My Spending Tracked Over 10 Days. Advice Needed!

**jpg7n16** · 02-19-2011, 07:58 PM

10 days is too short to know really. And in an awkward position, because it includes Valentine's day which is not depictive of a normal 10 days.

You have no income listed. You have no housing listed. No utilities. No insurance.

A short list, and not enough data.

Have you considered using a budget software program? Several people on here use Mint.com which is free.

I use YouNeedABudget.com which I really like the interface of and it works well for me. (but isn't free)

The main reason I suggest software is that you can easily track expenses in categories, see where the big variances come, and see averages over time - so you can see improvement.

The main thing is just to find something that works for you.

**perpetuallybrokenomore** · 02-19-2011, 08:08 PM

Hi,

My income fluctuates very much, depending on how many gigs/projects I get. The only fixed income I get is from my day job in a guitar store/pro-audio studio which gets me about 2K a month. On a good month, I hit up to 3K with gigs and projects... So, it's varied.

As for housing, I rent a room. Since I am out a lot, housing, and utilities are at a bare minimal, hence I manage okay here.

I've got no insurance. Guess that's bad huh.

**jpg7n16** · 02-19-2011, 08:37 PM

What I mean is this: we don't have enough info to give you a good evaluation.

If I posted a post that said "I just spent $100 on a Valentine's day dinner. Do I spend too much of my income?"

There's no way anyone could give a definitive answer.

...which is what you've asked us to do. You only gave us a small sample of a month.

To truly improve your spending habits, you should start with the biggest monthly items first. Your listing above had a lot of 70 cents for water, or $10 for transportation. Those are minor issues. I give an example of someone who starts their journey to control spending by debating over whether they should use generic soap or brand name soap. Honestly, it doesn't matter.

And that seems like the type of thing you're trying to do - evaluate a bunch of small expenses, while ignoring the largest expenses. (namely housing, food and debts)

You only said 'I rent a room' but that doesn't tell us anything. Do you spend $400/month or $1000/month to rent that room? (hint: if your average income is around $2150/month, you shouldn't be spending more than $600/month on housing)

Plus your days above are missing something - unless you literally only eat once a day. Do you eat breakfast? How did you pay for that breakfast?

Rather than asking about your specific meal costs for 10 days, it is more helpful to you to ask:

-How much do you spend on groceries in an average month?
-How much do you spend on fast food/restaurants in an average month?
-How much do you spend on snack in an average month?

This would give you much better info on your spending habits.

On a side note - you should quit smoking, for like 100 different reasons.

**solvision** · 02-28-2011, 05:16 PM

In case you are interested. I recently quit smoking after 11yrs, with similar expenses for that to yours. I wasnt planning on it, but a friend showed a great book by Alan Carr which did the trick.

I also recently did an exercise and wrote an article about taking the money you'd save and investing it. So over the 10days you average $3.73 a day on cigarettes. If you were able to quit, or even if you didnt want to but could still find the money to save each day. Examine the following:

- $3.73 a day
- Earning 10% per annum
- Compounded daily
- Over 40yrs

When you retire you'd have approx $730,000. Pretty awesome considering you only actually saved less than $55,000. If you want to read the article, you can find it here. (But cant post it here yet, so PM if you want to read more about it)

Also, here is the calculator i use to figure these things out (Again you'll need to search google cause I cant post it here, else PM for that too). Have a play around and see the difference $1 here or 1% there makes. If you up it to $5 a day, then end figure is almost $980,000, $7.50 a day is almost $1.5million.

You have the chance now to retire very easily and still go on living the life as most people your age would. Retirement on $5 a day is very easy to do, and very easy to just forget about.

**b4freedom** · 02-28-2011, 08:30 PM

Originally posted by solvision View Post

- $3.73 a day

Not a smoker, but thought this was funny. Yesterday, I was in the store and saw three signs next to each other: one was for some generic smokes, a sign that just said "790", and one for a 25" flat screen tv. All the signs were about the same size. I said to the clerk, "790 is steep for that tv isn't it?" She turned around and looked. Then said, "Oh, no that's for the smokes, they're $7.90/pack. Want one?"
"Ohhhhh... no thanks... glad I don't smoke."
"Me too, I'd have to work here for an extra hour just to buy a pack."

**littleroc02us** · 03-01-2011, 05:21 AM

Good start. Try keeping a journal for an entire month, then at the end of the month divide the categories between needs and wants and see where your wasting away money. By writing it down it starts to make you think twice about your expenditure.

**KiwiJo09** · 03-01-2011, 05:32 AM

Personally, I think you eat out too much. I eat out once a week with my husband. And it's saved us a ridiculous amount of money. We've gone from about $500/mo on eating out to just $200/mo. You have no idea the difference it can make. And mint is great. I have it. It links directly to your accounts and downloads the transactions for you (but makes no changes to them). So you wouldn't have to project what you'll make on your next paycheck. When you get paid, it'll be downloaded automatically. That was the beginning for me of keeping track of my finances. I also keep track with a journal I bought at wal-mart for $1.67 of everything I've purchased so I don't overdraft my account. Because life costs less without overdraft fees. Also, I suggest until you get a hold of your financial status, you should drop using credit cards. It's just another way to live outside your means.

**Little House** · 03-01-2011, 12:12 PM

I wasn't able to get my finances under control until I started listing all of my expenses in an excel spreadsheet. Once I realized I was eating out too often, I was able to reign in that additional spending. Too bad I can't get my husband to quit smoking his cigars - it would save us a bunch.

**dbstylee** · 03-09-2011, 07:41 AM

live within your means or get a better paying job

**cypher1** · 03-09-2011, 10:11 AM

All I read out of that is, cigarettes cost $10? I'm no smoker, but damn! Save your $ and health at the same time.

**KennySoward** · 03-09-2011, 06:39 PM

I have to doubly agree with Solvision. I know, easier said than done. But that smoking habit is going to cost you in more ways than one.

And I also agree about creating a budget. It really is a financial mirror, and you will immediately start to see places you can cut.

**solvision** · 03-13-2011, 10:41 PM

Yeah I was lucky enough to have a friend give me a book to read (Alan Carr - Illustrated guide to quitting smoking). Haven't smoked since. BUT, you do need to actually be ready/want to quit. If you are doing it cause someone else told you do, but you dont really want to, it will have much less impact.

**jerrycates** · 03-14-2011, 05:27 AM

Whatever happens, know this: Live within your means.
From there you can already know what you can and you can't afford. Know what you need and spend on that alone. Trim on the wants, focus on the needs. That's a good start.

**jerrycates** · 03-14-2011, 05:28 AM

Whatever happens, know this: Live within your means.
From there you can already know what you can and you can't afford. Know what you need and spend on that alone. Trim on the wants, focus on the needs. That's a good start.

My Spending Tracked Over 10 Days. Advice Needed!