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Thread: Any spending/saving rules you go by?

  1. #1

    Default Any spending/saving rules you go by?

    Back when Overtime was consistent if I could save my overtime money and use that to buy things I liked doing that as it would allow me spending money without going overboard, but the last couple years at work overtime is overall getting harder to come by.

    The exception has been that for the last few weeks there has been a lot of Overtime, apparently the biggest customer we have isn't very happy so the company had to start doing a lot of overtime to get more orders out, so I've been able to start getting 20 hours overtime each week the last few weeks and if this can keep up I should be able to keep up with my biggest hobby, otherwise I may have to be more careful with spending again.

    Any specific spending or saving rules you guys have, or are you just always cautious with spending/focused on saving?

  2. #2

    Default

    I invest 20% towards retirement and maintain around 3 months living expenses in a basic savings account as an emergency fund (used to be 6, but I feel financially stable enough and have enough other savings that I'd rather invest the remainder and access the risk of having to sell at a loss). I also keep a month's buffer in my checking account so I don't have to worry about the timing of bills.

    Not really much beyond that. Years ago when I first started working and living on my own I did the whole budgeting thing and my spending and income have more or less remained in balance automatically since then. I have a pretty good idea of what a general month should look like expense wise, and it's usually pretty obvious if I'm making some big purchase (at which point I obviously consider the financial impact).

    Also a firm believer in the idea that while saving is important you have to find a balance with enjoying life while you're young and healthy. I figure as long as you're on track with retirement savings, are paying all the bills, and arn't in any unmanaged debt.. how one spends the remainder is up to them.

  3. #3

    Default

    Live below your means. If you can afford a $300,000 house, buy a $250,000 instead. Same with cars. Cars depreciate rapidly and they usually don't last much longer than a dozen years or so anyway.

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