Who SAVES and who SPENDS?! Financial Strategy Thread.

[YesterdayAgain]

So everyone probably has different financial strategies. Some people blow money likes it's going out of style, others save like it's illegal to spend money.

I'm in the middle for the most part, but I probably spend more than I should. The only saving I do is in the form of 401k contributions, but it's growing at a healthy clip.

I would rather enjoy a portion of money now when I'm young rather than save everything and live a wealthy lifestyle when I'm in my 50's.

Discuss.

 

[Black1999Cobra]

I am in the middle as well. Right now I am saving more $$ in preparation for a kid in the future.

I feel the same way you do...I am young and am going to have some fun. I could die tomm...and it would have been worthless saving all of my $$.

 

[astrodudepsu]

I'm in the same boat as you. I will spend what money I know i can afford to spend, as long as I can still make all my bills for the future. Extra cash isn't benefiting me just sitting around. If I want something and I can afford it I will buy it, that is what money is for.

 

[ford_racer]

I have 4 dollars in my account...


TOMORROW IS PAYDAY!

 

[Misfitflesh]

Im 24, and live in socal so i dont see myself buying a house in the next 5 years or so. I spend most of my money and have a damn good time doing it. I pay all of my cc bills on time, my car payment, my boat payment, rent, cell phone and insurance. I just figure i want to have more fun at the moment being young and single, then when i am in my 50's or so.

 

[Misfitflesh]

I have 4 dollars in my account...


TOMORROW IS PAYDAY!

Are you serious?

 

[97 slowbra]

I have 4 dollars in my account...


TOMORROW IS PAYDAY!

hahaha

 

[sunburned]

I've been trying to save some money lately since I just started working full time a few months ago. My parents keep yelling at me to save money, but I might as well spend some and enjoy it while I don't have many bills to pay.

And yes, tomorrow is payday, and I don't have to work. Sweet.

 

[YesterdayAgain]

I am in the middle as well. Right now I am saving more $$ in preparation for a kid in the future.

I feel the same way you do...I am young and am going to have some fun. I could die tomm...and it would have been worthless saving all of my $$.

Exactly.

An extreme example: I bought a new 300C. I take flak from "cars as A to B transportation only" folks because it's a fairly expensive car and I could be dumping that money into my 401k or a Roth IRA. Hell, I could save like crazy now and get myself a nice Ferrari or a Ford GT like car as a retirement gift to myself if I did that, but I would rather drive the car I want now and hope I make enough in the future to get one of my dream cars later.

Crazy? Maybe.

 

[Bens4vcobra]

Exactly.

An extreme example: I bought a new 300C. I take flak from "cars as A to B transportation only" folks because it's a fairly expensive car and I could be dumping that money into my 401k or a Roth IRA. Hell, I could save like crazy now and get myself a nice Ferrari or a Ford GT like car as a retirement gift to myself if I did that, but I would rather drive the car I want now and hope I make enough in the future to get one of my dream cars later.

Crazy? Maybe.

i think as long as you have a couple thousand in your emergency fund and save 15% of your income for retirement, if you can afford it who cares. go for it.

 

[BLWN DSG]

I am putting 5% in my 401k and the company matches that 5%...plus I put half of each paycheck into an account that I try not to touch. I still spend a little but stay conservitave, I want to retire and not ever have to worry about money, and do everything I can to make sure my kids never have to want....

 

[Common]

Middle here, leaning on the saving side a bit.

There is part of me that says "you only live once" and also part that want's to be retired by 45 years of age. You can't have both.

It is a constant battle, common sense helps alot.

 

[pan7eraboyca]

I save, the wife spends!

Actually we are pretty good savers. My wife was on Maternity up until August do we are playing catchup in a few areas but still put aside a good chunk into our RRSP,s (Canadas Retirement program)every month. Now shes back to work so we are putting a lot away.

 

[FordSVTFan]

I live well below my means!

 

[Coiled03]

I'm in the middle for the most part, but I probably spend more than I should. The only saving I do is in the form of 401k contributions, but it's growing at a healthy clip.

I would rather enjoy a portion of money now when I'm young rather than save everything and live a wealthy lifestyle when I'm in my 50's.

^^^^I'm in this boat. ^^^^

 

[OCSnk]

I max out my match on 401k, then max out my Roth IRA. If I still have money left over, I go back and add more to my 401k.


I invest all that I can while still being happy with my life. I don't live like a pauper in hopes that I might live to be 95 and be wealthy then. When you are 95, you won't enjoy money like you will now!!!

 

[Biggieman]

I would rather enjoy a portion of money now when I'm young rather than save everything and live a wealthy lifestyle when I'm in my 50's.

Discuss.

I think you nailed it right here EO.
I think the key is balance. I would be miserable (sp?) if I saved every penny I made. I wouldnt be able to do the things that I love to do if I did (like stick a whipple on my cobra:rockon
On the other hand, I would be equally as miserable if I was broke (or even worse - in debt).

 

[ford_racer]

Are you serious?

As a heart attack.

 

[Common]

I live well below my means!

What are you saving it for?

I order you to work on that and instead of C6 in your car place, it will read

"ZR1 on order"................

Do it now!!!!

 

[YesterdayAgain]

As a heart attack.

Excuse me if I seem critical, but what are your plans for the future? Are you actively pursuing anything to earn a decent living one day or are you content doing what you're doing for the rest of your life?