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Thread: Tips for making $, but what about tips for saving it???

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    Default Tips for making $, but what about tips for saving it???

    Ladies, congrats for being smart in the art of dancing to lead to financial success! But with great money coming in so fast, how can we handle it to be sucessful in the long run? I would like to make a thread about how we can be savvy, financially speaking. Any tips/pointers on saving $? Or if you have been making great money and meeting financial goals, how did you not get sucked into spending it? I had a few curveballs along the way in my 1 yr of dancing, like totaling my car so I had to buy a new one (big mistake on spending so much ), and helping my bf pay for a lawyer (another big mistake lol) now i just try to "live poor" and am holding back from buying shoes and expensive makeup. Im only really spending money on the basics like food, gas and rent till i reach 25k again. Ive had a huge prob with spending but now I am focused on saving and reaching financial goals. Any tricks of the trade girls?

    Ill start... right now i am really only spending $ on essentials. another tip I recently heard from a dancer at my club is that she saves all her singles, puts them in hundreds, and uses them for her rent. lol... hope to get great feedback to help be financially savvy to get rich and stay rich lol Thanks!

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    Default Re: Tips for making $, but what about tips for saving it???

    These have been the most helpful things I've tried:

    - Keep a spending diary for a few weeks and write down absolutely every cent you spend. It helps keep you in check and you'll really surprise yourself when you look back on it and see how the little things add up.

    - My best friend and I have a saying: It costs $100 just to leave the house. After paying for transport/parking, grabbing some lunch & picking up a few essentials you've quite easily spent $100. I know this sounds reclusive, but I have one or two days per week where I do not leave the house... I cook & pre-prepare my meals, do my housework, catch up on emails, give myself a mani/pedi/facial, study, read books, etc. It's actually quite nice to set aside time for yourself & catch up on all the things that need to be done.

    - I've found term deposits to be extremely helpful saving tools. You can't touch the money for a predetermined amount of time & you're passively earning.

    I also like to remind myself that it's not about what you earn, it's about what you save/invest/do with that money.

    .... oh, and that a $800 pair of shoes half price are still $400 shoes. Put them down and walk away

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    Senior Member Nicole_oh's Avatar
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    Default Re: Tips for making $, but what about tips for saving it???

    I don't cash in my singles, I find it si inconvient to pay for things in a bunch of ones... or maybe I'm just that lazy lol but my hubby will grab larger bills first too so I find having so many singles saves us from blowing it quickly.

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    Default Re: Tips for making $, but what about tips for saving it???

    I use a piggy bank when I want to save money... yeah, not really original... haha. I put my cold hard cash from work in there, folded in half lengthwise so it will fit through the coin slot. Then I wait until I have about $1000 inside, and fish it all out through the bottom. It helps to not being able to touch the money for a short period of time, and then put it in the bank all at once.

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    Default Re: Tips for making $, but what about tips for saving it???

    This is what I REALLY need help with. When I was working at the club I had a couple thousand in my bank account which was the most I've ever had in there at once lol but when I stopped I somehow managed to spend it ALL in like.. a couple weeks. I'm gonna start dancing again and this time around I want to save everything and my goal is to have $10,000 in my account. I love everyone's tips though!

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    Default Re: Tips for making $, but what about tips for saving it???

    if you have time to blow through money faster than you earn it, you could possibly pick up an extra shift.
    the envelope method works really well. i did this when i started dancing just because it gave me a way to keep money organized. there is a thread on that in dollar den.

    i use my credit card for everything and pay the balance off at the end of the month. i am never walking around with cash, except for some stray ones i couldn't cash in. everything is credit card, paid off at the end of the month, and then i get cash back from the credit cards i have so that pulls in at least a tank or two of gas each month.

    pay yourself first. decide on some number that you're going to save every week as your "salary". that is priority #1. everything after that number can go towards bills and other expenses but that is the minimum you must save for yourself first. always pay yourself first. if you average $1000 a week, make the first $500 yours, and everything after that can go toward bills (rent, car payments, whatever). always be saving no matter what. always pay yourself first.

    regarding shopping and things, treat yourself the way you want anyone else to treat you. meaning, be generous to yourself. if you want something, buy it, enjoy it, appreciate it. we are working to live well, so do so. buy yourself things that will improve your quality of life, that will enrich your life, that will make your life easier and better. give away shit you don't need or use. stop beating yourself up about money spent. the beauty of the industry is that you'll make it back and you will have learned a lesson about buying a luxury car, $900 shoes you never wore, four pairs of 7fam jeans you never wore, the boyfriend's lawyer, whatever. it happened, let it go, make better choices. be generous to yourself. like attracts like. but really, try to give everything the quality-of-life test.

    you will get used to saving money. or at least, you'll get used to not spending it on dumb shit. habits are formed rather easily, they just take practice.

