My Goal is to have in between $3000 and $4000 in the bank on 7/1/08 so I want to ask

[AccountAnalyzer]

Originally Posted by Pitman

I definitely think the post starter's priorities are in need of changing. If he doesn't change his lifestyle a bit(cutting the cable, paying bills in full), I really don't see reaching 3K or $4K by July happening.

I'm 100% sure I will be in between $2000 and $3000 by 7/1/08 but not sure about between $3000 and $4000

[disneysteve]

Originally Posted by AccountAnalyzer

I'm 100% sure I will be in between $2000 and $3000 by 7/1/08 but not sure about between $3000 and $4000

Cut out the $200/month cable bill and that gives you another $1,000 by July.

[AccountAnalyzer]

Originally Posted by disneysteve

Cut out the $200/month cable bill and that gives you another $1,000 by July.

It's no way I can ever get rid of Cable.

[disneysteve]

Originally Posted by AccountAnalyzer

It's no way I can ever get rid of Cable.

Ok. Cut down from the $205/month plan to basic cable for, say, $40/month and save $825 by end of July.

[Seeker]

My point is that there's no way that we're going to be able to determine how this person can or cannot reach his goal....

Without his list of where the money is spent, we have nothing to judge by except his limited statements here. We have no idea how long it's taken him to reach this stage either.....

Without knowing his income, we have no idea where he can save.

It's fine to set a goal.... but what's a goal without a plan?

Until OP lists his expenses and income.... we're working blindly.

[billchrz]

You can get Directv's ultimate super duper package with the sports pack, every premium channel available, high def, and an HD-DVR for less than $100/mo. What the heck are you getting for $205 a month?

I've never actually heard of not paying your utilities in full every month...I never even knew that this was an option (a very bad one at that)

[Pitman]

Originally Posted by AccountAnalyzer

I'm 100% sure I will be in between $2000 and $3000 by 7/1/08 but not sure about between $3000 and $4000

Congrats, I guess, but why only settle for $3K, when if you plan, change a few things, and save more, you might be able to have $4K or maybe even $4.5K by July.

[srblanco7]

Please clarify if what you are saying is that you can save between 2k and 3k by July if you don't pay your utility bills in full?

[maat55]

AccountAnalyzer

You need to read a book called The Total Money Makeover by Dave Ramsey. It will give you a solid plan for your money.

Paying your food, utilities and housing in full every month are the basis of any budget. If you cannot do these things first, you need to cut back additional spending to where you can. Not paying normal bills on time is a horrible financial plan. You appear to be young, read the book above and you will have important knowledge for your future. Good luck.

[NDArmyGrrl]

Originally Posted by AccountAnalyzer

What should I do now in my current situation? I have $1000 in my savings and my cable, Gas, and electric bill total up to $660. So should I lower my account and pay the money I owe to my bills in full and start over from $500 or do I just continue to save and send partial each month?

Your question is Should I lower my account and pay my bills in full? YES you should always live within your means and pay your bills in full and on time.

Keep us posted on IF you see the light and deside to pay your bills in full, I also wonder if you are taking into account the fees for not paying your bills in full each month. You say you cant live without Cable so I do not really think you are serious about meeting your savings goal.

A quote from one of his other thread:

Originally Posted by AccountAnalyzer

Is it really true that if you have $10,000 in credit card debt and decide to

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not pay the money any longer because you know you don;t have it, does the debt really fall off your credit report after 7 years? I mean when I graduated college I have almost $10,000 in CC debt and decided to get rid of it and wait 7 or 8 years and then I applied for a new card and was approved and I'm thinking it was because of the 7 year thing. Does that really happen?

Hummmm A pattern!!!!

[Ima saver]

Paying your bills in full is your first priority!

[anonymous_saver]

I really think you need to sit down and truly look at your situation. It is not okay to not pay your bills in full because you want to have more "FUN" money. Just because your friends may do this, that doesn't matter at all. How can you seriously prioritize having a bit more fun, rather than paying your utility bills on time? It just doesn't make sense. I'm not saying you need to go on the same saving plan as any of us on this board, but your utility bills (not including cable or sport packages), rent, groceries, and necessities (shampoo, toilet paper, soap, etc.) should always be your first priorities, not having FUN.

I think you really should list your take home pay and your monthly bills/expesnes/fun/etc.

Also, are you contributing to your employers match in your 401(k)? This should always be a first priority as well.

Good luck, I really look forward to hearing what you decide to do.

[anonymous_saver]

The Money Book for the Young, Fabulous, and Broke by Suze Orman could also be an option for you. It has the extreme basics of different financial areas in your life (retirement, emergency fund, home, car, credit cards, debt, etc.).

[Aleta]

I hope that you aren't discouraged by the comments here. They're truly meant to be helpful. I have not heard of the system that you are using, although I know that you can pay equal amounts all year to you electric company. But then again, you can do that yourself. I know that alot on this forum have not heard of the way you're paying your bills

It sounds like to me that this is a course of action used by college students in order to survive while going to college and maybe it's a new trend among young people. Trust us on this forum, that system will catch up with you. It's like you are living for today and not thinking about tomorrow. Although I can tell that a light bulb is going on because you know that you need an emergency fund. If you continue reading here, you'll get a lot of tried and true ideas that will definitely help you.

