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Thread: Saving- but so much unaccounted for

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    Featured Member Katherine's Avatar
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    Default Saving- but so much unaccounted for

    I'm about to start dancing again and am working with my accountant on my finances. I was in a car accident and couldn't work for a while so for quite a few recent years I haven't had enough income- as in over two grand for the year- to pay taxes.

    I'm want to be super careful with my finances right now and have told my accountant (I'm currently 1099'd on my day job). Being 'super careful' for me means keeping track of everything. (Which is why I like reading the software thread!)

    Anyway, I've added up everything I've made since starting my reg job (not hard as it's a steady paycheck with an odd commision here and there), and minused what I currently have saved. Lucky me, I've managed to save 23% between my new IRA (roth and SEP) and bank balance. And this is after a vacation of thousands of dollars (Greece and Turkey for two weeks).

    Then I minused out big purchases (such as the vacation) that I could remember. Which is basically anything over $300 at a time. I'm left with a figure that totals 17% of what I've made.

    That's pretty scary to me. I can't account for almost as much money as I've been able to save!! Now, my co pays for all my lunches and even din once or twice a week. So I'm sure I still spend more than a hundred a week on food, though that's what I integrated into my figures for food. It's so scary that all my CVS (can anyone walk in there and not spend a min of 50-80 bucks each time??), and dog food, taxi rides, and other misc small purchases can make such an impact.

    Anyone have motivation tips on not spending frivilously? I'm not feeling too horrible, as I am saving something, but it's obviously not what I'm capable of saving out of my current salary.

    Once I start dancing again the end of the month, I'm planning on invensting all the dance money left after taxes. My current salary is enough to live on. So at that time, my savings percentage should increase a lot.

    But what for now?? How do I stop the small charges??

    I realize that it's not so much advice I need vx encouragment. This post is simply a reflection of my current financial life. But still... it feels goo to get the concerns out there.

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    Veteran Member Bellona's Avatar
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    Default Re: Saving- but so much unaccounted for

    I have started a new thing recently. I allow myself an allowance for the week and am only allowed to shop on sundays. I'm really bad at blowing money on crap like takeout,coffee,makeup...the list goes on. you just have to make sure your only buying what you really need if you want to save.

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    God/dess VenusGoddess's Avatar
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    Default Re: Saving- but so much unaccounted for

    We started writing down every single penny that was spent and where it was spent. Very sobering.

    I think when we realized how much "junk" we were buying and cut that out (think before you buy) we saved around $1000 in ONE month. It helps to go to the store with a list and ONLY get what is on that list. If you forget something, you add it to the next week's list and only go to the store once a week. You spend more money if you keep going back for that "one" item you forgot...because you will always find something else you "forgot" or "need".

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    God/dess Deogol's Avatar
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    Default Re: Saving- but so much unaccounted for

    Quote Originally Posted by VenusGoddess
    We started writing down every single penny that was spent and where it was spent. Very sobering.

    I think when we realized how much "junk" we were buying and cut that out (think before you buy) we saved around $1000 in ONE month. It helps to go to the store with a list and ONLY get what is on that list. If you forget something, you add it to the next week's list and only go to the store once a week. You spend more money if you keep going back for that "one" item you forgot...because you will always find something else you "forgot" or "need".

    This is what I do!

    If I am going to buy something, I tend to think about it for three days too. Usually by then I forget about it which pretty much shows how important it was to begin with.

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    Banned Melonie's Avatar
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    Default Re: Saving- but so much unaccounted for

    ... pre-planned shopping trips ... pre-planned shopping lists ... pre-planned weekly budget where A dollars go into an envelope for estimated taxes, B dollars go into a different envelope for groceries and utilities and clothing, C dollars go into yet a different envelope for rent and and car payment, D dollars go into yet a different envelope for savings, and finally whatever is left over can go into a final envelope E for 'discretionary spending' i.e. vacations, toys, restaurant meals, and all other non-essential things.

    With the envelope system, if you really have your heart set on a new 'toy', you won't shortchange your more necessary spending items or your savings ... you'll simply have to work enough to fill envelopes A through D all the way up to their weekly budgeted amounts first and THEN work extra to put money into envelope E !

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    God/dess Bridgette's Avatar
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    Default Re: Saving- but so much unaccounted for

    I am bad about the drugstore spending too if I don't REALLY watch myself. I learned to quit going to the store after work - too easy to spend too much before you even get the cash home and for some reason after work is when the money burns a hole in my pocket. Instead I make lists of what I need and try to hit the drugstore JUST BEFORE work, so I don't have time to mill around looking for extra stuff I "need".

