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Message
About 6 more months of heavy bills, wanna plan a trip but should I?
Posted on 2/1/17 at 9:50 pm
Posted on 2/1/17 at 9:50 pm
So I've got the following bills over the next several months
Couch - $219 for 3 months ($656)
LASIK - $200 for 6 months ($1200)
Best Buy $130 for 5 months ($660)
Was contemplating getting a new tv after it's all done but now I'm thinking about traveling instead. As for rent, electricity and internet, I pay about $925 for all 3 combined. I also make roughly 3400 before taxes each month. I'm also scheduling a meeting with a financial advisor to begin looking into a putting money aside and investing. I'm 26 and just figured I would ask you guys what you would do once I knock these bills out.
Couch - $219 for 3 months ($656)
LASIK - $200 for 6 months ($1200)
Best Buy $130 for 5 months ($660)
Was contemplating getting a new tv after it's all done but now I'm thinking about traveling instead. As for rent, electricity and internet, I pay about $925 for all 3 combined. I also make roughly 3400 before taxes each month. I'm also scheduling a meeting with a financial advisor to begin looking into a putting money aside and investing. I'm 26 and just figured I would ask you guys what you would do once I knock these bills out.
This post was edited on 2/1/17 at 9:52 pm
5
Posted on 2/1/17 at 10:21 pm to knowingabyss
How much do you have in savings?
Why not just save for a while? i could be wrong, but the way you worded your post I almost got the feeling that you feel like you need to spend the extra money.
Why not just save for a while? i could be wrong, but the way you worded your post I almost got the feeling that you feel like you need to spend the extra money.
Posted on 2/2/17 at 12:16 am to knowingabyss
Do you have any in savings? Coming from someone who took trips when he didn't have something in savings, don't do that. If it doesn't come back to haunt you, you'll be sitting on pins and needles praying it doesn't come back to haunt you.
Posted on 2/2/17 at 7:46 am to knowingabyss
Without further context, I'd say you probably need to save a bit before anything. If you have a decent bit of savings and are financing things as a cash flow excercise, you're probably alright, but I suspect that may not be the case.
Posted on 2/2/17 at 7:54 am to knowingabyss
You could have bought the Couch, LASIK, Best Buy item, and new TV with a Chase Sapphire Reserved and had a free trip waiting on you. Live and learn.
I pray that someone here will rescue you from the snares of consumerism at your young age and relatively low-mid income. It will only get worse.
I was joking about the credit card, but when you are in slightly better financial standing, it's a good option for the future.
I pray that someone here will rescue you from the snares of consumerism at your young age and relatively low-mid income. It will only get worse.
I was joking about the credit card, but when you are in slightly better financial standing, it's a good option for the future.
This post was edited on 2/2/17 at 7:55 am
Posted on 2/2/17 at 8:25 am to knowingabyss
Let's see if I am understanding this.
$2,400 - Post Tax Income
$925 - Fixed Expenses
$1,425 - Disposable income per month
$876 - Available money remaining after your bills
With that $876 you should be saving at least $130-150 per month and building up a 3 month emergency savings account, which for you would be around $3,000. After your savings you have $726 available to live on. Until you have that emergency fund setup you should learn to live on $700/mo and nothing more. When your couch is paid off, put that $219 towards the emergency fund and same thing with your Best Buy money and LASIK money. At this rate it will take you 9 months to save the $3,000. Put that $3,000 away and don't touch it unless you have a true EMERGENCY. If you have to spend the money, then your first order of business is to replenish the emergency fund back to your 3 months.
Once you have established the emergency fund, then if you want a TV or a trip you need to set aside money each month and when you finally have the money to pay cash for the luxury, then you can go on it. Stop buying things and then just paying them off over several months AFTER the fact. Save up the money month by month because then when you take the trip you will enjoy it that much more knowing when you come back to reality that it's paid for and you can start saving for the next luxury item you want.
You really need to get your spending in check. At this rate you're going to be working until your dead because you spend faster then you make it.
Hopefully you didn't come to this board thinking that you were going to get kittens and butterfly responses.
$2,400 - Post Tax Income
$925 - Fixed Expenses
$1,425 - Disposable income per month
$876 - Available money remaining after your bills
With that $876 you should be saving at least $130-150 per month and building up a 3 month emergency savings account, which for you would be around $3,000. After your savings you have $726 available to live on. Until you have that emergency fund setup you should learn to live on $700/mo and nothing more. When your couch is paid off, put that $219 towards the emergency fund and same thing with your Best Buy money and LASIK money. At this rate it will take you 9 months to save the $3,000. Put that $3,000 away and don't touch it unless you have a true EMERGENCY. If you have to spend the money, then your first order of business is to replenish the emergency fund back to your 3 months.
Once you have established the emergency fund, then if you want a TV or a trip you need to set aside money each month and when you finally have the money to pay cash for the luxury, then you can go on it. Stop buying things and then just paying them off over several months AFTER the fact. Save up the money month by month because then when you take the trip you will enjoy it that much more knowing when you come back to reality that it's paid for and you can start saving for the next luxury item you want.
You really need to get your spending in check. At this rate you're going to be working until your dead because you spend faster then you make it.
Hopefully you didn't come to this board thinking that you were going to get kittens and butterfly responses.
Posted on 2/2/17 at 12:03 pm to CHiPs25
Thank you so much guys, this is why I come to you. I'll absolutely begin setting up and saving and that works out almost perfectly. Yeah, I won't lie I'm naive but I promise I am learning 
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