- Thread starter
- #151
[ame="http://youtube.com/watch?v=dn1u6tzwRxA"]YouTube - George Carlin - Stuff[/ame]
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I tell ya- there have been two major pieces of advice that I've gotten from this thread.
1. The tendency to just shrug this exercise off and think that it won't make a big change in your life is huge! The fact that you had said that when you did this exercise you thought the same way, but did it anyhow with big results- made me do it. I guess originally thought, "Yeah, I get it- latte factor crap. I can just skip the lattes and it's the same as doing the exercise". That, and I thought this type of exercise is more for people who have no idea about what's going on in their financial life. I mean, I pay my bills, I have money in the bank and I live within my means- so I wouldn't gain anything from this exercise. Wrong! Now that I've been doing this for 2 months, my financial life is much improved- and it's become kinda fun!
2. I had chalked up about $1100 of my first month's expenses as one time expenses because they were for furniture- so they "didn't really count". You had made the comment that every month we can justify expenses that "don't really count"- there is always some reason, birthdays, Christmas, office party, new furniture, etc. Pay attention to these- as they can really be the dark horse in your race to financial freedom!
Aha's that I've had:
1. My level of attention to my finances is good, but to get to where I want to be- it needs to be great. ...and this is just the first step.
2. This exercise is not about tracking lattes- it's about waking yourself up from financially sleepwalking.
3. The changes that you will make in your life once you "wake up" are amazing- and there is a trickle down effect.
I hope this encourages other people who are or were unmotivated to do this exercise. If you do this exercise, you will make changes in your life- consciously and subconsciously- you owe it to yourself to do this.
1. The tendency to just shrug this exercise off and think that it won't make a big change in your life is huge! The fact that you had said that when you did this exercise you thought the same way, but did it anyhow with big results- made me do it. I guess originally thought, "Yeah, I get it- latte factor crap. I can just skip the lattes and it's the same as doing the exercise". That, and I thought this type of exercise is more for people who have no idea about what's going on in their financial life. I mean, I pay my bills, I have money in the bank and I live within my means- so I wouldn't gain anything from this exercise. Wrong! Now that I've been doing this for 2 months, my financial life is much improved- and it's become kinda fun!
2. I had chalked up about $1100 of my first month's expenses as one time expenses because they were for furniture- so they "didn't really count". You had made the comment that every month we can justify expenses that "don't really count"- there is always some reason, birthdays, Christmas, office party, new furniture, etc. Pay attention to these- as they can really be the dark horse in your race to financial freedom!
Aha's that I've had:
1. My level of attention to my finances is good, but to get to where I want to be- it needs to be great. ...and this is just the first step.
2. This exercise is not about tracking lattes- it's about waking yourself up from financially sleepwalking.
3. The changes that you will make in your life once you "wake up" are amazing- and there is a trickle down effect.
I hope this encourages other people who are or were unmotivated to do this exercise. If you do this exercise, you will make changes in your life- consciously and subconsciously- you owe it to yourself to do this.
- Thread starter
- #153
Rep points for you, yveskleinsky. 
Your insights are *exactly* why I did this thread.
For years, I read books that gave me all kinds of good ideas and strategies for wealth. I felt that if I understood the concept, I had gained the value of whatever exercise the book wanted me to do.
I was wrong.
As in life, the key to success is doing. Not reading about it and thinking how cool your life will be if/when you do it.
We talk about the fastlane all the time here.
The fastlane is about doing.
Not just talking or dreaming about it.
Doing it.
-Russ H.
Your insights are *exactly* why I did this thread.
For years, I read books that gave me all kinds of good ideas and strategies for wealth. I felt that if I understood the concept, I had gained the value of whatever exercise the book wanted me to do.
I was wrong.
As in life, the key to success is doing. Not reading about it and thinking how cool your life will be if/when you do it.
We talk about the fastlane all the time here.
The fastlane is about doing.
Not just talking or dreaming about it.
Doing it.
-Russ H.
