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

[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]

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]

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]

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]

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'?

[anonymous_saver]

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.

I just wanted to note that this is a good post.

None of us has said there is anything wrong with having entertainment/fun in your life. I know I have lots of fun in my life. I just know that it is more important to pay your utilities/bills before you have fun. It is much more important to have lights in your home, than if you buy a new DVD. Secondly, you won't be able to play that DVD, if you didn't have electricity!

I also did want to say that I'm glad that you have made those plans of paying off your current debt.

We are really not trying to be judgemental here, we are only trying to give you helpful advice. If your not willing to make changes in your life, we are probably not going to be able to help you.

What kind of advice do you think would be helpful for you (from us)? Do you think listing your take home pay/bills/expenses would be helpful to you?

[anonymous_saver]

Maslow's hierarchy of needs - Wikipedia, the free encyclopedia

Check out the picture on the right hand side of this Wikipedia article. I thought it may be interesting to some that are reading this conversation. I'm not saying I necessarily agree with the entire theory, but it does bring up some good points.

[myrdale]

AccountAnalyzer welcome to the boards, I am really glad to see these post have helped you.

Basically I got a repeat of what everone else has said, and then something original.

First, before all else you need to be in the position where you are able to pay all your bills in full every month. You said the gas was paid, and electric soon. Do all you can to keep these paid off from here on out.

Second, you do not have to spend money to have FUN. Or atleast not alot of it. You mentioned in one spot about shopping for DVD's. Let me suggest you only buy used. Any video game or movie store has a used section usually for half the price or less than that of new.

Third, if you don't want to cancel the cable, fine, but look at the package you are paying for. Figure out how much of it you actually watch. What can you do with out? Try to cut back from the platinum package to atleast the gold if not the silver package. Cut out the HBO or ShowTime.

Also, have you considered a second job? Maybe just on the weekends, or three nights out of the week. Delivering pizza, waitor, anything to earn you some additional income?

Lastly please consider this. For the past 3 years I have been with out cable television. NO I do not suggest that for everyone. Additionaly I have had the same television since I was 10. I would watch DVD or play games on it. but no cable television. The color is gone but it worked great. I have put myself in a position where this past week I was able to splurge and buy a new 42" LCD TV.

My point is this, I put that particualr bit of FUN aside for a VERY long time, but it has finally REALLY paid off. I wish you the best of luck! Let us know if you hit your goal.

[myrdale]

Oh one additional thing AccountAnalyzer. It has been mentioned several times in this thread, if you want to get the most help from the people here, please post your income and as many expenses as you can. I know that may sound a little personal, but if you search though the boards, you will most likely find all that information for every person who has posted in this thread.

Don't feel ashamed or embarrassed either. With out knowning another thing about you, I rest assured that your already better off than at least 90% of the worlds population, if not more.

[CreditExpert]

start by paying off your outstanding amounts, then sit down and draw up a budget, inluding the saving to ur EF as an expense. This way you will live within your means and you will
a) have a EF
b) not have any arrear accounts

[AccountAnalyzer]

start by paying off your outstanding amounts, then sit down and draw up a budget, inluding the saving to ur EF as an expense. This way you will live within your means and you will
a) have a EF
b) not have any arrear accounts

I'm close to clearing up my outstanding amounts, right now

Emergency funds are now $200 lower than my outstanding bill balance

By June my EF should be $200 higher or more and I plan to always make it stay higher