What do you do with you paycheck

[El Jefe]

As the title says, what do you do with your paycheck/income. Essentially how do you allocate it? I have got serious about saving for retirement this year, and I have been upping my contributions here recently to about 20% of my paycheck. I don't know how long I will be able to do 20% because it is difficult to do that with a 9month old, because every other day we need something for her lol.

I give 10% of my income (my wife's and my combined income) to charity, really been trying to focus on Cancer research/St. Judes, a girl who works with my wife has a 1year old with horrific cancer, she has done 46 weeks straight of Chemo, they have been trying to raise 15k dollars, so we are donating to that again. I have spent a few of our monthly donations helping people fix their cars at our shop, and that eats that budget up quickly.

I save about 10% of our money each month. The rest is paid on bills; mortgage, utilities, 1 car payment, car insurance, etc.

[El Jefe]

inb4hookersandblow

[CaliforniaChief]

We use Every Dollar (http://www.everydollar.com) to budget. It's fantastic. And it's free.

[TribalElder]

Spend it all

Fuck saving

You could die tomorrow and look at all the money you wasted

ROFL

[Fire Me Boy!]

We typically put some in 401K, some goes to savings, the rest as disposable income and bills.

Might have to adjust some; the wife just put in her two weeks notice at work and doesn't have another job. We'll be OK financially, we'll just have to reign in some of the crap spending and take back some of the savings deposits until she gets something new.

[Frosty]

I currently have two kids in college. What money?

[LoneWolf]

We typically put some in 401K, some goes to savings, the rest as disposable income and bills.

Might have to adjust some; the wife just put in her two weeks notice at work and doesn't have another job. We'll be OK financially, we'll just have to reign in some of the crap spending and take back some of the savings deposits until she gets something new.

Why did she put in her notice before she had another job?

[Fire Me Boy!]

Why did she put in her notice before she had another job?

She was miserable. As in calling me multiple days in a row in tears (and she's not a big crier). There comes a point where we decided it was better for her to not have a job than continue to put herself under the daily bullshit she was exposed to. Bad enough we've considered talking to employment attorneys and nearly filed an EEOC complaint.

[LoneWolf]

She was miserable. As in calling me multiple days in a row in tears (and she's not a big crier). There comes a point where we decided it was better for her to not have a job than continue to put herself under the daily bullshit she was exposed to. Bad enough we've considered talking to employment attorneys and nearly filed an EEOC complaint.

Yep. Happiness should trump income in cases like that. Life is too short to be miserable because of your job. Hopefully she finds something better soon.

[Hammock Parties]

Spend it all

Fuck saving

You could die tomorrow and look at all the money you wasted

ROFL

That's one way to look at it.

Another way to look at it is do your best to avoid dying now and later in life, when you'll need your savings.

Also saving now can lead to a better life in the future. What are you going to spend it all on? Booze? Strippers? Expensive entertainment? Fleeting pursuits best taken in moderation.

I keep a running track of my finances across several accounts. On the 10th of every month if I'm up enough I reward myself with a little "cash prize" that goes to whatever the fuck I want. Not all of what I saved but maybe a couple hundred bucks, give or take.

Find a happy middle ground.

[Fire Me Boy!]

Yep. Happiness should trump income in cases like that. Life is too short to be miserable because of your job. Hopefully she finds something better soon.

Hopefully. She's currently in "anything is better than nothing" mode, so she's applying everywhere. I'm actually kind of encouraging her to shift gears and try for something she'd enjoy. She's been in retail her whole life, and she's a very talented cake decorator, so I'm trying to get her to focus mainly on that. Bakeries, cupcake places, caterers, etc.

[Simply Red]

Hopefully. She's currently in "anything is better than nothing" mode, so she's applying everywhere. I'm actually kind of encouraging her to shift gears and try for something she'd enjoy. She's been in retail her whole life, and she's a very talented cake decorator, so I'm trying to get her to focus mainly on that. Bakeries, cupcake places, caterers, etc.

Lovely.

[Fire Me Boy!]

Lovely.

Worth noting that ALL of those flowers are edible and hand-made/colored.

