Author Topic: New Money Mustacher (wish me luck)  (Read 3865 times)

fb132

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New Money Mustacher (wish me luck)
« on: September 29, 2014, 05:49:35 AM »
So I am new to Mr Money Mustache, i bought myself YNAB in august because I wanted to start saving more than I already was and I heard good things about the program. This past month, as I was reading many different budgeting articles, I stumbled upon Mr. Money Mustache website and I love it. Now, will i become like Mr Money Mustache and save 70%+ or more of my income, I highly doubt it. But this website, the blog and the forum has convinced me I shouldn't follow anyone else's footsteps, but simply realise that life is not just about traveling and competing with family or friends on how to appear on the outside.

i like my job, so my whole journey is not to save as much money so that I can retire very early, however my goal is to save as much so that I can one day move out of my parents home and also have enough money to not even think about money anymore. Luckily I have no debts at this moments, but I am not saving as much as I should either (about 15%). However, october will be the first month I am going Mustachian...not as hardcore as some people here in this forum, but I managed to budget for 40% savings, which is a personal record for me. November will be a 3 paycheck month, so I will be also upping my savings to around 60% hopefully, but will see when I get there. So wish me luck for october :) I am going from a decent 15% savings to a whopping (for me that is) 40%. It won't be easy, but I gotta try it.

In the past, I would simply spend money on clothes, sporting events, car, travel...now I cut most of those, I will be starting to take the bus to work (it comes to 75$ a month, which is much cheaper than my car which would cost me 150-200$ a month and that is when everything was fine), I abandonned my season tickets for my home team (wasted money due to the fact I couldn't go see all the games), put a 50$ budget/month on clothes instead of spending it without having thought, as for the travel...I will reduce it from 1 trip a year to 1 trip everytime I hit a milestone (for example, I would like to take my next trip when my networth hits 100K$ which is in 2 years maybe) when it comes to my net worth. I also abandonned my Iphone cell plan with Rogers which was costing me 70$/month, I opted instead to Public Mobile, the plan is 20$/month and I get unlimited minutes on it, so that saves me 50$/month or 600$/year.

So everyone wish me luck :)
« Last Edit: September 29, 2014, 05:56:21 AM by fb132 »

pachnik

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Re: New Money Mustacher (wish me luck)
« Reply #1 on: September 29, 2014, 08:00:33 AM »
Welcome to the forum, fb132.

It sounds like you are off to a very strong start.  Keep up the good work.

Pachnik

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Re: New Money Mustacher (wish me luck)
« Reply #2 on: September 29, 2014, 04:09:08 PM »
Awesome plan!  You are going to have such a high when you see your balances and net worth increasing.  You sound like you are fairly young so congratulations on taking steps that will ensure that you are able to be financial independant at a time when most people are still working! 😃

fb132

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Re: New Money Mustacher (wish me luck)
« Reply #3 on: September 29, 2014, 06:07:08 PM »
Young???32 years old, not sure if that is young, but I regret not starting younger, id be past 100K$ by now instead of buying junk that got me nowhere. Mind you, I was never in debt, but I wasn't saving as much as I should. If I did, I would have my own place by now, but I guess I gotta start somewhere and to make me feel better, I know many people over 50 who still can't handle their finance, so maybe starting to save in my 30's is not that bad afterall.

Beric01

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Re: New Money Mustacher (wish me luck)
« Reply #4 on: September 29, 2014, 06:18:50 PM »
Welcome to the forum!

Young???32 years old, not sure if that is young, but I regret not starting younger, id be past 100K$ by now instead of buying junk that got me nowhere. Mind you, I was never in debt, but I wasn't saving as much as I should. If I did, I would have my own place by now, but I guess I gotta start somewhere and to make me feel better, I know many people over 50 who still can't handle their finance, so maybe starting to save in my 30's is not that bad afterall.

Exactly, you just have to start where you are.

I'm 24 and learned about Mustachianism this June. And yet now I'm wishing I could have known when I was 16 or earlier! Then imagine how much more I could have saved! Actually, thinking about these types of "what-if's" is a major weakness of mine.

But it's counterproductive to think about "if only I had" scenarios. You are what you are now. Just keep focusing on how you can take the next step forward towards self-improvement. See MMM's relevant post on optimism. Optimism will lead you forward!
« Last Edit: September 29, 2014, 06:31:13 PM by Beric01 »

fb132

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Re: New Money Mustacher (wish me luck)
« Reply #5 on: September 29, 2014, 06:29:01 PM »
Exactly, I have this picture in my head of me at 40 years old with no money worries and I would be giving money to charities and helping my family out (mainly my parents). That is my motivation at this moment. I like helping out and unfortunately when you are broke, you are limited on what you can do.
« Last Edit: September 29, 2014, 06:37:26 PM by fb132 »

Elderwood17

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Re: New Money Mustacher (wish me luck)
« Reply #6 on: September 29, 2014, 07:06:25 PM »
Welcome.  Your motivations seem solid and I have no doubt you can reach your goal.

Snow White

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Re: New Money Mustacher (wish me luck)
« Reply #7 on: September 29, 2014, 08:26:09 PM »
Since I am 60, 32 sounds young to me! 😘

greenmimama

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Re: New Money Mustacher (wish me luck)
« Reply #8 on: September 29, 2014, 09:38:26 PM »
Some great starts!! You are starting younger than I did, do bravo for seeing the light.