having a social life while saving money??

[Music Lover]

If you have a car an easy way to save money is to offer to be DD on occasion when out with your friends. They spend $50 on drinks and you spend $5 on pop.

When dining out eat first and just order an appetizer instead of a full meal. If anyone asks just say that you're not hungry.

[Cassius King]

You're in fine shape. Those debt numbers are not bad and you're putting a plan in place at 30yo. Set some saving goals first. If you're employer has a 401k with a match, start with investing enough to get the full match. From there I'd boost the savings or start a Roth. Don't get too aggressive though. You have only just turned 30 and have time on your side. After the above have been started, leave yourself some money on the side to have fun with. Enjoy the journey.

[Jerry1]

Quote:

Originally Posted by travelbug_ali I have never really done a budget.

Money and diets are very similar. Not sure if you’ve ever been on a diet or tried to lose weight, but when I finally got tired of being overweight, I did the weight watchers thing. The main thing I got out of WW was tracking my eating in a honest objective manor. My best example of how this helped me was that I never realized that the Jethro size bowels of cereal I was eating amounted to more like 4 servings, not the one+ I thought I was eating.

Get serious about your budget and you will indeed be better off in the long run. Maybe you can be a little more casual about it after you’ve done it for a year, but start your financial nutrition plan by strictly and honestly tracking your spending. That will help you immensely when it comes to setting goals and the priorities that go along with achieving your goals.

At 30, it’s not that important to focus on retirement. Focus on getting your debt payed off, getting serious about saving and, to the extent you can, make a lot of money. 30 to 50 are big time earning years. For me, my 40’s made the difference. Saving is great, but making a lot of money at something you enjoy is great too. Don’t neglect your career. It’s the best investment you can make.

[Badger]

Someone who is truly frugal and saving for their future should also apply this philosophy to their social life, travel, and entertainment. It should not be a problem to be creative. We went (and continue to go) to matinee movies, have company over for dinner and games, have a night out with the guys for comradery, a hamburger, and beer, wife plays a lot of tennis on a variety of teams at public tennis courts, lots of travel by camping and backpacking, attending clubs for bicycles, motorcycles, kayaking/canoeing, camping, etc. The possibilities for a frugal and fun social life are endless and only require a little thought and planning for what you enjoy.


Cheers!

[travelbug_ali]

I am so relieved that my situation is not as bad as I worried it was...lol I was legit having anxiety when I posted my entertainment numbers because I thought people would start picking at it

I was feeling bummed that I have been working for 5 years and I am worth...nothing. actually I am probably worth less than nothing I guess, moneywise. it doesn't seem like that can be true but it is

and I guess I need to find an outdoorsey BF or outdoorsey friends because I don't own anything like that. where do you put tents and canoes and stuff in an apartment?? lol

[Jeffman52]

Looking at what you posted the first thing I see is that you have a 5K emergency fund. Great work at having that set aside! Try not to go further in dept and if something comes up and you need to dip into the 5K, do so, but make sure you pay that back into your fund.

No 401K - Even if you start putting minimal amounts in there start ASAP. The beauty of retirement funds is the power of compound interest over time. I bolded "time" because its key to being able to retire early or at the very least, retire with dignity. Every year if you get a raise, put some of that into retirement savings. Since it wasnt money you had before, you wont miss it. Over a number of years you will be astounded at how much you can put away and not miss it from your budget.

Once you have retirement funds saved up, don't dip into them until you are ready to retire. One of the more common mistakes is to take loans against your 401K or to just take money early out of there and pay the taxes and penalties. Nothing short-circuits your retirement more than dipping into those funds and losing the power of compound interest on what you took out.

Last - Congratulations for thinking about this so early in life. By starting now, you can still have fun but also find yourself later in life in a good position to retire.

[Amethyst]

I have a semantics question. Is "old geezer" tautology? Can you be old without being a geezer, or vice versa?

I believe "geezer" is derived from "geyser," but I always think of "wheezer" (not Weezer) and so I imagine a geezer is someone with breathing issues.

Quote:

Originally Posted by aja8888 I'll bet to her we are ALL old geezers.