[tx4chiefs]

I'm older and no longer have children at home. I am concentrating on retirement, so I am saving more than most. I feel, donating to church or charity is noble, but not at the expense of family. As they say, Charity begins at home. On that point, it is never to early to plan for retirement. You can not save enough for your future.

[gblowfish]

Hookers and blow.

And Cat Food.

[Prison Bitch]

She was miserable. As in calling me multiple days in a row in tears (and she's not a big crier). There comes a point where we decided it was better for her to not have a job than continue to put herself under the daily bullshit she was exposed to. Bad enough we've considered talking to employment attorneys and nearly filed an EEOC complaint.

Sounds like an employee I'd like to hire

[Dave Lane]

Anyone that uses budgets is a nitwit. Simply eliminate all expenses possible. Be a compete cheap ass whenever and where ever you can. Don't blow money on anything that normally depreciates.

[Canofbier]

Hopefully. She's currently in "anything is better than nothing" mode, so she's applying everywhere. I'm actually kind of encouraging her to shift gears and try for something she'd enjoy. She's been in retail her whole life, and she's a very talented cake decorator, so I'm trying to get her to focus mainly on that. Bakeries, cupcake places, caterers, etc.

Her work really is lovely! I hope you're successful in convincing her to give it a shot.

[loochy]

Contributions for IRA that I never even see or think about anymore.
Health/dental/vision/life insurance that I never even see or think about anymore.
Taxes that I never even see or think about anymore.

Those 3 things take up about 42% of my income.

My actual take home pay gets split in half - half goes to our joint savings account and half goes to my personal savings account. Mortgage, electric, internet gets paid out of joint. Only things that we agree upon get paid for out of joint. Our personal accounts are free for whatever we want to do, no questions asked. I save most of mine, and my wife saves most of hers too.

[KC_Lee]

I have a monthly budget template that I use for every pay period of every month. Set amounts get pulled via ATM for individual envelopes and monthly savings into EFT account of about 10% per month.

Other than that I know how much I am going to spend and where before the pay period starts. Works out well for me and my family.

[Fire Me Boy!]

Sounds like an employee I'd like to hire

She was in a really bad position. Thankfully, we're in a financial position that meant I didn't have to tell her to suck it up longer than she already has. We didn't end up going to the attorney, and the EEOC issue is kind of a moot point now that she's leaving anyway.

[ChiTown]

I have never operated on a real budget. We have always lived within our means, so we never saw the need to have a budget. It's worked pretty well thus far in our 23-year Marriage.

As to how I allocate - I don't. I don't have any car payments, I pay off credit cards monthly, we have very manageable mortgage's (two homes), and we don't have expensive habits. I don't save and put away money monthly. I'm self employed, so I max out my SEP IRA once a year, and invest a couple times per year. The rest goes back into my businesses (which has been my best investment).

[Pasta Little Brioni]

Was she salaried FMB? I could see where that would be rough working retail.

[Fire Me Boy!]

Was she salaried FMB? I could see where that would be rough working retail.

No, hourly.

It really wasn't the retail aspect. She had a direct coworker physically threaten her and management tell her she needed to get along. In another instance, her HR person told her it didn't matter what someone else said to her, it only mattered what she said to him. Her most recent department manager continually dresses her down to the point of demeaning her, once led her (by the fucking hand) to show her something he didn't like.

And let me be clear before someone suggests she's a bad employee: She's never had anything below a 4 (out of 5) on her performance reviews.

[scho63]

I thought we just had this discussion?

http://www.chiefsplanet.com/BB/showthread.php?t=300589

[Pasta Little Brioni]

Yeah tough situation to be in when HR blows it off.

[BigBeauford]

Besides savings and bill paying,I set aside physical money every week I don't eat from our company kitchen cafeteria. It's fun to see it grow, and it's something that society has been trending away from.

[KCUnited]

It gets deposited into my individual checking account after 401k, insurance, and taxes withheld. Same with my wife. We keep a joint savings account at roughly 6 months of monthly expenditures and we split the mortgage each month. After that, I definitely lean spend it within your means on life experiences while you still can. Whatever I have left after hobbies and entertainment, I throw extra at the mortgage and/or home upgrades.

