View Full Version : What do you do with your money right after work?
JulissaBrazil
10-05-2013, 11:50 AM
I put my money in the bank ,savings ,checking ,and IRA ,stocks to. The rest pays bills and mad money for when I get those urges to shop and dine out.
Amira702
10-06-2013, 05:06 PM
Some of it goes in the bank, some of it stays in my purse, and some goes in a safe that's in my bedroom.
britneyireland
10-08-2013, 04:23 PM
I used the envelope system.
Get a box with monthly envelopes for all your big bills and every week put 1/4 of the money in there.
For example my rent was 1200, so every week I made sure there was 300 in that envelope. If I was only working 3 nights that week I'd put $100 in the envelope.
At the end of the month I never stressed over bills being due.
whirlerz
08-29-2014, 10:44 AM
Bumpy Bump
SexedUpCat2
08-29-2014, 11:04 AM
I deposit all the money that was recorded by the club plus some of my tips. The rest stays out for frivolous spending and emergencies.
wednesday86
08-29-2014, 11:28 AM
I set aside $1's for laundry or deposit them in the bank. I keep big bills close by in my purse or stashed away in my room somewhere. Oh and I ALWAYS have to have them faced the same way when I count. I think I'm going to start straightening them too! I hate crumped up/wrinkly bills. Drives my OCD crazy.
Selina M
08-29-2014, 11:51 AM
I'm like a chipmunk stripper, it gets stashed in all kinds of random places. I keep spending money in my wallet, money for bills in another compartment in my purse (because I usually need to deposit at least part of it), and savings in other nooks in my apartment.
Vackra
08-29-2014, 12:25 PM
My husband sews our savings into the inside of our curtains. The rest goes in the bank.
Aslinn
08-29-2014, 12:27 PM
count it, bills, mad money. My day job is for savings.
Tourdefranzia
08-30-2014, 12:13 PM
I go to the atm after work and deposit most there. I pay all my utilities and rent in cash and obviously stuff like groceries too so depending on how much $$ I need for that ill keep 100-1000 out but otherwise, it goes in the bank.
Me too, but I skip the ATM and just go into the bank on my way to work in the mornings.
SexedUpCat2
08-30-2014, 12:38 PM
This might be a dumb question, but what's the benefit of paying rent and utilities in cash rather than a check? I'm about to move out from my parents' place in a couple months, and I want the best monetary system in place before then.
Loving reading people's methods here! They're extremely helpful.
whirlerz
08-30-2014, 12:45 PM
This might be a dumb question, but what's the benefit of paying rent and utilities in cash rather than a check? I'm about to move out from my parents' place in a couple months, and I want the best monetary system in place before then.
Loving reading people's methods here! They're extremely helpful.
Well, Melodie can prob. provide a better answer, but for me, I keep a certain amt. in the bank..usually 200. or under. I don't like having a lot of bank transactions, maybe that's not entirely good? also, checks are now very expensive
Anyways, I always get/keep receipts (esp. w/cash) so I can show proof of payment
Also, if Melodie comes over here, I'd like to know where she got the safe/fake can thingie? I totally forgot where i got mine.
Melonie
08-30-2014, 12:52 PM
but what's the benefit of paying rent and utilities in cash rather than a check? I'm about to move out from my parents' place in a couple months, and I want the best monetary system in place before then.
Where bills that may be reported to credit agencies are concerned, there is absolutely NO advantage in paying these sort of bills with cash. If and when you are audited, the IRS will be able to find out in a matter of minutes how much you have been spending on any items reported to credit agencies ... utility bills, apartment lease payments, credit card payments, auto loan payments, college tuition payments, etc.
However, cash payments can come in handy when purchasing certain items. To understand why it's necessary to understand that 'self employed' people often don't have any official documentation other than their own 'word' in regard to how much money they actually earned in total. Thus the IRS automatically takes into consideration the distinct possibility that a 'self employed' person may be under-reporting their income. To 'test' this assumption, the IRS conducts so-called 'lifestyle' audits.
,
Rather than simply looking at reported income, the IRS 'lifestyle' audit looks at the total amount of money that a person is spending ... and based on the logical assumption that any money spent must first be earned, judges from the total amount of documented spending the IRS can find a paper trail for, it makes a judgment as to whether or not the 'self employed' person is likely to be telling the truth about their actual income. This is important, because the IRS has the 'authority' to come up with their own amount of 'estimated' income which the person is likely to have earned based on their actual spending. If that level of IRS 'estimated' income is $10k or $20k higher than the amount of income the 'self employed' person reported on their tax return, because there isn't any official proof that the 'self employed' person DIDN'T earn as much money as the IRS estimates they did, the 'self employed' person has little choice but to pay the extra taxes on IRS estimated income which they didn't actually earn.