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    Default Re: Tips for making $, but what about tips for saving it???

    I used to have an incredible spending addiction. I owed my landlord 3 months of rent, was extremely behind on my bills and ended up $600 in debt to the bank. I also spent my student loan money (what was leftover) on the dumbest shit. The only way I was able to get a grip on it was to stay with my mother in law for a couple of weeks, broke as fuck, and since then I've not been tempted to spend outside of my limits, at all.

    I recently gave my landlady a HUGE wad of cash...I moved into my house in September and will not pay rent again until February. 5 months of rent, plus a security deposit, totals just under $4,000...that's the best money I've ever spent in my life, but it needs to be better. I'm saving up to buy a house, and so I've started using some stricter discipline on my savings.

    -Make a list of every expense you have...and I mean everything! Food, gas, rent, bills, pet care, cosmetics, etc. Figure out which are absolute necessities and which could be considered luxuries.
    I drink a retarded amount of soda...I spend roughly $100 a month on it, which comes out to $1200 a year on that alone. If we go out/order in 3 times a week, that's $60-90, which is at least $3,000 per year! My cosmetics really aren't that expensive and I consider them to be necessary for work, but I have a bad habit of buying outfits like crazy. If I spend $40 on a new outfit every week, that's $2080. So just cutting all of those things out, that's over $6,000 a year and trust me, that's just the beginning of what I could save.

    -Figure out what you make annually and decide how much you can live off of. Sometimes it's a lot easier to look at things from an annual perspective. Last year, I claimed $65,000 on my taxes---which was probably a little less than what I actually took home. So using that example, I have a family of 3 and we can live quite comfortably on $40,000. Well, that's 25k we can put back every year and then we would reach our goal in just 4 years!

    -Treat yourself! Kinda backwards, but trust me, it's important. Sometimes I just don't feel motivated to go to work, and so I make less money. Well, if I bribe myself with a little reward, (If I make $400, I'll buy myself some new shoes) it might actually increase my earnings, vs. if I'm lazy, tired and grouchy and only make $200.

    -Don't loan people money. My mom goes after my money like a shark...I get a phone call from her at least once a week, asking to borrow $100 or so. If I do that every week, that's 5,200 a year down the toilet.

    -Bring your grocery expenses down to a minimum. Reduce costs by purchasing general brands, buying in bulk and--if you think you can--cutting out junk food. I personally am nearly vegetarian, because I can get all of my nutrition from a minimal amount of meat and plenty of other protein sources. Meat is extremely costly! And even if that's too extreme, buying ground sirloin is obviously cheaper than buying a couple of steaks.

    -Use public transportation or walk as much as possible to reduce the cost of gas. We have a motor scooter that we use for just going to the store and we hardly take the car out at all.

    -Someone mentioned they had to buy a new car. If that's the case, why not invest in a more fuel efficient car? Then, in the long run, it almost pays for itself.

    -Cut down on your entertainment expenses. Get rid of digital cable and go for basic. Does everyone in the house really NEED a cell phone? etc, etc.

    -Thrift store shop! I absolutely love thrift stores; not only are they cheap, but I also adore finding unique things that no one else is wearing.

    -Parents often succumb to "guilt buying;" i.e, they've had a long work week, haven't had much time with the kids, etc so they make a trip to Toys R Us. Don't do that! Your child will be just as happy if you go to the zoo, or out for ice cream, or to the beach, or whatever. In fact, they may value that even more! I have a friend who recently lost her home, and because she felt terrible, she went out and bought a new wardrobe for her daughters.....which is probably what got her into financial trouble in the first place!

    -Buy energy efficient appliances and light bulbs to reduce on the cost of electricity. Also, buying power strips will allow you to unplug your appliances with ease when you're leaving the house.

    -Break the evil habit of watching tv. In my house, we practically have a library and watch very, very little tv....maybe a movie in the evening. Our electric bill was $30....extra saving cash? I think so!

