The Millionaires Club - Saving $$ challenge!

[Lyssie]

Re: The Millionaires Club - Saving $$ challenge!

One would think that you could request copies of bills from your phone company... though not sure how long it would take.

The reason there's the 41 months or whatever is because of like, a statute of limitations thing is what it says.... which is like, really stupid, but whatever... then again, if you have like, a huge cell bill, plus a bundle thing with the higher cable options, then you could like, be getting more even with just 1 year of bills...

[sadie147]

Re: The Millionaires Club - Saving $$ challenge!

I just came accross this.

American's 10 Biggest wastes of money:

http://money.aol.com/special/pummer-...21152209990001

[biogeek]

Re: The Millionaires Club - Saving $$ challenge!

How's everyone doing so far with their budget challenges??

So far, I have spent $0.00 out of my $250 monthly allowance. I'm looking forward to stashing that in my savings account. Food budget is right on track. I think I'm going to come just under $350 for the month, down from $400 from the previous month.

[Miss Phode]

Re: The Millionaires Club - Saving $$ challenge!

I still don't have access to my money so I'm doing OK. All of my accounts are frozen.

[Lyssie]

Re: The Millionaires Club - Saving $$ challenge!

Ummm.. I got paid today, and have spent around $625 of it so far... but it all fairness, it was all *bills*!! Ok, except for the $27 on hair dye.... I spent my allowance last week, but spent less on food shopping, so that evens out, right??

[boonie stomper]

Re: The Millionaires Club - Saving $$ challenge!

If I don't get off my rear and do my paperwork soon, I'll be in deep doodoo. Fuel to heat the home is double what it was last winter, plus so is the cost of gasoline, and while prices are way up on everything I buy, I didn't get a pay raise. Unfortunately, there is little left for me to cut out of my non-food related budget. And this month I've had to go way over because of car repairs. I plan to sort through the numbers this weekend, hopefully.

[sadie147]

Re: The Millionaires Club - Saving $$ challenge!

I still have about $45 left out of my 100 spending money i gave myself! I'm actually quite surprised by this. Normally i'd spend 100 in a couple of days. though we did have a storm here so i didn't get much chance to go out anywhere shopping LOL. I have a birthday party for my cousin this weekend so i'm going to have to spend a bit on a gift. But other than that I'm hoping to keep my spending to a minimum this weekend.

I still have $275 in the bank for savings, I'm hoping to have at least $200 by next friday (payday). I shouldn't need to do a full grocery shopping, probably just a few small things during the week.

[biogeek]

Re: The Millionaires Club - Saving $$ challenge!

Jen, that's great news!!! I'm very proud of you!!!!!

[sadie147]

Re: The Millionaires Club - Saving $$ challenge!

So how is everyone doing? Friday will be payday, I've managed to keep $200 in the bank, and pay off $750 on my Visa.

Now I have a challenge this pay..my manager never approved my oncall/overtime pay submission in time for pay close, so I will be about $4-500 short this pay (it will be on my next pay..along with my next oncall so it will be a larger pay). This is also my pay that my car/house insurance comes out..which is $300...so this is going to be a huge challenge for me!! if it wasn't for it being my insurance pay it wouldnt have been such a big deal....just bad timing.

Doubt I can save $200 from this pay..so my challenge this pay is to try to get thru the lack of $$ without using my credit card! This should be interesting LOL.

[higgies]

Re: The Millionaires Club - Saving $$ challenge!

Jen, That does sound like a challenge!

I have managed to cut my "Entertainment" (read: Drinking/Various leisurely activities) by 35% for the past two months! I'm very proud of this. I've recovered my Christmas spending for the most part and have been able to save and pay off some of my credit card bills.

Here's a dilemma...

Ok, so I have credit card bills. After paying them off the last time (about 4 years ago) I was very good about not using them. I paid cash for almost everything or paid something off immediately if I did use it. The current bill consists of the engagement ring and the deposit for the honeymoon, so didn't have much choice. I'm paying about $800/month to that and putting $200/month into savings. My savings is currently a little bit more than this credit card bill. I have been thinking of paying off the whole bill with my savings and then start saving $800-1000/month to recoup it. The problem is I have a fear of losing that cushion of my savings. I have a little cushion in checking as well, but not like my savings. What would you do?? The interest rates on most of the balance is about 3.9% I think. The remaining portion is about 7.9%.

[biogeek]

Re: The Millionaires Club - Saving $$ challenge!

Jen, I'll keep my fingers crossed for you on that challenge! That is bad timing about the extra pay, but in the mean time, you can think about what you're going to do with it next payday.

Higgies, my opinion would be to use savings to payoff the credit card. The cushion of savings is for emergencies, yes? If one really did happen, that's when you can use the credit card or get a loan to pay for it. You seem to be on track with your spending, so it shouldn't take long to build up your savings again.

If you're too nervous in doing that, you can figure how long it will take you to pay off your credit card at $800/month and how much interest you'll pay in that amount of time. Since I don't know your balance, let's pretend that it will take you 4 months to pay off the credit card at $800/mo and that in total, you'll pay $100 in interest. If taking the time to pay it off at the $100 price will give you peace of mind of having some savings at hand, then stay the course. If the thought of paying $100 interest makes you mad, then pay off the credit card.

[boonie stomper]

Re: The Millionaires Club - Saving $$ challenge!

So, if you use all your savings to pay the card, what about cash for emergencies that could happen when loan (or even your bank account) funds can't be obtained? Picture Y2K scenario, or other catastrophic event disrupting society...

Would it be a good idea to stash cash?

[Richt]

Re: The Millionaires Club - Saving $$ challenge!

Is there any such thing as a 0% balance transfer process in the US of A?

In the UK credit card companies offer deals, say "transfer your credit card balance to us and get 0% interest on it for a period of time".

Thats what I do and after the specific period of time has elapsed I transfer to another one. A lot of peopl do that, and it does save a lot of interest.

[Miss Phode]

Re: The Millionaires Club - Saving $$ challenge!

It can be damaging to your credit to change credit cards often. It's good to have a long standing relationship with a credit card company.

[Richt]

Re: The Millionaires Club - Saving $$ challenge!

I never knew that. I have never had a problem with a credit rating, could there be a difference between UK and US?