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This.
NT: Official Personal Finances Thread
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Finished setting up by budget/spending-plan spreadsheet for 2016 and thought of this thread.
Anyone care to share any personal finance success/failure stories from 2015?
I'll go first:
Success -- shrank my student loan debt obligation from 23K+ to 5.7K. Barring any unforeseen financial calamities, I should be debt free by March. Can't wait...
Failure -- my vice is eating out, and Iooking back, I wish I had better control over this habit. I grocery shop and cook meals that I take to work for lunch, but there were far too many instances--for my liking--where I bought fast food. My goal is significantly cut down on my fast food spending by incorporating new and tasty fast food recipes into my meal rotation. For example, instead of going out and spending $15 on chaufa, I'm going to instead buy the ingredients and make it myself.
Also, anyone here give themselves an allowance for the purpose of guilt-free spending? If so, how much? I'm thinking about increasing mine and am curious to see how much y'all allocate for yourselves.
...
Anyone care to share any personal finance success/failure stories from 2015?
I'll go first:
Success -- shrank my student loan debt obligation from 23K+ to 5.7K. Barring any unforeseen financial calamities, I should be debt free by March. Can't wait...
Failure -- my vice is eating out, and Iooking back, I wish I had better control over this habit. I grocery shop and cook meals that I take to work for lunch, but there were far too many instances--for my liking--where I bought fast food. My goal is significantly cut down on my fast food spending by incorporating new and tasty fast food recipes into my meal rotation. For example, instead of going out and spending $15 on chaufa, I'm going to instead buy the ingredients and make it myself.
Also, anyone here give themselves an allowance for the purpose of guilt-free spending? If so, how much? I'm thinking about increasing mine and am curious to see how much y'all allocate for yourselves.
...
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antidope
Supporter
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Mine is 100$ a month on paper but it never works out being that low.
I created a budget in excel too and will be tracking it down to the cent this year.
Congrats on the student loan pay-down thats my foremost concern finance wise. Its the bane of my existence.
I created a budget in excel too and will be tracking it down to the cent this year.
Congrats on the student loan pay-down thats my foremost concern finance wise. Its the bane of my existence.
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2015 goals
- Break six figures in savings -- done
- Minimize all entertainment expenses by 20% -- done
- Save at least 60% of all paychecks -- done
2016 goals
- Create multiple revenue streams to eliminate dependence on one sole job
- Deploy capital to execute the above goal^
- Close out any unnecessary CCs
- Break six figures in savings -- done
- Minimize all entertainment expenses by 20% -- done
- Save at least 60% of all paychecks -- done
2016 goals
- Create multiple revenue streams to eliminate dependence on one sole job
- Deploy capital to execute the above goal^
- Close out any unnecessary CCs
al audi
Banned
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im interested in cash flow streams to make my money grow
ive been unemployed since June and i prob wont be employed again until who knows when
antidope
Supporter
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Sheesh
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All sitting in my savings account earning abysmally low interest.Sheesh. You crushed it. Any of that invested or is that purely in a savings?
sneaksoy
Supporter
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All sitting in my savings account earning abysmally low interest.
Well if you look at what Wall St did this year... You probably would've had a similar return even if you were invested. Sounds like you've got some awesome liquidity, that's one of my main goals for 2k16. Build back up my liquid savings after having bought a house and utilized my Roth IRA in 2015.
sneaksoy
Supporter
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My 2016 personal finance goals:
- Limit CC expenses to ~$900 a month (I put all groceries, gas, restaurants, clothing/shoe purchases on my card generally among other random expenses)
- Save ~$15k in liquid cash on top of what I contribute to my 401k and IRA
- Make an extra $8k outside of my work paychecks (through rent, side hustles, etc)
- Limit CC expenses to ~$900 a month (I put all groceries, gas, restaurants, clothing/shoe purchases on my card generally among other random expenses)
- Save ~$15k in liquid cash on top of what I contribute to my 401k and IRA
- Make an extra $8k outside of my work paychecks (through rent, side hustles, etc)
al audi
Banned
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only a $100 a month for guilt free spending??
wth
wth
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Another January, another max into the Roth 
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antidope
Supporter
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I don't deserve to spend money on things. I have debt.
al audi
Banned
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Ok I get it, true.
