Budgeting

[danbouck]

I'm always trying to cut costs around the house. As of right now I save about 25% of my paycheck. I'm wondering what percentage some other people save or just spend freely on anything that's not necessary.

 

With the economy the way it is I assume people are saving as much as they can.

[OhioFisherman]

A different situation for me I guess, disabled and I don`t get out much and have enough stuff now that I have trouble using, so I don`t need to add on, just fix stuff that breaks. Tank of gas can last 3 months or more. Wife works, kids work, don`t now how much more time I have to view the grass from the top so I am saving. 35% now and trying to reach 50%. House has been paid for now for a few years.

 

That will change again when my daughter starts college this fall.

[bigugli]

I'm certain you could fill a book from the suggestions on this board.

 

Easiest place to start is the grocery bill. I spend $250 for a family of 4 per month. That requires doing your homework weekly, avoiding impulse shopping, and dropping all the ready to serve/quick serve stuff from your grocery list. Drop the takeout and drop Timmies.

 

Wife and I have various health issues the past few years so we are on a very limited budget. Neither of us is in a position to be working, so the budgeting lessons we learnt years back are what keep us afloat now

[Fisherman]

There's only two main categories, NEED & WANT, NEED covers the basic necessities, food, clothes, paying the house operating costs. WANT covers everything else that might be nice to have but you don't NEED. A lot of people would be more solvent if they understood this. I would like a 40+ inch 1020P TV with blueray(just an example), but I'll make do with watching my old 26er until times improve and buy the new one cash.

[Jer]

Besides a couple hundred a month deducted from my paycheque towards RRSPs, I don't save a penny. Any extra after the bills are paid goes directly towards debt reduction (mortgage, line of credit, all credit cards are paid in full every month).

 

I just don't see the logic in saving money (at little or no interest) while still owing money (and paying interest). With only about 48K left on the mortgage, about 25K on the line of credit (at a lower rate then the mortgage) and absolutely nothing owing on my boat, truck, and Sandra's car, I like to think we are in pretty good shape.

 

(saying that, we are each putting a $100 cash away each month for a winter vacation next year)

[Radnine]

Besides a couple hundred a month deducted from my paycheque towards RRSPs, I don't save a penny. Any extra after the bills are paid goes directly towards debt reduction (mortgage, line of credit, all credit cards are paid in full every month).

 

I just don't see the logic in saving money (at little or no interest) while still owing money (and paying interest). With only about 48K left on the mortgage, about 25K on the line of credit (at a lower rate then the mortgage) and absolutely nothing owing on my boat, truck, and Sandra's car, I like to think we are in pretty good shape.

 

(saying that, we are each putting a $100 cash away each month for a winter vacation next year)

 

I'm with Jer on this (to the letter actually), any extra goes to debt reduction. My emergency stash is the equity in the house.

Congrats Dan if you manage to have 25% left over at the end of the month.

Jim

[douG]

Yup, we do the same thing, all cash goes to paying down debt, but I still manage to kick something every year into RRSPs. My wife will have a great pension (God Bless her pointed little ears), but I will have to fill mine every year. As far as a savings account that accumulates cash? Not really.