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Thread: saving money/ budeting

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    Featured Member cottoncandy's Avatar
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    Default saving money/ budeting

    I'm starting a thread so we can share little ways of saving money and encourage each other not to spend on unnessary things. A while ago there was a newbie asking for advice for the going into the business and many people said the best advice is to save your money. I think this thread could be useful because dancers have to look good to make money but then may buy more outfits than necessary or spend extra on beauty items.

    I'm not in debt but have no money. My mom is in considerable debt (about $40,000) through from being a single mom w a low paying job and buying some things she doesn't need- because of her debt 2 of my aunts and uncles (who live in fancy suburbs houses) look at her and me like we are trash, have so many problems, and can't do anything right.
    I have a goal of saving money and having a house at least partly paid off and/or a considerable savings account by the time I'm in my early 40s. I'm 22 now. In case you're wondering I haven't started dancing yet but I do fantasze about dancing- I'm debating whether to do that or continue working on starting a catering business.

    A while ago Gynger mentioned she had a rich snotty customer who looked down on her and then had his credit card refused and she told him that she's almost paid off her house and has paid for almost everything in cash. To me Gynger's money saving is brillant and that guy or any person who thinks they can judge dancers is a fool. I think dancers who save money have the last laugh and are wise.

    Here's some money saving ideas I've thought of-
    1) Shop at Walmart- the prices there are considerably cheaper. However don't buy anything just because it's cheap but because you need it- it really can add up at Walmart.
    2) Budget out a reasonable amount each month for extras like clothes, restaurants, make-up and once the money is spent don't go over it.
    3) Don't get a credit card. Interest rates are high- that's how my mom got in debt. I HATE credit cards.
    4) Do beauty things at home. I color my own hair at home. My boyfriend said he and his friends and most guys don't notice or care about a girl's nails. You could just paint them at home. Exercise at home (or run) instead of at gym.
    5) People posted about the book Rich Dad, Poor Dad for paying off debt. (I think I'll check it out not for debt but money saving.)
    6) I stock up on groceries when they are on sale- check the ads. Or I'll shop at a grocery store that is less expensive. There's an Asian grocery store that has frozen meat considerably cheaper. Also most things in Asian grocieries are pretty cheap- also food in China town is pretty cheap.
    7) Think about purchases that are $30 or over for a week whether you really need them.
    Keep track of where all the money is spent.
    9) Consider a cheaper apartment or having a roomate.
    10) When I lived in the Midwest (Kansas City) I'd read newspaper listings for fancy neighborhoods and drive by fancy neigbhoods for garage sale signs on Saturday. I got alot of really nice stuff from garage sales for very very cheap. Garage sales was a rithual for me every Saturday for years. I think garage sales are the most prevalent in the Midwest.
    11) Now I buy stuff on ebay but you have to add in shipping charges and if a merchant doesn't say how much shipping is that's a cute way of overcharging you on shipping. Now I have the goal of not spending time browsing ebay (or going into clothes stores which I didn't much before) because it is very tempting and ebay does have great looking dancer clothes.

    I am definately no money expert and I also like to have pretty dresses but I'm trying to budget myself- thinking about people looking down on me is good motivation.

    If anyone has any money saving tips or words of encouragement I'd appreciate it. I also hope this thread helps other readers and dancers.


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    Featured Member cottoncandy's Avatar
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    Default Re:saving money/ budeting

    I read through some of the old posts in Dollar Den- and those titled Saving and Investing, Stripping as a career, and finacntial planning sounded helpful (so you guys don't have to repeat what you said there)- I'm going to re-read those later.

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    God/dess montythegeek's Avatar
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    Default Re:saving money/ budeting

    Some really good ideas CottonCandy.
    Some principles to remember that underly it all.
    Total Income - Total Spending=Savings.
    so have a higher income and you can spend more or save more, or both. Investing in yourself pays a lifelong return and a lot of education pays off big if you put it to work.

