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    Default Saving your Money

    i did a search and could find what i was looking for with this.

    i have REALLY bad shopping habbits. I buy everything i want and dont save a dime. I just pay my bills and buy whatever i think i want with the rest. I have great things that i love but i know in the long run its not the wise choice. and since im young and just started dancing i think if i catch it now it will greatly impact my future for the better.

    so the question is how do you stop yourself from spending your money and not buying everything you want?! im CONSTANTLY(like everytime i go online) finding new things online and once i see it i NEED it and cant live without it and buy it as soon as i can. how do you save do you put half of your money awy and not touch it at all for the next five years? i think this might be the only way for me.

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    God/dess Deogol's Avatar
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    Default Re: Saving your Money

    You may have some kind of emotional emptiness you are trying to fill. If that is it, I shut up now because that is way out of my league.

    BUT, if you start looking at it as buying a financially secure future, that might help.

    If you look at it as "becoming wealthy" - that might help too.

    Don't fall for those slick buggers on TV trying to say what wealth is about. I had a long talk with my little hip hopper nephew about how those guys are broke in three years and lease their diamonds.

    Start by buying the book "The millionaire next door" and reading it.

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    Default Re: Saving your Money

    i had this same problem!

    just deposit your money before you go shopping. in savings.


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    Default Re: Saving your Money

    I had a friend who would give herself fun money every time she received money. It was 10 percent of the total. Everything else went to bills then investments. Her motto was "work hard, play hard, and have more fun than anyone else". One time we went to a book store and she gave me a nice card, had me read it, and then put it back in the rack. She thought that it was so funny, i got 4 more cards that day.

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    Default Re: Saving your Money

    I got started by opening a bank account I could only withdraw from in person. Once I had a sizable savings, I was too greedy to spend it. Then I got hungry. I loved seeing that number jump. And then earn interest. Dance money, dance! Earn that dollar! Heehee. I love when I see my interest is almost $50 a month. I didn't do shit to earn that money... and then I get interest on that fifty... and then that xxx and more and more. It finally got so exciting seeing my money work for me that I stopped spending so frivolously. Just make sure you do that first step to insure you start a savings.

    When I have no money, I spend it. When I have a savings, I save more. I think it's just because it looks hopeless when you're bank is empty, but when it's full, it looks fun.


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    Default Re: Saving your Money

    IMHO this really revolves around how seriously a dancer looks at her dancing. If she views it as a very temporary, very part time means of earning a few extra bucks, then yeah it's very simple to fall into an 'easy come easy go' financial routine. However, if the dancer looks at her dancing as a serious job - one roughly analogous to that of a professional athlete where a huge potential for earnings exists but only for a relatively short period of time - then it's much easier to establish financial discipline.

    As others have posted, the first step towards financial discipline is establishing a bank account, establishing a budget, and prioritizing your nightly / weekly / monthly dancing earnings ... the first X$ off the top go towards estimated taxes, then the next Y$ go towards paying necessary bills, then the next Z$ go towards savings / investment, and then whatever is left over can be spent on 'discretionary' items.

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    Default Re: Saving your Money

    yeah, but what should a dancer do when she saves saves saves just to see the inflation erode the purchasing power of her dollars? I've enjoyed my account balance grow until I realized my money is steadily losing its value. Now it's all about "how do I protect my money" for me...

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    Default Re: Saving your Money

    I had this exact same problem, but I recently came up with a solution, inspired by taking a personal finance class at my university.

    I make a monthly 'spending plan,' write it down on a little yellow notepaper and stick in in my planner so that I see it multiple times every day. On one side of the paper is necessities, things I have to spend that month, and their exact amount. It looks like this:

    1. Car Payment $360
    2. Electric Bill $250
    3. Savings $500 (always pay yourself first!)
    4. Rent $650 (my half of next months rent, of course )
    5. Something I really have to have now $450
    etc.
    Things are usually ordered by when they are due.

    On the other side is things I want, but don't necessarily have to have immediately or know exactly.

    1. Clothes $500
    2. Spa $200
    ect.

    Then I cross things out when they are bought. Consequently I can also add up all the numbers and see how much I need to work to accomplish all my goals.
    Note that savings is on that list as a requirement. This helps me to actually put money in the bank when I never was able to before. I just see it as another thing to buy.

