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Old 01-27-2011, 06:58 AM
 
10,813 posts, read 6,945,653 times
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Hi y'all, I'm a younger man and money has never been an issue with me. I've never had a lot, but I've always had some. But I'm starting to get older and I really want to start saving and investing. I was just wondering what are the basic rules and guidelines y'all live your life by? What attitudes help you succeed at living frugally and saving? Where do you save or invest your money to help it grow?

Thank you for your help.
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Old 01-27-2011, 11:50 AM
 
1,096 posts, read 3,996,980 times
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Quote:
Originally Posted by Winter_Sucks View Post
Hi y'all, I'm a younger man and money has never been an issue with me. I've never had a lot, but I've always had some. But I'm starting to get older and I really want to start saving and investing. I was just wondering what are the basic rules and guidelines y'all live your life by? What attitudes help you succeed at living frugally and saving? Where do you save or invest your money to help it grow?

Thank you for your help.
You can take frugal as far as you want but personally my feeling is many people who think they are frugal are actually cheap.

Be smart about how you spend your money, be able to differentiate and have the discipline to stick to whats a need and whats a want.

I see many people on here and in general though who will never go out with friends b/c they dont want to spend money. When you start dramatically changing and losing your quality of life in the name of saving money I think you've gone too far.

Many people on these boards say they never buy gifts for people b/c its a waste of money, again not something I'm going to do.

Some people wash plastic bags and reuse which personally I find ridiculous. A. they are not that expsive, B. your probably wasting more money in water and your time than your saving washing a sandwhich bag, and C. its just plain crazy.

Some of my frugal stuff tryning to bring my lunch to work at least 4 days a week, maybe on Friday I'll splurge and go get a sandwhich from some place I like.

Cell phone I got a flip phone with a $39 a month plan from us cellular. Would it be cool to have a droid internet touch screen phone, yes but I dont really need one and is it really worth doubling or tripling my phone bill just so I can play bejeweled or check my email while I'm in line at the bank? No.

Car, I'd love a new car, got a 10 year old camry with 185k. Tempted to get something new but just gonna drive it til the wheels fall off.

Clothes, it used to be people could really tell if you bought cheap clothes. If your mom bought your clothes at kmart it was obvious. Now stores like Target, Burlington Coat Factory, Nordstom rack have some great deals. You can get in style clothes for cheap prices and sometimes even name brand. I recently bought a pair of skater type suede shoes at kmart for $13, look the same and hold up just as well as a $60 pair of vans.

Some people refuse to ever buy name brands and say its a waste of money. I agree to a point but is it really gonna kill me to buy one lacost shirt for example? No. Stupid to have my whole closet filled but I am frugal most of the time so at times will splurge on a more expensive pair of sunglasses or shoes or something I really want.

Basically my thing is you cant take it with you when you die so be frual, save money, be responsible, make sure you have retirement and an emergency fund but dont save save save and never enjoy yourself bc whats the point of having money if you never get to enjoy it.
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Old 01-27-2011, 12:32 PM
 
11,450 posts, read 19,517,189 times
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Quote:
Originally Posted by Winter_Sucks View Post
Hi y'all, I'm a younger man and money has never been an issue with me. I've never had a lot, but I've always had some. But I'm starting to get older and I really want to start saving and investing. I was just wondering what are the basic rules and guidelines y'all live your life by? What attitudes help you succeed at living frugally and saving? Where do you save or invest your money to help it grow?

Thank you for your help.
My axioms to live by:

Pay yourself first.

Save at least 10% of your total paycheck. (If you're older bump it up)

Live below your means.

My investing strategy:

I've invested in mutual funds forever. I understand mutual funds, they aren't fancy, and they work for me. I took a quiz on investing Personal Finance: Investment Risk Tolerance Quiz

and discovered that I am a risk taker when it somes to investing. I am comfortable with a very aggressive portfolio. I am also very non-emotional when it comes to investing. I have no darlings in my portfolio.