    Money you spend today is money that you can not spend tomorrow and sometimes a lot less money you can spend tomorrow on stuff because you are paying interest.
    Money you save today is a LOT more money you can spend tomorrow if tomorrow is 40-60 years from now.
    Consider any choice as a tradeoff, not just between A or B today but A/B today and C in the future--This is thinking in 3 dimensions rather than 2.
    All your choices are how you get to the end of your life.

    Remember the parable of the tortoise and the hare. This is a marathon not a sprint.
    Remember the recurring bills and choices involving them. $15/month is $180/year *30 years=$5400 +interest if you save the money. At a 7% return over 30 years that is over $17000. Would you pay $17K for HBO? maybe yes, maybe no--your choice.
    Look at your phone bill and look for ways to eliminate recurring fees like unlimited calling to places you do not call more than once a year. Same with cable bills, cell phone services, magazine subscriptions, newspapers etc.
    Do it yourself and save. Taking lunch to work instead of getting a McD hamburger saves mucho bucks...same with that Starbucks coffee. Leftovers are cheaper than lunchmeat. Your choices!!

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    God/dess Lena's Avatar
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    Default Re:saving money/ budeting

    I think the most difficult part of saving money in a cash business is just actually doing it. We tend to think if we have a really good night we should reward ourselves by blowing some of it.

    I use an envelope method - every week I have to put $XXX in an envelope that goes in the bank to pay bills. I also have a weekly goal for savings. Anything over that I can put in envelopes for specific financial goals (school, fencing in the back yard, etc).



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    God/dess doc-catfish's Avatar
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    Default Re:saving money/ budeting

    Quote Originally Posted by cottoncandy link=board=6;threadid=12425;start=msg160459#msg160 459 date=1093081391
    1) Shop at Walmart- the prices there are considerably cheaper. However don't buy anything just because it's cheap but because you need it- it really can add up at Walmart.
    Also, whereever you shop, when possible buy generic off-brand stuff. Often the only difference between the generic and name brand product is the fancy packaging and advertising. An off brand aspirin is the EXACT same thing as a Bayer.

    2) Budget out a reasonable amount each month for extras like clothes, restaurants, make-up and once the money is spent don't go over it.
    Since a dancer's income isn't always steady from month to month, a better way is to budget the neccesary items first. Important bills like rent/mortgage, utilities should always be top priority. If you don't have enough money for the "extras", you don't buy them.

    3) Don't get a credit card. Interest rates are high- that's how my mom got in debt. I HATE credit cards.
    Properly used, a credit card can actually be a great way to build your credit history. If you do get one, only use it when you do not have the neccesary funds available in cash or your bank account. Before using it, consider if you can pay it off the entire balance every month. If you can't, don't get a CC.

    4) Do beauty things at home. I color my own hair at home. My boyfriend said he and his friends and most guys don't notice or care about a girl's nails. You could just paint them at home. Exercise at home (or run) instead of at gym.
    Excellent suggestion. And you can always make makeshift exercise equipment out of household items. A soup can makes an excellent dumbbell.

    6) I stock up on groceries when they are on sale- check the ads. Or I'll shop at a grocery store that is less expensive. There's an Asian grocery store that has frozen meat considerably cheaper. Also most things in Asian grocieries are pretty cheap- also food in China town is pretty cheap.
    Yes, and use coupons when you can, but don't feel the need to use coupons on stuff that you aren't going to buy. If you don't need a food item or feel that you can't use all of it before it spoils, don't buy it.

    9) Consider a cheaper apartment or having a roomate.
    Consider utility expenses in addition to rent. My current building is all-electric and since I don't have to pay for gas, I can't tell you how much that saves.

    As far as roommates, if you go that route make sure that you get a roommate who is dependable on holding up their half of the bills, and will respect your quiet time. Sometimes they are more trouble than they are worth.

