HeadClot88

Terrible at saving cash - How do you guys do it?

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Hey All!

 

I am facing a problem...

 

I suck as saving money... as stupid as that sounds. I am a compulsive spender and a "RPG nut" I have more Role Playing Game systems in my closet than I play.

 

Now as the topic says how do you guys save your money? I am sorry if I am treading into "No go" waters. I just really need some advice on how to save.

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1 Don't give the wife your check book

2 Leave your wallet at home as often as possible

3 Have someone change the password to the most commonly used device you use to shop online.

4 Come to an agreement with you local hobby shop owner to not sell anything to you for so long.

5 Resist and stay away from casinos.

6 Shred your credit cards and debit cards.

7 Don't look at the Reaper Bones Kickstarter rewards

8 Put your friends, families, and children's birthdays out of your mind as well as Christmas. They do not exist.

9 Don't be afraid to "BORROW" things.

10 Start a savings account?

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1) I don't have my savings account linked to a debit card or checking account so I can't take money out of it unless I do an online transfer.

 

2) I take a percentage out of every pay cheque and add place it in said savings account.

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1 Don't give the wife your check book

2 Leave your wallet at home as often as possible

3 Have someone change the password to the most commonly used device you use to shop online.

4 Come to an agreement with you local hobby shop owner to not sell anything to you for so long.

5 Resist and stay away from casinos.

6 Shred your credit cards and debit cards.

7 Don't look at the Reaper Bones Kickstarter rewards

8 Put your friends, families, and children's birthdays out of your mind as well as Christmas. They do not exist.

9 Don't be afraid to "BORROW" things.

10 Start a savings account?

 

Most of these do not apply (Wife, Kids, etc.)

I have a savings account and I well use that as for my kick starter stuff...

 

 

1) I don't have my savings account linked to a debit card or checking account so I can't take money out of it unless I do an online transfer.

 

2) I take a percentage out of every pay cheque and add place it in said savings account.

 

Great Ideas - Going to try these out as soon as I can.

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Now I make pretty decent money but I was able to pay off a 10k student loan last year via my method. I had to cut spending in some places but it was very doable.

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You only earn what you don't spend.

 

Beware of instant gratification and subscription revenue models.

 

Look up the "Time Value of Money" on wikipedia and find an online calculator to do that. It's easy math in a spreadsheet too. For example, say you spend $5.00 per day on trendy coffee, and $10.00 on fast food lunch and junk food snacks. If you do that every day for years the TVM calculator will show you that you could have had a small fortune had you not blown that money. If I hadn't consumed so much diet cola from 2006-2011 I'd have an extra $6,000+interest in the bank.

 

Use that same calculator to figure out how poor your "smart" phone is making you. $100 bucks a month for years...

 

Online movie subscription: $8 bucks a month. Seems cheap until you realize you're watching crap you really don't want to watch. DVDs are cheap now, better to buy what you really like.

 

Cable TV and premium channels: same case as the online movies.

 

Good investment: A lunchbox. Learn to cook. You can get a dozen eggs for $1. Why would you spend more at a restaurant that's going to load your plate with cheap carbs? You pay a 600% markup on a chicken sandwich.

 

Water is free. Don't drink anything else.

 

OR keep indulging your impulses, don't engage in critical thinking, and I'll look into buying the stocks of those companies that you are enriching.

 

Tough love!

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Lastman is correct that saving is 100% self control and deciding what you feel is worth the money or not. I couldn't live without my soda (though water isn't free if you want it treated) but it's about what's important to you.

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The transfer to an online-only account works very well. Figure out how much you should be able to save, then have that taken out of your spendable account every payday. With that you don't need discipline, and when you run out of spendable funds you are forced to cut spending.

 

With all the ways to save money, you have to make sure it still fits your requirements.

 

For example:

 

I couldn't give up energy drinks. We bought a Soda Stream. It saves us hundreds of dollars a year, and I still get my vice.

 

If you like treated water, buy a carbon filter and a good reusable bottle. Half fill the bottle, freeze it, then top it up in the morning. Ice cold treated water for most of the day!

 

If you can't stand sandwiches for lunch, take a frozen pie and microwave it. Even a high quality pie will only cost about a buck this way.

 

What Lastman said is entirely correct, too. But even if you don't want to ditch your subscriptions, how many could you go back one step on and still be fine?

 

I'd add never, ever buy anything the first time you want it. Look at it, and say "I would like to buy that at the end of the week/ end of this pay period". That alone will save you money. Take it one step further and say "I WILL buy that, if I have the funds in my spendable account at the end of this pay period." The trick is, the anticipation is actually very enjoyable. Instant gratification has been scientifically proven to be a lie. And if you save for something, not only do you have a reason to spend less this fortnight, but you will feel like you've earned it, which is itself a nice little high.

