How do you do when it comes to money management?

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firemonkey
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30 Apr 2022, 2:28 pm

It's my best daily living skill, but I'm not exactly a great one at managing my finances. I do have direct debits set up to cover essentials. My CC is paid off,in full, each month by direct debit. I'm not in debt, but can be fairly impulsive. I like to have at least £3k in savings, but I'm currently £1K under that.



titaniumHHHwhite
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30 Apr 2022, 2:41 pm

I'm really good at saving and it helps that I don't do much with myself. The discounted food aisle with the almost-expired ingredients at the grocery store is a godsend.



kitesandtrainsandcats
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30 Apr 2022, 2:50 pm

I do quite reasonably as it happens.
It helped to have parents who were very good at money management.
I think it may be one of those cases where though plenty was taught, "even more was caught than taught".

My defective body has never allowed me to have much income above the poverty level, so there wasn't money available to do irrational splurges with anyway.

My "shopping therapy" splurge at Hobby Lobby after a rough day of doctor appointments and lab tests earlier this month was $21 and change worth of model building supplies including an eleven dollar model rocket kit on sale for six dollars.


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30 Apr 2022, 3:10 pm

I don't think much about it. I know I could be saving more every month if I try to be more conscious of my spending.

For example, I used to spend $30 per month on a telephone contract I didn't need. I could have canceled it any time but never did because I was just too lazy to do that. I also have a $60/m mobile contract I don't need simply because I wanted to try 5G. I buy many things that I only end up throwing away every week. I usually throw away about 70% of the groceries I buy.

I was too lazy to transfer my money to an interest-earning account. I was too lazy to transfer my money to mortgage account to reduce the interest to pay. I need to transfer to a better performing super but am just too lazy to take action. I'm just too lazy to actively improve my finances. It must be costing me a lot. I sometimes hate myself for that.

I never forget to pay bills etc and I'm never in debt.



AprilR
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30 Apr 2022, 6:25 pm

My parents help me with paying the bills. I am hopeless with money so i try to be extra careful with spending.



Dear_one
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30 Apr 2022, 7:47 pm

There is a book written with writers in mind called "How to live on a small and variable income." I have never gone hungry, but I have split my last $20 between hardware and food, to keep a business going. I have done quite well at minimizing expenses, especially on transportation, and buy top-quality ingredients instead of prepared food. Most of my gear was bought used or on sale, but I don't hesitate if that's not an option. My projects usually incorporate salvage, and have often outperformed much more expensive efforts. My use of the economy has been relatively benign, but that's not saying much in 1st-world 2022. I have probably done poorly at using money to look more credible.



Joe90
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30 Apr 2022, 8:12 pm

I'm responsible with money but I do get confused with numbers, so it can make it difficult to understand at times. I have trouble reading numbers sometimes. I could not be an accountant ever, because of my math dyslexia. Numbers literally jump around on the page and can be so confusing.

At least letters don't though. Letters respect me. :lol:


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Edna3362
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30 Apr 2022, 10:02 pm

Eating less -- other than the impulses of tasting, it also meant knowing how to cut servings or rationing.
Of course also planning how to finish it before it expires or something instead of wasting any.

Going cheaper in general is also one.
Be tempted less and be more content to have a reasonable enough alternative -- no need to buy something new.
Ration or make up with everything with already on hand until it breaks it's no longer recyclable. Sell anything sellable as much possible.

Nevermind inconveniences like transports and spending electricity or heating.
Nevermind brands and names -- unless it's like medicine when a specific kind actually works for you.

Do not get sick. If there's such thing as free checkup or something akin to , get it. Make your own alterations and accomodations.

Knowing how those tiny daily spendings pile up to weeks to months big...
Record daily and see that eagle eye view throughout the month.

Put the savings where I can habitually pile something into yet forget it exists enough to not pull out anything.


I don't own any automatic systems however.
I'm down to just personal habits and doing weekly to monthly chores of paying.


I'm not 100% financially independent. But so do most people I've known.
What I make is not enough to live independently.