    10) When I lived in the Midwest (Kansas City) I'd read newspaper listings for fancy neighborhoods and drive by fancy neigbhoods for garage sale signs on Saturday. I got alot of really nice stuff from garage sales for very very cheap. Garage sales was a rithual for me every Saturday for years. I think garage sales are the most prevalent in the Midwest.
    Garage sales are indeed a hit around here. Thrift stores like Goodwill are another route to go. Again though, do not buy what you do not need.

    I'd also add:

    Gasoline - Since it's over $2 a gallon many places, don't make any unneccesary trips. If you have a number of errands to run during a week, try to get them all done in the shortest drive time. Make a map and plot out a route if neccesary. Try to avoid driving at peak hours and through traffic clogged areas is possible. It sucks to be wasting gas and going nowhere.

    I have a six mile round trip to work. If you figure 20 MPG/city (you will always use more gas stopping and going than you will on the highway), at $2 a gallon, it costs me 60 cents just make that short drive from home to work and back.

    A fuel efficient vehicle also helps (note to those of you driving SUV's). A co-worker of mine with a 120 mile round trip commute had a big box eight cylinder pickup (10 MPG at best). At $2 a gallon, that's $24 per trip, every day. He was spending so much on gas per month that it was simply cheaper to buy a small car, which he did.
    Former SCJ now in rehab.

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    Senior Member audreyhepburn's Avatar
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    Default Re:saving money/ budeting

    I'm the oworest at saving because this has been such a bad year for me. I have some saving but nit enough.

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    Default Re:saving money/ budeting

    The key is to cut down your unnecessary expenditure so you can increase your savings (which you will then use to invest and hence "make your money work for you").

    As for Credit Cards... they aren't the 'root of all evil'. They are, as has been mentioned, great for helping you build up a good credit history which can defiantely serve you later on. In which case, only use the CC in emergency situations when you seriously need to 'borrow' the money but can afford to pay it off real soon.

    Walk to the shops or use your bicycle to ride to various places or even carpool. Not only will these methods help you save money but it is also good for the environment

    E-bay isn't all that bad if you are diciplined enough to use it properly. I've bought a laptop (which ended up saving me near $1000 if I had gone via the stores for something similiar), fax machine, MYOB (I definately saved here!)... and just the other day a Nokia 6600 (saved $150). Since I have pre-paid mobile... I'm also saving $1 each time I purchase my pre-paid credits via ebay... that can add up Therefore, I only use ebay when I am 'in the market' for something specific.... otherwise, I don't use the site.

    As far as dancer attire is concerned... If I want to buy a new outfit, I must sell one of my older outfits. This way I won't become one of those dancers who has three suitcases full of dancer attire .. and I only use a few of those outfits. Even if I sell one of my older outfits for a third or less of the original price I paid for it originally... the point is I am not "accumulating" clothes.

    On this same point.. before you go to a store or anything for any dancer attire... look to your fellow dancers and inquire if any of them have any outfits that are willing to sell to you. I've bought some good outfits from other dances for cheap (I've never paid over $80 for a complete outfit).

    Doing beauty at home... to a certain extent. I can't do my own waxing.. that is definately something I want someone else doing to/for me. Same with if I get my hair trimmed (just the ends off) or highlighted or coloured. I will pay the extra $$ for the professional touch. Otherwise, if there is a hairdressing school or beauty school nearby... try it out.. you might be surprised and it will help you save $$.

    Groceries - shop only once a week or even better yet once a fortnight if you can. The only time you should need to go back to the shops is for fresh fruit and vegies.


    enter: E3167322D9 for your 10% discount

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    Default Re:saving money/ budeting

    As others have posted, the very highest priority thing to do is sit down and make out a monthly budget, so that you can see where your money is going. First thing to do is to scratch off the list anything that you do not consider to be essential. Next thing to do is to tackle each remaining item of your budget in regard to possible ways of reducing the expenditure while still achieving what you need - which can involve switching supermarkets to switching phone carriers etc. When you're done with this, you've essentially arrived at the minimum "subsistence" level of income you need to live on.