[.derail] I noticed a lot of folks mentioning they would get their hard drives out in case of a fire. Please don't. I hope that the only true asset you take out of your home is you and your loved ones (pets included). I don't believe a hard drive is worth risking your life or worse your families life over.
I have several years experience of fire response. The first 2 minutes of a fire are the most critical. Most people don't die from the fire, they die of smoke inhalation. Do you really want to risk that over a piece of plastic? There are better solutions.
They now make fire proof external hard drive cases. They can withstand 1700 degrees for 1 hour. Most home fires don't break 1000 degrees. If that plan isn't the best for you, make backup copies of your hard drive, put them in a plastic bad and then in a fireproof safe. Make sure the safe is made to keep temperatures below the melting point of plastic. Most are made for paper, which are designed to prevent combustion of paper not melting of plastic, two very different temps.
If you have photos and they are that important to you, there is an even cheaper alternative. Online storage sites are more then big enough to hold your photo album and are often times free. A scanner is $35 and you can easily scan several pictures at once.
[/derail]
Russ I know I missed the point you were trying to make, but for me the only thing I have that can't be replaced is my family and thats all I would take out. I have put everything else that I need in a fireproof safe so I can concentrate on what is important.
I have several years experience of fire response. The first 2 minutes of a fire are the most critical. Most people don't die from the fire, they die of smoke inhalation. Do you really want to risk that over a piece of plastic? There are better solutions.
They now make fire proof external hard drive cases. They can withstand 1700 degrees for 1 hour. Most home fires don't break 1000 degrees. If that plan isn't the best for you, make backup copies of your hard drive, put them in a plastic bad and then in a fireproof safe. Make sure the safe is made to keep temperatures below the melting point of plastic. Most are made for paper, which are designed to prevent combustion of paper not melting of plastic, two very different temps.
If you have photos and they are that important to you, there is an even cheaper alternative. Online storage sites are more then big enough to hold your photo album and are often times free. A scanner is $35 and you can easily scan several pictures at once.
[/derail]
Russ I know I missed the point you were trying to make, but for me the only thing I have that can't be replaced is my family and thats all I would take out. I have put everything else that I need in a fireproof safe so I can concentrate on what is important.
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- Thread starter
- #155
Bilgefisher--
We're talking about developing your PLAN, and this part examines STUFF.
That's why pets and loved ones are exempted-- we're not trying to talk about what to do in a *real* fire. We're talking about how much your STUFF rules your life.
The fire scenario is an exercise.
Nothing more.
My apologies if this was not clear.
-Russ H.
We're talking about developing your PLAN, and this part examines STUFF.
That's why pets and loved ones are exempted-- we're not trying to talk about what to do in a *real* fire. We're talking about how much your STUFF rules your life.
The fire scenario is an exercise.
Nothing more.
My apologies if this was not clear.
-Russ H.
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I'm pretty independent, and I have and do move a lot. My first move was pretty emotional- as it usually is. I was a teenager and had labeled all my boxes, "Yves s#%t". Well, it took me about 6 months to fully unpack because there was no method to the madness in the boxes. I learned pretty quickly to prioritize stuff- or you can turn into Steve Martin's character from The Jerk, where he has to move and everything is important..."All I need is this pen...and this lamp...and this desk..." lol.
After I learned my first big business lesson (and almost lost everything- but lost enough emotionally) that I upped and moved to Italy for 6 months. I had never been there before, and knew no one. I just needed to get away. I refi'd my home and took off. I took only one suitcase and packed the rest in boxes that I left in the garage. I took about 3 photos, 10 CDs and my purse. A lesson I learned when I was trecking thru Europe, was- not if I could use whatever item I wanted to buy- but would I use it enough to carry it on my back for a month? My rule of thumb then, was if I wasn't going to use or wear it more than 3 times in a week it wasn't worth it. Things get heavy after awhile when they are strapped to you back for hours on end!
...As long as I have $20 in my pocket, my cell phone, a credit card and at least half a tank of gas I don't worry. Stuff isn't important to me- the memories, experiences and friends I've made along the way trump anything I've ever owned.
