List of Financial New Year's Resolutions to Consider

[Knee Deep in Water Chloe]

Here's YNAB's list of money resolutions for 2020: 

link to blog

Which have you already accomplished to the point that one just doesn't apply to you?
Which might you consider?

[Deleted]

If nothing else, my cut-and-paste should make it easier for others to post.  Here goes:

1. No-Spend January
.
Too late since I've already lined up a major discretionary spending splurge for this month--painting the interior.  And that creeps over into other things since I bought a new shower curtain/valance (thanks to a Christmas gift card) and bath mat set (um, thanks to my CC).  Maybe I can do a No-Spend February.  Good news is that it is a short month with no birthdays, etc.

2. Pay off your credit card debt.

I have no credit card debt that I don't pay monthly except for the Lumber Liquidator card at 0% interest for two years.  Even then, I paid $7800 of the flooring bill in cash, only financing $6000.  It will be better for my savings if I simply pay this off over the two  years.

3. Break a vice.

I have two vices, alcohol and Kindle books.  "Tag, you're it!, Kindle!"

4. Pay off your car loan.

I have no car loan.


5. Break the paycheck to paycheck cycle.

I guess I live paycheck to paycheck but not for bigger things.  I have adequate cash reserves (about 30k) in savings so I'll keep on keeping on.


6. Use a budget.

I already budget in the sense of laying out all my known expenses for the month.  I do spend the rest as I see fit, but I don't see the problem.


7. Fund a new computer/phone before your old one dies.

I have a $30 flip phone that I bought in September.  My computer is about a year old.  I gave DH's, which was only a few months old, to one of the grandchildren.  I gave his Ipad to a different set of grandchildren.  This isn't a priority.


8. Pay your 30-year mortgage like it’s a 20- or 15-year mortgage.

I already do.  I add $205 a month to my mortgage payment.  It will be paid off in  7 more years.


9. Save $1,000 for a rainy day.

This is covered.  See the "paycheck to paycheck" cycle.


10. Get the full employer match for your 401k.
I am retired.  I am no longer saving for retirement.  Been there/done that.  I still save, but it is for short-term goals.

Obviously, I am not  YNAB's target audience.  

[laterbloomer]

Only 1, maybe 3 & 8 apply to me.
1. I'm going to get as close as I can.
3. I'll have to think about what vice I have.
8. I'd love to but not sure i can fit it in the budget.

[Deleted]

I’ll use SouthernSusana’s list.

1. No-Spend January

Too late for me also. I’ve already bought a few small things for the house and some clothes. Honestly, I doubt I’ll have any no-spend months any time soon. I’m constantly on the look out for stuff for the house.

2. Pay off your credit card debt.

I only have 1 credit card. I use it regularly to avoid using my debit card. I don’t charge more than I can pay off in 30 days.

3. Break a vice.

I do have vices. This one is stressful. Next!

4. Pay off your car loan.

I still don’t have a car loan. Haven’t had one in over a decade. Yay me!


5. Break the paycheck to paycheck cycle.

I’m not living paycheck to paycheck. I’m grateful for it, and very aware that shit happens and things can change.

6. Use a budget.

I use a budget and still track my spending.


7. Fund a new computer/phone before your old one dies.

I’ve had my IPhone almost 2 years. I have no desire to replace it anytime soon, unless of course..... it dies. My computer didn’t really die so much as it became obsolete a few years ago. Instead of replacing it, I used my Ipad for most stuff. DBF just gave me a Mac Mini for Christmas, so I’m back in business with a desktop. I don’t really like using laptops. A couple days after getting the Mac Mini, my IPad died. I replaced it. I was unhappy because I’d only had it a couple of years. But now, I should be good on all fronts for a while. If not, I’m bailing on stupid Apple!


8. Pay your 30-year mortgage like it’s a 20- or 15-year mortgage.

I have a mortgage that I have about 10 more years to pay on. I’m not excited about paying extra on the mortgage at this point. As long as the mortgage is paid off by the time I retire (and it will be, even if I never send in another dollar extra), that’s good enough for me. I’d have to think about it. YM cautioned me about paying extra on the mortgage for the house I share with DBF. I don’t want to further complicate an already complicated situation, so I don’t think that’s gonna happen.


