lot of options on your home phone, most people do not. Do you use phone cards, I do. I pay less that 3 cents a minute with no extra charges or taxes. My phone bill is only $5.34 a month! I have a toll block on my home phone to prevent unauthorized charges. With a toll block, you don't pay for interstate phone access that is another 4 or 5 bucks saved. Are you low income, many communities have lower phone rates for them and the disabled. Same for utilities. Do you have the air conditioning set to a low temperature? Try raising the thermostat a few degrees and use some table fans to move the air around, this will save a lot of money in hot climates. Do you have a swamp cooler, if so, are the mats in the unit getting completely wet then the cool air is getting blown right back to the great outdoors and not getting into you house. Are there any holes in the mats, are the mats clogged up with mineral deposits? The mats are only good usually for two years. Do you pay a lot for internet services? I use WalMart internet for $9.94 a month. I am not promoting WalMart, nor do I get any money from them. I can't tell any difference in the service than when I had a $20 a month internet service. Except for when I get my credit card bill when I see I am saving $10 a month and still get the same service. What about gas, do you buy where ever you need it and for convenience? I buy where its cheaper, gas is gas! Don't use a mid grade or premium gas if your car or pickup doesn't need it. You are throwing money away if you do. Do you use debit cards at the pump? if you do, the company holds back $75 or so even if you charge less to your card. It takes time for those holdbacks to go away and if you are running close to a zero balance, you can rack up bounced check fee's even though you really DO have the money in the bank. DON'T use debit cards for gas or go inside to pay if you have to. Its the only way to avoid your card being monopolized by the pump. Now about paying you bills, do you take advantage of online payments? If not, do so, because you will save money on stamps and you have proof of payment and then the company cannot hit you with late fee's claiming they never received the payment in the mail. Credit card companies are well known for doing this and you cannot prove them wrong otherwise. Yo'll save money on your loan and mortgage by making a payment twice monthly instead of once monthly. Don't forget the second payment or you will be hit with a late fee. Never take a mortgage out with a prepayment clause. In some states, prepayment clauses are illegal, except in certain situations. Always use a credit card to buy expensive items. There are several reasons for this. If you have a problem with the item and you cannot resolve the problem with the merchant, you can dispute the charge and this will get the attention of the merchant he will be more inclined to work out a resolution with you. Many credit card companies offer extended warranties if you use their card for the purchase. Using a credit card instead of cash reduces you loses by a thug who thinks he needs you money more than you do. Using a credit card also gives you proof of purchase if you happen to lose you receipt. Just don't get in the habit of using a credit card, because you don't have the cash to pay it. Always wait before you buy something, don't be a be a victim of impulse buying.
easygo:
Male - Age Range: 51-60
You may use my alias.
Ellen White said to avoid debt like the plague (sounded like good advice to me), so I have, but then I don't really have much either, nor do I need much.
To help me be mindful of my expenses I track them by saving receipts and daily entering them in my desk date book in appropriate categories: Utilities, Cars, Food, Non-Food, Daughters, Special/Misc., and Tithe & Offerings. It works for me!
Good luck, and God Bless!
rwk:
Male - Age Range: 51-60
you may use my alias
I am pretty blunt with myself. Especially if my budget is not doing well. I just will not go places where I might be tempted to spend money. I normally avoid carrying much cash with me as well. I shop the grocery store based on what is on sale, and if something is on a really good sale that is easy to store, I buy lots. When I was married and we were living pay to pay, we could not do this, and that was a shame. Now I make sure I have a decent emergency fund, and that helps me save money.
I bought a small apartment sized freezer and I know that it has paid for itself in being stocked with items that were on a really good sale.
However, I am alone right now and that makes it easier. Once I find someone to share life with, then it will take more planning and discussion. I believe that we will have to study together. Either at a seminar, or via some good books, or both.
You need both long term and short term financial goals, and there are some awesome books out there to help you plan, either as singles or as a couple. Use them.
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