I need to focus on getting my CC paid off - I hate using cash but my debit card is just too easy to swipe -haha
How much is reasonable to spend each week? This would be for extras , not groceries or gas. I was thinking $40?
-
I think 40 is good. If you budget that right you could definitely make that stretch.
-
What are you using it for? My goal in a given week is literally spend no money by bringing lunch, making coffee at home, etc. My downfall is online shopping on amazon and Target.
-
I agree with @psw27: I think the goal would be to spend no money outside your "budget." I'd really try and look at the things you think you will need this extra money for and try to cut them out completely so you can maximize your credit card payment.
-
I'll add, I don't mean this in a judgey way at all! Just curious to know what you're spending on so I can tell you what I would usually spend.
-
@psw27: So, I'm not sure - I just feel super nervous going from $$$ to ZERO so I thought if I gave myself some leeway it would be easier?!
I do make coffee at home and currently have both DD and SB gift cards.
I usually take DD to chic-fil-a once a week and if I'm being honest that's probably the only extra I should factor into all of this ....
-
I would use an app and actually track what you’re spending on what for a couple weeks. That might give you more of an idea on what’s reasonable or where you could cut entirely. We used Goodbudget and it was eye opening for both of us! We did it when we bought and sold our house and needed to pinch every cent for a few months to build back our savings.
-
@Mamaof2: Oh I get it! If I told myself I could spend literally nothing I would be worried I'd need money and not have any! But I always have a credit card with me so... it's dangerous. I think $40 is a good starting point and you can literally roll any extra every week into the following and use it as a pseudo bonus savings system! If you find you're only spend $20 or something then you can just get $20.
-
I think that’s reasonable as a starting place. For years I have done $100 out of the atm per month for extras. I keep the future part in a different part of my wallet, just a little in the main part, but have it for emergencies (like an unexpected cash only situation). And yes as above I love it when I don’t spend it and the next week is extra flush
-
@muffinsmuffins: That's a good idea - I have no clue where it all goes!
@psw27: @bhbee: Thanks! I'll try this for January - $40 a week and roll over extras. If i have a lot extra I'll try $20 in February
-
@Mamaof2: why don’t you track your spending for 2-3 weeks and jot all your purchases down? Then you’ll know how much you spend, where you can even cut back, and take out how much cash you really need.
-
I would do $20 for myself.
-
Agree on tracking expenses. I've used Mint for 12 years.
-
I take $100 from every paycheck and it goes to my old college account (just mine). I get paid biweekly so essentially I get $50/wk. I.solely use mine on breakfasts and lunches. I.go out to lunch daily...
It's my break from work and a treat to myself.
In the past when dh was laid off I gave it up to go towards necessities... But it works
-
In the past I have struggled when lumping too many things into the "extras" category. So I'd underbudget for it and then be freaking out by the end of the month. For example I put makeup into that category but in reality certain items I know I'm just going to "need" every so often. By working those into my budget I got a better picture of what I was spending.. of course lately I've found myself budgeting too little for house expenses.. it's always something, it seems.
To answer your question, yes, $40 seems definitely like enough for things like coffee/eating out some/ small stuff like that.
-
There is only one place that I spend money that doesn't take credit cards and that is my son's school. Everything else I pay by credit card.
I keep a few checks in my wallet if I need to buy something at the school, otherwise, I usually have only a few dollars in my wallet at any time.
-
$40 is good. I'm relieved to see a similar amount to what I budget for my personal expenses above.
-
I think it sort of depends what you are planning to buy with that $40. Personally, like others said, I budget money for makeup, clothes, and general toiletries. We also have a budget for eating out and for "fun." So, beyond that, I get $30 for the month and it's all I need. It covers a random lunch or two out, but I have budgeted elsewhere for going out with the family, and buying makeup, etc. All depends on how you structure your budget
Reply
Subscribe to our newsletter
- Google Plus
- Stumbleupon
- Twitter
- Facebook
- Pinterest
- Favorite0
17 comments