    Also if you keep a minimal amount in your checking and put the rest in your savings, it helps cut down on impulse purchases because you don't have the cash to use the debit card at the register.

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

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    Default Re: Saving- but so much unaccounted for

    Quote Originally Posted by Bridgette
    Also if you keep a minimal amount in your checking and put the rest in your savings, it helps cut down on impulse purchases because you don't have the cash to use the debit card at the register.
    Yup, keep a low balance in your checking and leave your credit card at home! Only bring it with you for big purchases you PLAN on putting on your credit card.

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    Featured Member Katherine's Avatar
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    Default Re: Saving- but so much unaccounted for

    Thanks everyone. I like the list idea, that might work for me. I have direct deposit for my paycheck. I have set it up so that the first of every month my tax money and ira money go into their own accounts (a 2nd money market with 4% int for my tax $$$). So after paying a few bills, the rest is basically mine.

    I'm really bad with the impulse shopping. That's why I'm gonna start on the list thing. I do take a lot of cabs here in NY, so I'm going to start keeping track of that too and giving myself a budget. I did fish out all my taxi receipts that I've kept (one of the few things I could actually deduct according to my accountant) and it's totalled over a grand!!! In just a few months! So there's where some of the money went.

    I also have to stop myself from never leaving H&M empt handed! I don't try anything one there ever. So I buy everything I want and take it home to try on. Then I go and return a bunch. I tell myself that since I've already 'spent' the money, I could look around and exchange it for something. I usually would end up picking something I don't love simply because I feel I need to take advantage of the fact that it 'feels free'. I know it's ridiculous. Please tell me I'm not the only one!!

    So the lists shall be my savior. I'll post an update in a few days or next week about how they're helping me...

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    Default Re: Saving- but so much unaccounted for

    One thing I do is save all the $100 and $50 bills I get in a moneybag. Then when bills are due, I deposit a little more than is needed for them in the bank, and some payments I walk in.

    For example, this week there are $300 in bills due. The motel room is paid for the week on Mondays (since I work on the road). Groceries were bought yesterday to last the week. So everything made this week will be set aside (all big bills stashed) except for $100 to be used for odds and ends that could pop up.

    One can accumulate money quickly by stashing ALL 50's and 100's, and only using them if the smaller bills run out. We also save all of our change except pennies and monthly deposit it in my personal bank account that I only use for emergencies and at Christmas.

    Drug stores jack prices up. My guy having been a grocery sales rep, is on top of prices and will not shop where markups are high. We only buy things at Walgreens and the like that are on sale, and not available at Wal Mart or Target.Wal-Mart has more selection however than Target. You're looking at paying .50 to several dollars more by blindly shopping at drug stores over Wal Mart. Target usually matches Wal-Marts prices or is a few cents higher. If an item is on sale in Sundays paper, we will buy extra.

    We go to different Big Lots stores randomly as they have some brands we use at cheaper prices than the discount stores. Then we buy extra. Every location doesn't have the same items, so you have to stop at different stores as you pass them.

    Markup in regular grocery stores is really high nowadays. A box of Cheerios that costs $3.19 at Wal-Mart could be $4.59 at Safeway or the like. Watching prices, reading the paper and looking at what is on sale,buying extra when items you regularly use are on sale, cutting out coupons, and being aware of what different stores charge for things you use can save a LOT of money.

    Shopping at a high markup store, and not paying attention to price can easily eat up an extra $100 a month oftentimes more.

    We don't skimp on gourmet items, and buy a lot of organic foods, but for items that are readily available in every store, we shop at the store with the lowest prices. Every store is out to make a profit. We have no store loyalty. People can only be loyal to their wallets as every store is publicy traded and is only interested in their own profits and returns to their stockholders.

    Noticing who has the cheapest gas makes a difference too. The website with gas prices by state and city we use before traveling, so we know where to fill up cheapest. The money saved by doing this can pay for many of the coffees and snacks bought while on the road. Refilling gallon water bottles for .25 or .30 instead of always buying new ones makes a lot of difference, and stocking up on water when it is on sale 2/$1.00 for the initial bottles makes more sense than buying one gallon at .69 or even .99 at some stores.

