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Forum ยป Living the Frugal Life *Official Thread*
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Thread: Living the Frugal Life *Official Thread*

post 1490041471 04-06-2017, 10:02 AM
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#211
  1. Tornach
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Originally Posted By Adarus⏩
I was just about to ask how it is looked upon in other countries after seeing the other posters comment on living with his parents.
It is normal in every country except America, Australia, NZ, UK and Ireland.
Rustling NPCs' jimmies without even trying crew

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Not going to be a Darkseeker crew.


RIP Duckenheimer
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post 1490044381 04-06-2017, 10:29 AM
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#212
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Originally Posted By Tornach⏩
It is normal in every country except America, Australia, NZ, UK and Ireland.
I figured it varied somewhat, it does here in the US as well though. I have several coworkers in the NJ/NY area that have built additions to their house to allow their kids to live there because otherwise the property/rent cost would force them to move off. Around where I live though most people in their mid-20s still living at home aren't being frugal saving up to move out, they just don't want to get off the tit.
MFC
post 1490051661 04-06-2017, 11:30 AM
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#213
  1. IH8RICE
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Originally Posted By Tornach⏩
How much of your paycheck do you guys have left over each month after the bills are paid?
My budget incorporates every single cent I need to spend to make ends meat and to have some fun. Normally I have 128.06 when I get paid every paycheck as extra money to do as I please( different from entertainment money). Now that I have Acorns, 25 dollars of that goes to them, and the rest is there whenever I need it. Normally I have half of it left at the beginning of a new pay period.
post 1490082191 04-06-2017, 03:12 PM
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#214
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Originally Posted By IH8RICE⏩
My budget incorporates every single cent I need to spend to make ends meat and to have some fun. Normally I have 128.06 when I get paid every paycheck as extra money to do as I please( different from entertainment money). Now that I have Acorns, 25 dollars of that goes to them, and the rest is there whenever I need it. Normally I have half of it left at the beginning of a new pay period.
With Acorns do you only get to use their funds or could you choose to have investments put towards something like one of Vanguards Index Funds? I like the idea of having purchases on my credit card rounded up and invested as a small way of always putting a little money away but a plus would be to sock it away in my Roth IRA.
MFC
post 1490083131 04-06-2017, 03:20 PM
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#215
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Do you save an emergency fund first, of pay off high interest cred card? As it is now, I'm saving just 10% and distributing everything else across the board. I'm thinking either attack the credit card and pay like $400+/month. Or save about $2k first (while making slightly more than the minimum payment on the cards)
post 1490086021 04-06-2017, 03:46 PM
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#216
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Originally Posted By Adarus⏩
With Acorns do you only get to use their funds or could you choose to have investments put towards something like one of Vanguards Index Funds? I like the idea of having purchases on my credit card rounded up and invested as a small way of always putting a little money away but a plus would be to sock it away in my Roth IRA.
I'm not sure. When I signed up, they asked me a multitude of questions and suggested a portfolio to work with my goals. They do allow you to focus your money in specific stocks though.
post 1490087651 04-06-2017, 04:01 PM
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#217
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Originally Posted By bromioso⏩
Do you save an emergency fund first, of pay off high interest cred card? As it is now, I'm saving just 10% and distributing everything else across the board. I'm thinking either attack the credit card and pay like $400+/month. Or save about $2k first (while making slightly more than the minimum payment on the cards)
How much debt are you carrying on your credit card? You can argue it both ways. Get a small emergency fund built up because if you were to lose your source of income and not have anything to make a credit card payment then late fees and interest are going to increase your debt. Or, pay off the credit card quickly and then when it's paid off you can build your emergency fund quicker.

For me I decided the chance of completely losing a source of income was slim so I spent about two and a half years with no real emergency fund but aggressively went after paying off some debt. I had a credit card, small loan of about $8000 I took when remodeling my house, and two auto loans. I paid more on the credit card first since it had the highest interest. As soon as it was paid off I took the amount I was paying monthly on the credit card and added that to the home improvement loan. Once that was done, all of that went towards the first auto loan. By the time I got to the second auto loan I was putting about $1500 towards it every month and paid it off within the year.
MFC
post 1490090531 04-06-2017, 04:27 PM
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#218
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Originally Posted By Adarus⏩
With Acorns do you only get to use their funds or could you choose to have investments put towards something like one of Vanguards Index Funds? I like the idea of having purchases on my credit card rounded up and invested as a small way of always putting a little money away but a plus would be to sock it away in my Roth IRA.
Anyone make any money off of that acorns? I rather save the remainder, and let it add up .. wish my bank would have that
I'm from the Land of Blood and Honey
post 1490092391 04-06-2017, 04:45 PM
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#219
  1. IH8RICE
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Originally Posted By Adarus⏩
How much debt are you carrying on your credit card? You can argue it both ways. Get a small emergency fund built up because if you were to lose your source of income and not have anything to make a credit card payment then late fees and interest are going to increase your debt. Or, pay off the credit card quickly and then when it's paid off you can build your emergency fund quicker.

