How do you determine what to spend money on?

[slugg]

If the item is under around $80k, it's not a big deal and I don't really think about it. Usually $300k+, I gotta save up for a few days.

 

[hans007]

I was living in an older, slightly run-down place until a couple of years ago, then moved to a new high-rise in a better location. It really does make a difference having newer appliances, better fixtures and nicer floors, and being able to walk just a block to pick up a bag of apples and loaf of bread. So when your lease is up again you might look around for something better.

Paying the extra rent to live here is one expense I don't regret a bit. It sounds like your cars might be the same for you.

Well my place isn't terrible. For LA its actually pretty convenient. Supermarket and some restaurants and best buy across the street. Light rail is about a mile east and being built closer.

I do think I'll upgrade to a nicer place at some point maybe farther into the west side. Just too lazy to move. I think I'm at the point where an even nicer car would not be a big difference. I've got a friend who lives at home and hes actually looking at buying a Porsche 911.... and 32! I spend my money in a more balanced way that that haha.

 

[Maximilian]

//If i want an item
If (Max.wantsItem(X) == true)
{

//If i have enough money it gets bought
If (bankAccount.getMoney() >= X.getCost())
{
Max.buyItem();
}

//Otherwise im sad because it dosent get bought
Else
{
Max.beSad();
Max.saveMoreCash();
Max.moveOnAndForgetAboutItemForNow();
}
}

Something like that basically

 

[edro]

We are dual income, no kids... so we just buy whatever we want.
Anything over ~$300 and we generally discuss it or limit those to one a month or so.

 

[Vdubchaos]

1) Make some financial goals
2) spend less than you make
3) save towards your financial goals

Remember money into a car = money down the drain

Buy what you NEED, not what you WANT.

 

[biostud]

Retrospective budget. Every month I see what I've spent money on (since I only pay with card it's pretty easy). If I think I've used to much on something I try to spend less. Then I also set some goals on what I do want to spend my money on. Currently my goals are savings for an apartment + travelling.

 

[JackBurton]

If the item is under around $80k, it's not a big deal and I don't really think about it. Usually $300k+, I gotta save up for a few days.

This.

 

[mvbighead]

If you have a decent credit card, they often can categorize your purchases and show you where the bulk of your money is going.

When I commuted, it was gas in the old 92 Cherokee. 16mpg driving 70-80 miles a day adds up. Got better when I purchased an 03 Impala that got about 23mpg.

You mentioned bars, and depending on where you're at, that shit can be stupid expensive. In my small local town, I could have 5-6 over 4 hours and walk out for under $15 including tip sometimes. In the "city", that'd cost me upwards of $25. Add in shots or any of that sort of thing, and you can get upwards of $40 pretty quick.

Outside of that, I tend to find things that I have a legitimate need for, things that'll save me money, good deals that I may not need now, but can't pass up. I may walk into a FinishLine or similar store, and while not needing new shoes, see a pair I like at $30 instead of the usual $60+. I'll buy them and cycle my shoes around (older ones become mowing shoes, working shoes, etc. etc.).

All in all, I don't buy that much anymore, as most of what I've needed, I've found deals on and picked up. When I do feel the need for something new, I'll justify it and figure out how to make it work, or I'll keep and eye on the item and try to buy it when I can get a substantial savings at a given time.

And I try to keep my car situation completely paid off. If I get laid off, I can always sell one of my vehicles for some extra cash if need be (wife and I have 3, so if we lose 1, we still can each get around without depending on one vehicle).

Last and certainly not least, I don't spend more than I make.

 

[bigrash]

I spend all my money on hookers and blow, that way I know they go to good use.

 

[skillyho]

1) Pay rotating debt (mortgages/loans). Try to pay off credit cards as quickly as possible.

2) Put money into Savings/Retirement. 15-20% of gross take home if possible.

3) Take what left...divide by two. Put that first half in savings again. Rest is your fun money. Save up this amount if you really need something.

 

[zCypher]

12% of gross into pension/shares + automatic transfers of about $300/month net dollars into RSP & TFSA accounts. Within the last few months I got rid of my car and got a better job, and I spoiled myself rotten with a Dell U2713HM / XFX 7970 and upgraded internet from 8mbps to 30mbps. I also spoiled the gf with a Panasonic UT50 though, so it wasn't all selfish. Probably the most I've spent in such a short period of time, looking back over the past few years.