[Jewish Rabbi]

I thought we just had this discussion?

http://www.chiefsplanet.com/BB/showthread.php?t=300589

Jefe can't resist starting a few humble-brag threads every couple of months and then disappearing.

[BWillie]

I never know how much money I will have each month, but I find myself saving about 20% of it. 30% leisure. The rest I throw 150% extra to my latest house payment. I despise paying interest. I'm sure there are better ways to invest, but paying houses off early has saved me hundreds of thousands.

[El Jefe]

She was miserable. As in calling me multiple days in a row in tears (and she's not a big crier). There comes a point where we decided it was better for her to not have a job than continue to put herself under the daily bullshit she was exposed to. Bad enough we've considered talking to employment attorneys and nearly filed an EEOC complaint.

I can completely understand this. My wife has finally got to that point as well, last week I told her "You need to just quit, its not worth the stress" and I thought she was going to. However, she has started putting her resume out there, which it shouldn't be hard for her to land something similar.

[El Jefe]

Yep. Happiness should trump income in cases like that. Life is too short to be miserable because of your job. Hopefully she finds something better soon.

Could not have said it better.

[El Jefe]

Spend it all

**** saving

You could die tomorrow and look at all the money you wasted

ROFL

I just don't live like that. We don't live incredibly under our means, but we live a good bit under our means. That being said, I am not naïve, and I know all the money I have worked hard to save could be gone in a heartbeat; major medical issue, lose your job, major house issue, family emergency. Any slew of reasons could cause money to lost quickly, but I have followed a 6months of expenses saved, and have around 4k in petty cash in a safe. I would hate to have something minimal happen that leads to something bad because I didn't stock some money away. So while I understand you cant take it with you, I also don't want short sidedness causing us to lose a house or a car, or fill in the blank.

[El Jefe]

Jefe can't resist starting a few humble-brag threads every couple of months and then disappearing.

Meh, its just one of those things when ever something in real life has me thinking, I like to put it on here. My wife and I went on a missions trip, and honestly it was a pretty stern kick in the chiclets about not being as charitable as I should be. It was pretty embarrassing, a guy who was on our mission team made quite a bit less than our combined income and donates about 3 times the amount we do, so we are trying to be better about being more generous. We used to pretty much tithe at church, and ration our money for ourselves, and that's not right when we have excess.

[ChiTown]

Meh, its just one of those things when ever something in real life has me thinking, I like to put it on here. My wife and I went on a missions trip, and honestly it was a pretty stern kick in the chiclets about not being as charitable as I should be. It was pretty embarrassing, a guy who was on our mission team made quite a bit less than our combined income and donates about 3 times the amount we do, so we are trying to be better about being more generous. We used to pretty much tithe at church, and ration our money for ourselves, and that's not right when we have excess.

Giving is a VERY personal thing that you can choose to do in your life. I've never chosen a specific % to give. My wife and I just do what feels right, when it feels right.

[Mosbonian]

No, hourly.

It really wasn't the retail aspect. She had a direct coworker physically threaten her and management tell her she needed to get along. In another instance, her HR person told her it didn't matter what someone else said to her, it only mattered what she said to him. Her most recent department manager continually dresses her down to the point of demeaning her, once led her (by the ****ing hand) to show her something he didn't like.

And let me be clear before someone suggests she's a bad employee: She's never had anything below a 4 (out of 5) on her performance reviews.

I don't know how he didn't get sliced up for sexual harassment for taking her by the hand. At a company I worked for previously one of the Managers got written up and reprimanded for just touching a woman on the shoulder to get her attention and ask her to go back to her cubicle as it wasn't break time.

[Fire Me Boy!]

I don't know how he didn't get sliced up for sexual harassment for taking her by the hand. At a company I worked for previously one of the Managers got written up and reprimanded for just touching a woman on the shoulder to get her attention and ask her to go back to her cubicle as it wasn't break time.

Because her HR department is a complete joke. I think out of reflex I'd have yanked my hand away and asked him WTF he thought he was doing? She was so taken aback by what was happening, she didn't know how to react.

