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Subject: Survey: Are you saving your money? rss

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Eric Pietrocupo
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There is a category of people that does not do any effort to save any money and make sure they spend almost their whole pay roll before the next one arrives.

Unfortunately, I suspect that the majority of people manage their budget this way, but I wanted to make a small survey to know if it was true.

Personally, I am in the opposite category where I save so much money that I have all the funds to survive a whole year without income.

So are you saving money and making a budget?

Or are you spending all you have before you next pay roll?
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Hiding Tiger
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I haven't spent all my earnings since I was at university (at which time my earnings were low and my expenses relatively high). I don't buy anything I can't afford. The credit card is always paid off, and the only loans I have ever taken out were for houses.
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Mystery McMysteryface
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Never have had the luxury to do that (blow my paycheck). When I started working I always contributed to my household. I also paid for my car expenses: insurance, tag, title, gas, repairs, and maintenance as well as the cost of the vehicle. I paid for the last 2 years of my university and 1.5 years of graduate school, including books. I never applied for Financial Aid because I was a part-time student. Didn't even know about student loans.

Just like Cringy, if I didn't have the money I wouldn't buy it. Entertainment expenses were always what got the shaft. It's expensive to go out. I saved up for hefty down payments on 2 new cars in my single years and then when married I saved up for a down payment on our first home.

We have practically eliminated credit card debt. My 1 and only wish is to be able to pay off my house. We recently refinanced and reduced the term by 5 years, but I wish it could have been more. Without a mortgage payment, I feel we could breathe easier. Most of my expenses are for my daughter who is involved in some activities at school.

SIGH.........kinda of a downer, sorry!
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The neutral evil villain known as
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I think most are in the same boat MMB is.
I have no credit debt and don't buy unless I have the money, BUT life steals $$$ away when I do have some. kids, medical, car, it seems like every time I get a little ahead, something comes up, LOL!

But we get by. Everyone's fed, bills get paid. I just wish I could sock some away.

My mother in law had the opportunity to pay off the house when her husband died, but her financial guy said not to do it, you need the tax break. So she refinanced and now pays very little toward it a month (which is just as good).

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Mystery McMysteryface
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Phil of Mars wrote:
I think most are in the same boat MMB is.
I have no credit debt and don't buy unless I have the money, BUT life steals $$$ away when I do have some. kids, medical, car, it seems like every time I get a little ahead, something comes up, LOL!

But we get by. Everyone's fed, bills get paid. I just wish I could sock some away.

My mother in law had the opportunity to pay off the house when her husband died, but her financial guy said not to do it, you need the tax break. So she refinanced and now pays very little toward it a month (which is just as good).



I know, Phil. We try to have a cushion but sometimes, both cars need new tires (happened this year), or the A/C breaks in August (happened 2 years ago), or your water heater breaks (in the winter, of course), etc. etc.
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The neutral evil villain known as
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EgorjLileli wrote:

I know, Phil. We try to have a cushion but sometimes, both cars need new tires (happened this year), or the A/C breaks in August (happened 2 years ago), or your water heater breaks (in the winter, of course), etc. etc.



Last year, my father in law sent us a check for 500 bucks. He said, have fun with this. A week later, my wife's car died and the oven stopped working (electrical burning smell). We had just enough with that gift check to fix the car and buy a stove.

The financial fairies can smell when you have extra money, they just can.
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Stephen Dunne
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I try to have a minimum of a 3 month cushion in the bank. I try to save more - one year's income would be grand, but the joys of owning cars, a house and having a teenager means there is always something draining funds out of the bank.

I have my retirement fund at work, but I am not planning on that being my only fallback. However, until I get a nice raise at work, I have a feeling that I will continue on the path I am on for the foreseeable future.
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Andy Andersen
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My wife and I were savers from the beginning. We are both very frugal but now that we are retired we don't have to worry so much. We paid off our mortgage 21 years ago (age 38), retired at 54, bought our youngest son a house, helping to pay for daughter-in-law medical school.

We never took big vacations, never had the "latest and the greatest" anything, never went out to expensive dinners, never bought a lot of clothes (I have not bought a stitch of clothing in 3 years).

We have no interest in material things. None. But we do have a lot of games.

Next year we are buying both kids a new car. We fell into everything at the right time, stock market up, etc. We know we are fortunate and give a lot of $$ to charity.

Best of luck. It can be done.

We have never developed a budget.
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John O'Haver
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The last few years have been an adventure. I have been a single income household of one for 25 years. Twenty of those years I was paying child support and contributing to my two sons university education.

Got that done and the economy tanked. I'm in my 4th job since 2007. I was unemployed or substantially underemployed two of the last 4 years as a result of the credit crunch. I had some minor medical issues but at a financially inopportune time, followed by a couple of other things and yadda yadda. As a result, even though the car is paid for, I owe more than I am comfortable with. This fall something else came up that required cash. It took my cash reserve plus I still had to sell most of my guns and guitars for cash rather than borrow more. I figure it'll take me two more years before I can start saving again.


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Billy McBoatface
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I save money. My wife and I don't have expensive tastes and our combined salary is pretty good.