9. Save $1,000 for a rainy day.

Done.


10. Get the full employer match for your 401k.

I’ve been doing this for the 20+ years I’ve been with my employer. I’ve always considered it free money if all I have to do to get it is save some of my own money. They match my contributions up to 5% of my salary. I contribute more than 5%.

I’m not winning on all fronts, but this is the rare list that makes me feel like maybe I’m not a total screw up financially.

[dannylion]

These are probably useful recommendations for people at a different stage of life than I find myself.  I practiced many of them when I was younger, and they definitely contributed to achieving what has turned out to be an acceptable level of financial independence for the way I choose to live.  At this point, most of them no longer apply to me.  If any of them look like they would be useful in achieving goals, they are certainly worth considering and putting into practice.  


I suppose I could commit to giving up a vice, but I don't have any dangerous vices, and the ones I do have are quite affordable and bring me great pleasure (books, trying new foods and recipes, knitting supplies, lunches out with friends, a ready supply of treats for my dog friends, flavored fizzy water, fancy cheeses, the occasional Coach bag, and other harmless pleasures).  Giving them up would make me sad, and I can well afford the money I spend on them.  So, no.  Not gonna do that.  


The list was useful, though, in reminding me how I got to the point where I no longer need to worry about money, so I was glad to have the opportunity to think back on that and appreciate what it took to get here.  

[Apple]

1. No-Spend January

I budget rather than do "no spend" months.  When I'm working hard on a goal I may decide not to fund a category for a little while (so I'll stop funding my crafting category and try not to spend what is in there down, or my vacation fund may not see money for a month or two, things like that).


2. Pay off your credit card debt.



Normally I have no credit card debt, however, I just had to replace my washer and dryer without already having the funds (had too many major expenses hit me, some still ongoing, that I've been trying to cash flow, so the appliance line was something I had quit funding).  I bought a set on sale and with my Home Depot card though, so I am interest-free for 6 months and have set up auto pay to complete payoff before any interest comes up.  I've also set enough in my budget to cover the payment each month.  I hate that I'm in a position to feel the need to do this, but at least I can continue without having to pay interest if things can just quit breaking for a bit.


3. Break a vice.


I've pretty much broken the vices already.  Instead, I'm left with areas to improve instead of areas to eliminate.  This is a constant battle and I hope to know by the end of the month if some are even worth it at this point.


4. Pay off your car loan.



No car loan!




5. Break the paycheck to paycheck cycle.



Got off this cycle when I started working my job full-time 17+ years ago and never want to return.  YNAB has helped me get ahead.




6. Use a budget.



I use YNAB (old version, refuse to go to the subscription model).  I hope that my need to budget goes away before my access to the old version goes away.  It really did help me achieve some major goals while being subject to still-continuing various forms of cuts to my income.




7. Fund a new computer/phone before your old one dies.



Working on rebuilding both.  I had to replace my laptop 04/18, and my cell phone 09/18.  I managed to break my laptop screen on December 30 (because apparently I needed to find out what else could break before the end of the year), but was able to find a replacement for just $42!  Replacement showed up on the 3rd, so I was able to pick it up from the post office before the weekend.




8. Pay your 30-year mortgage like it’s a 20- or 15-year mortgage.



I used to.  Then I bought property (that I paid off this summer, resulting in a legal battle that has still not settled because the former owner, who carried the contract, is both a greedy jerk and complete idiot.  Hopefully I get a decent judge who will award me both the deed I am owed, plus my legal fees for this guy wasting all this time and money.)  If I can get a super-low interest rate when I eventually build the new house, I might just carry the mortgage.  We'll see.




9. Save $1,000 for a rainy day.



I've managed to keep this in place, even with everything breaking around me!




10. Get the full employer match for your 401k.

I've done this since the day I was hired over 19 years ago.  Highly recommend this to everyone.

[Deleted]

I’ll use SouthernSusana’s list, too. I know I'm fortunate, but here are my answers.

1. No-Spend January

Not even trying. I have a fixed amount I draw from the brokerage accounts and if I stay within that I'm good. There's enough in it for "oh, crap" expenses. If there aren't any I sweep whatever $$ I don't spend into the grandkids' 529 accounts every few months.