I mean a lot of people have debt that's life, but we need to enjoy right?
antidope
Supporter
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Not until I'm debt free. I put myself in this position and now I should be doing everything to get out of it.
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Mine was less than $50 for '15. I'm thinking about increasing it to $50 for 2016...
It's really mind over matter. Personally, aside from fast food, there's not much else that I buy.
Additionally, these days, I derive more pleasure from being financially conservative/frugal than from spending aimlessly. Furthermore, as I see it, every dollar allocated toward "guilt free spending" is a dollar less allocated toward savings, investments, debt-management, etc.
...
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al audi
Banned
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Mine was less than $50 for '15. I'm thinking about increasing it to $50 for 2016...
It's really mind over matter. Personally, aside from fast food, there's not much else that I buy.
Additionally, these days, I derive more pleasure from being financially conservative/frugal than from spending aimlessly. Furthermore, as I see it, every dollar allocated toward "guilt free spending" is a dollar less allocated toward savings, investments, debt, etc.
...
thats cool
i wont lie i dont believe in living like that but i respect it
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Mine was less than $50 for '15. I'm thinking about increasing it to $50 for 2016...
It's really mind over matter. Personally, aside from fast food, there's not much else that I buy.
Additionally, these days, I derive more pleasure from being financially conservative/frugal than from spending aimlessly. Furthermore, as I see it, every dollar allocated toward "guilt free spending" is a dollar less allocated toward savings, investments, debt, etc.
...
thats cool
i wont lie i dont believe in living like that but i respect it
It's all good. We only get one life, so you definitely gotta live it how you want.
I've seen from some of your posts that you're coming into a good amount of money. If I had that windfall coming my way, I'd be investing in some multi-families in NH, Bpt, Wtrbry, etc. Let that money work for you...
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sneaksoy
Can't think of the market in short term increments. Even though the market is down this year , historically the market has 8% returns.All sitting in my savings account earning abysmally low interest.
Atleast put that in a high interest savings account. Definitely invest that money in something.
I am the same way, only about $200-$250 of free spending everything else goes to debt. Debt paydown is my #1 priority.
Spending a bunch of money does not equal happiness and spending less money does not equal unhappiness.
2016 Financial Goals
----
-Eliminate all consumer debt by October 2016.
-Maintain a 30% savings rates
-Generate $500/mo of side hustle income
-Generate $1500/mo of rental income
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sneaksoy
Supporter
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Atleast put that in a high interest savings account. Definitely invest that money in something.
I'm well aware of what the market has done historically. I'm also well aware of what it did this past year. Averaging 8% a year is not the same as returning 8% every single year. Based on the current market, I think right now liquidity is actually a better strategy than dumping reserves into the tail end of this bull market. $100k in cash sounds like he's got some short-term options in mind.
Liquidity is a concept too many people overlook imo. Yes you should be putting small bits of money away into the market each month and count on dollar-cost averaging to make your returns strong in the long-term, but if you have $100k and potentially want to start a business in the next two years, or spend that money on something significant in the short-term, if you invest it all you risk losing a portion of those funds by the time you go to use them due to short-term market fluctuations. I do recommend a high-yield savings or even a money market account though for more short term goals, but even those returns are marginal these days. Those are highly liquid investments though.
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I know that 8% average return does not mean 8% yearly returns, obviously the market is down this year. I didn't disregard liquidity I know he has short term plans.
I would still recommend a high yield savings account for the money, haven't seen a money market that is beating 1.05% apy even with 100K which is very sad.
I would still recommend a high yield savings account for the money, haven't seen a money market that is beating 1.05% apy even with 100K which is very sad.
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How is that a humblebrag? If he said $165k then I would understand...
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Also how can we all get in on this multiple streams of income concept?
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So I out about 1000 a month in my credit unions saving account, pretty much picking up next to no interest. What are some accounts I can put that money into? Also Can someone explain some good retirement accounts to me?
I'm 22 by the way.
I'm 22 by the way.
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I've noticed everything on here is considered a humble brag, especially dealing with money
I would recommend opening up a high yield saving account. I prefer Barclays they have very good security and good returns, especially if you go with the dream account. https://www.banking.barclaysus.com/dream-account.html
Here is a site showing the best for 2016 . http://www.thesimpledollar.com/best-high-interest-savings-accounts/