After I learned my first big business lesson (and almost lost everything- but lost enough emotionally) that I upped and moved to Italy for 6 months. I had never been there before, and knew no one. I just needed to get away. I refi'd my home and took off. I took only one suitcase and packed the rest in boxes that I left in the garage. I took about 3 photos, 10 CDs and my purse. A lesson I learned when I was trecking thru Europe, was- not if I could use whatever item I wanted to buy- but would I use it enough to carry it on my back for a month? My rule of thumb then, was if I wasn't going to use or wear it more than 3 times in a week it wasn't worth it. Things get heavy after awhile when they are strapped to you back for hours on end!
...As long as I have $20 in my pocket, my cell phone, a credit card and at least half a tank of gas I don't worry.
Stuff isn't important to me- the memories, experiences and friends I've made along the way trump anything I've ever owned.
so far I have cut $40 per month off of my Cell phone Bill and $13 per month off of my auto insurance bill
that is saving me $636 per year :banana: just from doing this exercise!
now to go through variable expenses :coffee: and make some cuts
Thanks Russ
that is saving me $636 per year :banana: just from doing this exercise!
now to go through variable expenses :coffee: and make some cuts
Thanks Russ
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You were clear. I think I'm just being thick headed. I read things to literally. That said, I still can't imagine anything I own that I must have. I guess I would take my safe that has some irreplaceable keepsakes in it.My apologies if this was not clear.
-Russ H.
Russ,
I think you are a spy! I cannot believe that THIS is the next part of this exercise. You are writing my last 7 years life's events! Of course we did not HAVE to move, but we made a choice TO move...across the country. The timing was right, but if we were going to do it, we had to do it then because 30 days later would not work at all. So, we did it, we moved. In less than a month we planned the move, resigned and transfered control of things that we were responsible for there, placed things in storage (we still don't have THAT "stuff"), packed and left. Our friends did not believe us when we told them we were leaving. Many never even got to say goodbye. And then we were gone!
I'll post what we brought soon. That was a year and a half ago.
I think you are a spy! I cannot believe that THIS is the next part of this exercise. You are writing my last 7 years life's events! Of course we did not HAVE to move, but we made a choice TO move...across the country. The timing was right, but if we were going to do it, we had to do it then because 30 days later would not work at all. So, we did it, we moved. In less than a month we planned the move, resigned and transfered control of things that we were responsible for there, placed things in storage (we still don't have THAT "stuff"), packed and left. Our friends did not believe us when we told them we were leaving. Many never even got to say goodbye. And then we were gone!
I'll post what we brought soon. That was a year and a half ago.
- Thread starter
- #160
wildambitions-
If any of the exercises have stopped people from moving forward, this is the one. It requires the most time-- and its often *so* revealing that people stop once they get started.
All that stuff shows them things about themselves that they just didn't notice before.
And as you now know, there are some real (huge) revelations in this exercise.
The first one comes as soon as you're about half way through documenting everything you own.
-Russ H.
If any of the exercises have stopped people from moving forward, this is the one. It requires the most time-- and its often *so* revealing that people stop once they get started.
All that stuff shows them things about themselves that they just didn't notice before.
And as you now know, there are some real (huge) revelations in this exercise.
The first one comes as soon as you're about half way through documenting everything you own.
-Russ H.
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Jorge
Bronze Contributor
Russ, one question. Since I live with my parents and will do for a while, should I list what they own that I also use?
rcardin
Contributor
Russ
Couple of quick questions that make a difference as to what I take.
1. Do I still have the income that I have now?
2. Am I being downsized in life or is this a lateral move?
I can pack up my travel trailer, a laptop, small tv and DJ gear and be gone. Gives me a place to live, a way to communicate, tv for entertainment, and DJ gear for income. Not sure how the wife and kid would feel about it though.:boxing_smiley:
Rick
Couple of quick questions that make a difference as to what I take.