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For my personal spending money (my wife takes care of the family finances), I have created a budget in Excel that tracks my expected bi-monthly income, and I load it with my expenditures. I forcast it out about a year or two at a time. That way I can add things later on in the year, so I can be sure to have enough for the big stuff I really want to do. For instance, I already have $400 budgeted for airfare to 2013 Reapercon in February and $500 for ReaperCon in April. As I have expenses and desires, I input them into the budget and check how they affect my long term plans. This keeps me from overspending now and regreting it later.

 

Also, have a savings account separate from your debit card/checking. Put 10% of your dispossible income in it each paycheck. Then set a safety cushion number, say $5000. This should be a number on which you could live for three months should you lose your job. Until you have that amount in the savings account, you are not allowed to touch any of the money in the savings account and you set a rule for yourself that you can never let the savings dip below that number except in the case of a large emergency (like sudden medical bill, loss of a job, car breakdown, etc..). Once the emergency is over you make it priority number one to get the savings back above that number as soon as humanly possible.

 

Finally, learn to HATE credit. Use a credit card that charges no interest if paid off in the first month, and then NEVER spend more on it than you can pay off each month and ALWAYS pay it off. Don't take any loans unless you absolutely have to. If that means that you have to drive a crappy rust bucket and sit on a bean bag chair for a few years, DO IT! When you have the money saved up you will be far ahead of the game and will have saved THOUSANDS. In my mind, the only acceptable loan is a house loan (and maybe college considering the cost these days), and then one should aim to pay it off as soon as humanly possible. This lifestyle sucks as you are starting out and building equity, but in ten years it will pay off in spades and you will be way ahead of those who are addicted to credit. This is a system I didn't want to do, but my wife forced this lifestyle on us. I hated it at first, but by the time I was 30 everything started changing and our finacial stability is still getting better. Now I am 42 and able to chase some dreams that would not have even been thinkable if we'd been saddled with debt all these years. Now I look at my wife as one of the wisest people I know.

 

Good luck,

 

Andy

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Hey All!

 

I am facing a problem...

 

I suck as saving money... as stupid as that sounds. I am a compulsive spender and a "RPG nut" I have more Role Playing Game systems in my closet than I play.

 

Now as the topic says how do you guys save your money? I am sorry if I am treading into "No go" waters. I just really need some advice on how to save.

 

Come to terms with your fear and desire.

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Wait… you're asking gamers and mini-painters how to save money?

 

Am I the only one who sees the futility in that? :devil:

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A lot of good advice above.

 

Make a budget. (Oh, god, no, I don't wanna.....) Look at your current spending and figure out where every penny goes. It may take you a month or more to get a handle on this. Get your bank statement and receipts and write down where you spend money. Everything from rent on down to the quarter you gave that bum. Right now you probably don't know where half your money goes each month.

 

Separate out the necessities of life. This is rent, utilities, food, car payment, medical, taxes, insurance. Everything else is luxury spending. Look at what you are spending, and where you are spending it. As others have said restaurant food, take out coffee and cell phones are probably killing you. You admit you spend compulsively at the game store.

 

Once you figure out where you are spending you can take steps to control it. Limit your trips to the game store. Plan and save to buy things you really want, instead of everything that catches your eye. Ditch the credit cards. Credit is the devil's card game and only suckers play it. See if your store does buy-backs on used games. Turn those unwanted games back into cash for things you do want. Does your local con have flea market tables or a silent auction where you can unload stuff? There's always Ebay.

 

Good financial habits can save you a lifetime of pain. It may not be easy at first, if you are used to spending, to give up things you feel you've earned or that you deserve, but in the long run you will be happier and wealthier.

 

There's a support group of friendly, helpful folks just like you at this site. http://www.frugalvil...orums/forum.php One of the mods is a game/rpg geek, and will completely understand where you're coming from.

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I'll back up most other people here with the . . .

 

1. Don't eat out if possible. Eating out is terribly expensive, generally unhealthy, and just not a good idea.

2. Work on your backlog of minis, games, or whatever before buying anything new.

3. For a lot of things, get something that is cheap but works (car, phone, etc).

 

Cutting cable and other expenses is a great idea. I save about 80% of my income no problem by just following the top three things.

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You should definitely cut cable and stick with internet. It's cheaper, and you can get all your favorite shows on the computerbox if you know where to look.

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Look up "The Total Money Makeover"

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