2. Pay off your credit card debt.

I pay every month in full. Period.

3. Break a vice.

The only two I have, really, are coffee and travel. As long as travel is done within the budget, I see no reason to "break" it.

4. Pay off your car loan.

Car loan? What's a car loan?


5. Break the paycheck to paycheck cycle.

I’ve been a saver all my life.

6. Use a budget.

I definitely track my spending by category to make sure I'm happy where it's going. Some of it's just funny- I spent $581 on shoes and clothing in 2019 and over half of it was one pair of boots.


7. Fund a new computer/phone before your old one dies.

Just got a new iPhone 8 to replace my 5+-year old 5. It came out of the "oh, crap" budget. Never got one that required any plan with a 2-year contract. The old one is for sale on e-Bay.


8. Pay your 30-year mortgage like it’s a 20- or 15-year mortgage.

I have a 15-year mortgage- 3% fixed.


9. Save $1,000 for a rainy day.

I've got more than that saved or I wouldn't be retired!

10. Get the full employer match for your 401k.

I always did this and saved over and above that when I could. I was fortunate to have generous matches most of my career (once I had one available to me around 1986) and mostly good investment options.

I'd add another: donate to charity. Even when I was struggling to keep up with the profligate spending of my first husband, who didn't have the income to match his expensive tastes, I donated to charity. It wasn't much- sometimes just food bought with coupons donated to a food bank- but it reminded me that we were still fortunate compared to many. My charity budget is about the same % of spending as my travel budget.

[Deleted]

Ok, obviously I don't know what living "paycheck to paycheck" means if no one else is doing.  I took it to mean that you were looking forward to your next paycheck so you had money to spend!  I can't spend more than I get each month . . . unless it is for essential maintenance of, like now, necessary upgrades.  And I have money for that.

What does it mean?

[buystoys]

Jan 5, 2020 19:35:13 GMT -5 @bamafan1954 said:

Ok, obviously I don't know what living "paycheck to paycheck" means if no one else is doing.  I took it to mean that you were looking forward to your next paycheck so you had money to spend!  I can't spend more than I get each month . . . unless it is for essential maintenance of, like now, necessary upgrades.  And I have money for that.

What does it mean?

I took paycheck to paycheck to mean that you have more bills than paycheck and you're always waiting for the next check to pay a bill.  If your spending each month is within your budget, then I don't consider it as paycheck to paycheck.  I do see your point, though.

[Apple]

Jan 5, 2020 19:35:13 GMT -5 @bamafan1954 said:

Ok, obviously I don't know what living "paycheck to paycheck" means if no one else is doing.  I took it to mean that you were looking forward to your next paycheck so you had money to spend!  I can't spend more than I get each month . . . unless it is for essential maintenance of, like now, necessary upgrades.  And I have money for that.

What does it mean?

Could you pay all your bills on time, not have to use credit cards to get by, and keep yourself fed and sheltered if you were to not get your next paycheck?

If you can't, that's getting by paycheck to paycheck.

[flamingo]

1. No-Spend January
Eh, not really trying this, though one of my goals this year is to reduce spending. So, while I’ll likely spend a little above and beyond the basics, it SHOULD be less than usual.

2. Pay off your credit card debt.
Yes, that’s my goal. I want it paid off by March. 2019 was an expensive year, and I have a plan to have this paid off by March. I’m usually really good at only charging what I can pay for that month, but man, life got away from me for a few months.

3. Break a vice.
Well, I’m working on cutting down on sugar, both through food and wine. Does that count?

4. Pay off your car loan.
LOL. Part of why 2019 was so expensive is because I bought a new car in the summer. So, how about I re-write this to be “Pay more on my car loan than is due each month.” Which I’m currently doing.


5. Break the paycheck to paycheck cycle.
I don’t live paycheck to paycheck. It helps that we’re a dual income household, but event without that, it’s been a go time since things have been that tight for me. I do, however, remember the feeling of living like that, so most of the time, I make financial decisions to keep myself out of that cycle.


