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2
Posted on 10/5/12 at 5:07 pm to Ric Flair
quote:
But I would modify it and pay off higher interest loans first, instead of smaller to larger.
Ramsey himself says that higher rates first is indeed the best way, but that smaller to larger gives one a psychological boost and helps keep on track.
Ramsey's advice is generally speaking not perfect, but generally pretty solid and geared to beginners.
Posted on 10/5/12 at 6:45 pm to IzUFaReel
quote:
I try to set part of my budget as "Misc./Unknown." But, I still end up spending as much or more than what comes in.
And
quote:
My household income is about 65K. Four kids and fiancee, with about 3K in fixed bills (rent, utilities, etc...).
Are the problems I believe. In guessing your take home is close to 50K, or about 4K/month. That leaves you like $1000 after you're "fixed" bills so like someone said, we'd need to see what the "etc" is.
If all of that is frivolous spending, then it's a discipline issue and you'll have to identify where that money is going each month and stop the bleeding.
If its high-interest debt (credit cards, payday loans, etc) then you might want to eliminate that first, even before an emergency savings (which I am a huge advocate of). If you're paying hundreds of dollars in interest/fees you'll never get ahead of the eight ball until its gone.
Posted on 10/6/12 at 9:37 am to IzUFaReel
hire a money manager. they pay your bills and give you an allowance.
Posted on 10/6/12 at 10:34 am to trillhog
Sorry, guys. Had password issues yesterday.
My breakdown is as follows:
RENT 1100
Habits 85
CHILD SUPPORT 400
CAR NOTE 330
Gas (in-home natural gas) 30
Electric 150
Mobile Phones 130
AUTO INSURANCE 190
Cable/Internet 125
Credit Cards (3) 200 approx./month
Personal Loan 190
Water/Garbage/Sewerage 80
Fuel (for cars) 300
Auto Maintenance 50-100
HEALTH/GROOMING/WELL-BEING 50
Fiancee's BUSINESS SUPPLIES/EXPENSES 200
UNKNOWN/MISC. 150
GROCERIES/Food/Household 350
KIDS 100
TITHES 400
SPECIAL SPENDING (Holidays, Birthday, Wedding, etc..) 300
ZereauxSum, that 65K is annual take-home.
My breakdown is as follows:
RENT 1100
Habits 85
CHILD SUPPORT 400
CAR NOTE 330
Gas (in-home natural gas) 30
Electric 150
Mobile Phones 130
AUTO INSURANCE 190
Cable/Internet 125
Credit Cards (3) 200 approx./month
Personal Loan 190
Water/Garbage/Sewerage 80
Fuel (for cars) 300
Auto Maintenance 50-100
HEALTH/GROOMING/WELL-BEING 50
Fiancee's BUSINESS SUPPLIES/EXPENSES 200
UNKNOWN/MISC. 150
GROCERIES/Food/Household 350
KIDS 100
TITHES 400
SPECIAL SPENDING (Holidays, Birthday, Wedding, etc..) 300
ZereauxSum, that 65K is annual take-home.
This post was edited on 10/6/12 at 10:36 am
Posted on 10/6/12 at 10:37 am to trillhog
quote:
hire a money manager. they pay your bills and give you an allowance.
Where can I find someone to manage my personal money? That's essentially what I feel I need, at least in the short-term.
Costs?
Posted on 10/6/12 at 10:39 am to Ric Flair
quote:
Sounds like you're the perfect candidate for the Dave Ramsey plan.
Perhaps. But, if I'm being honest, the problem with that problem is...me. I am just not good with handling my money. Straight up.
Posted on 10/6/12 at 11:09 am to IzUFaReel
quote:That's what Dave Ramsey's plan addresses - you - and your behavior. Just listen to his radio show a few times, you will catch on.
But, if I'm being honest, the problem with that problem is...me.
Posted on 10/6/12 at 12:05 pm to IzUFaReel
quote:
TITHES 400
I see a very easy way for you to save.
Posted on 10/6/12 at 1:35 pm to TheHiddenFlask
quote:
TITHES 400
I disagree. And, if that's the difference in my saving money and going broke, then poverty isn't so bad.
I'm open to other suggestions, though.
Posted on 10/6/12 at 2:04 pm to IzUFaReel
You have written down every expense and assigned a dollar amount to it. You are way ahead of the game - most people don't even do this. If your problem is not sticking to this plan, then that's just a behavioral problem and you need to fix it. Not being mean or harsh - just telling you straightforward. You are an adult now - if you have a bad habit you need to break, step up and be a disciplined man and do it.