1. Do I still have the income that I have now?
2. Am I being downsized in life or is this a lateral move?
I can pack up my travel trailer, a laptop, small tv and DJ gear and be gone. Gives me a place to live, a way to communicate, tv for entertainment, and DJ gear for income. Not sure how the wife and kid would feel about it though.:boxing_smiley:
Rick
- Thread starter
- #163
Jorge-
Just what is "yours". You may want to start a separate list of the things you use daily that you would need to replace if you were not living w/your parents. This becomes a good "starter list" for what you'll need when you move out of their house.
rcardin-
I'm assuming you're asking about the "what I'd grab in a fire" question.
If you're asking about the most recent exercise, this is not a paring down-- its a "WHAT I HAVE" exercise--- documenting EVERYTHING you own (or lease
).
And BflBob, before you ask, wives don't count-- even if you *do* have a written lease arrangement! :eusa_naughty:
All of the answers here are based on MOVING FORWARD. If moving forward for you means with your wife and kids, then that is what should be driving your decisions.
-Russ H.
Just what is "yours". You may want to start a separate list of the things you use daily that you would need to replace if you were not living w/your parents. This becomes a good "starter list" for what you'll need when you move out of their house.
rcardin-
I'm assuming you're asking about the "what I'd grab in a fire" question.
If you're asking about the most recent exercise, this is not a paring down-- its a "WHAT I HAVE" exercise--- documenting EVERYTHING you own (or lease
).And BflBob, before you ask, wives don't count-- even if you *do* have a written lease arrangement! :eusa_naughty:
All of the answers here are based on MOVING FORWARD. If moving forward for you means with your wife and kids, then that is what should be driving your decisions.
-Russ H.
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Russ,
2 quick clarifications questions.
1) If I don't take my books (one of my FAV things)...am I allowed to read the same book at the library as long as I keep my free library card?
2) I suppose I need to consider things my fiancee can't live without also, right? I mean, I might be able to live with a few sets of clothes, my mountain bike and books. But my fiancee and I differ a bit on what the "most" important things are in terms of stuff. I'm a minimalist, but she likes to feel comfortable in her home which means a bed, pillows, etc.
2 quick clarifications questions.
1) If I don't take my books (one of my FAV things)...am I allowed to read the same book at the library as long as I keep my free library card?
2) I suppose I need to consider things my fiancee can't live without also, right? I mean, I might be able to live with a few sets of clothes, my mountain bike and books. But my fiancee and I differ a bit on what the "most" important things are in terms of stuff. I'm a minimalist, but she likes to feel comfortable in her home which means a bed, pillows, etc.
Last edited:
- Thread starter
- #165
Stop the presses!
Hey, I need to clarify something important:
I'm not suggesting any of you pare down to absolute minimal essentials.
That's what I did, initially. And I like living simply.
But I have LOADS of extra cr*p in my life these days (over 3000 square feet of stuff in boxes I don't use).
So again-- what I'm asking all to do in this exercise is document what you have now.
Your stuff.
Then, after you've taken inventory, look at what you have that enriches your life.
If there are things that are essential to your GF and you plan on continuing to be together (a good bet, since you're engaged ), then you can look at things that are essential for her happiness-- but only insofar as she is willing to share these thoughts with you.
Most folks never go through this level of analyzing their "stuff"-- and I would never ask anyone to do it who was not personally motivated and committed to developing their PLAN.
In other words, work on your own stuff, and share your process. If any family members are interested in doing the exercises as well, then that's great. But I would never ask- or expect this-- of anyone.
-Russ H.
Hey, I need to clarify something important:
I'm not suggesting any of you pare down to absolute minimal essentials.
That's what I did, initially. And I like living simply.
But I have LOADS of extra cr*p in my life these days (over 3000 square feet of stuff in boxes I don't use).
So again-- what I'm asking all to do in this exercise is document what you have now.
Your stuff.
Then, after you've taken inventory, look at what you have that enriches your life.
