Spender (lots of debt), extreme saver, middle of the road

[JEDI]

We all know the spendaholics. Those w/credit card debt, and keep on spending on stuff.

Extreme savers?:
Max out company 401k match
Save 3-6 months expenses in the bank
Max out Roth
max out 401k

if he makes $50k/yr, and max 401k is 15%, then he's putting $7500 pretax.
so fed/state tax (30%) on $42.5k is $12,750

50k-7500-12750-5k (roth) = 25200 take home pay or 2100/month.

Lets say Basic Expenses are:
rent + util (gas/electric/water) = $1000/month
food = 100
phone/dsl/cable = $100
health/dental insurance = $200
car insurance = $100
gas = $100
--------------
total = 1600/month

2100 - 1600 = $500/month for misc stuff

I dont consider a person having only $500/month disposible income as being an extreme saver.

But if you do, then what's your compromise for middle of the road?

 

[Reel]

Originally posted by: JEDI

Lets say Basic Expenses are:
rent + util (gas/electric/water) = $1200/month
food = 400
phone/dsl/cable = $150
cell = 30
car = 300
misc loans = 250
health/dental insurance = $100
car insurance = $80
gas = $100
----------------
~$2600

Modifications for my spending and I am in a relatively cheap place.

 

[Koing]

wtf @ $100 a month for food

I don't eat much when I'm not gaining size but I eat more then that...

I save a lot but I have very little expenses as I live at home. I did have 18months salary in my account but I bought a house so thats crushed that to zelch. No pensions but I am with the company share incentive plan. I have some other shares of mine. Private health care with company. I ride my bike to work = no expense there. Car insurance is relatively cheap as I'm 23 and my car is a beater (£600).

I save up and spend on stuff when I want. I eat out every so often and don't mind as I save a lot. I don't have any crazy car expenses or any other debt.

I don't pay any bills. So it was relatively easy to save a lot of £££. I go out boozing every so often but I'm such a lightweight 3-4 drinks and I'm pretty p!ssed so thats a very cheap night.

Cut back on the phone, dsl/ cable. Thats f0cking ridiculous to be paying for $100 for it. I can get all of that for £26 in England, Sky digital (basic package), phone and dsl. I'd put the extra stuff on food. I like to eat well.

Koing

 

[Safeway]

Food at $200 is more reasonable.

 

[FoBoT]

i am middle of the road ,. but plenty of room for improvement

good earner, bad saver, poor money discipline, but we keep our debt low. we learned the hard way about CC debt when we were younger

 

[PingSpike]

How the fuck could even a single person eat a diet of anything besides top ramen on $100/mo food budget? Its not 1977.

 

[hiromizu]

I'm pretty spendy but I still save 800-1000 a month and max my retirement plans.

 

[Safeway]

Here are my finances:

Max out Roth IRA contributions, and have done so since the age of 18.
No 401(k) or similar, since I am still in school.
Emergency fund for 12 months of rent, bills, food, and essentials.

Rent: 1 B/R apartment in Austin, close to campus = $550/month (very low for the market)
Electric: Austin Energy is awesome, great rates = $30/month
Cable TV/Cable Internet/Phone: Time Warner, you can suck my balls = $90/month
Car: I own my cars.
Gas: I ride my bike most of the time = $40/month.

I save the majority of the money I make. I reinvest interest and earnings. I have a very developed CD ladder to keep the money (fairly) liquid. I currently manage my own stocks and Roth IRA, though I am considering a managed account with Edward Jones.

 

[Dr. Detroit]

People consider me a Exteme Saver but I feel I'm middle of the road.

Usually middle of the road types do not save more than 20% of their income while Savers do and Spenders save little or nothing at all.

 

[Gunslinger08]

I save around 40% of my net income after contributing to 401k. I consider myself middle of the road, because I waste some money (mostly on food and gas).

 

[maddogchen]

max out 401k is around $15,000 not 15%.