6. Use a budget.

Kinda. I don’t use a budget like most people do. But I do know how much I spend in each broad ategory every month. And again, besides last year being expensive, I’m usually really good at knowing my limits.

7. Fund a new computer/phone before your old one dies.
I bought a new phone last year, so I’m set on that. My iPad is funded through work. My 5 year old laptop is still going strong. And I have a savings account that can buy me a new one should I ever need it.


8. Pay your 30-year mortgage like it’s a 20- or 15-year mortgage.

Don’t have a mortgage..


9. Save $1,000 for a rainy day.
Done. One of my other goals is continue building my savings account/rainy day fund.


10. Get the full employer match for your 401k.
Done. I’ve been doing this since my first real job in 2003. In fact, I contribute quite a bit more than I need to for the match. 

[Deleted]

There was actually 20 of them in the Blog list.  Most of them don't apply to me.  

#1 No spend January - Really need to do this as best as I can, but I have to pay for those senior portraits this week.

#3 Break a Vice -  I'm cutting down to two Diet Pepsi's a day.  Starting tomorrow... But really, my worst vice is spending too much time on all the boards.  

#12 Pay Someone Else's meal in a restaurant - Does paying for my kid's food count?  

#13 Don't eat out for a month - Seem's a little contradictory with #12.

#19 Grant some of your wishes - I think I need to treat myself to something...not sure what though...and not in No Spend January!

#20 Pay off Zero Percent Interest Loans - This is a biggie for me.  That 0% card that expires in April has been a huge PIA and completely hosed my finances.  It's going to be gone if I have to use the emergency fund. 

[tallguy]

Number of items in list - 20
Number actually relevant to me - 0

Good thing, because I've never been one to do resolutions anyway.  

[countrygirl2]

I don't need a no spend month really. I police myself and spent a lot last month, but I will just cut back a bit for a few months.

We don't have any debt so not an issue.  We do put back to pay federal taxes, ins, and property taxes, but have it

I am scared we may have to pay MIL's bill for a year, calling Medicaid tomorrow and see what we can do.  that will tear up our retirement fund.

[Apple]

Well that's what I get for giving up after my computer won't follow the link the first time. 
For the last 10:


11. Cut your student loan payment term in half.

No student loan (paid my $10k loan off shortly after graduation)


12. Pay for someone else’s meal in a restaurant.

I go out so rarely that this is not likely to happen.  I also try to do more non-monetary generosity things (usually include my time, not so much my money).


13. Don’t eat out for a month.

I budget so little for eating out, that I have to skip months unless I want to waste it on fast food.


14. Pay for your dream vacation in cash.

I've done this a few times   This year it's not likely to happen unless I find out I have a terminal illness-- too many other things I have to cover.


15. Open a Roth IRA.

I wish I had known about these so much earlier in my career!  Especially when I didn't make a ton so my taxes were much lower, but I was still doing well financially (I would have contributed to my match, but not maxed my traditional back then).


16. Give more away.

Again, have to focus on non-monetary giving for right now, until things settle down for me.


17. Rollover your 401k.

N/A


18. Do a debt sprint.

Only debt is mortgage and an interest-free washer/dryer set.  No desire to sprint that while cash flow is tight.


19. Grant some of your wishes.

Little wishes this year   That is why I budget fun money and hobbies.


20. Pay off zero percent interest loans.

It will be paid off before the 0% interest expires.

[Blonde Granny]

Im also going to use SS list:

1. No-Spend January

Likely not to happen. I already had to spend $89 to buy a new battery for my Dyson stick vac

2. Pay off your credit card debt.

I don't carry any CC debt. Bill gets paid in full every month.

3. Break a vice.

I don't smoke, don't drink or gamble. Also don't go crazy buying stuff I don't need.

4. Pay off your car loan.

I don't have a car loan. Just bought a 2020 Cadillac XT5 . I had a nice trade-in and paid the rest in cash

5. Break the paycheck to paycheck cycle.

I've been retired for 25 years, so don't have a paycheck (as in a job). I live on my SS and VA disability. I have a financial advisor and if I would have a large unexpected problem that cash flow and
savings can't cover he'll transfer funds from brokerage account.