    There are a lot of ways to save money, but a good start is buying regular items where prices are lowest.

    As far as clothing is concerned, you see that new blouse at Macys today at a regular price of $95. Everything in a department store (except makeup and some staple items) will be reduced, with plans of it being gone in 90 days or so. Randomly walk in and check the sales, and I bet you can get that same blouse between 60-90 days from now for 1/2 price. Again, unless it is an exclusive designer item that hardly anyone stocks, I don't pay full price for any clothing. And we have a massive wardrobe and only wear designer labels.

    I really like saving those large bills though. Because if you have spent through your smaller ones, you are going to stop and think before you break a large bill, right?

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    Default Re: Saving- but so much unaccounted for

    Katherine, I see that you live in NYC. Not being a suburbanite like most of us are, I can see how cabs and higher priced stores can chip away at your money quickly.

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    Featured Member georgiapeach's Avatar
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    Default Re: Saving- but so much unaccounted for

    whenever i'm tempted to buy something that is not an absolute necessity, i always try to think to myself, "is this really worth it? will i actually use/enjoy it?" i've gotten into the habit of estimating how much work is required to pay for something. and then i think about something i might rather have later that i could save that money for. this prevents at least 80% of the frivolous impulse pruchases i consider making.

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    God/dess Lena's Avatar
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    Default Re: Saving- but so much unaccounted for

    A website with gas prices by state, Tina? Where is it?



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    Veteran Member StuartL's Avatar
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    Default Re: Saving- but so much unaccounted for

    Just keep track of everything you buy for a month. Record it all in a notepad.

    I used to make some of my clients do this years ago and they all discovered major stuff. I remember one telling me that she sort of subconiously bought coffee in the morning. She suddenly found that she spent £150 per month in Starbucks!

    I remember another that couldn't afford to live and had major money problems. It turned out that he gambled about £250 per month on horses and his wife didn't know. That £250 was the equivalent of their household bills, but they could not afford food.

    This stuff just amazes me. You might learn something or have a revelation of your own too.

    Good luck if you try it, and keep the faith for a whole month.

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    God/dess VenusGoddess's Avatar
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    Default Re: Saving- but so much unaccounted for

    Quote Originally Posted by Lena
    A website with gas prices by state, Tina? Where is it?
    You can go to: Gas Buddy (for USA and Canada) or Fuel Economy

    I know that there is one more...but I cannot remember what the name is...

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    Default Re: Saving- but so much unaccounted for

    Lena, www.alaskagasprices.com, and you can fill in any state's name. Then they have links by city.

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    Featured Member Katherine's Avatar
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    Default Re: Saving- but so much unaccounted for

    Tina- yes you're right, being here in NYC I don't have easy access to wal mart or target. Or costco's for that matter. I'm actually about to buy a car (another reason I've been scrutinizing my financial situation) so hopefully I can start going to those store.

    As per clothing, I tend to buy designer shoes and bags, but most of my clothing is either H&M (casual stuff) or banana republic (for work clothing). As the bags and shoes I buy are big ticket items, I always am very conscious about what and when I'm buying them, always making sure to save the money for them and pay in cash.

    And- not to sound like a total spoiled brat- but Stuart- I've heard of the 'latte effect' (how much one spends one coffee). My office pushes such long work hours that my company allows my colleague and I to buy $100 starbucks cards each month.... I don't pay for my coffee. But I am going to start keeping track and see if there's anything else that's eating away. I'm thinking it's the cabs. I've already spent $30 in cabs since staring this post (only three days ago...)

    And now that I'll soon (oct 3rd is my car's delivery date) have my car, those gas websites and costco's- watch out- here I come!!

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    God/dess VenusGoddess's Avatar
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    Default Re: Saving- but so much unaccounted for

    I just have to say that you need to be VERY careful about buying stuff at Costco. It's all sold in bulk. Sure, its cheaper to buy in bulk...but not if you cannot use it all before it goes bad (which is one reason why I do not buy meat or veggies there). However, if you have friends/neighbors who want to shop costco but don't want all the bulk, you can go and split everything (we do this with our neighbors/friends). Just a heads up.

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    God/dess Emily's Avatar
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    Default Re: Saving- but so much unaccounted for

    I love costco (even for vegetables!)

    Their frozen section is great for the single chick. I buy probably 75% of my groceries there. I eat healthier too because I'm more likely to buy a case of something good and eschew a case of crap in a box. I hardly ever eat out ($$$) because I always have some frozen burritos or some other easy-to-prepare thing from costco waiting for me.

