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Old 01-10-2011, 08:54 PM   #11
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Default Re: Managing Money

I think Celegorm has the right idea.
Keep two accounts.

One for spending and one for important uses like money going out once a month on mobile charges, etc, etc.

That way if you want something; you know you can break straight into the spending account without any worry.

David, even though that is true; I do feel that some things you want but don't really need can really have a positive effect on your life, even if you think you don't need them.
If I didn't buy that game I bought 10 years or so ago, I wouldn't have the positive memories from it.
But for example, a more serious one. Being a musician, sometimes I spend money on sound bundles. I don't really need the extra sounds, but if I buy one, the results tend to speak for themselves as I come up with stuff really easy with the new sets, but of course, I have enough to do me for now.
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Old 01-10-2011, 09:06 PM   #12
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Default Re: Managing Money

What I do is take my monthly wages, deduct all bills, rent etc and see how much money I have left over. I then divide that amount by 4 (4 weeks in month) and I know how much"free money", I have to spend/save through the month. Once you determine how much you want to put in savings, you'll have your disposable income to spend on whatever fun gadgets you want to buy.

After you have enough saved up you'll find you have more money to cover yourself, if you make a big purchase and go over your weekly budget because you've got money saved that you didn't spend from previous checks.
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Old 01-11-2011, 04:48 AM   #13
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Default Re: Managing Money

Good idea's guys! I Have opened a second bank account (With a Debit card though, my dad will be keeping this for me).

Quote:
What I do is take my monthly wages, deduct all bills, rent etc and see how much money I have left over. I then divide that amount by 4 (4 weeks in month) and I know how much"free money", I have to spend/save through the month. Once you determine how much you want to put in savings, you'll have your disposable income to spend on whatever fun gadgets you want to buy.

After you have enough saved up you'll find you have more money to cover yourself, if you make a big purchase and go over your weekly budget because you've got money saved that you didn't spend from previous checks.
This is now my plan haha

Quote:
It is easy, either stop making excuses for how u can spend it, or get used to being in debt lol

And for real, what possibly can a 17yr old be buying so much that bankrupts them.
So, what do u spend it on
Useless sh!t that i dont need. Magazines, fast food, video games.

Quote:
Or you could just get married .... a wife can really change your spending habits....
Not Quuuiiitteee Yet

I'm also planning on doing a cleanout of my room/shed to figure out what i dont need, sell it on ebay, then jump start my savings account.

Lets just hope i can stick to it.
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Old 01-11-2011, 05:55 AM   #14
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Default Re: Managing Money

I was like that too, It took a steady girlfriend and two kids to straighten me out.
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Old 01-11-2011, 07:29 AM   #15
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Default Re: Managing Money

Hopefully we've helped. The two accounts thing really works for me (I didn't even notice that celegorm said the same thing....LOL). Hope it works for you too.
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Old 01-11-2011, 08:47 AM   #16
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Default Re: Managing Money

Open an account that will actually make interest. Not a checking. Saving money early on is very useful with compound interest.
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Old 01-11-2011, 04:21 PM   #17
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Default Re: Managing Money

Started spending the money on me! Every dollar gets you back a thousand dollars worth of gratitude.

Best CD rate, IMO.
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Old 01-11-2011, 04:48 PM   #18
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Default Re: Managing Money

Quote:
Originally Posted by Kage View Post
I think Celegorm has the right idea.
Keep two accounts.

One for spending and one for important uses like money going out once a month on mobile charges, etc, etc.

That way if you want something; you know you can break straight into the spending account without any worry.

David, even though that is true; I do feel that some things you want but don't really need can really have a positive effect on your life, even if you think you don't need them.
If I didn't buy that game I bought 10 years or so ago, I wouldn't have the positive memories from it.
But for example, a more serious one. Being a musician, sometimes I spend money on sound bundles. I don't really need the extra sounds, but if I buy one, the results tend to speak for themselves as I come up with stuff really easy with the new sets, but of course, I have enough to do me for now.
Yeah I agree with what you are saying, I'm just talking about impulse purchases. For example if you know you want a game then go out and get it, rather than being in the store and just buying any old game you could play if round a friends first or read a review and then make an informed mature decision rather than a spur of the moment decision that could potentially be a waste of money. I know the gran turismo series is great so I plan to buy GT5 at some point which is fine but if I was in the store and I wanted to start saving as much money as I could then I would leave if a day or two.
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Old 01-11-2011, 08:20 PM   #19
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Default Re: Managing Money

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Originally Posted by superman22x View Post
Open an account that will actually make interest. Not a checking. Saving money early on is very useful with compound interest.
Depending on the checking account you'll get different APY's based on a variety of conditions. Ironically after somebody stole my debit card info and tried to use my card, I went to the bank for a replacement and found out I qualified for their top tier premier checking account that earns slightly over 3% APY, which is better than most savings accounts offer.
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Old 01-12-2011, 09:51 AM   #20
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Default Re: Managing Money

I know this isn't a banking forum, but my wife and I have a Money Market Account. We have to keep a certain amount in it, but it offers a why higher interest rate.
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