6. Use a budget.

Kinda Sorta....I keep track of my monthly spending using version 4 of YNAB. It's simply a way for me track what I spend. Besides, it's fun

7. Fund a new computer/phone before your old one dies.

I have iPhone 8 less than a year old, my iPad is 4 years old and m iMac all in one is 3. Doubtful I will be needing a new one soon. If I do, I'll use the Verizon 24 month and the 12 month plan at
Best Buy. Both are no interest so I'd rather use their money than mine.

8. Pay your 30-year mortgage like it’s a 20- or 15-year mortgage.

I don't have a mortgage, paid cash for the house.

9. Save $1,000 for a rainy day.

I just let the unspent monthly income sit in my checking account until I transfer it to savings. I have 2 other savings account, one is a personal escrow account to pay all yearly large bills, the
other is an account I call "just money" and I put money into it every month.

10. Get the full employer match for your 401k.

Don't work....unless you call what I do at the VA 20 hours a week work.

[flamingo]

Oops, there's more than the 10 I did last night. Ha!

11. Cut your student loan payment term in half.
Well, I currently pay more on my students loans than the minimum amount due. I don't know if it's cutting the original term in half, but it is cutting years off it. I'm seeing the balance go down and in another couple years, I might be able to pay off a big chunk of it.

12. Pay for someone else's meal in a restaurant.
This is a little contradictory to my don't spend so much money goal, but I do randomly pay for coworker's when we go out.

13. Don't eat out for a month. 
Well, we ate out Friday night, so January won't be the month I do this. But one of my goals for 2020 is to eat lunch from home more often, thereby cutting down on how often I eat out.

14. Pay for a dream vacation in cash.
We just got back from a week in Amsterdam and we paid with cash. So, win!

15. Open a Roth IRA.
I've had one for years, so this is done.

16. Give more away.
This I can work on. I give money to charities throughout the year, but I could definitely give a little more.

17. Rollover your 401k.
This doesn't really apply. All of my accounts are with the same company and so far, the benefits to not rolling them all into 1 singular account are better than consolidating.

18. Do a debt sprint.
Well, I'm going to pay off my relatively small CC balance by March. Does that count?

19. Grant some of your wishes.
Ha. HAHAHAHA. No. I did this in 2019 and now I have a credit card balance that I have to deal with. No.

20. Pay off zero percent interest loans.
N/A.

This list is a good reminder that I'm actually doing pretty well financially.

[hoops902]

I feel like these are kind of all over the board, and clearly not all geared toward the same type of people.  On the one hand it's "don't spend any money in January", on the other it's "pay for your dream vacation in cash".  

I do admire that they titled it appropriately "20 money resolutions for the new year" and didn't muddy it up by calling them good resolutions or smart resolutions.  Things like paying off a car loan, paying down a mortgage early, paying off 0% interest debt, paying down student loans (depending on their rates)...not exactly smart money moves (might be good psychological moves for some people, but not smart money necessarily).  

[Gardening Grandma]

1. No-Spend January

January is always a "low spend" month for me.  December is spendy, so I try to eliminate discretionary spending as much as possible.

2. Pay off your credit card debt.

I don't have CC debt.  It's paid off in full each month

3. Break a vice.

I have my vices.  Keeping them.

4. Pay off your car loan.

We have a truck loan that is at .09%.  Doesn't make sense to pull money out of an account that is averaging 7% to pay off a loan costing  .09%


5. Break the paycheck to paycheck cycle.

I don't think that applies to us. We have pension/SS/RMD income.  We live within that.

6. Use a budget.

I use a budget and still track my spending.


7. Fund a new computer/phone before your old one dies.

This is actionable.  I'm going to need a new computer this year and it will probably run about $2000.  I will start allocating funds towards it.


8. Pay your 30-year mortgage like it’s a 20- or 15-year mortgage.

Um no. Our 30 yr mortgage is at a very low fixed rate.


9. Save $1,000 for a rainy day.

Done.


10. Get the full employer match for your 401k.

NA.  We're retired.

[Tiny]

It's not a bad list... especially if you take it in the "spirit" of each item.   

I am not the target audience for the exact wording of the list, But  I do have a To Do List of things that kind of fall into the different categories/goals of the list.
 