But my biggest belief in investing? Find a strategy you feel comfortable with. Constantly changing investment strategies costs money. And pretty much, if you pick a sound strategy they all work. Consistency is the key.

We have dollar cost averaged our whole investment life. Every month, I put a set amount of money into our Schwab money market. Every month on the 18th, there is an automatic sweep of 500 bucks into a mutual fund. At the end of the year I have lots of cash to pay into our retirement funds, and our personal mutual fund has grown.

And if you can set up so it automatic, you don't have to think about your investing. I always think of it as a ME payment. You have to make it a priority, and truly think of it as a payment -- like a house payment, or a car payment or a tax payment ... a ME payment.

And if, when you work your budget, you see that you should have, say, 500 bucks a month to save, and you just can't.... start lower. Half it. Save 250. When that gets to be a non-issue, up the amount by 50 bucks.... save 300. When that gets to be a non issue, up it again.... to 350.... it might take a year or so, but you'll get to where saving 500 bucks doesn't hurt....

Good luck!
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Old 01-27-2011, 12:36 PM
 
9,384 posts, read 11,306,723 times
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Number one : " Don't spend money you don't have "...
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Old 01-27-2011, 01:32 PM
 
Location: Las Vegas
13,466 posts, read 24,305,210 times
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Amen to all of the above.

Be debt free.

Don't spend money you don't have.

Live below your means.

Learn to shop. Forget impulse purchases. Look for better quality at lower cost.
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Old 01-27-2011, 04:51 PM
 
5,506 posts, read 8,204,277 times
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Very simple:

Don't do Debt

Don't blow money on things which drastically/rapidly depreciate (New cars etc)

Decide what you want to save, and 'Pay yourself first'

Spend the rest!
(If you don't have enough $ for this you need to ether improve your offense, defense, or both.)
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Old 02-01-2011, 03:09 PM
 
Location: Murphy, NC
3,223 posts, read 8,271,834 times
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1. Take advantage of all government assistence if you fall within the income criteria etc. foodstamps, unemployment, heating assistance, tax breaks, financial aid

2. buy used

3. never ever use credit unless u are in a comfortable routine of paying it back each month, and if u do use one that will accumulate awards, like the air miles with chase
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Old 02-01-2011, 04:34 PM
 
1,096 posts, read 3,996,980 times
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Quote:
Originally Posted by dhanu86 View Post
1. Take advantage of all government assistence if you fall within the income criteria etc. foodstamps, unemployment, heating assistance, tax breaks, financial aid

2. buy used

3. never ever use credit unless u are in a comfortable routine of paying it back each month, and if u do use one that will accumulate awards, like the air miles with chase
I have to disagree with your number one. I am not making much money now an could qualify for energy assistance type stuff and other programs and assistance but I am not truly in need. I have a roomate, I can pay my bills nad buy food.

I feel taking something like that, even though I may qualify, if I am not truly in need is a scumbag thing to do. I'm potentially taking money away from some family who really needs the assistance plus I'm living off other tax payers and citizens when I'm not truly in need.

Its gaming the system. Just b/c you qualify doesn't mean you are in need and to play the system is a low life thing to do.
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Old 02-01-2011, 08:21 PM
 
193 posts, read 473,626 times
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Quote:
Originally Posted by rfr69 View Post
I'm potentially taking money away from some family who really needs the assistance plus I'm living off other tax payers and citizens when I'm not truly in need.

Its gaming the system. Just b/c you qualify doesn't mean you are in need and to play the system is a low life thing to do.
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Old 02-08-2011, 03:06 PM
 
229 posts, read 507,257 times
Reputation: 164
Thanks rfr. I do need the assistance as at 57 I am having a very hard time finding a job after I was laid off. I get heat assistance help and without that, I don't think I could make it. When I worked I never asked for any help, thinking as you do, that families who need it should get it as there are limited amounts of funding.

I'm not ashamed to take the help now and when I do find a job, will once again leave the funding for people who need it.
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