    The way this helps you is to clearly define your goals, and to see them often.
    Last edited by austinatalie; 10-14-2007 at 07:37 PM.

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    Default Re: Saving your Money

    Quote Originally Posted by Adelina View Post
    yeah, but what should a dancer do when she saves saves saves just to see the inflation erode the purchasing power of her dollars? I've enjoyed my account balance grow until I realized my money is steadily losing its value. Now it's all about "how do I protect my money" for me...
    Start investing it in other venues after you put enough in savings. I did a study and I need to have saved xxx amount before my savings account becomes pointless. Until then, my savings account yeilds the highest return. Once I reach that point (10k), I invest the amount elsewhere. I start my schooling on share markets soon so I can invest wiser.


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    Default Re: Saving your Money

    i just keep a giant gold nugget in the backyard. inflation isn't eroding that.

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    Featured Member needtodance's Avatar
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    Default Re: Saving your Money

    The biggest thing for me is to make sure that the savigns is concrete.
    Its not just "I should put a little in savings..." its "HALF OF THIS MONEY IS GOING IN SAVINGS, and if i need more money for my bills, I'll just work another day this week!"

    I put AT LEAST half of my money in savings, and don't even consider it money that i HAVE.

    Also, the budget list is a great one.
    I have that on my fridge, along with "weekly and monthly goals" estimating how much i want to make, put in savings, and a limit on "miscellaneous expenses"

    I know people who do this other trick, and i want to when I'm making enough... I used to do it before i started dancing.
    Compartmentalize your money, IE "My entire paycheck goes into the bank. Expenses, and savings. My TIPS become my personal money." For dancing, this might be "my big bills go into the bank, my singles are my "throwaway" money" depending how much of your money is in singles... But make sure that your spending money is a comparatively small part of the whole, and that if you talk yourself out of buying items a lot, it DOESNT ROLL OVER. Whatever you spend goes into the bank at the end of the month.

    Hope that helps!

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    Default Re: Saving your Money

    Quote Originally Posted by miabella View Post
    i just keep a giant gold nugget in the backyard. inflation isn't eroding that.
    Where did you say you live?
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    Default Re: Saving your Money

    One thing that worked for me in the past is having a jar and putting a picture representing what I wanted on the jar. At the time I was saving for a show dog so I put a picture of one on the jar and every penny I had went into that jar and sometimes I even kept my credit and debit cards in there if I got into a bad spending cycle so every time I reached in I had to be reminded that I was taking away money from something more worthwhile. And every once in a while I took it to the bank and put it all into savings. I saved $800 that way and I didn't even have a real job. It was all from dog sitting and stuff like that.

    That exact plan might not be practical for everyone as I did this when still living with my parents and in school but it really helped me.

    Other than that I really agree with what everyone else said. Also when I go to the mall I don't allow myself to buy anything until I've gone to all the stores I mean to go to and then by the end I've likely forgotten about the things I would have gotten on impulse and only get the things that I really want. For the internet, make yourself wait until the next day before ordering.
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    Hey, lapdances cost at LEAST 5 chickens. If you be offering them for one chicken, you be lowballin' girl.

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    Default Re: Saving your Money

    I have an automatic deposit into my Roth account. My bank is USAA. If you have an immediate family member who is or was in the military at some point, you're eligible for accnts with them. They are the BEST bank in the whole wide world.

    You can probably set auto deposits with other banks too.

    If you have more than one source of income, you can also set aside 1 specific source as your non-spending money. I like to think of it as my untouchable income. If you only dance, you might just set asidethe money you make from one regular in particular.

    Freeze your credit cards in a bowl of water for at least one month.

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    Default Re: Saving your Money

    2. Electric Bill $250
    what?!?!?

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    Default Re: Saving your Money

    Quote Originally Posted by Corgan View Post
    what?!?!?
    LOL!

    Grow lights iz expensive.

    Nah - if it is electric heat and AC, this would not be surprising.

  18. #17
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    Default Re: Saving your Money

    A 1000-watt grow light only adds about $20 to an electricity bill...not that I would know

    Um, $250 for even a heat bill in winter seems a bit insane.