The only ones that I have to take no "modified"  action on: 
    2. Pay off your credit card debt.
    5. Break the paycheck to paycheck cycle.
    7. Fund a new computer/phone before your old one dies.
    9. Save $1,000 for a rainy day.

1. No-Spend January
Not sure what exactly "no-spend" means. I've got some previously planned expenses coming up so maybe I don't qualify for this?
On the other hand I am doing a couple of "surviving the apocolypse" months and not setting foot in a grocery and not eating out/fast food unless it's one of the previous planned January events.
   I've got so much food/leftovers in my pantry and freezer from the holidays it won't be until the end of February before I'm eating 'weird meals' like pasta and canned peaches or rice and black olives.
   I will save some money, not have to throw out food I couldn't get around to eating, brush up on my menu planning skills and maybe discover some new recipes as I work with what I have.    

2. Pay off your credit card debt.
I already pay all my credit cards in full each month. And will be able to do so for January 2020 (holiday expenses)

3. Break a vice.
the only traditional vice I have is "overeating". And I'm always working on that - it's never ending.

4. Pay off your car loan.
No car loan - but current car is 7 going on 8 years old. Time to create a "new car down payment" sinking fund with $100 a month (for 4 to 5 years) .

5. Break the paycheck to paycheck cycle.
I always thought I lived paycheck to paycheck - because after all my financial obligations (retirement, savings, fixed expenses, CC payments, whatever other debts, and my allowance there's nothing left. )   Turns out I don't live paycheck to paycheck.  
 
6. Use a budget.
Already use a spending plan/budget. But I do want to create a "Financial Independent budget". I never thought I'd be there - but I might be... a budget would help me to tell if I'm there (or when I will be there)

7. Fund a new computer/phone before your old one dies.
Don't really feel the need... I can "cash flow" one of these at a time over a few months via my "allowance". And I'm pretty happy with my 3 year old phone/computer.

8. Pay your 30-year mortgage like it’s a 20- or 15-year mortgage.
Yeah, no. I've got 3 mortgages. I've got more equity than loan balances. I'm not all that interested in paying down my low interest loans. I DO need to consider doing a cash out refi to a new 30 year mortgage on a rental property and using the proceeds to pay off the mortgage on my primary home.
I think I would like my primary home to be mortgage free.

9. Save $1,000 for a rainy day.
This has been done for many many years.
  I've even restructured my Emergency Fund - I have 10K in various low interest accounts - versus the 30K I use to keep. the 20K got invested years ago.  

10. Get the full employer match for your 401k.
There's no employer match - employer contribution goes to the Pension.  I am set up to put the max contribution into my 401K (and HSA).
I need to research rolling my IRA into my employer's 401K before March 1st - to give me time to figure out if I can then do a back door Roth for 2019 and/or 2020. I dropped the ball on this in 2019.

[Deleted]

Jan 5, 2020 19:01:52 GMT -5 @athena53 said:

1. No-Spend January

I'm going to fail miserably on this one if my house closes. Either way, a car is a must and possibly a house and moving costs, plus restocking pantry, etc...

2. Pay off your credit card debt.

Don't have any.

3. Break a vice.

Trying to learn to have some patience. Not going too well so far...

4. Pay off your car loan.

Don't have one. Won't have one.

5. Break the paycheck to paycheck cycle.

Depends on the sale of my house. 

6. Use a budget.

Always.

7. Fund a new computer/phone before your old one dies.

I bought a new cheap phone last month after breaking my other phone. $80 with a month-to-month card. Where I want to move it may not work, so might need another option.

I bought another Chromebook last fall because this one is having a charging problem. But, this one is still limping along so I keep using it.

8. Pay your 30-year mortgage like it’s a 20- or 15-year mortgage.

Don't have one. Won't have one.

9. Save $1,000 for a rainy day.

There's about 6K in my account. No matter what happens with my house situation, I hope to have more than 1K remain in there.

10. Get the full employer match for your 401k.

Don't have an employer. Self employment fun... 

[swamp]

1. No-Spend January



Not possible.  I bought a 2nd house we are renovating. 