    I live in one of the most expensive places in the country and I've managed to combat that so that I pay no more than I did back home....in fact, probably less. When you sit down and figure out exactly how much you spend on crap, it's actually really scary!
    [SIGPIC][/SIGPIC]

    Farrah rocks your world, biatch!

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    Default Re: Tips for making $, but what about tips for saving it???

    - I've found term deposits to be extremely helpful saving tools. You can't touch the money for a predetermined amount of time & you're passively earning.
    Agreed ! I keep six 6 month duration CD's with one constantly rolling over every month.


    pay yourself first. decide on some number that you're going to save every week as your "salary". that is priority #1
    In point of fact, you have to pay the IRS first ... then pay yourself second !

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    Default Re: Tips for making $, but what about tips for saving it???

    Making money is important. Most of us know that. If we do not make any money then we have nothing to save. But what many people do not know is that saving money is equally important. Here is why.

    If Mr X made $250K this year and spent $255K. Then, X is down by $5K. But if Mr Y made $150K this year and saved $50K then Y is up by $50K even though Y made $100K less than X.

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    Default Re: Tips for making $, but what about tips for saving it???

    Put your money in the bank every day! Daily deposits! However, you say it, the first rule in a cash business is make the deposit every day.

    Second, pay off your existing debts.

    Third, save.

    For the most part, stripping is self employment, so remember to set aside money for your taxes. There are some great programs that will help you fill out your quarterly tax returns. There are some calculators that will help you figure your tax reserves. Pick one, and use it!

    HTH
    Z

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    Default Re: Tips for making $, but what about tips for saving it???

    For those of you that keep money in an envelope or a shoebox, do yourself a favor and invest in a good safe. Your local home improvements store should carry a decent line of safes. Get something that is heavy enough that somebody would have a very difficult time walking out with (ie no fireproof boxes). Expect to spend $300 on a good safe. Its worth every penny.

    A friend of mine had $3200 stolen from a shoebox under her bed. Somebody obviously knew what she did.

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    Default Re: Tips for making $, but what about tips for saving it???

    I know this might sound a little cray-cray, but it works. I put all money for taxes in a big envelope. I put other savings, such as money I am going to invest, boobjob money, and others all in marked envelopes. I put all of the envelopes in a fire-proof lock box in a hidden location in my apartment. I put pictures of everything I want with that money on it, and then put pictures of unattractive homeless people on it, because that is what I will be if I spend any of it!

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    Default Re: Tips for making $, but what about tips for saving it???

    ^^^ now THAT's motivational money management !!!

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    Default Re: Tips for making $, but what about tips for saving it???

    Here's one: STOP TAKING OUT SHORT-TERM LOANS! I'm seeing so many camgirls jumping on the bandwagon of the Daily Pay "Holiday Loan" program and its pathetic. The maximum loan is only $156 or so, right?! Why can't you just SAVE $156?! Seriously, stop it. Its just sad. Put enough aside after every cam check (10%-20%) and let it add up. Don't take money that you haven't even made yet. You're just bleeding cash.
    "SS=stripper shit, in the same spectrum as CS=customer shit, which is within the spectrum of SaS=sales shit, which is all contained in the universe of BS=bullshit." -- Jay Zeno (mod)

    "Show me a hot chick and I'll show you someone who's tired of fucking her."






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    Default Re: Tips for making $, but what about tips for saving it???

    Quote Originally Posted by JennaMoney View Post
    For those of you that keep money in an envelope or a shoebox, do yourself a favor and invest in a good safe. Your local home improvements store should carry a decent line of safes. Get something that is heavy enough that somebody would have a very difficult time walking out with (ie no fireproof boxes). Expect to spend $300 on a good safe. Its worth every penny.

    A friend of mine had $3200 stolen from a shoebox under her bed. Somebody obviously knew what she did.
    THIS.

    Either go for a safe that can't be found (looks like hairspray or something) or a safe that can't be taken without tons of effort / noise (installed into the ground, or a huge box safe).

    In general, the smart thing to do is the latter. I spent close to $700 on my safe (including shipping), and the peace of mind has been SO worth it. Those things don't go bad, so they're an investment. Mine is a friggin beast...every time I move, I absolutely hate my safe. It takes both me and my SO to move it, and not without tons of noise. But that's a good thing!

    Also, having money in a safe makes it a bit harder for you to access it, which is a good money-saving thing.