If there are things that are essential to your GF and you plan on continuing to be together (a good bet, since you're engaged
), then you can look at things that are essential for her happiness-- but only insofar as she is willing to share these thoughts with you. Most folks never go through this level of analyzing their "stuff"-- and I would never ask anyone to do it who was not personally motivated and committed to developing their PLAN.
In other words, work on your own stuff, and share your process. If any family members are interested in doing the exercises as well, then that's great. But I would never ask- or expect this-- of anyone.
-Russ H.
Sorry Russ...the wifey can fend for herself:smx9:
I'm thinking more of helping my miniature 'toy' donkey.
Cuddles is only 28" tall, and weighs in at just 38 pounds.
So, in the case of a fire, I'd grab my laptop, my meds, and a little a$$.
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rcardin
Contributor
First step in the plan and budget done. Consolidated credit cards and cut them up this weekend. 49 months to pay off now rather than 15 years. Cut the budget from $1010 a month on CC to $510 for consolidation loan.
- Thread starter
- #168
Big steps, rcardin.
Were you able to cut the monthly payments (via the consolidation loan) b/c the interest rate is lower?
(just curious)
-Russ H.
Were you able to cut the monthly payments (via the consolidation loan) b/c the interest rate is lower?
(just curious)
-Russ H.
Congrats on taking this important step.
Remember not to 'close' the credit card accounts. Keep them open to maintain/improve your credit score.
When you close your accounts you reduce the 'age' of your credit history, plus reduce the credit availability. This will affect negatively your score.
I heard this morning that FICO scores will be re-evaluated to use a different formula, but I do not know the details just yet. In any case, keep the accounts open for the time being.
But hey, Credit Scores is another topic, so [end of Hijack]. Russ, back to you.
Remember not to 'close' the credit card accounts. Keep them open to maintain/improve your credit score.
When you close your accounts you reduce the 'age' of your credit history, plus reduce the credit availability. This will affect negatively your score.
I heard this morning that FICO scores will be re-evaluated to use a different formula, but I do not know the details just yet. In any case, keep the accounts open for the time being.
But hey, Credit Scores is another topic, so [end of Hijack]. Russ, back to you.
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rcardin
Contributor
Problem was we had 12 accounts with anywhere from 500.00 - 6500.00 on them. Consolidated 21k and change into a 5 year payoff with 6 months at 6% and the rest at 15%. APR on the cards ranged from 8.99-24.99%. So I guess it averaged about 15%. Since it is 6% for the first 6 months it changed the length of the loan from 60 to 49 months.
It's a start.
Tomorrow is our once a month payday so we will sit down and look at our spending habits for the last month. Hopefully we will see that our beer/smokes habit has been cut in half. We are working on the budget by this weekend with hopes of putting 500 a month in savings. Now time to go through the attic and sell off my remote control airplanes that I haven't flown in 5 years. Probably close to 2-3k worth of goodies stashed away. Short term goal is to have 5k by summer.
It's a start.
Tomorrow is our once a month payday so we will sit down and look at our spending habits for the last month. Hopefully we will see that our beer/smokes habit has been cut in half. We are working on the budget by this weekend with hopes of putting 500 a month in savings. Now time to go through the attic and sell off my remote control airplanes that I haven't flown in 5 years. Probably close to 2-3k worth of goodies stashed away. Short term goal is to have 5k by summer.
- Thread starter
- #171
rcardin-
You mean you don't know what the interest rates charged on your cards was?
It always makes sense to pay off the high interest rate cards quicker. But I'm curious if you actually did a list of each card, w/interest rate for each, and how much was on each card?
-Russ H.
You mean you don't know what the interest rates charged on your cards was?
It always makes sense to pay off the high interest rate cards quicker. But I'm curious if you actually did a list of each card, w/interest rate for each, and how much was on each card?
-Russ H.
rcardin
Contributor
Yeah we tried the snowball method for 1 1/2 years but weren't making any headway. Maybe knocked it down 1500 We had everything from Citibank at 8.99 to JC Penny at like 24%. We listed them with balances and APr. joined the Dave Ramsey site and tried to get them paid off. It was not getting us anywhere quick. We estimated 2015 before all cards would be paid off.