So to directly answer your question, paying in cash comes in handy for the purchase of 'luxury' items ... jewelry, designer clothes, expensive appliances, vacations and entertainment etc. The reason, of course, is that paying in cash avoids these items ( or the stores selling these items ) from showing up on checking account records and/or credit card records ... thus potentially drawing IRS attention to the fact that you can 'afford' to dump thousands of dollars on 'luxury' items.
A side note, though. These days, in many states, sellers may take down and report to the IRS or the state income tax agency the name, address and SS# of anybody spending more than $3,000 in cash on a purchase. If a 'cash transaction report' is sent the IRS and/or your state income tax agency, it can draw even more 'attention' than if you bought the same luxury items via a check or credit card.
whirlerz
08-30-2014, 01:05 PM
Yup when I was still doing a lot of 'dancing on the road', I used to take a 'diversion safe' along on every trip ...
http://www.personalsafetyshop.com/images/CSANLARGEIMAGE.PNG
... using a 'diversion safe' is better than nothing in a rental / roommate scenario where you're not allowed to cut into walls. However, I would still consider shelling out a few bucks for an el-cheapo WalMart floor safe ( while keeping the real valuables in a diversion safe ) to give untrustworthy roommates and burglars an easy target ( that won't actually pay off ! )
Yes, where'd you get that^ ? Thanks!
Melonie
08-30-2014, 01:07 PM
^^^ I bought it online ... I think from or maybe
SexedUpCat2
08-30-2014, 01:12 PM
Where bills that may be reported to credit agencies are concerned, there is absolutely NO advantage in paying these sort of bills with cash. If and when you are audited, the IRS will be able to find out in a matter of minutes how much you have been spending on any items reported to credit agencies ... utility bills, apartment lease payments, credit card payments, auto loan payments, college tuition payments, etc.
However, cash payments can come in handy when purchasing certain items. To understand why it's necessary to understand that 'self employed' people often don't have any official documentation other than their own 'word' in regard to how much money they actually earned in total. Thus the IRS automatically takes into consideration the distinct possibility that a 'self employed' person may be under-reporting their income. To 'test' this assumption, the IRS conducts so-called 'lifestyle' audits.
,
Rather than simply looking at reported income, the IRS 'lifestyle' audit looks at the total amount of money that a person is spending ... and based on the logical assumption that any money spent must first be earned, judges from the total amount of documented spending the IRS can document, it makes a judgment as to whether or not the 'self employed' person is likely to be telling the truth about their actual income. This is important, because the IRS has the 'authority' to come up with their own amount of 'estimated' income which the person is likely to have earned based on their actual spending. If that level of IRS 'estimated' income is $10k or $20k higher than the amount of income the 'self employed' person reported on their tax return, because there isn't any official proof that the 'self employed' person DIDN'T earn as much money as the IRS estimates they did, the 'self employed' person has little choice but to pay the extra taxes on IRS estimated income which they didn't actually earn.
So to directly answer your question, paying in cash comes in handy for the purchase of 'luxury' items ... jewelry, designer clothes, expensive appliances, vacations and entertainment etc. The reason, of course, is that paying in cash avoids these items ( or the stores selling these items ) from showing up on checking account records and/or credit card records ... thus potentially drawing IRS attention to the fact that you can 'afford' to dump thousands of dollars on 'luxury' items.
A side note, though. These days, in many states, sellers may take down and report to the IRS or the state income tax agency the name, address and SS# of anybody spending more than $3,000 in cash on a purchase. If a 'cash transaction report' is sent the IRS and/or your state income tax agency, it can draw even more 'attention' than if you bought the same luxury items via a check or credit card.
That makes a lot of sense. Thank you so much! I'll have to do some thinking and planning, but I'll definitely be coming up with a new amounts to deposit/keep as cash.
whirlerz
08-30-2014, 01:20 PM
I LUV this thread!!!:)
Melonie
08-30-2014, 01:22 PM
^^^ Good idea to nail down your plans in advance. And, unfortunately, some of the things that a dancer needs to plan for these days is the possibility of ...
- yourself or a friend being bogusly busted at your club, and needing to come up with $1000+ in cash at 2am on a Sunday morning to make bail
- the IRS potentially placing a lien on bank accounts, investment accounts, etc. as the result of a tax dispute, leaving you without access to your money until you agree to pay the IRS the additional taxes they 'estimate' you owe.
- the next 'superstorm' knocking out power / data transmission, leaving banks closed and credit cards useless for several days.
thus IMHO it's not a bad idea to keep a few thousand dollars worth of cash 'handy'.
