Sunday, September 20, 2015

negativity and the spending addiction

Well, I guess I have been a way for a long while and I think most of that is attributable to me having an crap last couple months of spending. Currently I have 60% more in debt than I do in the bank and still owe some money outside of the credit card amounts for a crazy trip I took. The biggest question I have to ask myself is why is this happening? My goals have been clear but I keep disregarding them and spending recklessly which means that my "why" just isn't good enough. That being said it seems I need to make some rules for myself. The first of which is no spending this week or while I am traveling for work. Unfortunately I have let myself lapse to much and need to get this together quickly or else my dreams will be pushed further away.

Addiction to spending...this needs to stop on my part. So far this year I have spent a lot of money on things that I didn't really need but wanted because everyone else around me was doing it. This has been my bad habit my whole life and is something I need to fix. In order to fix that I need to increase confidence and become more conscious of why I am buying things!

So moving forward the plan is to not spend money on anything that I don't absolutely have to spend on. This means spending is limited to groceries, gas money, and whatever current bills I have. These bills are limited to my mortgages, rent, electric, and cable. No other costs should be occurring until I have $20K in savings and can walk away from my job if necessary. More on that point in the next couple days.

Saturday, August 8, 2015

calling myself out

Heeeey everyone!! Well, I think this has been a dangerous last week or two if you are money and food. Pretty sure I have killed my restaurant budget for the month lol

Anyways, I just wanted to give an update about some stuff. As you know I have been trying to decide if I wanted to move back with my parents or keep my apartment. It would save me a lot of money but I decided that I would rather have my own place. I know, I know, this is not super frugal and with the challenges I have been facing finding another apartment I am paying way more than I should be. Either way, the decision is made so the next 8 months I am staying here. Hopefully, in 8 months the apartment market will get better and I will be able to find something at half the cost.

Next up on the list is all the subscription things I had to cancel. I cancelled my gym and dollar shave club which will save me at least $120/month. Add that to my savings! Also on the list is cable/internet which I am still working on. Potential savings there should be at least $40-50 and that also would go into savings.

Now to the title of this post...calling myself out. I have done some up and down things since starting this blog and the original goal was to help me save money to run away from the corporate grind. The thing is, I want freedom to do whatever I want. I feel like I am trapped in a new cycle of traveling to some places I want to see and other places I don't really want to go to! Ever since I have started this blog I feel like my money decisions have been exactly the opposite of what they should be. I stayed in an overpriced apartment, spent entirely to much on travel, eat out every day while home - sometimes multiple times, don't bring my lunch to work, buy coffees way to often, etc., etc.. This is all completely against the whole point of what I am trying to do here. The point is to save money and adhere to my budget which I am not doing. I am sorry to myself for that because it just impedes future happiness of being able to runaway.

So there you have it!

Tuesday, August 4, 2015

weekly spend round up

This last week was a lot better than the week before but these flights for my vacation are still killing me. I think the next go round I will have to simplify my travel plans and not go so excessive! Anyways, onto the spend:

So, the breakdown is as follows: 
Auto & Transport - $64
Travel - $374
Health & Fitness - $120
Food & Dining - $62
Total - $620

OK, so this is actually pretty bad in my opinion. This is mainly because my goal was to not spend anymore this week. I am OK with my gas and eating out although I think I am leaving out 2 or 3 Whataburger trips :/ 

Also, I am going to cancel my gym membership today because I am not home enough to use it. Hopefully that will be gone soon. I am also canceling my cable and possibly internet service since I know I definitely don't need cable anymore. The reason I am wishy washy is because I can't decide if I want to move in with my parents or not. On one hand I would save a ton of money, on the other, I am living at home again which doesn't thrill me to death. I will decide by Friday for sure I hope.

Next up are the travel one of these is for another flight pertaining to my vacation next month. The other is a charge from the hotel I was at for work and has some costs of souvenirs and drinks for a couple nights. The thing I do not understand is it looks like they charged me twice which pisses me off and now I have to sort that out with the credit card company today, UGH!

Overall, the last 7 days was piss poor from a financial perspective in my mind and I need to improve. Also, I am not sure how good my cash idea is going to work out because my keeping of receipts is very, very bad! We shall see though. I do like the idea of doing weekly reviews although it sort of stresses me out. This week should be interesting considering I have rent, closing costs on a house, and a huge credit card payment to cover! 