    From here, you can figure how much money you need to average in club earnings to cover the "subsistence" level per week - so if your "subsistence" level is $500 you need to set aside the first $500 you earn without fail to cover these bills. Remember that you also have tax liability so also set aside the appropriate percentage of your earnings for estimated taxes (i.e. you may need to gross $650 to earn $500 after tax). If you then settle on a weekly savings amount, say even $100, after you've set aside the first $500 earned that week for bills then set aside the next $100 for savings. If and only if you have set aside your estimated tax money, your "subsistence" bill money, and your savings money, you can then consider spending any additional money you earn on non-essentials.

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    God/dess scarlett_vancouver's Avatar
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    Default Re:saving money/ budeting

    Money you save today is a LOT more money you can spend tomorrow if tomorrow is 40-60 years from now.
    That is the best advice: think of every penny you spend in terms of how much it would be worth if you invested it today and left it there for 30 years. $50 on a widget today could be worth $400+ at retirement if you had saved it.

    Learn to sew and make outfits for yourself and other girls. Especially if you work in a hustling club where all you need are dresses with matching triangle bra and panties- these are SO easy, I can make a set in half and hour no problem. Buy fabric on sale.

    Shop at thrift stores- don't be a snob about it! Once you've worn a piece of clothing once it's used anyways

    Shop on eBay- there are excellent bargains to be had, usually from sporatic sellers, not stores. Keep shipping in mind, though- if the price isn't stated, always ask.

    Shop mainly from the produce section in the grocery stores- it's cheaper and better for you!

    Buy a travel coffee mug and make your own instead of buying at starbucks.

    And as has been mentioned, track your expenses for a few months so you know where your money goes- I was SHOCKED to see how much I'd been spending on food! Just by eating in-season fruits and vegies instead of my normal grapes-in-January thing, I've shaved about 30% off my grocery bills. Sweet!

    Feature costumes for sale!

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    Default Re:saving money/ budeting


    Shop at thrift stores- don't be a snob about it! Once you've worn a piece of clothing once it's used anyways

    Shop on eBay- there are excellent bargains to be had, usually from sporatic sellers, not stores. Keep shipping in mind, though- if the price isn't stated, always ask.

    Shop mainly from the produce section in the grocery stores- it's cheaper and better for you!

    Buy a travel coffee mug and make your own instead of buying at starbucks.

    And as has been mentioned, track your expenses for a few months so you know where your money goes- I was SHOCKED to see how much I'd been spending on food! Just by eating in-season fruits and vegies instead of my normal grapes-in-January thing, I've shaved about 30% off my grocery bills. Sweet!
    i agree with scarlett here.....thrift stores have great deals and shockingly nice clothes at time. my local salvation army is incredible....three outfits for 20 bucks, and all cute clothes!

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    Veteran Member SaraNLA's Avatar
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    Default Re:saving money/ budeting

    Go through your closet and get rid of clothes you don't wear anymore -- take them to work and sell them there.
    Let your indulgence set me free. - Shakespeare

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    Featured Member cottoncandy's Avatar
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    Default Re:saving money/ budeting

    Thank you guys for the money saving tips! I appreciate it-now I'm ready to save. I just moved and didn't have internet that's why I'm just now replying back. Thank you!

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    Default Re:saving money/ budeting

    Bridgette told me about this one...for dancers: anytime you get a c-note at work, save that. Just do it, automatically. It's easier at some clubs than others (liek Vegas, with all its 3/$100 dances), but just another suggestion.
    "She has written so well, and marvellously well, that I was completely ashamed of myself as a writer...But this girl, who is to my knowledge very unpleasant and we might even say a high-grade bitch, can write rings around all of us who consider ourselves as writers"

    Ernest Hemingway on writer, aviation pioneer and horse trainer Beryl Markham


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