For me I decided the chance of completely losing a source of income was slim so I spent about two and a half years with no real emergency fund but aggressively went after paying off some debt. I had a credit card, small loan of about $8000 I took when remodeling my house, and two auto loans. I paid more on the credit card first since it had the highest interest. As soon as it was paid off I took the amount I was paying monthly on the credit card and added that to the home improvement loan. Once that was done, all of that went towards the first auto loan. By the time I got to the second auto loan I was putting about $1500 towards it every month and paid it off within the year.
This is how you do it.
post 1490105081 04-06-2017, 06:49 PM
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#220
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Originally Posted By Adarus⏩
How much debt are you carrying on your credit card? You can argue it both ways. Get a small emergency fund built up because if you were to lose your source of income and not have anything to make a credit card payment then late fees and interest are going to increase your debt. Or, pay off the credit card quickly and then when it's paid off you can build your emergency fund quicker.

For me I decided the chance of completely losing a source of income was slim so I spent about two and a half years with no real emergency fund but aggressively went after paying off some debt. I had a credit card, small loan of about $8000 I took when remodeling my house, and two auto loans. I paid more on the credit card first since it had the highest interest. As soon as it was paid off I took the amount I was paying monthly on the credit card and added that to the home improvement loan. Once that was done, all of that went towards the first auto loan. By the time I got to the second auto loan I was putting about $1500 towards it every month and paid it off within the year.
CC 1 (high interest): $2k Min payment monthly: $78
CC 2 (lower interest): $2k. Min payment monthly: $53
School bill (took a class): $1,300
School #2 bill (taking a class): $2k

Obviously the schools carry the lowest interest; none at all actually. And I can pay those off later but need to pay them off by September cause I need xcripts for a program I'm applying to.

Should bring in a shade under 2k/month. No rent or groceries just personal expenses, helping out here and there, and buying myself a few things. I would rly live to pay off both cards by end of the year.

I was thinking drop $100/week on cc1 while doing minimum on everything else and putting away just 10% into savings. Then when that's paid attack cc2?

I'm not sure what long term job security will be like. But I'm good til years end
post 1490105241 04-06-2017, 06:50 PM
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#221
  1. bromioso
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Originally Posted By IH8RICE⏩
This is how you do it.
attack the cards?
post 1490106081 04-06-2017, 07:00 PM
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#222
  1. AhDo
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Originally Posted By bromioso⏩
Do you save an emergency fund first, of pay off high interest cred card? As it is now, I'm saving just 10% and distributing everything else across the board. I'm thinking either attack the credit card and pay like $400+/month. Or save about $2k first (while making slightly more than the minimum payment on the cards)
lol @ people with an emergency fund. I keep all my money in stocks/bonds

If chit hits the fan I'll just sell my bond ETFs

And if bond ETFs crash and I have to sell on a low, I've got bigger issues
( อกเฒ  อœส– อกเฒ ) That's life son ( อก อœส– อก)
post 1490111651 04-06-2017, 07:46 PM
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#223
  1. Adarus
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Originally Posted By AhDo⏩
lol @ people with an emergency fund. I keep all my money in stocks/bonds

If chit hits the fan I'll just sell my bond ETFs

And if bond ETFs crash and I have to sell on a low, I've got bigger issues
This is my next step. I started maxing out my Roth last year, still have some money building up in the bank account even with the extra principle being paid on so I need to start investing more of it.
MFC
post 1490147701 04-07-2017, 03:32 AM
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#224
  1. IH8RICE
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Originally Posted By bromioso⏩
attack the cards?
Attack the high interest first. Then double down on payments once you the first debt off. Continue doubling down until it's lol gone then take that money and invest.
post 1490155921 04-07-2017, 06:23 AM
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#225
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Right now my emergency fund is comingled with our savings for a house. The wife and I put $1500 into the house savings every month, but we realize that if we need to dip into it we have to because its our emergency funds too. There is no hurry or target date to get a home, its when our money allows us to and the right property comes our way.

Recently Obamacare fukt us and we have to pay back $2300 in subsidy credits, came out of our house savings. Its a 2 month set back but thats what it is there for.
PUBG - X1
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post 1490165821 04-07-2017, 07:58 AM
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#226
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So with my Roth IRA maxed out for the year, and looking to invest where I can start withdrawing before 55-59, am I looking at setting up an individual brokerage account and purchasing funds through it? Before 40 I'd like to step down to part time work and supplement income with earnings through investments.
MFC
post 1490184061 04-07-2017, 10:19 AM
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#227
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Originally Posted By samsbolton⏩
Christ another ashin

What is it with you canucks? This thread sucks
What's wrong with having your finances in order lmao? Guarantee my quality of life > yours
RON PAUL 2012
post 1490185041 04-07-2017, 10:25 AM
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#228
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Not sure if its been said but Dillard's always has amazing sales at the end of winter and end of summer. You can pick up very nice clothes for 70% off retail including slacks and dress shirts. You kind of just have to know the time to go and it apparently differs from store to store but the one in my town is usually around mid March and then again in mid September. Basically the only time I buy clothes.
hard to hate on a fellow wings fan but....


i need to cut... badly.
post 1490193051 04-07-2017, 11:33 AM
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#229
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Originally Posted By Adarus⏩
So with my Roth IRA maxed out for the year, and looking to invest where I can start withdrawing before 55-59, am I looking at setting up an individual brokerage account and purchasing funds through it? Before 40 I'd like to step down to part time work and supplement income with earnings through investments.
Check out acorns. Easy concept for investing, etc. you can a lot how much you want to put in and it automatically rounds up and takes the drifters de and invests that too.
post 1490495841 04-10-2017, 06:13 AM
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#230
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Originally Posted By IH8RICE⏩
Check out acorns. Easy concept for investing, etc. you can a lot how much you want to put in and it automatically rounds up and takes the drifters de and invests that too.
Its been mentioned a few times ITT.