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    Default Re: Saving your Money

    OK girls I got out my most recent utility bill due 10/10:
    Total 258.54.
    Breakdown:
    188 electric
    10 water
    18 wastewater
    21 solid waste
    11 street service
    and a 10 late charge from last bill

    I live in 1000 sq. ft house thats not very energy efficient with electric heat/ac and a 100 gallon saltwater fishtank that im sure costs at least 30/month by itself. Umm and I have a whole mechanics-style 3 car garage in the back with all the amenities and its own heat/ac so I'm sure that costs a lot too :/

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    Default Re: Saving your Money

    $250 isn't that suprising here for utilities. Every city has different regulations and taxation of their energy. And it gets very hot.

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    Default Re: Saving your Money

    thanks girls i guess its just having a budget and sticking to it, hopefully i can find the will power

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    Default Re: Saving your Money

    Quote Originally Posted by ahmeerah View Post
    I have an automatic deposit into my Roth account. My bank is USAA. If you have an immediate family member who is or was in the military at some point, you're eligible for accnts with them. They are the BEST bank in the whole wide world.

    You can probably set auto deposits with other banks too.

    If you have more than one source of income, you can also set aside 1 specific source as your non-spending money. I like to think of it as my untouchable income. If you only dance, you might just set asidethe money you make from one regular in particular.

    Freeze your credit cards in a bowl of water for at least one month.
    hmmm i have a USAA account too (my dad's in the Army), but I have yet to start using it...at all. hmm...i should consider starting, no? lol

    HEY! with those accounts, do we get charged to use ATMs?? i mean, being military dependents and all, we usually get all kinds of other crap free/discounted lol

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    Default Re: Saving your Money

    ^ USAA refunds for ATM fees every month, if I recall. Good bank, good returns - because they expect you to be military and have a low income -hahaha.


    Look like a woman
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    Act like a lady
    Work like a dog

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    Default Re: Saving your Money

    You might want to check out "All Your Worth." It has a good balanced plan for income: 50% to needs, 30% to wants, 20% to savings.



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    Default Re: Saving your Money

    Quote Originally Posted by katie941 View Post
    thanks girls i guess its just having a budget and sticking to it, hopefully i can find the will power
    Actually, it's more than having a budget and sticking to it, that's like a diet, which is no fun at all. One of the first things you need to do is start saving every day, rather than waiting for a chunk of extra money to put away. It's an energetic commitment, you're forming a habit and strengthening your savings muscle. Otherwise you're bingeing, getting an extra amount of money saved, then blowing it. You can start by literally tossing change in a bucket every day. I did that after trying to bounce back from a major accident where I had no savings, and promised myself I would give myself something amazing with the money someday. I cashed it in 4 years later and there was enough to take myself on a 5 week trip to SE Asia.

    Again, it's forming the habit that's key. Each night you work, take out an amount of money that you won't miss, maybe it's just $20. The next week double the amount, and so on. Eventually you'll see it grow and get excited about adding more to it. This is for people who have trouble getting started with saving, those who easily set aside 50% already have their system down.

    Try to look at those shopping on the internet temptations as a challenge. Have a little voice in your head that says "Aha, you're trying to screw me out of saving, I'm on to you!!". You can make a game out of how much you can save and how frugal you can be. This is only a fun game when you are watching your interest grow, not at all fun when you're truly broke!

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    Default Re: Saving your Money

    Quote Originally Posted by shakti View Post
    Actually, it's more than having a budget and sticking to it, that's like a diet, which is no fun at all. One of the first things you need to do is start saving every day, rather than waiting for a chunk of extra money to put away. It's an energetic commitment, you're forming a habit and strengthening your savings muscle. Otherwise you're bingeing, getting an extra amount of money saved, then blowing it. You can start by literally tossing change in a bucket every day. I did that after trying to bounce back from a major accident where I had no savings, and promised myself I would give myself something amazing with the money someday. I cashed it in 4 years later and there was enough to take myself on a 5 week trip to SE Asia.

    Again, it's forming the habit that's key. Each night you work, take out an amount of money that you won't miss, maybe it's just $20. The next week double the amount, and so on. Eventually you'll see it grow and get excited about adding more to it. This is for people who have trouble getting started with saving, those who easily set aside 50% already have their system down.

    Try to look at those shopping on the internet temptations as a challenge. Have a little voice in your head that says "Aha, you're trying to screw me out of saving, I'm on to you!!". You can make a game out of how much you can save and how frugal you can be. This is only a fun game when you are watching your interest grow, not at all fun when you're truly broke!

    This is truly good simple advice - the fundamentals before all the fancy stuff.

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