    I also don't think the starbucks is such a bad thing (Even if you did pay for it). We all splurge in different ways...and really, a splurge is going to happen, might as well be a $4 one.

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    Default Re: Saving- but so much unaccounted for

    I have a freak out every year around tax time, when I see exactly how much I made, how much I put away, how much I paid in bills, how much I invested...and I always have 5k or so unaccounted for.

    Very annoying, as I'm really anal about my money. This year it'll be even higher, I'm sure, and I know the extra will have gone towards eating out/Starbucks type stuff. I've been quite spendy (by my standards) this year. Next thing you know I'll have one of those Louis Vuitton purses, lol.

    Feature costumes for sale!

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    Veteran Member bella du jour's Avatar
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    Default Re: Saving- but so much unaccounted for

    Oh, it's so easy to spend money when you live in NYC. You can't walk down the street without thinking "I'll just stop in here for a minute". I could easily spend $30 a day on absolutely nothing at all (a hair clip here, a soda there, some tasty-d-lite, and those really really cheap shoes).

    It sounds like cabs are a real trouble spot for you... is there some reason why you don't take the subway? It goes everywhere. I can understand not wanting to take public transportation after dancing till 3am... but hopping on a train at 5pm is safe and cheap. when I lived in brooklyn i would buy a monthly subway pass for $70+ and never used a cab unless absoultely necessary, once a month maybe.

    Another good way to keep spending at bay is to keep an artifically low balance in your checking acct. I keep $200 max in my checking acct, and that has to last me two weeks (groceries, gas, insurance co-pays, etc). I have a savings acct at the same bank with $1k in it, so I can access it if I absolutely need to (ie, 2am locksmith call). Everything else is in a high interest savings acct with another bank entirely, so I really can't touch that money without premeditation (the only time I took $$ from that acct was to cover my boob job). Whenever I'm unsure of how much $$ is left in my checking acct I just log onto my acct over the interweb and check, very rarely do I need to overdraft from the linked savings.

    that's what works for me!




    All about my boobs...

  21. #21
    PhillyDancer1982
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    Default Re: Saving- but so much unaccounted for

    Gee it's quite funny, that when I counted literally every penny that was being spent, and reduced my food expenses/misc expenses to a strict amount after allowing money to go into other bills, my at-time boyfriend called me "cheap." If I worked my butt off during a slow-ass summer week at a dying club and after paying out money for credit cards and other bills, had only $50 left for groceries that week so I bought rice and beans and cheap food, he would ridicule me for being too cheap yet he wasn't contributing lavish amounts himself and it wasn't HIS credit card bills that I was trying to pay off. Sure he can tell me that it's "not important" to pay more than the minimum for my credit cards, because they weren't HIS credit cards, HIS interest payments accruing, or HIS credit score. It was so fucking annoying. But I had the right idea to minimize bullshit spending and to pay down debt!! Sorry, just had to vent.

    I think that sometimes a little bit of "bullshit" spending money is good, because it helps us to treat ourselves and enjoy life a bit. Things like a dinner out once a week or buying soft serve ice cream at the local ice cream stand here n there. I went the complete extreme of frugality by allowing myself no bullshit/fun money at all. I think it is good to spend in a small moderation, or maybe treat yourself with a small amount of the money you earn on a really good night. Things to keep motivating you to work hard. Being an overly frugal person who often deprives myself of having nights off or fun, I'm still trying to nail the art of moderation with spending and saving.

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    Featured Member Katherine's Avatar
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    Default Re: Saving- but so much unaccounted for

    Aaaargh. Need to vent. I've been doing the list thing and it's been working out real well as far as grocery and cvs type buying.

    Haven't seen my bf in a milllion years so when we realized we were actually both free tonight we decided that we'll cook (well, he'll cook ). So I went to Whole Foods after work and bought all the groceries for din. Without a list. I just unpacked at home and realized that I really didn't need about $25 bucks worth of the $65 total.

    I need to stick with the list thing. The extra large shrimp and cocktail sauce just looked so good!!! Plus the other 'extra' stuff that I got.

    Ah well, live and learn.

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    Featured Member Katherine's Avatar
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    Default Re: Saving- but so much unaccounted for

    LOL, not that I'd return any of it if I had the chance!!! So yummy yummy!!!

    What's wrong with me?? LOL!!!

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