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Poudda
New Contributor
Okay, Finally I'm in: Goals:
Core Values
Personal Health
Happiness / Humour
Integrity / Honesty / Accountability / Loyalty / Tolerance
Education / Learning
Reading / My Personal Time
Financial Stability / Security
Freedom / Privacy
Being at Home / Family Relationship
Things I like to be around
Sunshine & warmth outdoors (spring and summer)
Nature / Sunshine / Oceans / Sunsets / Mountains / Running Water
Warm Summer Weather
Music / Concerts / Musical Instruments
Good Conversation
Family / Spouse / Son and Friends
Passionate and motivated people
Books, Books and Books
Bookstores
Laughter / People who laugh a lot
Campfires
Comfy Bed
Things I like to do (activities):
Walking/Hiking (spring and summer only)
Walk on the beach
Travel / Driving / Vacations
Teaching / Reading
Being with family and friends / Dinner Parties
Engage in quality conversation
Listening to quality conversation
Listening to music / Watching movies
Eat great food / Eat sushi / eating out
Electrical Work
Trying New things
Model Trains / Playing Board Games
Flirting with my wife
Spending time alone
Relaxing w/coffee in the morning
Analysis / Thinking / Drawing layouts or design / Planning
Fire Scenario: ipod, and if I could get the minivan away from the house, that would be good... because the ipod is in the car!
All of the important photos are backed up, will is in a large fireproof safe at the inlaws, have to get other docs in there as well. Should open a safe deposit box. Any models I've made of our business can be re-created, backup copies of business plan when they are finished could be put on disk and put into safe deposit box.
Now to figure out all that financial poop and do the day-to-day spending beginning in January (didn't want to do it over Christmas! even though we didn't spend too too much)
Cheers!
Core Values
Personal Health
Happiness / Humour
Integrity / Honesty / Accountability / Loyalty / Tolerance
Education / Learning
Reading / My Personal Time
Financial Stability / Security
Freedom / Privacy
Being at Home / Family Relationship
Things I like to be around
Sunshine & warmth outdoors (spring and summer)
Nature / Sunshine / Oceans / Sunsets / Mountains / Running Water
Warm Summer Weather
Music / Concerts / Musical Instruments
Good Conversation
Family / Spouse / Son and Friends
Passionate and motivated people
Books, Books and Books
Bookstores
Laughter / People who laugh a lot
Campfires
Comfy Bed
Things I like to do (activities):
Walking/Hiking (spring and summer only)
Walk on the beach
Travel / Driving / Vacations
Teaching / Reading
Being with family and friends / Dinner Parties
Engage in quality conversation
Listening to quality conversation
Listening to music / Watching movies
Eat great food / Eat sushi / eating out
Electrical Work
Trying New things
Model Trains / Playing Board Games
Flirting with my wife
Spending time alone
Relaxing w/coffee in the morning
Analysis / Thinking / Drawing layouts or design / Planning
Fire Scenario: ipod, and if I could get the minivan away from the house, that would be good... because the ipod is in the car!
All of the important photos are backed up, will is in a large fireproof safe at the inlaws, have to get other docs in there as well. Should open a safe deposit box. Any models I've made of our business can be re-created, backup copies of business plan when they are finished could be put on disk and put into safe deposit box.
Now to figure out all that financial poop and do the day-to-day spending beginning in January (didn't want to do it over Christmas! even though we didn't spend too too much)
Cheers!
- Thread starter
- #175
bosco-
I must have missed where you posted your results to the first sections.
Please post the link, and I'll be happy to give feedback!
I'm trying to get everyone caught up.
So far, no one has reported back from the last exercise (taking stock).
Like the ones before, it takes time and concentrated effort.
But it pays off-- big.
-Russ H.
I must have missed where you posted your results to the first sections.
Please post the link, and I'll be happy to give feedback!
I'm trying to get everyone caught up.