This is the same department that told HER she needed to get along after her coworker threatened her.

[bdj23]

10% 401k
$150 a week into savings that usually gets spent on treating myself to something (i.e. vacation or something similar)
$800-900 towards paying off my car and some shitty cc debt
Everything else to bills and booze

I can really stretch my $11/hr

[BWillie]

How does a 401K work exactly? I don't have dick for retirement. I assume you can get a 401k privately, but you would have no employer to match anything you contribute.

At what point can you draw in full from the 401k? Can you draw from the 401k early at what penalty? Is it tiered? So many questions.

I just figure I'll be old anyway. I don't see why old people would value money unless it is to pay for their healthcare. But I'm sure good ole socialists will help me out in 40 years. I'll just be sitting on a recliner watching Matlock and Jessica Landsbury movies, or whatever old people watch in 2060

[SAUTO]

I have never operated on a real budget. We have always lived within our means, so we never saw the need to have a budget. It's worked pretty well thus far in our 23-year Marriage.

As to how I allocate - I don't. I don't have any car payments, I pay off credit cards monthly, we have very manageable mortgage's (two homes), and we don't have expensive habits. I don't save and put away money monthly. I'm self employed, so I max out my SEP IRA once a year, and invest a couple times per year. The rest goes back into my businesses (which has been my best investment).
This is where I'm at too, other than the ira and investments.

[Perineum Ripper]

http://i.imgur.com/ocntx9m.gif

[Chiefshrink]

I currently have two kids in college. What money?

This.

[Demonpenz]

I put 6% in a 401K then try not to be too dumb with my spending. I go to sporting kc games and Royals games, but those have been toned down because retirement is approaching so I do a double take at my expenses. It hard to cut back on the bullshit but once you get away from the constant entertainment it becomes easier to just go to work and come home and hang out instead of spending cash to get your kicks.

[loochy]

I put 6% in a 401K then try not to be too dumb with my spending. I go to sporting kc games and Royals games, but those have been toned down because retirement is approaching so I do a double take at my expenses. It hard to cut back on the bullshit but once you get away from the constant entertainment it becomes easier to just go to work and come home and hang out instead of spending cash to get your kicks.

When I got older it became much easier and more fulfilling to live a boring cheapo life.

I LIKE messing with the lawn. I LIKE staying home and doing nothing. I LIKE taking naps.

[Bowser]

Who's asking?

[Demonpenz]

It takes time and it takes actually knowing that change is hard. I will say earlier in the thread that sometimes jobs suck so bad you just need to get out of there before you waste too much of your life there. If you are in tears everyday it is time to get out of there. The one mistake I make is taking a job too quickly because of the fear of not being able to pay bills. You got to make a smart choice when choosing a job or you will end up in the same situation. As with anything in life...if you count on your job, your family, your spouse, money, sex, sports, if you count on anything other than yourself for happiness you are going to be fucked. Hitch your wagon to finding inner peace or helping others or religion or something more stable than material and other bullshit.

[Demonpenz]

I had to go to the hospital last year and that wiped me out. So that was a bummer, but the good thing is I already had some character traits to get back on the horse and start saving again.

[DJay23]

After the ex wife essentially hit the reset button on my finances (she didn't put me in debt, but damn near did) through the settlement and finishing paying alimony a year ago I have aggressively saved close to 40%. The rest is budgeted to the penny. I had to start budgeting to get by after the ex left (I should have been doing it before). It gives you a wonderful piece of mind to know where every penny you own is at.

[El Jefe]

It takes time and it takes actually knowing that change is hard. I will say earlier in the thread that sometimes jobs suck so bad you just need to get out of there before you waste too much of your life there. If you are in tears everyday it is time to get out of there. The one mistake I make is taking a job too quickly because of the fear of not being able to pay bills. You got to make a smart choice when choosing a job or you will end up in the same situation. As with anything in life...if you count on your job, your family, your spouse, money, sex, sports, if you count on anything other than yourself for happiness you are going to be ****ed. Hitch your wagon to finding inner peace or helping others or religion or something more stable than material and other bullshit.

