Oooo!  One of my favorite subjects.  When Pres. Hinckley spoke to the priesthood in 1998 (?) about putting our houses in order, it really struck a chord with me.  I was in debt (not a lot by society's standards, but enough to bother me) and making attempts to save for the future.  So, I began to do some research on financial preparedness.

I studied before I bought my house--took a first-time homeowners course and read all I could about home ownership and the financial responsibility.  I didn't buy until I had gotten out of debt and saved enough that I felt comfortable about making that big of a purchase alone.  I got into some debt trouble again after I bought my house, which I then decided to crack down on my finances.  I studied some different financial gurus (love Suze Orman) and incorporated a little from each to suit me.

I'm not out of debt (except for the house) but I have some set "debts" I pay each month before spend my money.  First, tithing/offerings, savings (I started very humbly here--$20/paycheck and moved up as able), set expenses such as mortgage, utilities, etc.  I don't have a strict budget, but I try to watch my spending.  I allow myself some fun spending--enough that doesn't cause a crimp and allows me to spend without guilt. 

For me it's the bigger items that I struggle with.  Even if I need them.  I agonize over spending money on a new garage door or a piece of furniture.  I've been focusing more on home storage and even there I struggle with that.  I know it's important and know that the prophets have commanded it, but spending $200+ on home storage is difficult for me.  And I don't do well on buying a little here or there.  I do better if I can focus on one thing--buy a buttload of something when it's on sale and then move on to the next item.

We don't buy ANYTHING we don't have the cash for. The only exceptions have been for the house and the car. We pay an honest tithe, we pay our fast offerings. I continue to put some $$$ into 401K because it is supposed to be a long term thing and is designed to ride out the ups and downs of the market over long term. I also think of the quote, "If the Lord were coming tomorrow I would still plant a cherry tree today" whenever I look at what is happening with my 401K.

Dy- You sound like my mom! It gets me so mad sometimes! She gets like 5 catalogs a DAY in the mail... just crap, you know? Stuff. Things. They're so exciting for about 10 minutes. I throw out a big pile of them when she's not looking sometimes. I can see having 2 or 3 housecoats but 30 or 40? Come on! I just don't understand the need to buy crap, I guess. But she has this "emotional" need for it or something, cuz it's like a fix for her.

We're like mirk, we only pay cash for stuff. Lots of denial. Usually if I want some "thing" I just wait a week and I'm already tired of it and don't want it anymore.

hiccups wrote:

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when stocks are down and you keep putting money into it, you have more purchasing power.

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Exactly.  When people started hollering about recessions and inflation and the economy collapsing and the market diving and the end of the world coming, that's when I doubled my 401K contributions.   The math is so simple, even I can keep track of it:

Normal year: $100/month buys 10 mutual fund shares at $10 ea.  When I retire, those 120 shares will be worth $30, a total of $3600.

Recession/growth slowdown/downturn/etc: $100/month buys 12.5 mutual fund shares at $8 ea.  When I retire, those 150 shares will be worth $30, a total of $4500.

The plan is only faulty if indeed the world does come to an end, the economy really does collapse, the 2nd coming happens, or the rapture, etc.

LM

He's probably using the average gains in the stock market over the last 30 years. IIRC, since the stock market began, there has not been a 7 year period in which stocks lost value. And that even includes the Great Depression. So if you invest for the long term, you are virtually guaranteed that stocks will be worth more over time than when you purchased them.

Oh, I got it. Despite bok's attempt to confuse me. 

Sshhhheerrr.... cuz you my fwend, right?

Step one. Take wife's credit cards.

Step two: Kevin's wife feeds him rice and beans for a week.

Step four. Don't need that gym membership anymore.

Dy- what, you don't have 42 pairs of shoes that you've never worn? Excellent! You don't buy magnetic bracelets and special massager thingeys that cure everything? I'm so glad to hear that.

I hate buying shoes. I have really wide feet and cute shoes are only made for cute little feet. So I only own like 6 pairs. and no copper bracelets. My weakness is kitchen gadgets -- which I tend to use, thank you very much. Oh and some electronics, like computers. But that's all. nothing else. Except maybe this lamp. But that's it. Except maybe this thermos...

I don't use them anymore, I'm good. We just have one we use for airline miles that we never fail to pay off every month. I don't even have problems going to the store, so the cash in the envelope thing won't work for me so well though I think it's a great idea. My problem is the occasional online tryst when I think we have enough money but we don't so we go into the line of credit. But I've been better lately because there's been some bigger things I really want.

I don't exactly know what a spreadsheet is.


Oh, wait.  I know.  It's those big, wide pieces of paper with your money records on them.. they're so WIDE that you have to SPREAD them across the table, right? 

-- Edited by Cocobeem at 19:00, 2008-05-25

What!?

hiccups wrote:

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The acceptable limit for number of shoes owned but not worn for individuals who don't operate a shoe resale business is 41 pairs.

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(I did say it fast and outloud and it seemed to have something to do with gardening, maybe?)

Peter Piper did that too. Cuz he was tired from picking peppers.

I believe it was: Upon a slitted sheet sat he.