[aja8888]

Quote:

Originally Posted by Amethyst Can you be old without being a geezer, or vice versa?

Sure you can, but probably not to any 30 year old or just as a member here.

[Moemg]

You are doing great just realizing what you need to do . I would also suggest make saving a priority .Think of it as another bill . I found having the saving deducted from my paycheck really helped . I would also look for a cheaper gym . There are tons of $20 a month gyms .

[Bestwifeever]

Things I wish someone had told us early in our grownup lives:

Plan for social expenditures and use cash for them so when the cash is gone, so are you; stay far away from impulse spending situations (Target is a major impulse shopping place--don't go there if you cannot leave with only the items you went in to buy, buy them online instead); and learn that having money in the bank or invested is a thing to enjoy too.

[joeea]

Quote:

Originally Posted by travelbug_ali entertainment spending for may travel: $400 (road trip, I went through my credit card statement and I think I found most of the charges, so I rounded to this) target: $105 amazon: $52 paint and sip: $25 (groupon) concert: $88 (I bought a ticket for my friend, because she had done the same for me last time) eating out: $182 gym: $79 (do I count this?) so $852 without gym, $931 with gym. for june so far... eating out: $67 target: $22 amazon: $66 so $155, that's it! and really some of the amazon stuff is household stuff. so...thoughts? oh I need to add about my debt/savings... about $19,000 left in school debt owe about $8,000 on my car, payments are like $370 a month credit cards have maybe $2,000 on them no other debts! savings: I don't have a 401k yet but I do have almost $5,000 set aside for emergencies my ex owes me like $1500 but I assume I'm never getting that back

Yikes! If you really want to save, there are some obvious choices here.

Does your employer have a match for your 401k? Even if you decide you'd rather socialize instead of saving anything, you really should take advantage of all company match.

[mountainsoft]

Quote:

Originally Posted by travelbug_ali this has been a tough year for me...first turning 30, and then ending a LTR this winter.

Happy birthday! And sorry about the relationship, that sucks.

On the up side, you're "only" 30 so you've still got lots of time. I hadn't even thought about retirement when I was 30, so you're already ahead of the game. Start making little changes now, and as you see your savings grow you'll probably find other areas you save save a little more.

Quote:

Originally Posted by travelbug_ali I really don't see myself beekeeping or building houses or canoeing or making craft beers...those just aren't my interests. I DO need to hit more free/cheaper concerts though

Try new things, you never know what you might enjoy doing! Go for a hike, watch free movies in the park, do trivia or game nights at the local library, check out books or movies from the library, visit your local farmers market, try your hand at cooking, sewing, or crafts. Gather your friends, buy a day pass, and see where you can explore around town on mass transit.

Of course, you can always find cheaper alternatives for the interests you have now. Like to shop? Try shopping at Goodwill or garage sales. The biggest thing is not to impulse buy and/or buy things you didn't need anyway. Coupons only save money if you were buying that item anyway! Concerts? There are plenty of free concerts at parks, and live music nights at many wineries and restaurants.

Quote:

Originally Posted by travelbug_ali entertainment spending for may

I don't know what percentage of your income that is, but most of those expenses are quite reasonable. $400 for travel is great, as long as you're not doing it EVERY month. Same for your Target and Amazon shopping. The concert, eating out, and the gym are probably the more wasteful items, but again it's not a big deal unless you are doing it frequently. Set aside some "fun" money and enjoy 2 or 3 paid concerts a year, then fill in with free entertainment in between.

Quote:

Originally Posted by travelbug_ali about $19,000 left in school debt owe about $8,000 on my car, payments are like $370 a month credit cards have maybe $2,000 on them

I would scrimp as much as I could to pay off those debts as quickly as possible. You're just throwing money away on interest!

In the future, don't charge anything to your credit card unless you can pay it off in full each month. Buy used cars that you pay cash for instead of financing a new vehicle.

Overall you're looking good for 30 years old. You have more debt than I did at that age, but if you focus on paying them off you can get those out of your life in short time. The money you're paying in interest now can then go to your savings.

You don't have to change your life dramatically, little changes can make a big difference. Do the things you enjoy, but choose your spending wisely.

