The lost art of saving money or Why do you have to buy so damn much??

[jedimaster91]

I really think they need to start offering requiring money management classes in high school because a very small percentage of people understands how to do it properly.

FIFY

Plenty of schools offer money management as part of a home economics type class (I know mine did), but the class is usually an elective. Heck, I think home ec should be a requirement like it used to be. Otherwise, you end up like Li'l Sis who can't even cook Velveeta shells and cheese properly.

Wait....how can someone blow $5k within a week that isn't bills and the like?

Easily. Cosplay is an expensive hobby after all (and cupcake decorating, gaming,* music...). Someday I will be able to afford my Jedi belt and the Master Replica Mace Windu lightsaber I've been drooling over.

And I'm fairly confident I could blow $5k at a bookstore without too much trouble.



*Last time we were computer shopping, I was oogling an Alienware gaming PC. Price tag was $8k. It was pretty. I'm also in need of the new L5R expansion booster packs. But there aren't many people who play so I usually have to order theme decks online and shipping can get expensive.

[Tora]

Wait....how can someone blow $5k within a week that isn't bills and the like?

Speaking as someone who has only learned good money skills thanks to my fiancee, very easily. As an example, I used to buy collectibles. I have a pretty healthy-sized collection of MacFarlane figures and other things that were all bought over the same two and a half year period. I'm pretty sure that if I hadn't spent all that money on them, I'd have been buying a car for myself rather than relying on my father to buy one for me.

However... as bad as my collecting habits were (and still are to a degree, being broke really helps reign that in) I NEVER spent $5000 in a single freaking week!! That was a weekend in Chicago to see Wrestlemania with my brother!! How completely out of whack do your priorities have to bloody be?!

[Jay 2K Winger]

This thread just reminded me of my friend Tom. Tom is one of those guys that buys almost every video game that comes out. And not just the game. He ALWAYS gets the super-expensive Collector's Edition, with whatever piece of plastic shelf-space-consuming "collectible" foofoorah that comes with it.

And if Tom doesn't have the money for it, he asks his parents to buy it for him. And his parents just add it to his tab.

Tom has a tab somewhere in th $15~$18 THOUSAND range.

I've told him (as have several other people) to stop buying that crap-- especially seeing as how he hasn't played about two-thirds of the several hundred games he has in his collection. I've even suggested he sell some of it. He keeps making excuses for it-- how little he'd get for it, or something-- and so the crap just keeps piling up. (Albeit neatly. Tom is a bit OCD and has a system for organization.)

There's a reason why I doubt Tom will ever be able to afford his own place.

[SuperRTL]

I blew through about $4000 in a day. Sat down with a stack of bills and a check book. Paid ahead on the rent, paid down a couple credit cards and the hospital got the rest. I splurged and got an ereader for myself but I put the rest aside for incidentals, like school field trips for my son, piano lessons and baby food.

[Amajean]

I hate spending money! Once, when I was younger and jobless. My mom ran my throughout the whole town looking for a winter coat because I didn't want her to spend $100+, we found a coat for $50, but she wouldn't let me go any lower.

[protege]

The only time I've *ever* spent $5k, or anywhere near it...was when I made the down payment on my house (2006), and my car (2007). I've only done that twice. 2009 had one near-instance, when no sooner do I pay off the MG repairs...when my A/C unit blows up That put a nice big dent in the finances for awhile

Even before I started working, I was always very careful with money--I'd seen my parents struggle, and decided that I wasn't about to go through that again. That's why, unless the bills are paid, as much as I like to build models, I don't even *think* about that stuff, unless I can easily afford it. I have too many models hidden away as it is, and until those are done, I'm not getting more. Unless someone releases a 1969 MGB GT in plastic, that is

[CaroPhoenix]

Mr. Rum & I are going to use our tax refund on making improvements to our house. We can't decide if we want just the front hallway hardwood (it already is, but the hardwood needs to be replaced) or if we want hardwood not only in the front hallway, but also in our living/dining room combo. That's probably where all our tax refund money is going to go.