    There are TONS of threads in DD about saving money, OP, with tons of incredible tips. So take advantage of that!

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    Default Re: Tips for making $, but what about tips for saving it???

    ^^^ agreed on the 'quality' safe ... but with a twist. A problem that will always face dancers / camgirls is that too many people ( family, friends etc. ) know that you are earning lots of cash. This in turn makes dancers / camgirls a much more conspicuous target for burglaries, and even worse robberies. From the standpoint of an opportunist perp who learned from your family or friends that you are earning lots of cash, the easiest way to deal with the safe issue is to wait for you to come home late ... point a gun at you ... and insist that you open the safe for them !!! And this scenario is even more likely if the dancer / camgirl in question isn't exactly diligent about her taxes ... meaning that the dancer / camgirl may be reluctant to report a burglary / robbery when the cop's first question will be 'how much money was stolen' but the cop's second question will be 'where did you get that much money from'.

    I actually have two safes ... a fairly large el-cheapo WalMart special that I keep rather conspicuously in a closet, plus a 'quality' wall safe that is extremely well hidden plus bolted in place. I keep a couple of hundred bucks in the el-cheapo safe - along with semi-important documents. I keep my serious cash and valuables in the 'quality' wall safe. My rationale is that any would be burglar or robber is going to go straight for the el-cheapo safe in my closet without even considering the possibility of a second safe, and wind up getting a couple of hundred bucks tops ... even if I'm forced to open the el-cheapo safe and handover the cash at gunpoint !!! "Sorry Mr. Robber, I just stopped at the bank yesterday and this is all the cash I have on hand" !

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    Default Re: Tips for making $, but what about tips for saving it???

    ^ Although technically the smartest route is to pay taxes on all of one's money and simply put all of it into the bank. No need to worry about safes then.

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    Default Re: Tips for making $, but what about tips for saving it???

    ^ Agree. Also, I was puzzled by the fact why no one was mentioning the idea of putting their money in a bank. Your post clarified it.

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    Default Re: Tips for making $, but what about tips for saving it???

    ^Yeah. Until you've paid taxes as an IC (35-45%) and earned your money by enduring people at their worst, coming home with bruised / bloody knees every night, going through sexual dysfunction as a result of people pawing at you constantly, having society disdain you for what you do, and then having to pay 100% of your own health insurance...you really don't understand how mentally difficult it is to pay taxes on stripper money!

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    Default Re: Tips for making $, but what about tips for saving it???

    ^ I would never claim I understand the stuff you ladies go through in a strip joint. I hope my goofy smile did not come across in a wrong way. One thing I do understand is you ladies work hard for your money and you deserve every penny of it.

    I personally pay taxes on every penny I earn but that is just me. No one else has to abide by my principles.

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    Default Re: Tips for making $, but what about tips for saving it???

    Quote Originally Posted by The Jackal View Post
    ^ I would never claim I understand the stuff you ladies go through in a strip joint. I hope my goofy smile did not come across in a wrong way. One thing I do understand is you ladies work hard for your money and you deserve every penny of it.

    I personally pay taxes on every penny I earn but that is just me. No one else has to abide by my principles.
    No, I definitely took it the right way. I was just underscoring the point.

    It makes it so much easier now that I have a mainstream job, and my company takes everything out automatically. To come home with cash and have to see your hard-earned cash go back out the door just makes it so much more painful!

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    Default Re: Tips for making $, but what about tips for saving it???

    ^ I totally get your point.

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    Default Re: Tips for making $, but what about tips for saving it???

    I was puzzled by the fact why no one was mentioning the idea of putting their money in a bank
    There has also been a number of 'discussions' in the wake of MF global's bankruptcy, the FDIC's need to request a US treasury 'bailout' etc. that certain banks may not be as 100% safe and liquid as they portray themselves to be ... see Of particular interest to dancers / camgirls is probably the 'revelation' that the Dutch parent bank behind their popular ING Direct online bank accounts is 'exposed' to a huge amount of 'risky' Greek / Portuguese / Spanish gov't bond debt.


    In fact, our 'old friend' Gonzalo Lira provides this 'international' viewpoint and commentary ... from

    (snip)"In the case of MF Global, what should have happened was for all the customers to get their money first. Then everyone else—including JPMorgan—would have picked over the remaining scraps. And the monies MF Global had already pledged to JPMorgan? They call it clawback for a reason.