If what you have written down going out is more than you have coming in, then you either need to cut some things out to reduce your expenses, or take on a second job to increase your income. Save up some cash for the unexpected emergencies that pop up. Buckle down and pay off your debts - that will probably help the most. No car payment, no CC, no personal loan, that's $720/month right there.
Take this list and prioritize it. Obviously you have to pay rent, utilities, and food. After that - what is optional? What can be reduced, or cut out completely? I think you are on the right path. And the fact that you want to fix it is important, a lot of people simply don't care.
If what you have written down going out is more than you have coming in, then you either need to cut some things out to reduce your expenses, or take on a second job to increase your income. Save up some cash for the unexpected emergencies that pop up. Buckle down and pay off your debts - that will probably help the most. No car payment, no CC, no personal loan, that's $720/month right there.
Take this list and prioritize it. Obviously you have to pay rent, utilities, and food. After that - what is optional? What can be reduced, or cut out completely? I think you are on the right path. And the fact that you want to fix it is important, a lot of people simply don't care.
Posted on 10/6/12 at 5:13 pm to IzUFaReel
quote:
TITHES 400
are you thinking when you are in a money bind to tithe $400 a month? God doesn't have shite to do with paying your next bill or putting money in the bank for you. You are effectively pissing away $400 a month that equates to $4,800 a year of someone else pissing your money away.
Posted on 10/6/12 at 5:26 pm to IzUFaReel
God would understand if you cut your tithe back to $100 til you got your finances straight.
Posted on 10/6/12 at 8:07 pm to El Josey Wales
He understands a lot of things I do from time to time.
Posted on 10/6/12 at 8:44 pm to 4LSU2
quote:Tithe, by definition, is 10% off the top. That's his faith and he is living it. Just because it doesn't coincide with your beliefs doesn't mean you should ridicule it.
God doesn't have shite to do with paying your next bill or putting money in the bank for you. You are effectively pissing away $400 a month that equates to $4,800 a year of someone else pissing your money away.
Posted on 10/6/12 at 8:49 pm to IzUFaReel
quote:
CHILD SUPPORT 400
KIDS 100
TITHES 400
So you spend about as much money on your pastor as you do on your kids?
Posted on 10/6/12 at 8:58 pm to foshizzle
It's OK. He can ridicule. I expected some of this when I originally posted the topic.
God bless him.
As for those who made well intentioned suggestions on cutting back on my tithes, I do appreciate the suggestion. My belief is that I'm not giving enough, though. I want to give more to tithes and more to help others. It's one of the primary reasons I want to manage my finances better. I want to give more and let God take care of the rest.
I do appreciate the insight many of you have given, and that's what is important to me.
I see a number of wise suggestions here I can take into account.
Like I said, I'm bad at money management. But, I truly want to fix that.
God bless him.
As for those who made well intentioned suggestions on cutting back on my tithes, I do appreciate the suggestion. My belief is that I'm not giving enough, though. I want to give more to tithes and more to help others. It's one of the primary reasons I want to manage my finances better. I want to give more and let God take care of the rest.
I do appreciate the insight many of you have given, and that's what is important to me.
I see a number of wise suggestions here I can take into account.
Like I said, I'm bad at money management. But, I truly want to fix that.
Posted on 10/6/12 at 8:59 pm to foshizzle
quote:it's funny to hear people who know nothing about church talk about church.
money on your pastor
Posted on 10/6/12 at 9:03 pm to IzUFaReel
I tithe as well so I know where you are coming from. You really should should put it on pause till you get your loans and credit cards paid off.
I would suggest you start reading some dave ramsey stuff. Sounds like it would be a perfect fit.
I would suggest you start reading some dave ramsey stuff. Sounds like it would be a perfect fit.
Posted on 10/6/12 at 9:12 pm to I Love Bama
Bama, I know I sound REALLY hardheaded, but putting my tithes on hold is not an option. If I have to keep living check-to-check and one expense away from financial meltdown, then so be it. God will provide for what I need.
As for Ramsey, I'll definitely start reading his stuff. Y'all have convinced me that I can really benefit from it.
Sincere thanks!
As for Ramsey, I'll definitely start reading his stuff. Y'all have convinced me that I can really benefit from it.
Sincere thanks!
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