RFW
Certified Night Owl
- Location
- United States
There's this one quote I take to heart when I see a seemingly good deal on something I don't need.
"You save 100% by not spending."
"You save 100% by not spending."
End of year rethinking my spending habits
- Thread starter Marie5656
- Start date
Aunt Bea
SF VIP
- Location
- Near Mount Pilot
Saving is a good habit.
I believe in the old adage pay yourself first.
This month when the new SS payment kicks in I would try to save the amount of the COLA inceease before it gets lost in the monthly expenses.
IMO it helps to have a goal. That could be building a little emergency fund, paying down debt, etc…
Be realistic about the amount. Better a small amount that you can realistically manage than a large amount that is difficult or impossible to manage.
Don’t forget that we are retired. Be good to yourself and leave a little wiggle room in your budget for a few splurges.
In the end it’s all about balancing what comes in against what goes out each year.
“Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.” - Charles Dickens
OneEyedDiva
SF VIP
- Location
- New Jersey
I agree with @Pepper about not canceling your credit card. Lowering the limit and putting it in your lock box are better alternatives. I wasn't necessarily a poor money manager in my early twenties, I just didn't make enough. But despite that, I started a savings plan and stuck with it so it became ingrained in me such that when I didn't save anything, I felt weird. I'll never forget, I started with $6 a paycheck (we got paid every two weeks), then when I got a raise, I doubled that. I kept doubling it. I thought I was really doing something when I reached $25 a paycheck. LOL 
Over those years I learned to manage money very well. I haven't paid interest on anything since my mid to late twenties. Very importantly, I built up an excellent credit rating. There are definitely perks in doing so.
Marie, I think you've taken the first and second steps to more successful money management because you
1. Recognize that there is a problem that has to be corrected and took the first steps.
2. Lowered you limit and locked away your card to avoid temptation.
Congratulations on taking those much needed steps!
Over those years I learned to manage money very well. I haven't paid interest on anything since my mid to late twenties. Very importantly, I built up an excellent credit rating. There are definitely perks in doing so. Marie, I think you've taken the first and second steps to more successful money management because you
1. Recognize that there is a problem that has to be corrected and took the first steps.
2. Lowered you limit and locked away your card to avoid temptation.
Congratulations on taking those much needed steps!
Marie5656
SF VIP
- Location
- Batavia, NY
OK, it is now just after 2 AM here. I have been crunching numbers. Expenses....rent , gas, etc. I get SNAP (food) and HEAP (heat/electric). I have a couple dr appts. coming. I know I have this....just gott to sit down and have a meeting with myself remiding myself I have this.