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Info: Young couple in their mid-20s living in NYC.
Long story short, I make decent money, but this recession has put the fear of GOD in me and while I have always saved my money, I have gone into almost over drive. I feel at peace when I can cut costs of things that we (my guy & I) don't really need. We have both had our hard times and supported each other through college. I am now finishing my last semester online and paying out of pocket and he has 2 years before he graduates from NYU.
We are lucky though because he only had to take out a 10k loan and everything else was covered by scholarship. However, I temp and that's what I need to stick to for another 5 months before I start interviewing for perm positions. I need the flexibility and the pay is good. But it's still slightly risky, so I want to put away as much money as possible.
Right now we barely have $7,000 in savings. This is NOT enough for me to feel secure. I would like a minimum of $25,000 in there at all times and after we reach a higher point, I want to start investing and build on that. Right now, I'm looking to start investing a bit because I have our bills down to less than 2k a month.
I'm torn because he has a guy friend that is older than us and much more financially secure. He works for his Dad's store and has lived at home and saved until the age of 31. We're still starting off, per se. Anyway, his friend always wants to throw these BBQs and do these exuberant things, and while I want to have fun, it stresses me because it's almost like my guy is embarrassed to say no. He'll end up making an excuse after I give him a little speech, because he realizes that we need to save, too. I have told his friend on more than one occasion that we really need to budget and I cannot spend money on BBQs and all this eating out and drinking out because I'm trying to finish college and I don't want to be in my 30s living paycheck to paycheck. It's my dream to work for myself one day. I live for it.
So basically, I feel bad because I know we are young and don't want my guy to feel like I'm depriving him of fun. He likes spending money on beer and having BBQs, I feel my stress levels go down when I save. That makes me very happy. I'm not your typical 25 year old female. It would make me very uptight to blow my money at the mall or salon and see that my savings account isn't moving.
Is there anything I can do to start off investments and start generating more money? I ordered a book to explain the basics of investments for me, but I'm hoping I don't have to be so tight with money for more than the next year. It would be nice for us to enjoy ourselves one day, but like I said..this recession has terrified me. I went for a while without working and now that I have steady work I'm trying to hang on to every last penny of mine. I resew my clothes to extend their lifetime and do all of my beauty stuff at home instead of at the spa. I cut our own hair, use coupons, etc.
-A stressed out 25 year old girl trying to earn some money and find the balance between fun and saving.
Last edited by BingCherry; 06-18-2011 at 12:14 PM..
The fun will (can) be found in the increments above what you NEED to spend in a category of the budget... but do budget for sure and as TMwNN said: budget for fun too.
Info: Young couple in their mid-20s living in NYC.
Long story short, I make decent money, but this recession has put the fear of GOD in me and while I have always saved my money, I have gone into almost over drive. I feel at peace when I can cut costs of things that we (my guy & I) don't really need. We have both had our hard times and supported each other through college. I am now finishing my last semester online and paying out of pocket and he has 2 years before he graduates from NYU.
We are lucky though because he only had to take out a 10k loan and everything else was covered by scholarship. However, I temp and that's what I need to stick to for another 5 months before I start interviewing for perm positions. I need the flexibility and the pay is good. But it's still slightly risky, so I want to put away as much money as possible.
Right now we barely have $7,000 in savings. This is NOT enough for me to feel secure. I would like a minimum of $25,000 in there at all times and after we reach a higher point, I want to start investing and build on that. Right now, I'm looking to start investing a bit because I have our bills down to less than 2k a month.
I'm torn because he has a guy friend that is older than us and much more financially secure. He works for his Dad's store and has lived at home and saved until the age of 31. We're still starting off, per se. Anyway, his friend always wants to throw these BBQs and do these exuberant things, and while I want to have fun, it stresses me because it's almost like my guy is embarrassed to say no. He'll end up making an excuse after I give him a little speech, because he realizes that we need to save, too. I have told his friend on more than one occasion that we really need to budget and I cannot spend money on BBQs and all this eating out and drinking out because I'm trying to finish college and I don't want to be in my 30s living paycheck to paycheck. It's my dream to work for myself one day. I live for it.
So basically, I feel bad because I know we are young and don't want my guy to feel like I'm depriving him of fun. He likes spending money on beer and having BBQs, I feel my stress levels go down when I save. That makes me very happy. I'm not your typical 25 year old female. It would make me very uptight to blow my money at the mall or salon and see that my savings account isn't moving.