Over the next couple years I want to save a lot more money though for some bigger purchases like car and house, but I'm pretty content with my current lifestyle and am OK paying cheap rent while saving a bit of money and buying whatever I want so there's no big rush.

To answer the OP, I determine what to spend my money on by thinking about what I want to have! Seriously though as long as the few true necessities are taken care of, I'm not too worried of spending my money wastefully. Life is short!

 

[Red Storm]

The key is balance. Over spending or penny pinching are both poor ways to live and enjoy life.

 

[mvbighead]

The key is balance. Over spending or penny pinching are both poor ways to live and enjoy life.

100% agreed.

 

[JM Aggie08]

EVERYTHING GOES INTO MY ROTH-401K....IF I BUY A CAN OF COKE AT THE CONVENIENCE STORE, THE $00.23 IN CHANGE I RECEIVE IS SENT STRAIGHT TO MY ACCOUNT. WITH THE COMPANY MATCHING, THAT'S LIKE $00.46.

Nah...it's all about balance. You can save for the future and still enjoy life. I don't like by a lot of little crap just because 'it's on sale' or is a 'good deal'. I'd rather spread out decent sized purchases that I will use for years over time.

I'm not much on impulse buying.

 

[mvbighead]

EVERYTHING GOES INTO MY ROTH-401K....IF I BUY A CAN OF COKE AT THE CONVENIENCE STORE, THE $00.23 IN CHANGE I RECEIVE IS SENT STRAIGHT TO MY ACCOUNT. WITH THE COMPANY MATCHING, THAT'S LIKE $00.46.

Nah...it's all about balance. You can save for the future and still enjoy life. I don't like by a lot of little crap just because 'it's on sale' or is a 'good deal'. I'd rather spread out decent sized purchases that I will use for years over time.

I'm not much on impulse buying.

I'd like to clarify my 'good deal' point. It is currently still winter in the midwest (and many other areas). My current weedeater was shit, and I've been keeping an eye out for a new one.

Rather than spend $150 for one with the features I was looking for in the heat of mowing season, I found one for $70ish about a month or two back (being cleared out at the local home improvement store). Basically everything I was looking for, at half the cost.

If you buy good deals just because they're good deals, and you don't need them, you're being wasteful. If you buy good deals because you know you're going to need it later, you're taking the time to find cost savings on your purchase so you can have $70 left in your pocket from what you would end up spending at some other time.

 

[Saint Nick]

Goes in the order of importance:

1) drugs
2) rent
3) food
4) toys

 

[ShawnD1]

Ideally:

1. Cash only, no credit (for purchases). Exceptions are school, car, mortgage.

I do the exact opposite. Everything is purchased with a credit card, and I save every credit card statement. I can track at least 90% of the money I have earned and spent in the last decade.
What's cool about tight records is that I can track long term spending trends. I did a lot of that before buying my first property.

 

[roguerower]

Everything I purchase goes on one credit card which helps to keep everything in one place and helps with the reward points.

My 401k and medical are deducted from my paycheck so what I see gets split up. Most of my discretionary income goes to skydiving and the rest is spent on random shit.

 

[JM Aggie08]

I'd like to clarify my 'good deal' point. It is currently still winter in the midwest (and many other areas). My current weedeater was shit, and I've been keeping an eye out for a new one.

Rather than spend $150 for one with the features I was looking for in the heat of mowing season, I found one for $70ish about a month or two back (being cleared out at the local home improvement store). Basically everything I was looking for, at half the cost.

If you buy good deals just because they're good deals, and you don't need them, you're being wasteful. If you buy good deals because you know you're going to need it later, you're taking the time to find cost savings on your purchase so you can have $70 left in your pocket from what you would end up spending at some other time.

That's understandable, and I do it myself all the time.

I'm referring to something I read (not sure if here or somewhere else) where someone purchased like 20 usb flash drives because they were on sale.

When. In the fuck. Are you ever going to need 20 usb flash drives.

 

[Red Storm]

That's understandable, and I do it myself all the time.

I'm referring to something I read (not sure if here or somewhere else) where someone purchased like 20 usb flash drives because they were on sale.

When. In the fuck. Are you ever going to need 20 usb flash drives.

My dad did the exact same thing once, and then he handed each one of his students a flash drive to use for class.

Don't be so quick to assume.

 

[JM Aggie08]

My dad did the exact same thing once, and then he handed each one of his students a flash drive to use for class.

Don't be so quick to assume.

I somehow doubt this was a similar situation...

That's awesome though.