Financial Tip of the Day - Where the heck did it all go?

[one66stang]

I always thought a pet hit man service would be of great value in such situations.

Please let me know if you find one, I could use his services.

[atcfisherman]

Excellent. We are going to do this. I'm glad you said the first month was ugly because I don't want to get frustrated

[STGS]

Excellent. We are going to do this. I'm glad you said the first month was ugly because I don't want to get frustrated

The first few months are ugly. You will miss several items and likely overspend or underbudget and have to revise in the next month. Don't worry about that too much in the first month or two. Begin to focus on where you are spending money, where you can save money and how you can establish controlled spending and savings habits.

[sahunter]

tagged

[CSanders]

Thanks for posting the tips! I enjoy reading them.

[duckmanep]

So far one of the best things I did was cancel my debit card for my business account. Instead I transfer money from it, into a monthly expense account at the same bank which I use for fuel, hotel rooms, eating out, etc. I spend alot less when I know the other account has alot less in it. I also dont have to check as often for over charges or fraud charges from an account that only has a couple thousand in it each month.

I also dont have any credit cards, personal or business, I do not currently do any outdraft for utilities, and I pay in full for things like car/business insurance etc to eliminate the stress of monthly bills. The fewer the better and I try to avoid them the best that I can when I can.

By far my biggest expense for personal use is hunting and then eating out. It does stress me out when I think how much I've spent on hunting trips over the past 5 years and what I could have done with that money instead.

But what if you ran your business & personal expenses through a credit card that gave you 2% cash back? How much free money are you missing out on?

[STGS]

But what if you ran your business & personal expenses through a credit card that gave you 2% cash back? How much free money are you missing out on?

There are several studies that believe you are more apt to spend more money when using a credit card as opposed to a debit card or cash. I personally have not had the occasion to meet anyone who has made significant $$ and materially added to their individual wealth by receiving cash back or airline miles. Just doesn’t offset the risk of using and relying on a CC.

Just my opinion and your mileage may vary...

[E.TX.BOWHUNTER]

I have taken my lunch almost every day for the 40+ years of work. Just that alone has paid for 1 home. It is kind of like a diet. How committed are you? Neither me or my wife made it past high school and we have always worked for someone else. Not the way to be rich by any means. We raised 3 kids and put them thru college, paid off the house, vehicles, and have a couple pieces of property. 1 is not paid off yet. It can be done. Just how much self control do you have?

[STGS]

My wife put it this way......

Being in debt and always worried about money is hard
Sticking to a budget and saving is hard

Life is hard, but some hard choices can lead to better and more rewarding results.

[Texas Grown]

I once heard a very successful CEO say he doesn't worry about maximizing the money that is coming in. He pays attention to minimizing the money going out. That is what made his business very successful. I think that may be what you are doing when you start looking at what you are spending monthly.

[MAP]

But what if you ran your business & personal expenses through a credit card that gave you 2% cash back? How much free money are you missing out on?

That reminds me of an ex girlfriend who wanted to put stuff on her card because she got points that she could spend on a list of things sent out by the card company. She wanted a waffle maker.......she got one, and to prove a point I went to walmart and bought the same one for less than $40

Personally the hassle of sending payments, worrying about payments, dealing with credit card companies etc etc etc is not worth the time, effort, and stress to get "free" money

[Button]

I enjoy your posts.
I know I dip too much and it’ll save me some coin.
I do pretty well at saving though. Every year put more % into 401k.
Just bought a couple stock market books. One that you recommend and another that my buddy recommend.

[Throwin Darts]

I checked out every dollar and it appears that you have to pay to have it upload your transactions from your bank. Am I missing something? Or in order for it to be free I have to manually upload all the spending?


Sent from my iPhone using Tapatalk

[STGS]

I checked out every dollar and it appears that you have to pay to have it upload your transactions from your bank. Am I missing something? Or in order for it to be free I have to manually upload all the spending?


Sent from my iPhone using Tapatalk

I think there is a cost if you want to auto connect with your bank. If you manually enter the transactions it is free. I did the manual entry for 3-4 months then switched over once I decided to continue the process.

I am sure there are other tools and such, that is just the one I have used for over a year now.

[westtexducks]

Financial tip for the day. Skip coffee, soft drinks, snacks, tobacco and your beer or beers today and put that money in a jar. You'll be amazed how much you spend

This is a major money pit, while your at it cut out little debbies, and eating out as much as you can and it would surprise most people how much money they would have left over at the end of the month. Doesn't even have to be completely cut out, just cutting your consumption in half will make a huge difference.