How do you control your spending?

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

How do you control your spending?

Postby Han Seo » Fri Aug 09, 2013 6:29 pm

How do you control your spending? My nephew does it by making sure he does not have more than $20 in his wallet at any one time. He is 30 this year and has managed to clear his home loan and study loan. Quite a feat.

I've recently decided to adopt this strategy and make sure I do not have more than $100 in my wallet at any one time. I do not like to use my credit card so that is not an issue. Seems to work.

What is your strategy?

Han Seo
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Re: How do you control your spending?

Postby Attolia » Fri Aug 09, 2013 6:44 pm

It's relatively easy for me. I feel bad spending money unnecessarily or buying anything too expensive. It honestly takes me about two weeks to decide to buy things like clothes, even if it's just $30. I'll go back and look at it and look at it and think about it, and if I decide I really want it, I'll get it. If I decide I can live without it, I'll forget about it. It doesn't apply to holidays, though. I figure since I'm there, might as well enjoy myself fully. Food is another weakness. Lol

It also makes me really happy seeing my savings grow, so that's also an incentive not to spend. I rarely use my credit card too.

The husband... He's the spender. But he's gotten so much better over the last few years. I've trained him well :dancing:

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Re: How do you control your spending?

Postby hquek » Fri Aug 09, 2013 6:49 pm

Plus dont bring atm card out. That helps. Each month as the salary comes in, I will transfer to an account I dont have easy access....atm card with no clue what the pin is for instance. But as the years roll by, the amount of unavoidable expenses also increase....parent allowance, kid allowance, housekeeping etc. So best to save before setting up family.

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Re: How do you control your spending?

Postby Attolia » Fri Aug 09, 2013 6:56 pm

hquek wrote:Plus dont bring atm card out. That helps. Each month as the salary comes in, I will transfer to an account I dont have easy access....atm card with no clue what the pin is for instance. But as the years roll by, the amount of unavoidable expenses also increase....parent allowance, kid allowance, housekeeping etc. So best to save before setting up family.


Yes. Every pay day I'll transfer a lump sum into my savings account and leave myself a certain amount to spend until the next pay day. Teaches me to budget carefully, because there's nothing more embarrassing than having a card decline on you. lol.

I agree with the kids thing. I don't have kids yet, but I have a mortgage, so most of the money goes into that, and I try to save most of what is left. Both of us have paid off our student loans as well, so don't have to worry about that any more. :rahrah:

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Re: How do you control your spending?

Postby Puzz...zzle » Sat Aug 10, 2013 8:53 pm

Avoid window shopping ! That's a killer!!

Puzz...zzle
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Re: How do you control your spending?

Postby bubbles_ling » Sat Aug 10, 2013 10:34 pm

Don't go out! and no online shopping.

The other way I did was to record all my expenses. I'm very lazy to record so I just skip the buying.

But I do have my weakness when comes to food. Everything also organic...and tt's really a killer.

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Re: How do you control your spending?

Postby botuckche » Wed Aug 21, 2013 8:09 am

guess you have to do a fine balance right...life is so fragile, you never know when your time is up, thus, while we work so hard, we should also not be so paranoid over savings that we forget about enjoying the rewards of our hardwork.

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Re: How do you control your spending?

Postby vinegar » Wed Aug 21, 2013 8:34 am

hb always says we shld try to earn more $$ instead of savings..

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Re: How do you control your spending?

Postby yanbros » Wed Aug 21, 2013 9:04 am

Plan a budget and stick to it. There are tons of free budget planning tools online that allow easy budgeting, planning and updating. Its now even easier to update a budget when we are constantly connected to the internet with our mobile phones.

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Re: How do you control your spending?

Postby momododo » Thu Sep 19, 2013 3:35 pm

Hi

Excellent tips by Warren Buffet:

One earning: "Never depend on single income. Make investment to create a second source".

On Spending: "If you buy things you do not need, soon you will have to sell things you need".

On Savings: "Do not save what is left after spending, but spend what is left after saving'.

On taking tisk: "Never test the depth of river with both feet".

On Investment: "Do not put all eggs in one basket".

On expectations: "Honesty is very expensive gift. Do not expect it from cheap people".

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