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You obviously make enough money to support a decent lifestyle ... and don't seem way out of line on housing costs. The real issue you are facing is "Priorities." 'Saying' that you can't save anything, simply seeks to avoid responsibility for savings, which isn't really a priority with you.' That's likely because you lack long-term priorities that require savings (home, education, family, vehicle, etc). Also, I think you would be shocked at how much you are really spending on 'comfort food and drink' ... that you would really not miss, if you had some greater priorities.
Rather than focusing on the past (which you can do nothing about), recognize that 'habits are merely entrenched choices.' Make some serious future plans and choices ... and then, figure-out what you will need to save/change to accomplish them.
There is an old illustration of three masons building one-block upon another. The first is in somewhat of a catatonic state and simply going through the motions. When asked what he is doing, he replied, "I'm stacking blocks, layer, upon layer, upon layer." The second, who seemed a little more focused, yet, still unmotivated, replied, "I'm building a wall." Finally the third, who seemed upbeat, focused and motivated, replied, "I'm building a towering cathedral that will stand for hundreds of years!" .... You can go through life the same way, ... simply stacking blocks ... or with a real plan and sense of priorities and purpose.
Some items in my opinion are simple pleasures that of course if you were poor still would need to be cut out but if are doing ok I think can bring a small amount of joy to life. So for example your steak dinner out because it is also social. Possibly you could decrease the amount of times you go?
Some is adjusting to a new way that you are not used to. I am a person who loves convenience. So I tend to want to buy cut up fruits and vegetables or buy a coffee rather then make it at home. Once I get into a pattern though of taking time to cut things up it becomes easier.
Do you have a Trader Joes near? Are you buying all organic produce because some items they found there is no difference.
I would try to make small changes at first
Rent seems to be the biggest category, as it is for most. Look for lower rent, though it may increase commuting costs. You are a bit heavy in this category at 37%. The average is 33%.
I think you need to setup a budget basically and start a savings account with automatic deposit transfer. Once you start seeing what savings does it much easier as you start to feel the satisfaction of saving which last a lot longer than what you mentioned then shifting back to dissatisfaction you feel at not saving now.
Life is a combo of necessity and pleasures. I found that once I decided (I'm actually still thinking about it) to retire, I looked at money in a different light. I have always saved a large portion of my salary and I would suggest that you do the same. Then, set a goal--maybe to purchase a home, or maybe even to retire early, or buy a vacation home. Once you have a real goal that you really want to achieve, it will be easy to find ways to save.
As others have said, make your coffee at home. Get a reusable water bottle. For eating and drinking away from home, use coupons. From Groupon to Dealchicken to Valpak, you can save a lot of money by using them. Clip coupons for the grocery, and shop at your local farmers market. I really like to buy produce from the local farms in my area.
Most important is to pay yourself first, every pay day. Have it automatically deducted and you will never miss it.
you answered your question in your post
I drink only tap water, bottled water ism scam. i drink instant coffee every morning
I don't drink alcohol.
I eat out but for me 20 bucks a entree is pretty pricey.
I don't do organic, largely a scam IMO
37 of your take home on rent seems high
Quote:
Originally Posted by rawkdude1
- coffee and bottled water just about every day (love my morning fluids)
- money on alcohol (i know it sounds bad), but i like good beers and relatively cheap wine
- good steak out at a restaurant every weekend (just to get through the week) some times i lose it
- whole foods, i love shopping there, but it's just so damn expensive, i am a very healthy eater, organics
- car, love to travel, put 20,000 miles on my new car in less than 1 year of ownership
how can i be more frugal? i take home 4,000 a month (37% goes to rent), but feel like i can't save anything
I agree with the suggestion to have your savings taken out of each check via direct deposit split or another banking option. When it is set aside immediately you are much much less likey to be tempted to spend it.
I once advised a friend to do this, who was making good money, along with her husband making good money, but never had anything saved. SHe reported back to me six months later on how she was amazed at how, after a few checks, the "didn't miss it" and they had saved a good deal of money just by taking this little step.
As for the other things on your list, I agree, it is about priorities.
I will admit something horribly embarrassing: several years ago, my wife and I were hitting starbucks every morning and sometimes in the evenings too, and with my taste for lattes instead of "just coffee", we were spending something like $250 a month on friggin' starbucks! We were not in any position to be doing that, for the record. Finally we bit the bullet and found a second hand espresso machine, learned how to make stuff at home ourselves, and limited Starbucks trips to a max of 2x a month. The only time we aree "allowed" to go (by our own rules) now is when we are running late and had a long drive ahead (more than a half hour), or when it was during finals (we're both students). We now have coffee at home 99% of the time and with the money we saved we can buy good coffee to brew at home and still come out ahead.
It's about compromise, I think. Have a steak dinner out, just not every week. Do it every other week.
Find out what is important and if you don't want to budge on that, then don't. For me, that is air conditioning. I know it sounds silly but I live in an area where it is really disgustingly hot in summer and I really really like it to be very cool inside, so I ignore the "set the thermostat at 78" advice. 78 is still grossly warm to me. I like it "meat locker" style even though I KNOW that costs us extra as far as our electric bill goes. For me it's not negotiable and so I will find other ways to save money or cut back on spending. Whatever your "must" or "musts" are, do those, and then decide after that what can go on the chopping block.
I'd also rather have more time than more money to spend, and again it's a personal preference. If cutting back means more time to do what I want and less hours I have to work, I am all for it, vs. working all the time and having money but no time.
I think putting some space around those special treats makes them more special. Having something everyday makes it rather ho-hum, but having it only once a week or once a month or once a season or once a year makes it special and in my opinion more enjoyable.
Very simple. Send all your money to me and I'll waste it on my favorite things.
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