I also suck at businesses. I still don't like the idea of it. I'm no opportunist as much as I wanted to be one, I wouldn't be a good one.


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Pepe
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01 May 2022, 1:26 am

Quote:
How do you do when it comes to money management?


Better than average. 8)


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01 May 2022, 2:51 am

I say I do very well at it with my family.We are multi-millionaires and I am 31.But all of that is because I am a trust fund baby and our business and savings but I am real cheap.My oil wells have been a great investment that has made us the most money.I started saving for retirement when I was 3 or so so now I have 6 figures in my brokerage account.



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01 May 2022, 2:54 am

Usually very good I can make some stupid decisions but luckily they always involve small amounts.

I'm much better at getting the "bigger picture" with my finances so I don't kick myself if I image a small impulsive purchase.



Dillogic
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01 May 2022, 4:01 am

I get by.

I buy the most basic, cheap and functional of necessities and avoid trappings as much as I can. I buy only what's needed almost all of the time. I do everything that I can do myself, myself. Repair more than replace. I use what I need and not much more. This leaves me with some savings after bills and any service I can't do myself. I'll buy a non-practical interest related thingy every now and again from whatever I consider excess savings for the time.

Savings will be for any emergency deal, mostly.



Ettina
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01 May 2022, 6:54 am

I follow some simple, rigid rules and they serve me alright so far.

Firstly, I don't get anything that involves automatic ongoing costs. No subscriptions or anything. I want every time I spend money to be a conscious decision on my part.

Secondly, I have multiple accounts. One account is for in-person purchases, one is for online purchases, and then I have a few different kinds of savings accounts which all require going to the bank and talking to a teller to access. As soon as I get paid, I go to the bank and split my paycheck between in-person, online and savings. I only touch my savings for really big, important one-time purchases (I'm pregnant with my firstborn so I've had several of those recently) or if I'm totally desperate for money.

My in-person purchases money usually doesn't last very long - I spend it all on snacks and then I'm broke. But when I've spent it all, I still have savings and online purchase money, both of which I'm less likely to spend impulsively. I actually can spend my online purchase money in-person, but only do that if a) I'm out of in-person money and b) I know the payments for planned online purchases have already gone through.

Currently, I have my parents providing room and board, but if I didn't, I'd set aside a separate account for housing costs, and make a grocery run immediately after payday every month.



Shadweller
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01 May 2022, 7:04 am

I'm generally naturally very good at this. I don't earn much from my employment, but it usually comes easily and naturally for me to live within my means and to manage very well what relatively little money I do earn. I'm not materialistic and I don't go out much. I don't have children. I don't have to pay rent or mortgage because I have paid it off. So it seems that without even trying I often have a bit left over. And whatever I do have left over I want it to work for me in the best possible way, giving the best possible returns.

It's not all been plain sailing though, I have had no money at certain points due to unemployment, and I also went off the rails in a big way at one point, where a period of unemployment combined with some vices which became temporarily out of control meant that I lost all of my savings at one point.

With many years of life under my belt, I have been through ups and downs and I have learnt to make the most of things when they are going well. So this means saving when I have the opportunity to do so. Although I hope it won't happen it is possible that I may have other periods of unemployment of unknown length which could erode my savings as it is very difficult to get by on benefits alone.



Rossall
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01 May 2022, 8:23 am

Pretty good these days, have quite a bit saved. Got into debt once and didn't like it very much. Pay my rent and bills by direct debit. 8)


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01 May 2022, 10:59 am

Pretty well. My biggest problem is when I take vacations abroad; I have no way of knowing exactly what kind of things I'll find that I want to buy, so planning a proper budget is impossible. Currently I'm on a taxi on my way back from Cyprus, and once I get my hands on my computer, I'll start marking the expenses. The trip itself was paid earlier, so the limit I put for food, souvenirs etc. was that my expenses last month wouldn't be more than my monthly income... but of course that sum will include other bills than just the vacation ones, so even if my budget holds, it'll be a close call.