I save by eating out less, not buying things and trying to max out my 401k and Roth. I think middle of the road is company match, max Roth and try to save 10% of income a month to put in savings/investments. If you can do that you can be pretty well off.

 

[ISAslot]

make ~42k
live on ~11k
taxes ~8k
save the rest

 

[chin311]

Originally posted by: ISAslot
make ~42k
live on ~11k
taxes ~8k
save the rest

wow, mad respect, idk how you live on 11k?

i spent probably...

215$ advertisin
280$ car payment
133$ car ins.
120$ gas
150-200$ food
$100 cell
$40 cable/internet
325$ rent

= 1300 - 1500$ a month in general so say 18k$ a year "LIVE ON"

probably only end up saving like...200-300$ a month i guess.

idk , i feel i live comfortably... this is running my own business btw.

 

[iamwiz82]

Jedi, you are way too caught up in money, judging by your posts. I have a feeling you will be in for a shock when you realize that you haven't lived at all on your death bed.

Personally, we save a fair amount, IMHO, and we have 6 months in the bank, but I have no problem spending a few grand on a vacation. I work to live, and will continue to do that for a long time. If I have to work a few extra years so I can say that I have been to 150 different countries and I saw all the wonders of the world, it was completely worth it to me.

 

[nineball9]

Frugal, and I repair my electronic equipment and other "disposable consumer" items. I finally broke down and ordered a new phone/answering machine/speaker phone yesterday as I got tired of fixing my old one (contacts corroded mostly). Old phone purchased 9/15/1989; I got my money's worth from it!

 

[Skeeedunt]

The thing I'm having trouble with is getting that 3-6 months expenses saved to begin with. I have about $500 disposable a month, and figuring (relatively) bare living condition at $1500/month, $1500 * 6 = $9000 / $500 = 18 months before I have that put away. And that's assuming I don't need any of that $500 for emergencies and other random expenses (not to mention entertainment).

If I had that $500/month to blow on whatever I wanted, that would be pretty kick back... but I think that's going to take a while.

 

[Squisher]

Originally posted by: iamwiz82
Jedi, you are way too caught up in money, judging by your posts. I have a feeling you will be in for a shock when you realize that you haven't lived at all on your death bed.

Personally, we save a fair amount, IMHO, and we have 6 months in the bank, but I have no problem spending a few grand on a vacation. I work to live, and will continue to do that for a long time. If I have to work a few extra years so I can say that I have been to 150 different countries and I saw all the wonders of the world, it was completely worth it to me.

My hero. :heart:

 

[jagec]

Originally posted by: JEDI
I dont consider a person having only $500/month disposible income as being an extreme saver.

What's that supposed to mean? Saving money doesn't give you MORE disposable income, you know...it means that you're putting more of your otherwise disposable income into savings accounts.

Originally posted by: chin311
wow, mad respect, idk how you live on 11k?

i spent probably...

215$ advertisin
280$ car payment
133$ car ins.
120$ gas
150-200$ food
$100 cell
$40 cable/internet
325$ rent

= 1300 - 1500$ a month in general so say 18k$ a year "LIVE ON"

probably only end up saving like...200-300$ a month i guess.

idk , i feel i live comfortably... this is running my own business btw.

If you're running a business, the $215 won't be included in your personal expenses...it's a business expense, which is subtracted from the amount of money that the business makes.

To trim that budget, I'd look chiefly at the car payment. I have a very reliable, fun-to-drive Toyota that I bought for $2100, which was a splurge compared to my former cars. Car payments indicate an unnecessary excess for the truly frugal. Second, $133 for insurance? Do you have full coverage? If your car deserves full coverage, it's too nice. You could probably slash that cell payment in half too.

 

[chin311]

Originally posted by: jagec

Originally posted by: JEDI
I dont consider a person having only $500/month disposible income as being an extreme saver.

What's that supposed to mean? Saving money doesn't give you MORE disposable income, you know...it means that you're putting more of your otherwise disposable income into savings accounts.

Originally posted by: chin311
wow, mad respect, idk how you live on 11k?

i spent probably...