Also, Cat2, if you're just going out on your own, you're going to need a bunch of money to set yourself up with an apartment, with utility service etc. Because you are 'self employed' ( thus no way for landlords / lenders to verify your actual income except past years' tax returns ) and because you have little or no credit history, you may be expected to come up with 6 month's worth of rent in advance etc. Obviously, opening a bank savings account for personal savings, opening a bank checking account for paying bills, and opening a third account for depositing your dancing / camming earnings ( with withdrawls to pay estimated taxes and to 'pay yourself' ), will allow you to start building a credit history.
Also, looking at the diversion safe links I just posted, they have a new one out that looks fantastic for home use ... because the top section is a real but 'shrunken' bottle which has real water visible inside.
http://www.personalsafetyshop.com/images/WBS-LARGEIMAGE.png
... just stick it in the back of your refrigerator, along with a couple of bottles of 'real' Dasani water, and there's near zero chance that anyone will ever figure out what it really is.
However, this isn't so good for your dance bag, though ... since somebody may grab it, drink the water in the top compartment, and then either discover your valuables in the bottom or throw the bottle away !!! For that you're better off with the one that resembles cheap-ass hair spray.
And if I didn't specifically mention it before, you may want to keep the fake hair spray can in your dance bag for a reason ... the bail money !!! If you are bogusly busted, you're not going to be allowed to hit an ATM or go home to get money out of your fake water bottle ... and most courts won't take a check or credit card at 2am on that sunday morning, just cash. But most cops WILL let busted dancers get dressed before hauling them away ... meaning that you can try to snag your entire dance bag, or better yet quickly bust out the cash and shove it in your purse / pocket.
whirlerz
02-15-2017, 03:54 PM
Bumper:)
DamnJolene
02-15-2017, 04:03 PM
401K account, invest it to aggressive mode and watch the money explode by dem' compound interest.
I count it, 50% towards rent, 25% towards bills, 25% to spend on groceries, gas etc. I keep my rent and bills money in seperate envelopes and slide that into a tampon box. I think I read that idea off here....some girl said she freezes hers? lol
tempest666
02-16-2017, 01:54 AM
Spend it on drugs. ::)
ScarletKitten
02-16-2017, 02:48 AM
Count it, then lock it away in my leopard-print Vaultz box.
whirlerz
04-13-2017, 07:29 PM
What's that^? :)
Zofia
04-14-2017, 12:41 PM
Put everything I earn in the bank at the end of the night. I usually stop at an ATM on the way home/to the motel, from work. On Fridays, I give myself a draw from the business bank account. I set a goal for an even draw every week, so I'd be able to budget. That way when it came time to pay my quarterly taxes, I'd have money in the business bank account. At the end of the year, I'd give myself a big bonus draw!
HTH
Z
whirlerz
04-18-2017, 08:11 PM
Bumping
whirlerz
04-18-2017, 08:12 PM
^^^ I bought it online ... I think from http://www.thehomesecuritysuperstore.com/can-safes-gaw-sub=171 or maybe http://www.personalsafetyshop.com/DIVERSION_SAFES
^^^^^
seashell
04-20-2017, 09:38 PM
I unfold all the bills, count them, and then deposit them at the bank asap the next day. I get super paranoid about having cash laying around... my apartment is not in the best area, lol.
I really need to open a savings account!
cassie22
04-22-2017, 05:21 PM
I immediately drive to the bank and deposit the money. I make sure it's a bank in an area where there's a 24 hr McDonald's or something so the lot isn't empty and there's light.
vanessa_mtl
04-23-2017, 10:07 AM
I've been saving so hard this year sometimes I don't even count til the net morning TBH...
Put some in checking, keep some on hand for groceries/ spending, some in a diversion safe for travel anything I want to buy that's not cheap, and my safe deposit box for whatevers left.
whirlerz
04-27-2017, 07:19 PM
I immediately drive to the bank and deposit the money. I make sure it's a bank in an area where there's a 24 hr McDonald's or something so the lot isn't empty and there's light.
I'd get a diversion safe, see above links^
KivaWithAnI
05-04-2017, 11:49 PM
leave it on the floor for my pet rats to pee on and rip up
Cashmere Star
05-05-2017, 12:12 AM
nice try, IRS.
elliela
05-07-2017, 06:07 PM
Count it, count it again, count it one more time just to make sure I didn't anything.....
miss.a.p1600
05-07-2017, 06:36 PM
Jump up and down on the bed Tom Cruise style while tossing it in the air and rolling around in it. All while playing Fuck up some commas by Future in the background.
charlie61
05-16-2017, 12:30 AM
Count it, count it again, count it one more time just to make sure I didn't anything.....
Yes.
Count it. Count it again. Stare at it like O_O
Spoon_Bender
05-21-2017, 08:47 AM
This may sound silly but I saw this in the movie Casino lo Does anyone use a safety deposit box?