So far, no one has reported back from the last exercise (taking stock).
Like the ones before, it takes time and concentrated effort.
But it pays off-- big.
-Russ H.
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Jorge
Bronze Contributor
Im really without the time right now, but I'm almost finished making my inventory, I promise to post it up soon!
GettingThere
New Contributor
This is a great thread...just got done reading the whole thing. I started tracking pennies about a year-and-a-half ago because our income seemed to do a hard reset every month...meaning we spent what we earned. It's gotten better since I started to take charge and analyze the outgoing money. Russ, great advice!
It really sent chills through my body when I looked at the details of our spending patterns. But, I was glad that I finally stopped ignoring the gruesome fact that we were being controlled by STUFF, as you mentioned. The analogy of money going through hands like sand hit home for me. As a kid growing up with my mom (not very long ago), $60k after taxes per year seemed like a boat load of money...something to shoot for income-wise. Ten years later, that's how much is going out the door and it's sickening.
Part of my PLAN about 2 years ago was to eliminate high-interest credit card debt (college left-overs) from our lives. I'm am relieved to say that next month, this goal will have been met. That will clear up about $400/month from the minimums alone.
We still have some adjustments to make, and a house to sell before it absorbs all of our remaining monthly income, but this little beam of light is very helpful in keeping up the motivation.
It's tough to get out of the 'denial' phase and start taking action to gain control, but is a very liberating experience.
++Rep to you for recognizing this and getting everyone involved in a very healthy habit.
Also, this is the simple spreadsheet I use on a nearly daily basis to add everything up in categories. The item names can be changed from their originals to fit everyone's expenses.
- John
It really sent chills through my body when I looked at the details of our spending patterns. But, I was glad that I finally stopped ignoring the gruesome fact that we were being controlled by STUFF, as you mentioned. The analogy of money going through hands like sand hit home for me. As a kid growing up with my mom (not very long ago), $60k after taxes per year seemed like a boat load of money...something to shoot for income-wise. Ten years later, that's how much is going out the door and it's sickening.
Part of my PLAN about 2 years ago was to eliminate high-interest credit card debt (college left-overs) from our lives. I'm am relieved to say that next month, this goal will have been met. That will clear up about $400/month from the minimums alone.
We still have some adjustments to make, and a house to sell before it absorbs all of our remaining monthly income, but this little beam of light is very helpful in keeping up the motivation.
It's tough to get out of the 'denial' phase and start taking action to gain control, but is a very liberating experience.
++Rep to you for recognizing this and getting everyone involved in a very healthy habit.
Also, this is the simple spreadsheet I use on a nearly daily basis to add everything up in categories. The item names can be changed from their originals to fit everyone's expenses.
- John
- Thread starter
- #178
JOrge-
Unlike the other exercises, you don't need to post the inventory (unless you want to). Perhaps an attached word doc or something would be best.
I'm more interested in your feelings/realizations as you went through and documented what you have-- and if you did anything as a result.
Anyone else out there doing this part? Yves? Sean? Wild Ambitions? Bobbo?
-Russ H.
Unlike the other exercises, you don't need to post the inventory (unless you want to). Perhaps an attached word doc or something would be best.
I'm more interested in your feelings/realizations as you went through and documented what you have-- and if you did anything as a result.
Anyone else out there doing this part? Yves? Sean? Wild Ambitions? Bobbo?
-Russ H.
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Poudda
New Contributor
As far as the counting our spending goes, we track this fairly well. I rarely spend money between monday and friday (except for groceries $150-$200 per week, gasoline ($100 per week) and the occasional dinner out - maybe once a week $40.00).
Wife goes out for lunch often which is a thorn in my side ($15.00 every time - 3 times a week - this is slowly getting better). Everything else are expenses we have less (note that I didn't say "No") control over - house taxes, gas, electricity, insurance, mortgage payment.
We have no personal debt (no CC or LOC's) other than the mortgage ($210,000).