215$ advertisin
280$ car payment
133$ car ins.
120$ gas
150-200$ food
$100 cell
$40 cable/internet
325$ rent

= 1300 - 1500$ a month in general so say 18k$ a year "LIVE ON"

probably only end up saving like...200-300$ a month i guess.

idk , i feel i live comfortably... this is running my own business btw.

If you're running a business, the $215 won't be included in your personal expenses...it's a business expense, which is subtracted from the amount of money that the business makes.

To trim that budget, I'd look chiefly at the car payment. I have a very reliable, fun-to-drive Toyota that I bought for $2100, which was a splurge compared to my former cars. Car payments indicate an unnecessary excess for the truly frugal. Second, $133 for insurance? Do you have full coverage? If your car deserves full coverage, it's too nice. You could probably slash that cell payment in half too.

its a new car, thats why the payment is there...wont be going anywhere soon : \ , yes i have full coverage auto insurance, its commercial as well. Cell phone plan is a must, need lots of minutes ( work phone ) .

 

[JEDI]

Originally posted by: iamwiz82
Jedi, you are way too caught up in money, judging by your posts. I have a feeling you will be in for a shock when you realize that you haven't lived at all on your death bed.

Personally, we save a fair amount, IMHO, and we have 6 months in the bank, but I have no problem spending a few grand on a vacation. I work to live, and will continue to do that for a long time. If I have to work a few extra years so I can say that I have been to 150 different countries and I saw all the wonders of the world, it was completely worth it to me.

retirement: renting 21yr olds

make up for my lost youth (ahh.. the miracles of modern medicine... aka Viagra)

 

[Koing]

Originally posted by: Skeeedunt
The thing I'm having trouble with is getting that 3-6 months expenses saved to begin with. I have about $500 disposable a month, and figuring (relatively) bare living condition at $1500/month, $1500 * 6 = $9000 / $500 = 18 months before I have that put away. And that's assuming I don't need any of that $500 for emergencies and other random expenses (not to mention entertainment).

If I had that $500/month to blow on whatever I wanted, that would be pretty kick back... but I think that's going to take a while.

Part time job mate or don't go out much for a few months = instantly save more that month.

Koin

 

[UNCjigga]

Spender.

Well over $100,000 in debt, and I recently thought about buying a home on top of that!!!

D/I ratio is like 3/4 after taxes and 401k contributions.

 

[vi edit]

I'm fortunate enough to have a household income that allows us to comfortably put away 20% of our gross income into retirement, pay a mortgage on a nice home, handle two car payments, and still splurge on vacations and toys around the house.

We save money in lots of little ways that allow us to stretch our "fun money" even further.

 

[mugs]

Originally posted by: iamwiz82
Jedi, you are way too caught up in money, judging by your posts. I have a feeling you will be in for a shock when you realize that you haven't lived at all on your death bed.

Personally, we save a fair amount, IMHO, and we have 6 months in the bank, but I have no problem spending a few grand on a vacation. I work to live, and will continue to do that for a long time. If I have to work a few extra years so I can say that I have been to 150 different countries and I saw all the wonders of the world, it was completely worth it to me.

Good luck on that one. :laugh:

 

[iamwiz82]

Originally posted by: JEDI

Originally posted by: iamwiz82
Jedi, you are way too caught up in money, judging by your posts. I have a feeling you will be in for a shock when you realize that you haven't lived at all on your death bed.

Personally, we save a fair amount, IMHO, and we have 6 months in the bank, but I have no problem spending a few grand on a vacation. I work to live, and will continue to do that for a long time. If I have to work a few extra years so I can say that I have been to 150 different countries and I saw all the wonders of the world, it was completely worth it to me.

retirement: renting 21yr olds

make up for my lost youth (ahh.. the miracles of modern medicine... aka Viagra)

If you think sex is the highest plateau of life you are sadly naive. Not that I do not enjoy sex, but when Lola and I talk about our lives together, there is a lot more than that to discuss.