[Amethyst]

It's true; she would see many as worm food. I am minded of what I thought, as a teen in Florida, about the geezers (probably in their 50's, or at most 60's) who entertained themselves by trying to flirt with me. (Gahh, must I be polite to these hideous zombie potato people? ROFL)

Quote:

Originally Posted by aja8888 Sure you can, but probably not to any 30 year old or just as a member here.

[SumDay]

Quote:

I just have my entertainment spending figured out for now, but I can start looking over everything for may, everything I earned (salary so easy to figure out) and everything I spent. I'm embarrassed to say I have never really done a budget. but I know I used to spend more money, and I am trying to be better now.

Since you're probably more tech savvy than many of us here, have you tried the YNAB (You Need a Budget) app? I hear great things about it. It may make budgeting a little more fun. And it's apparently pretty precise which can be really illuminating when you see it on your screen. OMG, I spent that much on beer? If you're paying yourself first, and are getting out of debt, you won't need to worry as much about the beer budget.

You're light years ahead of most of your age group. Good on you!

[travelbug_ali]

Quote:

Originally Posted by mountainsoft Happy birthday! And sorry about the relationship, that sucks.

it was last fall but thank you!

and yes it sucked for many reasons which I will not go into here, but the financial part has been a big one...

we were living together and splitting rent so now I pay $500 more a month and I can't keep doing that I don't think

the breakup drove me into a few months were I just bought bought bought...I returned a lot of it but still. I have stuff I haven't even worn yet.

and my friends took me out for like 2 months straight (I told you they were ride or dies!) and insisted on paying for most everything but I couldn't keep letting them do that so now I'm paying my way of course

[EastWest Gal]

The sad truth is the first world is run by megacorps whose job is to sell us stuff we don’t need. Ever see an ad for lettuce or cauliflower? Raise awareness of how your spending is influenced by marketing practices.

I never could do a budget either, I’m FIRE’d and way older than you. I’ve not shopped for social purposes, though. About 7 years ago I sat down and made a spreadsheet categorizing all our spending using credit card statements and bank statements-I did a one year look back. It was very helpful and led to some simple changes which helped with ER.

Whether you budget or not, knowing how you spend and noticing what triggers spending saves money.

Now, some specific suggestions:

If you go shopping with friends, go shopping, not buying. Leave the credit cards at home, or only have one for emergencies only (car trouble, etc.) Tell your friends you’re not in need of anything specific today. You can have all the fun and no waiting at the cash register!

Alcohol is expensive. Drinking out is stupidly expensive in the US. And we drink too much. Go out for a drink, not drinks. If you socialize by drinking out, look for ways to reduce the “drinking” and stretch the “going out” part. Order a club soda or soft drink. You’ll usually get the lime or cherry, or just ask for it. Sip slowly and enjoy the company. Cutting actual alcohol consumption is both healthy and saves a lot of $$. Find a kareoke bar if you go to bars. Free entertainment or be the entertainment.

Join a meetup group. Day hiking, kayaking with a used kayak, and other meetup activities cost little. Consider a book club or a game group. Or Toastmasters, which may help your career too. Library events and free concerts are other possibilities. Most libraries have meeting rooms, where they host conversational foreign language groups and lectures and other events.

Volunteer somewhere, as has been suggested.

“Starbucks” on the cheaper:
1. Starbucks is a marketing thing. Don’t go there. At least not often.
2. Buy a plastic, reusable Starbucks cup. Use it at home, or fill it before you go out. Save 10¢ each time you buy Starbucks (not often!) if you use the cup.
3. Buy a brewed coffee “with room” and add milk/sweetener yourself.

Good luck!

[Teacher Terry]

I would pay off the CC’s from your emergency fund if you are paying interest. Contribute to your 401k. Look at where cutting expenses really won’t hurt. Can you move to a cheaper or smaller apartment? Definitely build fun money into your budget or it’s not sustainable.

