Author Topic: Case Study: Making 60K but can't save  (Read 8473 times)

Bracken_Joy

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Re: Case Study: Making 60K but can't save
« Reply #50 on: June 15, 2017, 06:20:53 PM »
We also need to track our spending better, and my wife gets on board, and then goes shopping two or three times in a week for the kids, on stuff they don't need, and we fall back into our regular track.  Or, we spend $500 on groceries in a month (with a quarter of beef and half a hog in the freezer already).  It can get frustrating, so I understand where you're coming from.

American?

yup

Figured us much. Whenever I see such hilariously small amounts of money being spent on food, I have to remind myself that Americans exist. Where I live spending 200$/week for a family of four is a modest budget.

I just laugh whenever I see the prices you Americans pay. Cry a little. But mostly laugh.

Exchange rate too though!

But yes, we can get crazy low groceries compared to you guys. Sorry about that. OTOH, don't you have way better standing regulations on animal welfare and food safety and stuff?
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daverobev

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Re: Case Study: Making 60K but can't save
« Reply #51 on: June 15, 2017, 07:16:40 PM »
I dunno, I'm finding Canada just fine as long as I don't go to the 'middle class' supermarkets, and stick to the no frill ones. Like, uh, No Frills.

Way cheaper than some of the supermarkets I went to in Florida.
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aroberson77

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Re: Case Study: Making 60K but can't save
« Reply #52 on: June 16, 2017, 05:25:58 AM »
Have you tried a no spend week? I found that two weeks in which we ate what was already in the house, only buying staples and gas helped us gain focus. Of course, the two important follow ups are Did anyone feel deprived or frustrated during the no spend time or did they find that the extra spending was more of a time filler? And don't just go and buy everything you just passed on over the last week!

This past week was a no spend week, and we are just buying the essential groceries this week.

wespellitmoustache

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Re: Case Study: Making 60K but can't save
« Reply #53 on: June 23, 2017, 07:46:14 AM »
Hi there,

Can I suggest you sign up to Frugalwoods Uber Frugal Month? You can sign up now and you'll get the emails. We did it in January - we were already pretty frugal, but it helped us trim further and refocus. We have only 'eaten out' three times since January (and one was our wedding...)

Steelers1982

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Re: Case Study: Making 60K but can't save
« Reply #54 on: June 26, 2017, 01:23:07 PM »
I dunno, I'm finding Canada just fine as long as I don't go to the 'middle class' supermarkets, and stick to the no frill ones. Like, uh, No Frills.

Way cheaper than some of the supermarkets I went to in Florida.

No Frills is a God send.  One of the big battles I've had to fight with my wife is getting her to shop at No Frills instead of Safeway, Sobeys and such.  The price differences are huge.

kayvent

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Re: Case Study: Making 60K but can't save
« Reply #55 on: June 26, 2017, 05:23:54 PM »
I dunno, I'm finding Canada just fine as long as I don't go to the 'middle class' supermarkets, and stick to the no frill ones. Like, uh, No Frills.

Way cheaper than some of the supermarkets I went to in Florida.

No Frills is a God send.  One of the big battles I've had to fight with my wife is getting her to shop at No Frills instead of Safeway, Sobeys and such.  The price differences are huge.

Where I live, Sobeys is the cheap alternative. There are some gourmet grocery shops and bulk options but that is it.

LadyStache in Baja

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Re: Case Study: Making 60K but can't save
« Reply #56 on: June 26, 2017, 05:59:01 PM »
Posting to see the turn-around!! Good luck!

We are also spending way more than we want to, so we've come up with a new plan. We have four different sources of income, some coming to my American account, and some earned here in Mexico. This always complicates budgeting because converting currencies is a pain.

So our new plan is that we have an american checking and american saving, and a mexican checking and mexican saving.

So each income will get split exactly in half. Half to saving, half to checking.

I'm hoping that this will help us spend only what is meant to be spent. Usually we just "do our best", and then wants (but they're good ones!) come up and we spend more than we really want.

So now, if a desire comes up, we'll have to check our checking accounts and see if there's actually enough. If not, we'll have to wait til we get more income.

Just started this method, can't wait to see how it works out.
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CptJack83

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Re: Case Study: Making 60K but can't save
« Reply #57 on: June 28, 2017, 09:03:14 AM »
My wife also stays home with the kids and the monthly "$$$??? Shopping Budget" Was a huge problem for us as well.  There is always something at Target or wherever that they "need" etc etc etc. 

What I did was tell my wife that she was in charge completely of this, making sure the kids had what they needed and that I wasn't going to look over her shoulder every day on what she spent.  We opened a separate free bank account with a debit card and we deposit $1,000/mn in there (I've heard putting the same amount in an envelope of cash works good to).  This is what we have for groceries and all discretionary shopping/misc expenses to run the household. 

This gives her  autonomy where I'm not scrutinizing every purchase but also sets a limit on what gets spent every month on these categories.   It's worked well for us...

MrsWolfeRN

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Re: Case Study: Making 60K but can't save
« Reply #58 on: June 30, 2017, 08:02:15 AM »
My wife also stays home with the kids and the monthly "$$$??? Shopping Budget" Was a huge problem for us as well.  There is always something at Target or wherever that they "need" etc etc etc. 

What I did was tell my wife that she was in charge completely of this, making sure the kids had what they needed and that I wasn't going to look over her shoulder every day on what she spent.  We opened a separate free bank account with a debit card and we deposit $1,000/mn in there (I've heard putting the same amount in an envelope of cash works good to).  This is what we have for groceries and all discretionary shopping/misc expenses to run the household. 

This gives her  autonomy where I'm not scrutinizing every purchase but also sets a limit on what gets spent every month on these categories.   It's worked well for us...

I do the same with my hubby, only instead of Target it is Harbor Freight. I transfer $500 each paycheck to his account and call it the "spousal mystery fund " for the purpose of tracking my savings and spending. Out of this he is responsible for buying most of our groceries, vehicle maintenance needs, and his gas/snacks/etc. He also has his own Robin Hood account to invest any surplus. Yes I think his spending is ridiculous and all of these categories could be cut, but this keeps the peace while allowing me to still have a really good savings rate.

BrettB6

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Re: Case Study: Making 60K but can't save
« Reply #59 on: July 03, 2017, 11:01:08 AM »
As someone has already pointed out, your largest monthly expenditure is "unaccounted-for shopping." This, along with the consumer debt is a hair-on-fire emergency. Look at some of the earliest MMM posts. There's one that suggests pre-approving EVERY expenditure that isn't a true living expense. So, if you want new racecar tires, you have to walk out of the shop, go home, and discuss it with DW. If the two of you decide you will be happier with them than without (or maybe you need them to make your living), you can go back and buy them. Same with a new bedspread or dining room table; same with a $5 leaf blower at a garage sale.

Good Luck!

Genevieve

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Re: Case Study: Making 60K but can't save
« Reply #60 on: July 05, 2017, 01:05:06 AM »
Great to see you are making changes! With your extra $40, I'd save a $1,000 emergency fund ala Dave Ramsey and then throw the dollars at the high interest rate credit cards.

Can you sell something? Do something to earn extra money? Getting that first $1k in the bank is so crucial.