How responsible are you with money?

Let's say you stumbled in to an extra $1000 dollars. Or whatever your currency equivalent is. It isn't a lot, but it is something. And let's say you are caught up on your bills and rent and other major financial obligations. But you do need a few extra things taken care of, your bed set is starting to wear, you'll need a new one soon, you have a problem with your car that isn't urgent but needs to be fixed eventually, your toaster oven broke so you've been using the oven but eventually you would like a new toaster oven for some smaller stuff. Just some not urgent purchases that you've been meaning to make when you save up some extra money.

Do you spend the $1000 on those kinds of things, or do you go out and purchase something you didn't need like a better TV or a new wardrobe or something along those lines (assuming you didn't need them) and just keep saving for the other stuff?

If that money came to me right now, I'd immediately set it aside for the EoFF world meet up or put it aside for a different trip. If the world meet up wasn't a thing, I'd probably put it towards photography equipment.

If they are not urgent things needing to be done, I would go on a shopping spree or take a small trip somewhere and tuck some of it away for saving.

That sounds about like when I get my tax rebate every year. Generally I dump it all into my "Emergency fund" category, which certain things you mentioned in your original post (like car repairs) would fall under. I also like having a "cushion"; i.e. if I lose my job I like having enough in my bank account to last me a couple of months.

I have learned to be pretty frugal since I don't make much money; however I also always give myself a little bit of "me money" every month in my budget which I use for pleasure purchases and the like. I also set aside a small amount of money every month to put toward larger pleasure purchases (like airplane tickets, computer parts, etc.)

I'm a money adviser. My parents both worked in banks and I was exposed to savings from a very young age. I'm pretty much the definition of responsible with money :shobon: I don't spend all of my pay every month and that's not even a conscious decision to save. I don't just spend it just because it's there.

In response to the question, assuming I had no savings then yes of course I'd buy the essentials. Understanding needs vs wants is the basic principle of budgeting.

Baffles me that people say they'd go out on a spending spree. Utterly confuses me when nobody who earns a decent wage have no savings and live from payday to payday. And I really do mean a decent wage, before someone gets defensive - it is of course not a reality for many people and I'm not judging anyone who is in poverty - far from it. I think budgeting education should be mandatory in schools but that's a whole 'nother thang.

Basically I mean if like you have a bit leftover for savings and you're on your way to paying for that stuff, but you can't yet. You could eventually, but not for a little while.

When I come into unexpected money, I tend to buy a nice dinner and put all the rest into savings for already-planned long term purchases.

I would probably put it away in my savings. I am quite responsible with the cash. :3

If it's something like the car, I would spend the money on it. It's better to be preventative rather than wait until it becomes a real problem... Because then you're likely to be spending double that amount getting it fixed.

A mattress or something else? Nah.

This actually happened though- Jay got a whopping $4,000 from the Army while I was in Nashville (after the like total of $2,500 he got from student loans and the $1,500 our old roommate owed him).. As soon as he got caught up paying bills, he put $1,000 in savings- which is going towards having my daughter this Summer without having to work & be able to do whatever we want when it comes to fun stuff.

If it were me on my own, I would pay -ahead- on the bills that I could. Which is what I did when I got my tax refund & had my apartment with Parker. I got back like $4,700 and I actually overpaid my cell phone bill so that I would just be credited at the next bill cycle, paid the babysitter for like 2 months, paid 3 months worth of rent, and then what was left, I bought my MacBook and did some shopping for me and my girl. That way when I got paid from working, I could spend a little extra on other things.

I've grown up learning accountancy, so I know the dangers of getting into debt. As my grannie always said "Never a borrower or a lender be". I don't borrow money from people, nor do I give it to anyone. If I were to lend money to someone, I would write it off in my mind expecting to never see it again. We call them "Bad Debts". Because of this mentality, not having money is never really been an issue for me. I've always had some money saved away incase I needed it, and not spent all my paycheck just because I had it.

I aim to spend as little as possible during the month, and anything that's left at the end of the month will get moved into a savings. I'm aiming to get this back up to 5x my monthly salary, just incase I need a large stack of money desperately, or something happens with work and I need a nest egg. This was shot down in September when I went out and bought a car, and this month when I had to repair said car/buy a new phone/pay for exams. Getting £1000 would probably go towards the savings until I reach that 5x salary goal i'm trying for.

Say I was at that threshold and I did come into some extra money, I'm not actually too sure what I would do with it. I would likely use the money to start building a gaming PC or buy a PS4 or something like that. Only if I could afford to do so though.

If I came into that kind of money, it would immediately go into savings for a house deposit. I am responsible with money; I have no debt and I don't own a credit card. When I got my annual bonus, I spent it on getting my car serviced and new tyres, instead of blowing it all on junk. I start buying Christmas presents in September so I'm not broke come December. That being said; I don't have a huge amount of savings, because I simply can't afford to save that much on a monthly basis, as something always needs to be done!