[travelbug_ali]

Quote:

Originally Posted by EastWest Gal The sad truth is the first world is run by megacorps whose job is to sell us stuff we don’t need. Ever see an ad for lettuce or cauliflower? Raise awareness of how your spending is influenced by marketing practices. I never could do a budget either, I’m FIRE’d and way older than you. I’ve not shopped for social purposes, though. About 7 years ago I sat down and made a spreadsheet categorizing all our spending using credit card statements and bank statements-I did a one year look back. It was very helpful and led to some simple changes which helped with ER. Whether you budget or not, knowing how you spend and noticing what triggers spending saves money. Now, some specific suggestions: If you go shopping with friends, go shopping, not buying. Leave the credit cards at home, or only have one for emergencies only (car trouble, etc.) Tell your friends you’re not in need of anything specific today. You can have all the fun and no waiting at the cash register! Alcohol is expensive. Drinking out is stupidly expensive in the US. And we drink too much. Go out for a drink, not drinks. If you socialize by drinking out, look for ways to reduce the “drinking” and stretch the “going out” part. Order a club soda or soft drink. You’ll usually get the lime or cherry, or just ask for it. Sip slowly and enjoy the company. Cutting actual alcohol consumption is both healthy and saves a lot of $$. Find a kareoke bar if you go to bars. Free entertainment or be the entertainment. Join a meetup group. Day hiking, kayaking with a used kayak, and other meetup activities cost little. Consider a book club or a game group. Or Toastmasters, which may help your career too. Library events and free concerts are other possibilities. Most libraries have meeting rooms, where they host conversational foreign language groups and lectures and other events. Volunteer somewhere, as has been suggested. “Starbucks” on the cheaper: 1. Starbucks is a marketing thing. Don’t go there. At least not often. 2. Buy a plastic, reusable Starbucks cup. Use it at home, or fill it before you go out. Save 10¢ each time you buy Starbucks (not often!) if you use the cup. 3. Buy a brewed coffee “with room” and add milk/sweetener yourself. Good luck!

thanks!

we totally need more salad commercials! lol

I actually don't shop much with friends. amazon takes care of lots of stuff, and Tarjay the rest. I do sometimes go with a friend to Target because she lives right beside my fav one. (I would be living in a box if I lived that close to a Target)

yes drinking out is pricey. my ex used to buy pretty much everything when we went out so I got spoiled. I have never been one to accept drinks from guys though, so now I buy my own...and honestly we probably go out twice a month for drinks. I will try to limit myself to 2 next time

I could start using the library; I do like to read, and my kindle has about a million books on it already.

but please no more suggestions about hiking or kayaking or camping or whatever anymore...that is just sooooo not my thing. 100% city girl here

and to be clear that is NOT me in my avatar. I just admit to being basic! lol nothing wrong with it. I go to Starbucks maybe once a week max

[pj.mask]

For methodology I save in 401k, save my bonus and then the remaining income after spending also gets saved.

I think the myth about being young is you have to do something when you hang out with people you care about. Sometimes it’s just relaxing to be around people without the expectation of constant entertainment.

Sitting in a pool or picnic in the park going through your thoughts and feelings and occasionally having a chat with a friend is totally acceptable.

Your spending seems reasonable, if you’re worried about it I wouldn’t focus so much on reduction in spending as I would on increasing earnings. At that level I bet it is easier to get a job that pays $10k more than cut spending by $10k

[MarieIG]

First of all, kudos to you for working on this.

There are two things to look at - your income (and how you can increase it) and your expenses, and how you can decrease them.

With regard to the expenses, it seems like the rent is making you uncomfortable. Look at moving or taking a roommate - BUT, make sure that the situation is a SAFE one, even if it takes longer.

How can you increase your income? Better paying job? Extra hours, part time job? Someone mentioned volunteering, but if you have time for that - you have time for a part time job. I would then SLAM every extra penny into paying off the credit card debt; which would then give you an extra $370 to pay down your student loan. (You could also put $20 of that per month into your entertainment budget.)

Stop charging. Never mind that it is for household items. Pay cash, or use "hand-me-downs" from family or friends.

Eat BEFORE you go out. And with your good friends, tell them that you don't want to mooch; that you will be working on paying off debt for the next year or two, and are looking for budget conscious options for entertainment.