The things that really kill us are the bigger expenditures - 2007 saw a new (used) minivan ($8K) , ipod ($400), lots and lots of books and movies and X-box games (don't have the total 2007 expenditure on these in front of me), lots of things for the kid (toys & clothes mostly from Salvation Army & car-seats & diapers & more diapers, etc etc,).
We go out for breakfast just about every Saturday $30.00 (which is something we both really enjoy and will never stop doing). Every other week, we have a cleaning lady make our house pretty ($60.00).
We allowance ourselves $50.00 per week on whatever we want with no guilt attached (we can save this up over the weeks to purchase things like ipods, nice dinners out, games, leg waxing for my wife, etc - this works very well for helping to control the bigger expenses).
Haven't started the inventory yet - wife and I are actually planning on getting rid of or selling everything, putting the rest in storage (some furniture / computers and some other essential odds and ends / memorabilia) and traveling across country this summer visiting friends and family as we have one or the other in every province from BC to PEI. This is pending the sale of the house, which we should list this month.
A few things that are going to get us this year are the travel trailer (looking at one this weekend for $1K), towing kit on the minivan ($2K), ibook (or imac - $2-3K). Haven't made a budget for the trip yet.
Hope you don't feel that I'm copping out on using a pad and paper and tracking the day to day expenses. If you think so, let me know and I will complete the exercise as specified.
Dave
Wife goes out for lunch often which is a thorn in my side ($15.00 every time - 3 times a week - this is slowly getting better). Everything else are expenses we have less (note that I didn't say "No") control over - house taxes, gas, electricity, insurance, mortgage payment.
We have no personal debt (no CC or LOC's) other than the mortgage ($210,000).
The things that really kill us are the bigger expenditures - 2007 saw a new (used) minivan ($8K) , ipod ($400), lots and lots of books and movies and X-box games (don't have the total 2007 expenditure on these in front of me), lots of things for the kid (toys & clothes mostly from Salvation Army & car-seats & diapers & more diapers, etc etc,).
We go out for breakfast just about every Saturday $30.00 (which is something we both really enjoy and will never stop doing). Every other week, we have a cleaning lady make our house pretty ($60.00).
We allowance ourselves $50.00 per week on whatever we want with no guilt attached (we can save this up over the weeks to purchase things like ipods, nice dinners out, games, leg waxing for my wife, etc - this works very well for helping to control the bigger expenses).
Haven't started the inventory yet - wife and I are actually planning on getting rid of or selling everything, putting the rest in storage (some furniture / computers and some other essential odds and ends / memorabilia) and traveling across country this summer visiting friends and family as we have one or the other in every province from BC to PEI. This is pending the sale of the house, which we should list this month.
A few things that are going to get us this year are the travel trailer (looking at one this weekend for $1K), towing kit on the minivan ($2K), ibook (or imac - $2-3K). Haven't made a budget for the trip yet.
Hope you don't feel that I'm copping out on using a pad and paper and tracking the day to day expenses. If you think so, let me know and I will complete the exercise as specified.
Dave
rcardin
Contributor
Step 1 of inventory complete. I have been working the last 3 weeks to get the garage cleaned out so I can work in it. 14 contractor bags of crap that had piled up went to the curb. Chest freezer that was only taking up space holding leftover hot dog buns sold. 2 4'x4' cabinets built and installed to hold all of my tools. Next is to go through all of my DJ stuff and see what I really want to keep. Everything else up for sale.
Made a good dent in my office over the Christmas break. 3 contractor bags of junk hauled out of there. Still need to go through the closet.
Once I can see through all of the clutter I should be able to really tell what I have. As i am going through it I am deciding if I need it anymore. I am trying to cut down to essentials.
Not really an inventory on paper but a first step.
Made a good dent in my office over the Christmas break. 3 contractor bags of junk hauled out of there. Still need to go through the closet.
Once I can see through all of the clutter I should be able to really tell what I have. As i am going through it I am deciding if I need it anymore. I am trying to cut down to essentials.
Not really an inventory on paper but a first step.
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