I'm not responsible at all. I spent 300 over the Easter weekend just because I had it. When life tells me to be more responsible with it, I know I will, it's just something I haven't made a priority yet. I really should make it a priority!

I tend to just put money in my savings until there's a reason for me to need it: case in point my France and Itatly trip coming up. I do need a new mattress but it isn't an urgent need so it would definitely go in to savings.

I am terrible with my student loan, I'd probably end up spending that $1000 fairly quickly. It's not a very great amount of money and seeing as I have no income aside from student loans it would likely go on food and emergency stuff relatively quickly.

When I have an actual income tho I am usually pretty good with saving. Ideally, I'd like to save like 50% of my wages. This isn't very likely at all, but would be amazing. When I get a "real" job, I'm planning to save as much as possible. I guess if I was super frugal and already had a strict savings routine I'd be tempted to spend the £1k on something nice.

I suppose it depends on how you see financial responsibility. I pay all my bills and always have food to eat, but pretty much live paycheck to paycheck because I spend whatever money is left over on whatever I want.

Actually, this is only not ideal for me right now because of an unfortunate series of events which has led to me utilizing my emergency credit cards more often than I would like in the past few months.

But I still do what I want with my moneys.

It's hard to say. On one hand I budget everything for maximum repay of my mortgage and cover expenses, but then if I DO have extra cash I blow it on gambling and restaurants and booze etc..

Quote:

---

Originally Posted by Parker

I am terrible with my student loan, I'd probably end up spending that $1000 fairly quickly. It's not a very great amount of money and seeing as I have no income aside from student loans it would likely go on food and emergency stuff relatively quickly.

When I have an actual income tho I am usually pretty good with saving. Ideally, I'd like to save like 50% of my wages. This isn't very likely at all, but would be amazing. When I get a "real" job, I'm planning to save as much as possible. I guess if I was super frugal and already had a strict savings routine I'd be tempted to spend the £1k on something nice.

---

You changed the currency half way though. $1000 is about £591.91 just now. I'd take £1000 any day.

When I started my current job I would spend about £200 a month on driving lessons, and try and save 20% of the wage with anything left over at the end of the month also being added. I did not save very well during this period. 50% of you wage to savings is pretty steep. I'd say aim for 20% as a starting point and then work up if you have extra money at the end of the month.

Also, I remember student loans, they were great. Mostly went towards booze. How much of your student loan is budgeted towards the pub?

Quote:

---

Originally Posted by Mr. Shauna

I've grown up learning accountancy, so I know the dangers of getting into debt.

---

Many accountants are poor at handling their own finances and especially debts! They try to treat them like they would accounts and it ends horribly wrong.

Now that I'm on the wrong side of my 20's, savings. $1,000 extra just sitting in my bank. Screw my broken toaster or whatever. I want to see that number sitting in there. Boring can feel so good sometimes.

Paying off student loan debt. I wouldn't even blink, just put the money in the bank and then after it posted immediately apply it to my loans. I want to be debt free before I'm 33, because those things rhyme and because I will incur a bunch more debt if I ever have kids because I'll need a house.

Not great. I make sure my bills are paid but I don't save at all. I get this attitude like "well I can only save an extremely depressing amount of x dollars a month after my bills are all paid anyway may as well spend that little bit on immediate gratification instead." I'm really good at scoring deals and free stuff though so that helps.

I'm not very responsible at all, but I'm trying to get better. I tell myself I'm going to save but then small purchases here and there end up building up more rapidly than I expect. That being said, I'm relatively young and don't have very many serious commitments yet other than rent and bills.

My parents met working in a bank, and now one is a financial adviser and the other is a book keeper; money was all around me growing up and they are stupidly responsible with it.

In your hypothetical, it would depend on how urgently I needed to buy those things you mentioned. If they aren't too urgent, all that money would go into savings.

If I were to stumble across $1,000 in my current situation, I would put a decent portion of it aside to use as a buffer to help me pay bills next semester when I have to do a 10-week unpaid teaching prac, and the rest would go into savings. I struggle with spending large sums of money on myself unless they have been specifically set aside for that purpose.

Last time I got a bit of money I paid off the bills and put everything in savings except for enough to buy a video game.

I grew up in poverty, so my default mindset is pretty much "Eh, I've already been in dire straits, so I know I'll be alright if it happens again (I'm miserable most of the time anyway), so oh well, I'll buy a cup of coffee and a cardigan if I want to". However, America is forcing me into a bizarre mix of forced frugality and immense spending at the same time. Last week I spent a month's worth of wages paying for healthcare (after insurance), and then had another procedure done that is over a month's worth of wages (out of pocket, after insurance), and today I got a letter confirming that yes, I have effectively signed up for fifty thousand dollars worth of student debt. I've applied for so many jobs in my field, it would be so nice to have one full time job at a decent wage, instead of two that have no benefits, a miserable commute, pittance wages, and a steady line of people who would be more than willing to replace me.