Until then, Do you have a lot of bad budget weeks? Do you budget? Are you as bad with money as I am?

Sunday, August 2, 2015

my five money management mistakes

Hey everyone, today we are going to be talking about what I think are the top 5 money management mistakes. The basis of this post comes from the constant evaluation that I have been doing of my spending in efforts to try and clean up my habits. I hope that you can pull something from this and in turn clean up or add to you already financial saviness.

1. Spending outside your range
This one is pretty simple but is something that I have been guilty of since I graduated college. Other people may call this keeping up with the Joneses. When I graduated I wanted to have everything cool that my friends had but unfortunately I didn't make as much money as they did. Obviously this dug me a pretty big hole that was very difficult to get of later in life. The big lesson here: Spend at least 10% less than what you earn.

2. Every new bonus or income stream doesn't equal "spend me funds"
This is something I have seen far to often while working in a tax office doing person income tax returns. Some folks would come in and get their refund and immediately be going to get their nails or hair done, buy new golf clubs, and one person even went to put some money down on a new car!!! I am guilty of this in that for a while I have been spending every dollar I earn rather than saving or using my side hustle rental properties to grow that business. Big lesson here: Save the windfalls, you will be thankful later on.

3. Buy and return - "buyers remorse"
I am so very bad at this and have done it so much in the past that I have a friend who gives me a hard time about it. He gives me a hard time because he thinks its so silly that I will buy things and then return them which he is so right, it is silly. While this isn't a super terrible thing to do, its not great either. It often causes me to spend money on shipping for items I never ever use, need, or wanted to begin with. Another term for this type of purchase is "impulse purchasing". The lesson here: Curb impulse spending - for me that means using cash.

4. Subscription Spending
This is such a huge downfall for me and maybe others so that's why I am going to put it here. I have found that it is super easy to sign up for subscription type stuff. This ranges from magazines, cable, razors, gym memberships, and even clothes. There are tons of other things people do on subscription. I mean you could include Netflix in here to. I am not saying subscriptions are bad but if you are like me it is good to reevaluate every now and again to make sure you are actually using them! This is probably going to save me a couple a hundred bucks a month now! Lesson: Monitor and stay updated on your subscription spending.

5. Ignoring the budget or your money plan
I am going to go out on a whim and say that we all probably have good intentions when it comes to money, I know I do. Every time I get started wanting to save and take care of my financial situation I honestly believe I can do it and that my budget makes sense. Unfortunately I have failed in this realm many times and a lot of the times its because I make unrealistic goals or decisions with how I will handle my funds. My big lesson: Make a budget that is sustainable to create happiness and SAVE!

There you have it, my 5 money management mistakes and SOLUTIONS! I hope that these can help you out as I know they are giving me something to look at as I go down this path.

What are some of your money mistakes? Have you corrected them or are you working to correct them? How?

Sunday, July 26, 2015

weekly round up X2

This week was a big spend week because I have some awesome travel opportunities coming up. I am super excited to announce that I will be visiting Singapore, Vietnam, Hong Kong, and Tokyo in August! As you can probably imagine the airline tickets are not cheap but I am attaching my weekly spend below!

As you can see there are some big prices in travel and those my airline tickets. The bottom travel cost also goes into my ticketing as it was a small fee for one of the tickets. Home improvement and uncategorized are actually apartment application fees that I will hopefully get back but am unsure. I hate shopping for a new place to live but it is something I must do unless I want to live at home.

I am actually pretty happy with this update as I really only did what I absolutely wanted and I don't think I "wasted" money on my typical random purchases. This is a definite improvement from the months before. Also, my net worth is increasing which makes me happy as well : )

Last week I didn't have my budget update like I promised so I will give a quick look for you now. The last update would have included:

$1,968 for my rental mortgages
$135 Cable/Internet
$2 Book on Kindle

This totaled out to $2,106 but only $137 of that were costs that I really don't bring me in profit monthly. I mean technically, the rents for the houses those mortgages cover easily covered my expenses this week! How cool is that? I think I am going to start thinking of my current expenses in that light, is my side gig making me enough money to cover this. Obviously I can't include all expenses but I am thinking of starting with the bills have currently which are:

Cell Phone
Auto Insurance (every 6 months)

I will keep you updated as I go and let you know how I do at the end of next month.

Questions for you -
Would you live at home if your job had you traveling a lot?
Does your side gig cover any of your current living expenses?

Saturday, July 25, 2015

confession time

Starting to write this blog has been a big deal for me because I have been very hesitant about it for a long time. I was thinking about an article I read discussing how sometimes we just emulate people who have a life we think we would like. The hope I think is that if we do this we can obtain the same life. It isn't that simple though. In actuality I think its much harder. For the majority of my life I have always wanted to have money and do what I want. In all honesty though I have gotten to a point where I am not sure what I want. Some days I am very committed to riding my bike everywhere and maybe even signing up for some local races and trying to be a local legend. Other days I want to be the CEO of a company or something like that. I just don't know. Here are the things that I do know:

  1. I want flexibility - Based on my interested today, not tomorrow mind set, I think I need to have freedom to change my mind and just be available to play outside if its nice out.
  2. I want good cash flow - I really, really like nice things and traveling. Fortunately now with work I get to travel but I don't really get to choose where I go and it can be stressful. This is pretty much the kicker for me. It is important for to me to have a nice house and be close to my family. I also like having cool stuff but change my mind constantly.

Anyways, because of the things listed above I am trying to think about what direction I will be taking this blog in. Right now I am leaning more towards taking into financing my own version of what I consider the high life for. I will still be figuring out what exactly that is as well!

SO...What am I getting at? Well, I do not think this is going to a be the finance guru awesomeness blog that I had initially intended. Instead I think its going to be a mixture of my adventures traveling the world, mixed with trying new things, cool vehicles, and whatever else relates to me trying to enjoy life. No worries though, I will be saving and keeping track of my spending and posting a budget of some sort. Just because I want to live a certain way doesn't mean I will be kicking finance straight out the door.

Ok, thats enough for today. lol. How is everyone else doing!?

Saturday, July 18, 2015

top ways to mind your spending

I remember growing up my parents would always emphasize good manners and how you should treat people with kindness and respect. Today as I was looking at my Mint account I realized that I need to take a similar approach to spending. This is what I was looking at earlier:

Do you see what I see? That black line is my net income and currently its negative!! This is not just bad, its horrible. I can't believe how obvious it is based on this chart that I haven't been respecting my money and am just spending myself into the red. Its also one of the reasons I started this blog. I am working to get this stuff together and I want to give some tips on how to mind your spending. Here are the top 3 ways I will be minding my spending:
  1. Downgrade your living arrangement.
    • I know this seems super simple to some people but recently it just occurred to me that I really don't use any of the amenities I convinced myself I would use when I got my apartment. Quite honestly, I was just lazy and didn't want to deal with moving at all. Due to this laziness though I am spending at least $350 per month more than I should. That is crazy!!!
  2. Cash is king.
    • This one may be different for different people but I find I spend less when I am spending with either my debit card or cash. Cash is the favorite for me though because it can limit those spur of the moment purchases. Again, this may be just me, but how many times have you gone to the mall for one thing and bought other stuff because well hey!, credit card man! This is a silly way to spend money in my mind because my goals are to get out of the rat race and live a life on completely my own agenda. Anyways, cash for me is king. Also, I would try to get rid of all accounts with a card on file, like Amazon, or iTunes. Those things can be killer!
  3. Curb but don't cut the entertainment
    • Ok, this is a tough one because we all want to save but we also want to have a good time.   I love having fun and going to happy hour with friends. There is a limit though. I don't need to be at happy hour every day or even every week. One or two per month is fine. Its a similar thing with dining out. My main reason to dine out is because I love good food and I can't cook good food. To be fair though this is something I can limit as well and I can start cooking at home and not being lazy. Some other things that get me are TV and movies at the theatre. Some movies are just so much better on the big screen and I feel like I need to see them there. I do need to ditch cable though and don't need to be at the theatre 2-3x a week.
So those are the only 3 things I have for now. I am sure you probably have tips of your own as there are loads of ways to save money but these are my big 3 currently. I have actually done the math and by cutting this things I am hoping to increase my savings per month by almost $1000 bucks. That's ridiculous!

I want to hear from you!!!
What ways do you cut cost without sacrificing fun? Are you consistent?