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NBR: Financial Help

ColieAnn31ColieAnn31 member
edited September 2014 in June 2013 Moms
So Alex and I have been spending money like crazy on pretty pointless stuff.  It's time we start cracking down on our spending so we can save up and move out shortly after the beginning of the new year.  We only have a few bills that include our car payment, car insurance, phone bill, and cable bill.  So I'm going to get a little personal here because I need help to figure out how to become better savers.  And I have gotten great advice many times from you awesome ladies so I'm sure I'll get great advice now.  

Our total bills add up to be $900/month
Combined we bring in $3,000/month
So there is ~2,100 that we are just blowing.  

I do help out with groceries since we live with my family which is usually about $500/month so subtract that and we're at $1,600 we're blowing.  

This is how my budget is going right now:
Car, insurance, phone, cable, groceries, gas= $1,600 

Now Alex smokes cigarettes (yuck, I know) which are about $6/pack and he smokes about 3 packs a week. Plus he gets drinks and the occasional lunch since he works in the field.  I usually get lunch while I'm at work twice a week so I can make $20/week work for my stuff while I'm at work.  What would a decent weekly budget be for Alex that includes cigarettes and lunches/drinks.  I was thinking $50 a week to start and see if that works.

We need to start saving because there are some debts we need to get paid off before we are able to move so I want to be able to put a big chunk of money into savings each month.  So adding our weekly allowances to our $1,600 is $1,880 in total bills a month.  That would leave us with being able to put about $1,120 into savings.  Is this realistic??? 

I'd appreciated any and all feedback you all have.  We have always been frivolous with our spending and we need to get back on track so we can move back out since we are finally back on our feet financially.  Thank you all so so much! 
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Re: NBR: Financial Help

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  • ColieAnn31ColieAnn31 member
    I meant 3 packs a week lol not 3 a day.
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  • ColieAnn31ColieAnn31 member
    It would be smart to start putting back what we would be spending in rent.
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  • riansmommieriansmommie member
    Ok that's not as bad, but still, it's a bad expensive habit to have. I still get after my hubby weekly about his dipping grrr.

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  • WasNotWasWasNotWas member
    The more you save the better, but (just like dieting) you don't want to set yourself up to fail. I would automatically transfer $500/month to a savings account the day after you guys get paid (if it's twice a month, $250 each time for example).

    After that I would take out your allowances in cash so you aren't tempted to charge more. There is a great app called Left to Spend that shows you your daily allowance that might help him (just like a diet, if he knows he wants to go for drinks on Thursday he needs to not spend so much on Tuesday and Wednesday).

    Allow yourselves a monthly "splurge" but try to earn the money towards it. Like if by the fourth weekend of the month you have $600 left, half of it stays in the account and half goes to savings.

    It's really about knowing yourself and your spending habits. I'm a cold turkey person, I just have to stop buying everything all together and I get back on track but the steps above will work if you are more of a habitual person, I think
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  • nikel13nikel13 member
    H and I automatically put a portion of money away per paycheck. He just has it put in the savings when the check is deposited. I also save for Lily by making it like a monthly bill that I have to pay. We want to go overseas in a couple of years, so we will be doing that with another account.

    I know that the biggest money saver for us has been bringing lunches from home. We make our lunches and save a lot of money a month. I think H was spending $100 a month on lunch at work.
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  • ColieAnn31ColieAnn31 member
    Thanks everyone. I think since I'm paid weekly I will start putting a portion of each check into the savings. I had planned on doing weekly allowances in cash and then whatever we have left at the end of each week I'll put in Grayson's piggy bank. I used to be pretty good with money but I don't know what happened lol
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  • summer2timessummer2times member
    My first thought is.... i was thinking you were getting away from A. But i have a tight budget, so monthly i take lunches to work, monthly i have some money going into my savings account and only buy when i absolutely have too. I do my own hair, nails, and workout in home.
    I pay all my bills on time and if there is one that i can knock out all together to elliminate a monthly i do like credit cards, i usually leave my credit cards at home, unless i need gas.

    Good luck!
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  • WasNotWasWasNotWas member
    I understand where everyone is coming from with the Alex stuff, but ultimately their money is tied together now. Even if they separate A has a financial obligation. I think setting him up for success and responsible spending is a great plan, even better if it falls in line with your exit strategy
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  • momofcatanmomofcatan member
    edited September 2014
    You have some good advice already. I will add that before you start saving you need to sit down with a pen and paper (or computer, but at the beginning I think pen and paper is better) and write out a complete picture of your finances. First do a "snapshot", what is your debt, what are your assets. Then start tracking your "moving picture", record EVERYTHING. Every dollar needs to be accounted for. Before you can truly start budgeting and saving you need to see where the money is going and need to get used to recording EVERYTHING. 

    Write your goals out and put it somewhere you will see everyday so you will remember why you are saving and be inspired to work at it. I love mint.com for keeping track but pen and paper can work just as well. I love The peaceful mom blog, especially this series: https://thepeacefulmom.com/living-on-less-than-28000-a-year-series/ for Insparation

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