|Money and Finance Because you have to save money to spend it on new paintball stuff!|
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|04-17-2013, 03:26 PM||#11 (permalink)|
However, I'd establish an emergency fund first before really going on a debt elimination crusade, otherwise you can wind up back where you started or possibly even worse off should something arise.
|04-18-2013, 04:44 PM||#13 (permalink)|
Interesting little blurb. I kind of already do this in my head but since I don't have a good paying, full-time gig right now, my piles are cash flow and planned spending. Wish I made enough to have the full 4 piles. Soon. Hopefully, soon.
|04-18-2013, 06:32 PM||#14 (permalink)|
Join Date: Apr 2012
Location: Hillsboro, OR
I worked in debt collections for a long while and I actually don't recommend you attack all your debt before you start saving. If you do that, you run a pretty high risk of having something happen (medical bills, car accident, blown tire, etc) and then you have no savings so you run your credit back up.
I suggest tackling your debt one bill at a time while simultaneously building a savings buffer. It also gives you the opportunity to re-train your save vs. spend habits, which are difficult to change overnight.
|04-19-2013, 01:00 PM||#15 (permalink)|
Join Date: Jan 2012
Location: Hayward, California
As of now I'm unbanked, I cash my checks through my father and take out the money and keep it in a safe. Simply because I don't make much unfortunately.
But with what little I have, I'm glad I've been kinda following the article's advice before even knowing it. I split my checks in two, one half for spending and the rest is saving. Even within the money I allow myself to spend I put money aside for things I know I'm going to need/want.
|04-20-2013, 10:20 PM||#16 (permalink)|
Debt B is a CC which is 19.99% but will be paid off in it's entirety this month.
Debt C has an interest of 6.5%
All debts are below $7k each.
username: bacreman, 100+, 100% positive
Last edited by CaptainAmerica; 04-21-2013 at 09:27 AM. Reason: fixed my own grammar
|04-21-2013, 07:57 AM||#18 (permalink)|
Join Date: Jan 2010
I'm student and don't make a ton but I've gotten in the "piles habit". Seems to help me sort where my money is going and make sure its going to the proper places.
I take 10% off the top of my paychecks and buy silver bullion to put in the safe for retirement. I've found building a balance in an account plays tricks on my mind. One minute its there, the next its gone. That and a pile of silver makes me feel like a pirate, I love just feeling its physical weight.
I donate plasma to fund fun stuff. Its not much but its what keeps me going mentally. Can also be used in short term emergencies.
Then I have the bulk of my cash flow that gets put into my checking account. From there it goes to rent, utilities, vehicle maintenance, misc. bills and a credit card that gets payed off in full each month. It has a low limit so it forces me to only use it for food, gas, textbooks and the things I honestly do need.
I suppose I should state that my student loans are interest free through my parents. Once I graduate and get a full time job getting those paid off will be priority #1.
Not glamorous but it's been working well for me.
On the subject of Holy water paintballs:
Feedback 2012 Sale WTB Thread
Last edited by HOEPER; 04-21-2013 at 08:01 AM.
|04-21-2013, 08:35 AM||#19 (permalink)|
Straight 6 DID Bust!
Join Date: Jul 2010
Location: Pace, FL
I don't have a car payment, paid cash, and I don't have a mortgage/rent because I still live at home. I also haven't ever owned a credit card or gotten a loan on anything.
This is pretty much what I follow. All of my money is in the bank, but it's divided into a few categories
savings(for bigger and better things)
emergency(for car repairs mostly at this point)
bills(cell phone, insurance, etc)
Spend(everything that I have to spend on whatever for two weeks. Paintball, girlfriend, etc.)
Before I even budget my money into different categories for the two weeks, I deduct 10% and it goes to my church.
|04-21-2013, 09:32 AM||#20 (permalink)|
Part of the Crew
Join Date: Dec 2012
You would likely do better investing in broad equity and bond index funds which pay dividends and interest as well as appreciating in price. General advice from smart finance types is keep no more than 5% of your money in commodities like precious metals.
Further, you'll be taxed on capital gains when you sell your silver. If you'd had funds in a Roth IRA or Canadian TFSA they're tax exempt on withdrawal.
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