What do you spend the most money on??

[autoxer]

Originally Posted by LuxLiving

P.S. Yes, I agree, taxes are hard to control, but don't give up entirely. Find ways to work around it!! Make a game out of keeping the tax man out of your pocket!!

Absolutely. Taxes should be treated as an expense. It is one of the largest expenses and there are many ways of lowering your tax liablilty, just like there are ways of lowering all of your other expenses.

[amberfocus]

Originally Posted by LuxLiving

Hi Mimi,

I've been trying to tell my teenage son who is chomping at the bit to move out about the high cost of rent and that he needs to find a buddy to share the rent!! Of course Mom knows nothing and he knows it all. Oh well, life is sometimes all about the rude awakenings!!

In a way, it's good for your son to want to move out. At least it's better than staying at home and being a leech! At least, that's how I justify the fact that I didn't/refused to move back in with my parents after college.

I knew full well about the high cost of rent, but I was still taken by surprise. I think I assumed that I'd be able to find a good deal if I looked. But in retrospect, that was denial talking. And I did cave and found a roommate, as much as I wanted to live alone. Not only do you save on rent and utilities, you can also split the cost of furnishings and kitchen supplies. And when you don't have a car, a roommie with a car can save you from back injuries from lugging home groceries by foot. Or carpool if you both have cars and save on gas!

Originally Posted by LuxLiving

I don't know where you're at financially, but I was really surprised about how putting money back into hubbies 401-K helped us out tax wise (see some of David Bach's books).

The amount coming out works out to less than you might think if you've got some employer matching funds!

I have the option to start a 403B, except I don't qualify for employer matching funds. I'll be dumping loads in once I sign up for it, though. I just have to pick the company and the plan. Except I know nothing about either company or any of the plans. Maybe I'll flip a coin??

And thanks for the book tip! I'll definitely see if I can track it down.

Originally Posted by LuxLiving

Mimi - in my state groceries are taxed - UGH!!! "Can't eat taxes" I was just complaining to The Hubster last night! Do they tax your groceries where you live??

I'm in Connecticut. Where are you located? I believe the sales tax applies to groceries. I'm not home at the moment, so I can't check my receipts, but I'm pretty sure they're taxed. They've always been taxed...? (Wow, I really should know this, huh?)

Originally Posted by LuxLiving

So -- anyway, about twice a year when visiting relatives near our state border, I'll take a couple of hours out of our visit - run across the state line and do a great deal of bulk buying w/o taxes.

Ah, great strategy! I don't think it'll work for me, though, since my family's in New York, so I'll actually be paying *more* in sales tax there. *sigh*

Originally Posted by LuxLiving

Some suggestions when hiring on -- see what benefits you can get outside of the tax envelope - such as transportation. If they provide you a car, you're not the one paying the tax & excise on it.

Another good idea. I know there are pre-tax transportation benefits, but I'm not sure if they apply to cars. Will have to check. I don't have a car yet, but it can't hurt to know.

Originally Posted by LuxLiving

Also try to come up with your own home business and get loads of deductions that way.

Interesting! A home business? Is that something you've done?

Originally Posted by LuxLiving

In our state certain stores within certain communities have No Tax Sale Days when there is a moritorium on State and Local taxes!!

I just looked this up, and apparently CT has a tax-free week on select items in August! Hmmm... Maybe I'll finally buy myself socks!

Originally Posted by LuxLiving

P.S. Yes, I agree, taxes are hard to control, but don't give up entirely. Find ways to work around it!! Make a game out of keeping the tax man out of your pocket!!

Oh, I plan on playing the tax game! I'm just very new at this. I've been trying to learn, but haven't gotten terribly far yet. Thanks for the great ideas!

~mimi

[veronak]

I spend most of my money on CC debt and then adding to my saving accounts such as:EF Auto, New home etc

[crfga]

Internet stuff

[corns]

Traveling to and from work.

[nanamom]

Ours is eating out too, DH loves to go out. Before we were married he ate out everyday. We are trying to cut back but right now that just means cheaper places. It's a start though. Soon we will cut back to twice a week I hope.

[kateochang]

I spend mostly on my room rental, bills, food and business courses. I love going to courses and I'm hoping to make my returns later!

[fairy74]

Since this is California the answer would have to be HOUSING and that's living in a somewhat cheaper area and commuting...

[Fern]

1. Mortgage/taxes
2. Out of pocket healthcare
3. Food

[Ima saver]

Probably on cars, we have 4. My husband is a car "nut"

[luvnspnful]

here, my rent eats up 50% of my take home pay. luckily, I have my mother sharing half the rent or it would eat up ALL my pay. vancouver is almost as expensive as California now. the average 1brd apt is $800 a month in the 'Burbs. We pay $1400 for a 3 brd townhouse in the boonies.

#2- would be debt
#- car payment
#4- groceries
#5 -utilities and cell phone.

luckily I have child support to help out.....

[genmed]

Pretty equal between tuition and housing.

[DebbieL]

Luvnspnful,

I'm in Victoria - I feel your pain! I'm lucky I've been renting the same condo for 6 years now (the vacancy rate here is something ridiculous like 0.2%). When I moved in 6 years ago (as a single mother) I was paying $810 and it seemed like a real stretch for me on my income at the time. It is a 2 bedroom/2 bath condo. Now, 6 years later, not only am I lucky to have the place, but it's only $858/month (still alot in my opinion, but nowhere near the going rate of today). The housing market is insane right now, but it will come down too. It is already happening in the states, and we are not too far behind them.

[momof1in150]

1. taxes
2. rent
3. car (payment, insurance, gas, maintenance)
4. food

[shengmei]

50% Housing
25% tuition and fees
10% tithe

However much is left for food, cat supplies, insurance, and makeup palettes.

We don't make enough money to even be taxed. Ever since I lost my fellowship, I had to had student loans from the government, which makes me incredibly depressed.

[bigsaver]

Taxes, then housing, then insurance

[bigsaver]

taxes, then housing, then insurance, then gambling. Just kidding.