    The Chicago Mercantile Exchange, which handled the bankruptcy, should have done this—but instead, the Merc was more concerned with making JPMorgan whole than with protecting the money that rightfully belonged to MF Global’s 40,000 customers.

    Thus these 40,000 MF Global customers had their money stolen—there’s no polite way to characterize what happened. And this theft was not carried out by MF Global—it was carried out by the authorities who were charged with handling the firm’s bankruptcy.

    These 40,000 customers were not Big Money types—they were farmers who had accounts to hedge their crops, individuals owning gold
    (like Gerald Celente—here’s his account of what happened to him)—

    —in short, ordinary investors. Ordinary people—and they got screwed by the regulators, for the sake of protecting JPMorgan and other big fry who had exposure to MF Global.

    That, in a nutshell, is what happened.

    Now, what does this mean?

    It means that nobody’s money is safe. It means that regulators care more about protecting the so-called “Systemically Important Financial Institutions” than about protecting Ordinary Joe investors. It means that, when crunchtime comes, central banks and government regulators will allow SIFI’s to get better, and let the Ordinary Joes get fucked.

    So far, so evil—but here comes the really troubling part: It is an open secret that there are more paper-assets than there are actual assets. The markets are essentially playing musical chairs—and praying that the music never stops. Because if it ever does—that is, if there is ever a panic, where everyone decides that they want their actual asset instead of just a slip of paper—the system would crash.

    And unlike with fiat currency, where a central bank can print all the liquidity it wants, you can’t print up gold bullion. You can’t print up a silo of grain. You can’t print up a tankerful of oil.

    Now, question: When is there ever a panic? When is there ever a run on a financial system?

    Answer: When enough participants no longer trust the system. It is the classic definition of a tipping point. It’s not that all of the participants lose faith in the system or institution. It’s not even when most of the participants lose faith: Rather, it’s when a mere some of the participants decide they no longer trust the system that a run is triggered.

    And though this is completely subjective on my part—backed by no statistics except scattered anecdotal evidence—but it seems to me that MF Global has shoved us a lot closer to this theoretical run on the system.

    As I write this, a lot of investors whom I know personally—who are sophisticated, wealthy, and not at all the paranoid type—are quietly pulling their money out of all brokerage firms, all banks, all equity firms. They are quietly trading out of their paper assets and going into the actual, physical asset.

    Note that they’re not trading into the asset—they’re simply exchanging their paper-asset for the real thing.

    Why? MF Global.

    “The MF Global scandal has made it clear that the integrity of the system has disappeared,” said a good friend of mine, Tuur Demeester, who runs Macrotrends, a Dutch-language newsletter out of Brugge. “The banks are insolvent, the governments are insolvent, and all that’s left is for the people to realize what’s going on—and that will start a panic.”(snip)



    ~
    Last edited by Melonie; 12-30-2011 at 01:18 AM.

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    Default Re: Tips for making $, but what about tips for saving it???

    Quote Originally Posted by Lusty Laken View Post
    I do this same thing! I collect $100 bills and keep them in envelopes in the back of the freezer. Although I don't like to keep much money in one bank account, I feel safer with having a lot in the freezer. Strange I know, but I think it is a comfort thing. I also keep my debit cards locked in a safe, and keep only a set amount of cash each week in my purse. That really helps me to budget.
    This is dumb.

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    Default Re: Tips for making $, but what about tips for saving it???

    I'm in the same boat- I LOVE to spend money! At least until I realize I'm out so-and-so amount, lol. So what I'm doing now is working towards my *goals* instead of spending money on things I don't need. I have to tell myself, will you still want that sweater/pair of shoes/etc etc. one month from now? Or will you just forget about it? Also when purchasing things I ask myself, Will this help me make money? Is it useful for my job? Another thing I'm doing is starting to build credit. Everyone needs credit, as much as I hate it, I have to have it if I want to start making big, 'adult' purchases.

    I have found that literally everything I need for work can be found- at a thrift store! That's right, not Victoria's Secret, a thrift store! So I go thrift-store hunting until I find what I need. I am in love

    Something I do (when I have the self-discipline and time to prepare) is leave debit/credit cards at home and *only* take emergency money plus my spending limit (if I need to go shopping) Emergency money would be, say, $20 for gas, etc etc. This way I CAN'T spend more than I have budgeted.

    I love to sell stuff too, so once I'm done with something, off to eBay it goes!

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