I had to go to the hospital last year and that wiped me out. So that was a bummer, but the good thing is I already had some character traits to get back on the horse and start saving again.

Great posts. Your first post, that is arguably my biggest fear, would be to lose my job and panic and take the first thing I found and not wait for the right fit. I would feel like a bum not having a job, and I feel like I would want to take something quickly and it would hurt me money wise. On your second post that is a fear that piggy backs on my first fear, if something happens you cant control and it wipes your money out, there isn't much to do, but start over. That would suck.

[El Jefe]

After the ex wife essentially hit the reset button on my finances (she didn't put me in debt, but damn near did) through the settlement and finishing paying alimony a year ago I have aggressively saved close to 40%. The rest is budgeted to the penny. I had to start budgeting to get by after the ex left (I should have been doing it before). It gives you a wonderful piece of mind to know where every penny you own is at.

My wife's uncle went from having 400k in retirement, two houses, and numerous corvettes. To having to rent a house, no retirement, driving a kia spectra, and she took pretty much everything nice he had in their divorce. She had not worked since they got married (20+ years) and they just raped him in court.

[Iowanian]

Check
-Taxes
-% to 401K
-Savings contribution
-Bills
-Important needs(extras like washing machines)
-Farm needs/wants
- Nice to have's like back to school
-Shit I want

-WOOOOOOOOOOOO HOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!! BAM BAM BAM BAM WOOOOOOOOOOOOOOO HOOOOOOOOOOOOOOOOOOOOOOOOOOOOO with what is left.

[scho63]

My paycheck goes to:

www.whores.com

www.escorts.com

www.coke.com

www.steak-and-beer.com

www.great-food.com

www.top-100-restaurants.com

www.sports.com

www.party.com

www.golf-and-booze.com

www.vacation.com

www.porn.com

www.best-beaches.com


Ya know, the important stuff. :D

[sedated]

The best step toward savings I've done (other than a contributing to 401K/Roth IRA) is to direct deposit my paycheck into several accounts, only one of which I pay attention to (the everyday expense account).

[Hog's Gone Fishin]

Drugs and alcohol 25%
Donald Trump campaign 25%
Your Mom 10%
Your sister 20%
Rubber gloves 5%
Penny stocks 10%
Food / Gas / Utilities 5%

[Rain Man]

I dump some off in an IRA before I even see it, which is nice.

For the rest, I have very few bills these days:

Credit card bill, which is usually quite large because I put everything on it (and then pay it off each month)
A couple of utility bills - gas, cable.
A couple of tax bills

That's pretty much it. I always have some cash on me because I can't stand how modern people walk around with no cash, and yet I very seldom use it.

[suzzer99]

Drugs and alcohol 25%
Donald Trump campaign 25%
Your Mom 10%
Your sister 20%
Rubber gloves 5%
Penny stocks 10%
Food / Gas / Utilities 5%

Sister must be worth it. Please PM contact info.

[Simply Red]

just crank

[88TG88]

50% to me

50% to strippers

[ThaVirus]

Credit card bill, which is usually quite large because I put everything on it (and then pay it off each month).


Racking up air miles, cash back or points?

[Rain Man]

Racking up air miles, cash back or points?

Air miles. I haven't made an effort to optimize it so it's just habit and inertia, but I like to travel and this is a good way to build in an excuse for it. We're a major United Airlines hub in Denver, so a United card here is kind of magical.

We have a Southwest Airlines card for my company, which we use for employee travel. We pay our health insurance bill on it monthly for 10 employees and put other business expenses on it, so it racks up miles like a trucker on amphetamines. As the cardholder I get to take my wife for free anywhere I go just because it pulls in enough miles to make me special in their eyes. Best deal ever.

[lewdog]

We do close to the following. I do a budget, but it's more for tracking purposes. We buy what we need when we want, but also do it smartly and try to plan major expenses spaced through the year. We live frugally but do what we want, taking road trips when we want to get out of town and a few trips a year around the country. Best way to live frugally is to buy a house you can comfortably afford and buy nice used cars and keep them a long time.

Have a decent chunk in retirement account already for our age/income and 9 month emergency fund in cash.