2. Pay off your credit card debt.



I don't have credit card debt only have 1 credit card. I use it regularly to avoid using my debit card. I don’t charge more than I can pay off in 30 days.



3. Break a vice.



Do I even have a vice?  


4. Pay off your car loan.



I dont' have a car loan 




5. Break the paycheck to paycheck cycle.



I’m not living paycheck to paycheck. 


6. Use a budget.



Spending is WAAAAY below the income.  I don't wanna.   You can't make me.





7. Fund a new computer/phone before your old one dies.



Why?    We've got enough cash reserves to cover if they do die.   


8. Pay your 30-year mortgage like it’s a 20- or 15-year mortgage.



I have a 10 year mortgage that will be paid off in 2 years and 7 months.


9. Save $1,000 for a rainy day.



Done.





10. Get the full employer match for your 401k.



I am the employer.  I fully fund my SEP/IRA.  DH maxes his 403(b).  

[laterbloomer]

Jan 5, 2020 19:35:13 GMT -5 @bamafan1954 said:

Ok, obviously I don't know what living "paycheck to paycheck" means if no one else is doing.  I took it to mean that you were looking forward to your next paycheck so you had money to spend!  I can't spend more than I get each month . . . unless it is for essential maintenance of, like now, necessary upgrades.  And I have money for that.

What does it mean?

Pay cheque to pay cheque is when you have all your bills covered but that's it. If you miss a pay cheque you can"t cover the bills and it will take a while to get caught back up. The same if some kind of emergency expense comes up like a car repair or a hospital bill.

[teen persuasion]

Jan 5, 2020 15:34:49 GMT -5 Knee Deep in Water Chloe said:

Here's YNAB's list of money resolutions for 2020: 

link to blog

Which have you already accomplished to the point that one just doesn't apply to you?
Which might you consider?

Already accomplished, or never applied to us:
2, 4, 5, 6, 7, 8, 9, 10, 11, 13, 15, 17, 18, 20

That leaves:

1) no spend January - I see no point in artificially shifting when I purchase something

3) quitting a vice (per the article, defund the vice's spending category) - any vice I might think worth quitting has no spending associated with it, e.g., stop staying up too late

12) pay for another's meal out - as I rarely eat out myself, it'd be difficult to accomplish this

14) pay dream vacation in cash - first, I use CC for the rewards, so cash is dumb.  Second, in the spirit of the article (have cash available in advance), that's the way we do everything, hence why we pay the CC in full each month.  Bigger issue with dream vacation is time!  Working on that - much closer to FIRE.

16) give away more - getting closer to this, too.  Have plans to give chunks to the kids soon.

19) Grant some of your wishes - I'm not terribly materialistic, so stuff doesn't really light me up, but I've gradually released the clutches on the purse strings as we've made progress towards FIRE.  If it's truly something we'd enjoy, we get it and make sure we enjoy it.

[Lizard Queen]

Jan 7, 2020 10:03:39 GMT -5 teen persuasion said:

Jan 5, 2020 15:34:49 GMT -5 Knee Deep in Water Chloe said:

Here's YNAB's list of money resolutions for 2020: 

link to blog

Which have you already accomplished to the point that one just doesn't apply to you?
Which might you consider?

Already accomplished, or never applied to us:
2, 4, 5, 6, 7, 8, 9, 10, 11, 13, 15, 17, 18, 20

That leaves:

1) no spend January - I see no point in artificially shifting when I purchase something

3) quitting a vice (per the article, defund the vice's spending category) - any vice I might think worth quitting has no spending associated with it, e.g., stop staying up too late

12) pay for another's meal out - as I rarely eat out myself, it'd be difficult to accomplish this

14) pay dream vacation in cash - first, I use CC for the rewards, so cash is dumb.  Second, in the spirit of the article (have cash available in advance), that's the way we do everything, hence why we pay the CC in full each month.  Bigger issue with dream vacation is time!  Working on that - much closer to FIRE.

16) give away more - getting closer to this, too.  Have plans to give chunks to the kids soon.

19) Grant some of your wishes - I'm not terribly materialistic, so stuff doesn't really light me up, but I've gradually released the clutches on the purse strings as we've made progress towards FIRE.  If it's truly something we'd enjoy, we get it and make sure we enjoy it.