Im going to look into it myself.
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post 1490497921 04-10-2017, 06:46 AM
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#231
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Minimalist checking in. Only spending on food/experiences and some must have neccessities. I saved a lot of money already, as a student.
Never settle
*52 books in 52 weeks crew*
post 1490509121 04-10-2017, 08:44 AM
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#232
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Originally Posted By bromioso⏩
CC 1 (high interest): $2k Min payment monthly: $78
CC 2 (lower interest): $2k. Min payment monthly: $53
School bill (took a class): $1,300
School #2 bill (taking a class): $2k

Obviously the schools carry the lowest interest; none at all actually. And I can pay those off later but need to pay them off by September cause I need xcripts for a program I'm applying to.

Should bring in a shade under 2k/month. No rent or groceries just personal expenses, helping out here and there, and buying myself a few things. I would rly live to pay off both cards by end of the year.

I was thinking drop $100/week on cc1 while doing minimum on everything else and putting away just 10% into savings. Then when that's paid attack cc2?

I'm not sure what long term job security will be like. But I'm good til years end
I would pay minimum on the 3 lowest interest and pay the rest that you can on the higher interest one. Then once that is paid off, repeat with the next highest. So CC1 > CC2 > school bill > School #2 bill (or vice versa if other one is higher)

Having an EF when you have a lower net worth is a good idea.
{Misc Fisherman Crew}
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post 1490509301 04-10-2017, 08:46 AM
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#233
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Originally Posted By Adarus⏩
So with my Roth IRA maxed out for the year, and looking to invest where I can start withdrawing before 55-59, am I looking at setting up an individual brokerage account and purchasing funds through it? Before 40 I'd like to step down to part time work and supplement income with earnings through investments.
Yep. Or max your 401k, too (there's a backdoor method where you can withdraw from 401k penalty-free before age 59.5 but it takes a few years to be able to do it).

For the brokerage account, Fidelity or Vanguard if you plan to go mutual funds
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post 1490510531 04-10-2017, 08:56 AM
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#234
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lol@people who take pride in paying massive amounts of rent when they can live rent free with their parents
post 1490513571 04-10-2017, 09:25 AM
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#235
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I just read that Payless filed for Bankruptcy and is shutting down 400 stores.

Im going to have to check out the one in my town to see if they are going away.

My $30 Champion sneakers might be going bye bye.

Will have to stock up lol.
PUBG - X1
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post 1490514451 04-10-2017, 09:33 AM
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#236
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Still not gonna make it?
post 1490556071 04-10-2017, 03:11 PM
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#237
  1. Adarus
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Originally Posted By mp83⏩
Yep. Or max your 401k, too (there's a backdoor method where you can withdraw from 401k penalty-free before age 59.5 but it takes a few years to be able to do it).

For the brokerage account, Fidelity or Vanguard if you plan to go mutual funds
Thanks man, I read a little about being able to withdraw from your 401k early but haven't gotten that far into it to understand how yet.

I have a Vanguard account now for my Roth, probably will do the same for brokerage. I was checking out a few of their funds this weekend and I'm close to being able to buy in to their Admiral shares so I may save a little longer and do that to get the lower fees. With it being funded by post-tax dollars I'm assuming you only pay taxes on your gains?
MFC
post 1490566891 04-10-2017, 04:46 PM
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#238
  1. mp83
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Originally Posted By Adarus⏩
Thanks man, I read a little about being able to withdraw from your 401k early but haven't gotten that far into it to understand how yet.

I have a Vanguard account now for my Roth, probably will do the same for brokerage. I was checking out a few of their funds this weekend and I'm close to being able to buy in to their Admiral shares so I may save a little longer and do that to get the lower fees. With it being funded by post-tax dollars I'm assuming you only pay taxes on your gains?
Correct, although you also pay taxes on dividends
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post 1490593941 04-10-2017, 08:42 PM
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#239
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Originally Posted By mp83⏩
Correct, although you also pay taxes on dividends
My bad I meant dividends as well I just lumped it all in with gains. I do understand the difference between them though, just need to read up more on how they're taxed.
MFC
post 1490595161 04-10-2017, 08:53 PM
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#240
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May join this crew next year when i leave the dorms.

Yall better still be going
I have a dream, that one day, my username will be ironic.

Chairman of the purge.

Every post by this user is made soley for the enjoyment of cia analysts.
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