The Chronicle of the Horse
MagazineNewsHorse SportsHorse CareCOTH StoreVoicesThe Chronicle UntackedDirectoriesMarketplaceDates & Results
 
Results 1 to 10 of 10
  1. #1
    Join Date
    Mar. 9, 2006
    Posts
    1,162

    Default The more you make the more you spend?

    I hope this is only temporary for me. My salary has more than doubled since summer, but I am not saving nearly what I had planned. It seems like now that there is a lot more disposable income, I am disposing of it

    Of course I spend the majority on horses and even that is modest (I think). They are at home, I trim my own, I train my own (with exception of small monthly cost to an excellent trainer), I don't show. I do tend to buy some expensive blankets, hay etc, but not that often.

    I am also not at all the materialistic type needing the latest and greatest. I work from home so don't spend a lot on clothes or gas, DH and I drive older paid for cars. My health insurance is paid for. We do eat out, but not at fancy places and not that often 2-3x's per month for about $30 total.

    I'm just annoyed at myself for not saving as much as I hoped by now. But, we did have several large expenses since summer and that is where the extra has gone.

    In theory, I can save 2/3 of my monthly salary and we use DH's for the mortgage, food etc. I use mine for horse and dog expenses.

    Anyway, I do know how to be frugal and how to save, but with a lot of extra now I find myself spending more than usual.

    Anyone else in this boat? And how to stop?



  2. #2
    Join Date
    Jan. 14, 2003
    Location
    Massachusetts
    Posts
    5,766

    Default

    Make sure you are maxing out you 401k and open a Roth IRA, also, have a deposit every paycheck made direct deposit to your savings account that you do not touch unless it is an emergency. Maybe if those are out of sight then they are out of mind and at least in the case of the retirement accounts, not easily (or cheaply) accessible. Then enjoy yourself. You only live once.



  3. #3
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    8,420

    Default

    You have to be more disciplined, and set up an automatic transfer for your savings that comes right out of your paycheck. First pay off any bills, or car loans, because they're higher interest usually. Then save your emergency fund. Then seriously start saving while you have extra funds. That way when you buy a new car or truck you pay cash, and if or when you get another house you can put down a good downpayment. I bet you're doing impulse buying, and that can get to be a habit. Put yourself on a budget that includes a certain amount for gifts/clothing/ miscellaneous purchases every month, and start saving the rest.
    You can't fix stupid-Ron White



  4. #4
    Join Date
    Sep. 29, 2009
    Posts
    2,576

    Default

    We make more money than we did last year. But I KNOW we do not spend more due to it.

    We save more, I know that for sure.



  5. #5
    Join Date
    Mar. 9, 2006
    Posts
    1,162

    Default

    We do contribute to 40l1K's and have an IRA, but I don't have some of my paycheck going directly to savings. Good idea.



  6. #6
    Join Date
    Sep. 26, 2011
    Location
    WNC
    Posts
    739

    Default

    I didn't see where you said how old you are but go ahead and read some of the articles about people today approaching retirement age and the very small amount - if any - many of them have saved for retirement. That may put the fear of God in you, especially considering today's economy. It's good that you're frugal (as am I!) but stash that cash while it's coming in so you don't have to worry about it later. Nothing is worth more than peace of mind...
    It's just grass and water till it hits the ground.



  7. #7
    Join Date
    Sep. 8, 2012
    Posts
    126

    Default

    Pay your savings FIRST! As soon as you get paid move the money over to your savings. That is what worked for us. You can still get to the money if you NEED it but you have go through the act of moving it. Otherwise it is just too easy to write the check or use the card. Then the money is gone at the end of the month.



  8. #8
    Join Date
    May. 17, 2010
    Location
    Where humidity isn't just a word, it's a way of life.
    Posts
    734

    Default

    Set up a budget; there is no reason not to know where your money is going. Set up amounts every month for saving and retirement, bills, a "splurge" account, etc.

    It's easy to get carried away when you are suddenly making more (BTDT, got the blue ribbon); justifying all those "little" extras is easy, since you're making soooo much more. And you don't realize how much those "little" extras add up when there are 3245455 of them every month.

    Check out Dave Ramsey; he has great information for everyday money management and budgeting, not just getting out of debt.



  9. #9
    Join Date
    May. 12, 2000
    Location
    NE TN, USA
    Posts
    6,201

    Default

    Quote Originally Posted by Serigraph View Post
    I hope this is only temporary for me. My salary has more than doubled since summer, but I am not saving nearly what I had planned...
    Now is the ideal time to have a come-to-Jesus meeting with http://www.daveramsey.com/home/]Dave Ramsey[/url] while you can take full advantage of it!

    Seriously!
    “There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.”
    John Adams



  10. #10
    Join Date
    Oct. 9, 2012
    Location
    Washington State
    Posts
    506

    Default

    To answer the original question, if we made more money we wouldn't buy more things, but the things we would buy would be of higher quality, so yes we would probably end up spending a bit more than we do currently.



Similar Threads

  1. Help me spend some some money!!!
    By chestnutwithchrome in forum Eventing
    Replies: 9
    Last Post: Sep. 18, 2012, 12:30 AM
  2. I Spend More Money on ...
    By rizzodm in forum Off Course
    Replies: 11
    Last Post: Nov. 24, 2011, 12:36 PM
  3. What would you spend?
    By prixjumper in forum Hunter/Jumper
    Replies: 10
    Last Post: Jun. 23, 2011, 09:24 AM
  4. Help me spend my $500!!!!
    By hrsgirl07 in forum Off Course
    Replies: 20
    Last Post: Mar. 15, 2009, 10:59 PM
  5. How much would you spend on an OTTB?
    By Cowgirl Lindz in forum Hunter/Jumper
    Replies: 51
    Last Post: Feb. 8, 2009, 11:12 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
randomness