Again, list all of your income. Make a list of ALL of your expenses. List any 401K plans and try to save 10% of each paycheck. That money should not be touched. I'd say 10% for reitirement and 5% for emergency funds if you want. Your funds will depend upon many things such as where you live. Do you have a rental lease or pay rent at home with family? Again, list everything including any contributions to the coffee fund or gift fund at work. These things add up.

[AccountAnalyzer]

Well my current AMEX balance is $660 and my Electric Bill is $133 so what I will do next week is Pay half of the Amex bill and pay the entire $133 and that will bring the AMEX balance to $330 and wipe out the PECO balance completely.

So on the 15th of this month, the electric and gas bill will be paid off and the American Express will be half way paid off leaving me with only these bills below

Cable-$279
Amex-$330

So in May I'm expecting to have everything paid in full

[AccountAnalyzer]

Originally Posted by anonymous_saver

I really think you need to sit down and truly look at your situation. It is not okay to not pay your bills in full because you want to have more "FUN" money. Just because your friends may do this, that doesn't matter at all. How can you seriously prioritize having a bit more fun, rather than paying your utility bills on time? It just doesn't make sense. I'm not saying you need to go on the same saving plan as any of us on this board, but your utility bills (not including cable or sport packages), rent, groceries, and necessities (shampoo, toilet paper, soap, etc.) should always be your first priorities, not having FUN.

I think you really should list your take home pay and your monthly bills/expesnes/fun/etc.

Also, are you contributing to your employers match in your 401(k)? This should always be a first priority as well.

Good luck, I really look forward to hearing what you decide to do.

Well Let me just say this, I just don't breath to go to work and pay bills and rent, I need more reasons than that to breath everyday and if that means going DVD shopping, going on a Date, or buying clothes then that's just h0how it has to be. I do understand paying your bills in full benefits in the long run which is why I'm doing it now. But you better believe that I'm not just going to not have any sort of entertainment in my life because of bills. I'm sure I'm not the only one on here who thinks that way

[disneysteve]

Originally Posted by AccountAnalyzer

Well Let me just say this, I just don't breath to go to work and pay bills and rent, I need more reasons than that to breath everyday and if that means going DVD shopping, going on a Date, or buying clothes then that's just h0how it has to be. I do understand paying your bills in full benefits in the long run which is why I'm doing it now. But you better believe that I'm not just going to not have any sort of entertainment in my life because of bills. I'm sure I'm not the only one on here who thinks that way

Sorry to say, but if you are coming here looking for people to agree with you that it is okay to be going shopping, buying DVDs and otherwise spending money on WANTS when you aren't adequately taking care of your NEEDS, you've come to the wrong place. If you place a higher priority on entertainment than on paying your bills, that is entirely up to you. Your life - your choice. Just understand that it isn't how most of us choose to live. We take care of the NEEDS first and the WANTS second.

Besides, you're missing the point. Nobody is saying you can't have entertainment in your life. TV is free or very cheap with limited basic cable. You don't have to spend $200/month for it. Internet access is free at public libraries. Many libraries also rent DVDs for free or $1 or so. Many stores also have the Red Box machines that rent DVDs for $1. Many museums have certain days of the week when admission is free. Most cities and towns have all sorts of free entertainment, concerts, educational programs, etc. that you can take advantage of. There are plenty of ways to be entertained without spending a ton of money.

[rizzmo]

Hmmm what a strange thread. Based off the above posting it seems that if you can't go without entertainment in your life, then you need to get a job that generates enough income to pay your bills, save, and cover you entertainment expenses (in that order) You need to seriously look at your spending habits as I know many people on disability/welfare/social security that are still able to pay there monthly bills, save, and have a little extra for fun. If you are looking for more advice than this you will need to post income, expenses, investments for us to help.

[AccountAnalyzer]

Originally Posted by rizzmo

Hmmm what a strange thread. Based off the above posting it seems that if you can't go without entertainment in your life, then you need to get a job that generates enough income to pay your bills, save, and cover you entertainment expenses (in that order) You need to seriously look at your spending habits as I know many people on disability/welfare/social security that are still able to pay there monthly bills, save, and have a little extra for fun. If you are looking for more advice than this you will need to post income, expenses, investments for us to help.

I have taken the advice I recieved from the posters on this board very seriously, I paid off my gas bill yesterday and half of my electric bill. And in 2 weeks I will pay the remaining half of the elcetric bill and the entire radio shack credit card balance and will request they close the account. Only need one credit card. So that means I will be basically paying NO BILLS in May but rent which will give my account a huge financial BOOST

[disneysteve]

Originally Posted by AccountAnalyzer

I have taken the advice I recieved from the posters on this board very seriously, I paid off my gas bill yesterday and half of my electric bill. And in 2 weeks I will pay the remaining half of the elcetric bill and the entire radio shack credit card balance and will request they close the account. Only need one credit card. So that means I will be basically paying NO BILLS in May but rent which will give my account a huge financial BOOST

All of this is terrific and I commend you for taking these steps. The problem I see is your priorities still seem misplaced. If you don't change your priorities and put needs ahead of wants, you will likely find yourself in the hole again in the future. If a few months down the line, things are tight again for whatever reason, what will you choose to do? Will you again choose to not pay your utility bills in full so that you can afford 'fun'?