Is there anything I can do to start off investments and start generating more money? I ordered a book to explain the basics of investments for me, but I'm hoping I don't have to be so tight with money for more than the next year. It would be nice for us to enjoy ourselves one day, but like I said..this recession has terrified me. I went for a while without working and now that I have steady work I'm trying to hang on to every last penny of mine. I resew my clothes to extend their lifetime and do all of my beauty stuff at home instead of at the spa. I cut our own hair, use coupons, etc.
-A stressed out 25 year old girl trying to earn some money and find the balance between fun and saving.
You can not turn 7000 into 25,000 any time soon. and you can not retire on 25,000.
You should, if you are married, calculate each others social security benefit based on today's rules, and your pensions through your employers, to see just how much you will have each month, without any savings.
You mention "this" recession. We came out of the recession, according to the government. A recession is defined as two or more consecutive quarters of negative GDP growth and we had that LONG ago. I know it may feel like a recession to some people, but you won't get any favors or sympathies from the government because we have been out of the recession for many months. In fact we have been out of it so long, there is talk that we might fall back into one. The final 2nd Q GDP next week is supposed to stay at a paltry 1.8%. Then we'll hear the 3rd Q estimate later on in August. Job growth took a reverse in June, as compared to May and April. The jobs report on July 8th will tell us if we are possibly headed BACK into recession. I'm sure you do not know these terms, etc. but technically, and as far as the government is concerned, and what they will do to help the economy, we have been out of recession for well over a year or more.
You can not turn 7000 into 25,000 any time soon. and you can not retire on 25,000.
You should, if you are married, calculate each others social security benefit based on today's rules, and your pensions through your employers, to see just how much you will have each month, without any savings.
You mention "this" recession. We came out of the recession, according to the government. A recession is defined as two or more consecutive quarters of negative GDP growth and we had that LONG ago. I know it may feel like a recession to some people, but you won't get any favors or sympathies from the government because we have been out of the recession for many months. In fact we have been out of it so long, there is talk that we might fall back into one. The final 2nd Q GDP next week is supposed to stay at a paltry 1.8%. Then we'll hear the 3rd Q estimate later on in August. Job growth took a reverse in June, as compared to May and April. The jobs report on July 8th will tell us if we are possibly headed BACK into recession. I'm sure you do not know these terms, etc. but technically, and as far as the government is concerned, and what they will do to help the economy, we have been out of recession for well over a year or more.
*sigh* It's so depressing. I'm just 25 and trying to get on my feet and make something of life. I feel like all of my friends and me kill ourselves trying to work and have nothing to show for it. Could it just be our age bracket? I dunno.
Sometimes it's hard when friends with more $ want to do things that you have to veto because of a lesser budget. Maybe say no and propose a low-cost alternative like, 'no we cannot have a barbecue or go out for a meal or drinks but what about a picnic in the park or on the ferry or go to a museum or art gallery opening?' 'Or a frugal/bohemian pot luck with no one bringing anything that costs over $5.00?'
Or a "save the animals" barbeque that's all veggies instead of big hunks of (expensive) animal flesh?
In other words, make frugality FUN--'cause it can be when imagination is applied instead of $$.
Sometimes it's hard when friends with more $ want to do things that you have to veto because of a lesser budget. Maybe say no and propose a low-cost alternative like, 'no we cannot have a barbecue or go out for a meal or drinks but what about a picnic in the park or on the ferry or go to a museum or art gallery opening?' 'Or a frugal/bohemian pot luck with no one bringing anything that costs over $5.00?'
Or a "save the animals" barbeque that's all veggies instead of big hunks of (expensive) animal flesh?
In other words, make frugality FUN--'cause it can be when imagination is applied instead of $$.
AWESOME IDEA, but this dude is high maintenance, unfortunately, and will have something rude to say, then I'm gonna lose my tongue and put him in his place lol. He has a good heart, but he's sort of arrogant..I think he has little man's syndrome to be honest.
Your husband hanging out with an affluent friend, whose Father owns a store--that should be viewed almost as an investment. After all, he can make job contacts thru this guy, and network. It is not like this guy is some loser, and they hang in bars.
Your husband hanging out with an affluent friend, whose Father owns a store--that should be viewed almost as an investment. After all, he can make job contacts thru this guy, and network. It is not like this guy is some loser, and they hang in bars.
Budget for fun, and lighten up.
Hate to say that you have a point here. He's not quite affluent, but he does well. I would say we live in a middle class neighborhood and he's on the path to being somewhat wealthy by the time he is 40.
Beers and barbeque is stressful? You have a long road ahead is all I can say.
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