Mostly we're saving for our kids' college.
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Seth Brown
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Not really saving any money; at the moment my income roughly matches my expenses.

On the other hand, that's because I spent five years saving money from a desk job so I could make a go of it as a work-from-home freelance writer. Now I'm saving my sanity and happiness instead.
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Gregory Amstutz
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I have a TSA at work. That's the only saving for now, as we are trying to get out of debt, and on one income.
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Keith "Boaty McBoatface" C
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I've got a retirement account set up from work, which I put 10% of my salary into. I finished paying off the last of my debt in April, so I've just been basically putting the money that used to go to the loans into the bank. I've been keeping track of my finances since I had finances, and I've got a spreadsheet with data going back to 2000. I'm fortunate to make more than enough to cover my base expenses, would be much harder if I made less, or if I owned a home, or an older car, or was married, or had kids.

Having all this data does put things into perspective though, like for example in 2011 I spent almost as much on car insurance as I did on groceries.
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Orangemoose wrote:
...never bought a lot of clothes (I have not bought a stitch of clothing in 3 years).
NUDE MOOSE!!!
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I'm a saver, from a way back.

If I don't think that I can pay off a purchase in one month, then I just don't buy it. It has built up a great deal of self-restraint in myself over the years.

When life throws the curveball at you-- unexpected vet bills, traffic tickets, car repairs, etc-- then you need to be ready for it, so I try to have an extra month's salary (at least) in the bank.
It hasn't always worked out that way but, for the most part, I've stayed fairly debt-free for most of my life.

(It doesn't hurt that I have a very supportive & close family; we help each other out in crisis times)
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Exit 191
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I would love to be able to save money. Right now with circumstances all of every paycheck (when there is one) goes to pay bills. We are fortunate to have family to help out when things get really tight.
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Michael Barlow
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Eric Pietrocupo
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Quote:
Having all this data does put things into perspective though, like for example in 2011 I spent almost as much on car insurance as I did on groceries.


This is one of the reason I am so happy not having a car.
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Three years ago my wife and I were in our early 30s, in good health, childless, both working full-time jobs, and renting an apartment (no house/mortgage). We didn't have a budget, nor did we put any money away, and instead just enjoyed ourselves with the money we made, traveling around the world and having regular evenings out for dinners and drinks and shows and so on.

Then we purchased a house, had a kid, had a second kid, and my wife quit her job to be at home with our boys. With just my income, we found ourselves sliding further and further into debt, until one month I suddenly realized that we wouldn't be able to scrounge up enough credit to make our mortgage payment. That was the wake-up call I needed to finally do what I should have done years ago and make a budget.

Over the past couple of years my health has steadily declined, and as of three weeks ago I have found myself completely unable to go to work. I'm scheduled to begin five 10AM-10PM shifts tomorrow morning (with an hour commute each way), but I can barely get through a relaxing day at home (or as relaxing as 2 kids under the age of 3 can be!) any more and I know I'm not going to be able to make it in. I've got a very good sick plan, but without my actually being at work, we won't be able to make payments on our home and will be struggling to just stay even each month.

I've recently been selling off pretty much anything I own that has any value, including my most prized possession, just so I can have a bit of "fun" spending money for a little while longer, but that will dry up soon enough. (There's something about the friendly people here on BGG that makes me want to unload in much more detail the heart-rending and gut-wrenching tale of my troubled life, but I feel like a website dedicated to board gaming is better served by keeping it light!)

I wish I had been somewhat more structured with my money management during the 13 years that I was first a single working professional and then later a DINK (Duel Income, No Kids). However on the other hand, I know that, with all my health problems, I'm probably not going to live to be old, and when I'm on my deathbed I can't imagine that I'm going to be wishing that I hadn't done all that traveling and had all those life experiences and enjoyed so many good times with my wife, and had instead been more frugal with my money.

I will say, too, that I wish our education system taught us some actually useful life skills, such as budgeting money, parenting children, basic car maintenance and house repair, social awareness, etc...
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Ik ben een kleine boefje
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Ufff, sorry man, I have been reading your auction post and must be hard. I hope you will be in a better situation in some years and able to rebuy some items. Wouldn´t sell WoTR Deluxe edition though, may be you won´t be able to recover it any more.

Anyway good luck.
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Gary Heidenreich
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All nice. Not me. Divorce and bankruptcy have killed any chance of saving. I managed to figure out how to keep my home, I'm pretty thrilled with that. I have no car. I would like one, but currently it isn't in the plan. With the bankruptcy, all the credit card (ex-wife's for the most part) is rolled into that. I do not have a card, nor do I really plan on getting one in the near future. If I do, it would only be so I can reserve a rental car or hotel.

I survive well enough, but three years from now all those payments I'm making for my mistakes will be done. Maybe then I can think of saving some, for real.

It's difficult to admit things got fucked up, financially. I wasn't the first nor will I be the last. I can admit it, talk to people about it so hopefully they can work to get out of the situations they are in.
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Brian Bankler
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dogzard wrote:
I have a TSA at work.


Your work screens for small water bottles? Did you mean Retirement Savings Account, or does TSA have some other meaning?
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