13% income to 401k, Roth IRA and Brokerage account
10-15% into liquid savings account. Once this gets high enough, more will be shuttled to our Brokerage accounts.
19% of our net income is our mortgage.
We have no car payments
$500 a month goes to student loan debt that should be paid off in next 4-5 years.
Our grocery bill always seems quite high to me for the two of us. If you've never kept track on your food bill for a month, do it, you'll be shocked.

Rest goes to all the little things we need like TV, internet, cell phones, insurance and clothing/housewares.



I think one of the best feelings you can have is being relatively worry free about money.

[jspchief]

Nice humblebrag thread

[PunkinDrublic]

It takes time and it takes actually knowing that change is hard. I will say earlier in the thread that sometimes jobs suck so bad you just need to get out of there before you waste too much of your life there. If you are in tears everyday it is time to get out of there. The one mistake I make is taking a job too quickly because of the fear of not being able to pay bills. You got to make a smart choice when choosing a job or you will end up in the same situation. As with anything in life...if you count on your job, your family, your spouse, money, sex, sports, if you count on anything other than yourself for happiness you are going to be ****ed. Hitch your wagon to finding inner peace or helping others or religion or something more stable than material and other bullshit.

I just left my last job 2 and a half weeks ago. I got enough money put away for about 7 months of rent. No huge debt, cars paid off, not on a lease, a degree with no student loans. It really depends on how you use the time off. It feels good to slow things down and really take the time to figure out what you want to do for a career. The economy in my area is great, finding a job isn't an issue. Finding a job that doesn't make me miserable is a challenge.

[Fire Me Boy!]

One of the places my wife interviewed called her today and is going to make an offer. Sounds like the pay is good, just need to look over the benefits. Good timing, since today is the last day at her current job.

[Rain Man]

One of the places my wife interviewed called her today and is going to make an offer. Sounds like the pay is good, just need to look over the benefits. Good timing, since today is the last day at her current job.

Did she decide not to start up the Battered Wife Bakery?

[Fire Me Boy!]

Did she decide not to start up the Battered Wife Bakery?

Not yet. This might be a short term thing while she continues to try to get on at a bakery somewhere.

Alabama doesn't do homestead licenses, so that would be a small business type of thing down the road.

[El Jefe]

One of the places my wife interviewed called her today and is going to make an offer. Sounds like the pay is good, just need to look over the benefits. Good timing, since today is the last day at her current job.

Awesome brother, hope everything works out exponentially better for you guys!

[Pasta Little Brioni]

Nice humblebrag thread

Lulz yup

[WilliamTheIrish]

I dump some off in an IRA before I even see it, which is nice.

For the rest, I have very few bills these days:

Credit card bill, which is usually quite large because I put everything on it (and then pay it off each month)
A couple of utility bills - gas, cable.
A couple of tax bills

That's pretty much it. I always have some cash on me because I can't stand how modern people walk around with no cash, and yet I very seldom use it.

I'm kind of amazed at my financial evolution over the last decade. I never carry cash. It's just too easy for me burn through. I rarely even carry credit or debit cards since I do 95% of my shopping on line. Eliminating the impulse buying over that time, by taking the time to look for deals, has saved me thousands over the last 15 years.


I keep a large jar of bills and change that I cash in at the end of the year. I might put it toward a gift or just throw it all back in to the jar and cash it all in the following year. I paid for a nice FLA vacation that way. Right now there's about 3k in cash and change in it.

[Fire Me Boy!]

I'm kind of amazed at my financial evolution over the last decade. I never carry cash. It's just too easy for me burn through. I rarely even carry credit or debit cards since I do 95% of my shopping on line. Eliminating the impulse buying over that time, by taking the time to look for deals, has saved me thousands over the last 15 years.





I keep a large jar of bills and change that I cash in at the end of the year. I might put it toward a gift or just throw it all back in to the jar and cash it all in the following year. I paid for a nice FLA vacation that way. Right now there's about 3k in cash and change in it.



I'm like RM. I always carry some, but never use it. I have like the same $40 I've had since April.

I'm also rocking the old school money clip. No wallet.