I'm pretty much where you are with all of this. The vast majority of the list is NA for me. These others, I agree with also. I did put a chunk in my kids college funds. I can't see giving lots to other causes when I am so behind on taking care of my own kids' future. Maybe that makes me selfish, but they are my responsibility to launch as well as I can. It's not like I have oodles of cash coming in.

[Deleted]

Jan 7, 2020 10:03:39 GMT -5 teen persuasion said:

1) no spend January - I see no point in artificially shifting when I purchase something

No spend months are about not spending on wants.  You still buy groceries and gas and pay your bills, but maybe you ignore all those impulse buys at Target and don't eat out or go to concerts.   This is like pretty much every month for me. 

[teen persuasion]

Jan 7, 2020 10:54:43 GMT -5 minnesotapaintlady said:

Jan 7, 2020 10:03:39 GMT -5 teen persuasion said:

1) no spend January - I see no point in artificially shifting when I purchase something

No spend months are about not spending on wants.  You still buy groceries and gas and pay your bills, but maybe you ignore all those impulse buys at Target and don't eat out or go to concerts.   This is like pretty much every month for me. 

Exactly my point. 

[Deleted]

Jan 7, 2020 10:54:43 GMT -5 minnesotapaintlady said:

Jan 7, 2020 10:03:39 GMT -5 teen persuasion said:

1) no spend January - I see no point in artificially shifting when I purchase something

No spend months are about not spending on wants.  You still buy groceries and gas and pay your bills, but maybe you ignore all those impulse buys at Target and don't eat out or go to concerts.   This is like pretty much every month for me. 

Me too. Even when I have some "extra" money, I have no desire to spend much of it on anything material.

I tend to "splurge" at the grocery store and stock up on new spices or toilet paper rather than go buy new clothes or something for my house... Or, I'd put a full tank of gas in my vehicle and go explore the back country for a day.

My mom asked me the other day when I learned how to cook so well and use so many spices and I mentioned that when you live in poverty you learn to cook if you want to eat good food. 

In a way, poverty can be a blessing in disguise. It teaches you what matters and about the things you can live just fine without.

I have no desire anymore for a closet full of clothes and shoes, I think paying someone to paint your nails and wash your feet is crazy, and when I do have "extra" cash I tend to hold onto it for something that's more of a need.

While it will be amazing to no longer be living on the edge if/when my house sells and I move, leaving a pile of cash in the bank has become my top priority. The reduction in stress is priceless.

[Apple]

Jan 7, 2020 10:03:39 GMT -5 teen persuasion said:

14) pay dream vacation in cash - first, I use CC for the rewards, so cash is dumb.  Second, in the spirit of the article (have cash available in advance), that's the way we do everything, hence why we pay the CC in full each month.  Bigger issue with dream vacation is time!  Working on that - much closer to FIRE.

I don't read "cash" as physical cash, but "pay with money you have and don't go into debt", so I load up those credit cards with every purchase possible, for the points, then pay it off when due.

I've definitely heard people (mostly on FB financial boards, from people who are branching out after Dave Ramsey debt reduction) that cash is definitely cash, and credit is bad (even if you don't pay interest/carry a balance/etc).  I am not of that mindset at all!

[adela76]

Jan 5, 2020 23:03:43 GMT -5 minnesotapaintlady said:

There was actually 20 of them in the Blog list.  Most of them don't apply to me.  

#1 No spend January - Really need to do this as best as I can, but I have to pay for those senior portraits this week.

#3 Break a Vice -  I'm cutting down to two Diet Pepsi's a day.  Starting tomorrow... But really, my worst vice is spending too much time on all the boards.  

#12 Pay Someone Else's meal in a restaurant - Does paying for my kid's food count?  

#13 Don't eat out for a month - Seem's a little contradictory with #12.

#19 Grant some of your wishes - I think I need to treat myself to something...not sure what though...and not in No Spend January!

#20 Pay off Zero Percent Interest Loans - This is a biggie for me.  That 0% card that expires in April has been a huge PIA and completely hosed my finances.  It's going to be gone if I have to use the emergency fund. 

What's the story with the 0% card and how did it hose your finances?