[bhskittykatt]

We're getting a nice $2K back this year. (We don't normally see that, but with Hubs going from unemployed to employed to unemployed to employed, I really could not figure out how much to withhold, so I erred on the safe side and now we're getting a nice chunk back!)

Hubs, of course, immediately whined how he won't see any of it since I'm going back to school in the spring. He's getting $100 of "fun money" and the rest is going towards my tuition.

[boringscreenname]

We get a decent refund back because we have 2 kids that we claim on our taxes. We are probably going to spend half of our refund and save half. Most of what we are spending is on practical stuff that we need and will benefit everyone like new living room and bedroom furniture and clothes for the kids for spring and summer. We'll spend a small amount on ourselves and the rest will go into savings.

[ralerin]

Here's an extremely stupid question. How on earth do I figure out if I even GET a refund at all?

Unfortunately I'm in the "spend the money if I get it camp"; or used to be. Now that I have student loans coming in, I'm a lot more careful with my money. I've owed the government a few hundred dollars each time and I get the feeling I will again. If, however, by some miracle I don't, then I want to put part of the money I get towards the ipad I want.

[boringscreenname]

I would go to a tax calculator such as this: http://www.hrblock.com/free-tax-tips...ors/index.html enter your data from your W-2's and see what it tells you. It's easy to use and was accurate for me.

[trailerparkmedic]

I got a decent amount back this year, between only working for half the year (but having money withheld like I'd work all year) and my tuition deductions. I'm splurging on a nice dinner out soon and the rest of the money is going in my savings account to help with next year's tuition increase.
Hubby is lucky that we filed jointly, though, as neither his second job nor his unemployment withheld money, so he would have owed. I'm getting pretty much all of the refund and he got a glare to remind him that he needs to be careful with his W4s and to actually look at his paystubs.

[Sapphire Silk]

And if Tom doesn't have the money for it, he asks his parents to buy it for him. And his parents just add it to his tab.

Tom has a tab somewhere in th $15~$18 THOUSAND range.

There's a reason why I doubt Tom will ever be able to afford his own place.

The Bank of Mom and Dad doesn't come with unlimited withdrawals. If they don't wise up and kick Tom out of the nest, they'll eventually die and he'll be on his own.

Here's an extremely stupid question. How on earth do I figure out if I even GET a refund at all?

Unfortunately I'm in the "spend the money if I get it camp"; or used to be. Now that I have student loans coming in, I'm a lot more careful with my money. I've owed the government a few hundred dollars each time and I get the feeling I will again. If, however, by some miracle I don't, then I want to put part of the money I get towards the ipad I want.

The best way is to itemize. Fortunately, with Turbo Tax or Tax Cut Pro, it's really easy, if a bit time consuming. I started itemizing about 10 years ago, and have gotten a refund every year (though sometimes I do have to pay the state). The software costs about $75, but the cost is actually deductible (tax prep services are themselves deductible). Interest on your student loans is deductible.

I usually get big deductions for medical expenses (I take some expensive medications), charitable deductions, work related expenses (my cell phone for hospice for example, is deductible), and my home office. Both programs will walk you through the possible deductions to make sure you consider all possibilities (but don't put down deductions you don't actually qualify for).

It's worth looking into. I usually get more than I would have gotten if I filed the 1040 EZ.

[jnd4rusty]

I just went to IRS.gov and clicked on free file, there are plenty to choose from, I like Turbo Tax the best but have used H&R Block also. I recieved over $2500 this year but I also claimed what I pay for school and related expenses. I also recieved the $400.00 Make Work Pay credit. I am one of those who spends their tax returns fast. I am really bad at saving. I spent almost all mine, some was for bills, I do regret not saving but this happens EVERY year, I will get a decent return and then I spend it foolishly. Some day I will learn, or at least I sure hope so.

[sylvier]

Ah, the old "cashtration" syndrome - it looks like you're getting free money when in fact, you've overpaid the government and they're returning the extra. With no interest. Woo hoo!