There is an odd mix in this thread of depressing stories where $1000 would mean a lot, and smug jerks where $1000 wouldn't mean too much. Personally falling into the latter category it's interesting to see opinions from both sides.

When I was a student I was horrendous with my money and would go months without checking my bank account. Now I'm living in the real world I manage it properly and have a savings account and everything. That said, if I came into £1000 I know I'd probably blow it on stuff I don't need.

>>> Im a cheapskate..:luca:

When I had my first job, I quickly blew through like 300 dollars online. I was using a credit card so I didn't realize I had blown past my limit. So, I think as of today, I still have bad credit. Why the smurf did my parents give me a credit card? Seriously...

Probably in hopes of teaching you responsibility with it.

I might buy a TV. I'd save most of it though.

I used to be horrible with money until I learned how to threesome. This involves splitting money into the three: needs, don't needs, and save on a weekly basis.

IE: 1000$ would be split to 330$ with the extra 10$ providing leeway into any of the spending purposes.

1. Needs: rent, food, phone, travel (extra at the end of the week goes to paying credit cards/debts)
2. Don't needs: booze, a giant chicken suit, bikini top made of coconuts, panda bear chopsticks,russian egg dolls with the images of communist dictators on them... etc...
3. Savings: for the bigger things I want/need like travelling, one day a car, sex change, education, ipad...

Quote:

---

Originally Posted by Chemical

I used to be horrible with money until I learned how to threesome. This involves splitting money into the three: needs, don't needs, and save on a weekly basis.

IE: 1000$ would be split to 330$ with the extra 10$ providing leeway into any of the spending purposes.

---

Man I wish I had more than like 20% of my paycheck left (and that's if I'm lucky) after I pay for necessities. That'd be super nice.

One might consider me responsible with my money, but really I'm just apathetic towards spending.

Quote:

---

Originally Posted by Shorty

Probably in hopes of teaching you responsibility with it.

---

Liaf cipe!

Quote:

---

Originally Posted by Chemical

I used to be horrible with money until I learned how to threesome. This involves splitting money into the three: needs, don't needs, and save on a weekly basis.

IE: 1000$ would be split to 330$ with the extra 10$ providing leeway into any of the spending purposes.

1. Needs: rent, food, phone, travel (extra at the end of the week goes to paying credit cards/debts)
2. Don't needs: booze, a giant chicken suit, bikini top made of coconuts, panda bear chopsticks,russian egg dolls with the images of communist dictators on them... etc...
3. Savings: for the bigger things I want/need like travelling, one day a car, sex change, education, ipad...

---

Rule of three! I suppose this is essentially what I do, though I do leave myself a smaller amount for Don't Needs and put more toward Savings and Big Stuff. Good way of looking at it!

Quote:

---

Originally Posted by Mr. Shauna

There is an odd mix in this thread of depressing stories where $1000 would mean a lot, and smug jerks where $1000 wouldn't mean too much. Personally falling into the latter category it's interesting to see opinions from both sides.

---

It's weird too because I forget that in Aussie 1000$ doesn't go too far. Wages are higher ... Overnight mcD workers can get paid 25$/hr and that's my wage working as a caretaker/pizza flipper. But rent is paid weekly and for most is around 300$/week (I pay 150$ weekly) and Australia is no 2 for highest standard of living... It's super expensive here. Pack of cigs is almost 30$ and a case of beer easily 50$. If I were in Canada I could stretch it out.

Quote:

---

Originally Posted by Shorty

Quote:

---

Originally Posted by Chemical

I used to be horrible with money until I learned how to threesome. This involves splitting money into the three: needs, don't needs, and save on a weekly basis.

IE: 1000$ would be split to 330$ with the extra 10$ providing leeway into any of the spending purposes.

1. Needs: rent, food, phone, travel (extra at the end of the week goes to paying credit cards/debts)
2. Don't needs: booze, a giant chicken suit, bikini top made of coconuts, panda bear chopsticks,russian egg dolls with the images of communist dictators on them... etc...
3. Savings: for the bigger things I want/need like travelling, one day a car, sex change, education, ipad...

---

Rule of three! I suppose this is essentially what I do, though I do leave myself a smaller amount for Don't Needs and put more toward Savings and Big Stuff. Good way of looking at it!

---

Ya sometimes I need to adjust it when the needs outweigh. I should save more but if I didn't budget for the wants I know I would binge splurge which would prob be very detrimental.

The benefits of our high cost of living are going down the drain too but I guess that's a story for another thread

Quote:

---

Originally Posted by Jiro

The benefits of our high cost of living are going down the drain too but I guess that's a story for another thread

---

I was having a nice morning, and then you go and remind me that our government is screwing us. :mad: