February 6

My View On Credit Cards

Hey everyone,

I’ve been criticized by some people for using credit cards.

I understand why some people don’t like credit cards.

They have high interest rates; easy to use; and can get anyone into debt if he or she is not careful.

However, credit cards have been beneficial to me.

Here’s why:

  • I pay off my credit card balances online every week. Because of that I avoid paying interest.
  • I only use credit cards to spend money on items I have budgeted for each month (e.g. Groceries, Gas, Personal Needs).
  • I won’t use my credit card for splurges (e.g. Clothes I don’t need).
  • I don’t use credit cards for big purchases. I save up money for those.
  • It’s easier for me to dispute fraudulent charges on a credit card than a debit card.
  • I don’t have to worry about holds on my bank account (like I do with a debit card).
  • I get gift card rewards for using my credit cards once a month or once a quarter (depending on how many points I have).

Overall, credit cards have not been an issue for me because I have been responsible using them.

I own my credit card (rather than it owning me).

Let me know what you think.

Thank You and Have A Great Day,

Millennial Buddy

 

 

February 4

What I’m Going To Do With My Leftover Money From January

Hey everyone,

According to last week’s post, I had $230 left over.

Here is the link to last week’s post:

How I did on my budget in January

I did my taxes last week and will owe $231 for not having health insurance for 4 months last year.

Because of that, my leftover money will be used to pay what I owe.

To me, it’s more important pay off what I owe versus what I want.

Thankfully, I saved enough money to pay the taxes off.

This year, I have insurance and don’t plan on cancelling it unless I have to.

Let me know what you think.

Thank You and Have A Great Day,

Millennial Buddy

 

 

February 1

How I did on my budget in January

Hey everyone,

January has just ended.

So now, it’s time to share with you how I did on my budget in January.

Here’s a link to the budget I created:

https://docs.google.com/spreadsheets/d/1FSRmR9oaKz8WVSr7ubyNON3jPyryYjgrNmVCzwyfFjY/edit?usp=sharing

Here’s how I did on the income:

  • I earned $9 more than I expected ($1741 vs. $1732). Tax tables were revised at the middle of the month (due to the new tax cuts the government passed).

Here are my expense wins for the month:

  • I spent $16 less than expected on groceries ($84 vs. $100).
  • I spent $158 less than expected on car expenses ($42 vs. $200). The remainder will go to a car expense sinking fund.
  • I spent $20 less than expected on pet expenses ($20 vs. $40). The remainder will go to a pet expense sinking fund.
  • I spent $10 less than expected on personal expenses ($90 vs. $100).
  • I did not spend anything on home office expenses.
  • I did not spend anything on household needs.

Here is my only loss for the month:

  • I spent $43 more than I expected for Utilities ($243 vs. $200). I took money out of my emergency fund.

I had $230 left over in my budget. I will share with you what I did what money in a later post.

Overall, I did better than last month.

I didn’t have holiday expenses to deal with.

I also learned to be more cautious with money (compared to December).

Here’s what I have in my sinking funds I created:

  • $510 in Car Expenses
  • $189 in Pet Expenses
  • $145 in Car Insurance
  • $41 in Emergency Fund 2
  • $42 in a Christmas Fund
  • $22 in Pest Control Fund

Please let me know what you think and how I can do better on my budget.

Thank You and Have A Great Day,

Millennial Buddy

January 31

My Updated Budget

Hey everyone,

Several financial changes have been made in January.

I have decided to revise the budget and share with you the changes I have made.

Here is the link to that budget:

https://docs.google.com/spreadsheets/d/1wUF-L1dnxkqRP_RjnthDOXBuYeaIbsVwbDhC3mUvyhg/edit?usp=sharing

Here are the changes that were made:

  • My income went up by $36 ($1768 vs. $1732) (Due to the tax changes that were passed).
  • My car insurance went up by $3 ($32 vs. $29)
  • Personal needs increased by $13 ($113 vs. $100)
  • Eating out decreased by $20 ($20 vs. $40)
  • My emergency fund increased by $28 ($150 vs. $122)
  • My grocery budget increased by $10 ($110 vs. $100)

I will revise the budget again after June.

Let me know what you think.

Thank You and Have A Great Day,

Millennial Buddy

January 30

My Financial Changes

Hey everyone,

I shared with you all some goals I wanted to accomplish financially.

Here is the link to that post:

I noticed that I would have to make some changes financially in order to accomplish those goals.

Here they are:

  • Eating out only once a month and on occasions (e.g. birthdays and holidays)
  • Cutting myself down to one to two video streaming options each month.
  • Using gift cards that I get from credit card rewards on personal needs (to decrease my spending on personal needs).
  • Not splurging money on clothing.
  • Not wasting money on items I don’t need.
  • Getting another job once tax season is over.
  • Whatever money that doesn’t go to maintenance and repairs for my car will be saved up for a newer car.
  • Not going on a vacation this year.

Let me know if you have any ideas on ways I can curb my spending or increase my income.

Thank You and Have A Great Day,

Millennial Buddy

January 23

5 Ways I Save Money On Clothing

Hey everyone,

In the past, I used to blow money on clothes left to right.

Now, I have figured out ways to save money on clothing

Here they are

  • Rewearing clothes again– I have several pieces of clothing that I rewear over and over.
  • I only buy what I need– Every time I go clothes shopping, I make a list of what I need (so I’m not tempted to buy clothing I don’t need).
  • I shop at thrift stores and sometimes yard sales– I usually find better deals at thrift stores and garage sales than I do at the mall. If I buy multiple pieces at a thrift store, I sometimes get a discount. At yard sales, I sometimes will negotiate with the seller for a lower price (It works if they want the clothes gone).
  • I get my shoes through Ebay, Mercari, or Discount stores (sometimes thrift stores)– For me, I like to buy used shoes on Ebay and Mercari. Sometimes, I buy new shoes at discount stores which are a lot cheaper than buying them brand new at the mall.
  • I wear clothes that are given to me as gifts– If the clothing piece is in style and will always be in style, I will find a way to incorporate it in my wardrobe.

Share with me ways you have saved money on clothing.

Thank You and Have A Great Day,

Millennial Buddy

January 22

7 Ways I Save Money On Groceries Each Month

Hey everyone,

Buying groceries at the grocery store used to be a struggle for me.

Over time, I have found several ways that I save money on groceries.

Here they are:

  • Grocery shopping once a month– Shopping once a month has reduced the amount of money on my bill because I get everything I need for the whole month. I don’t spend extra money that I would going on multiple trips a month. I make do with what I buy until the next shopping trip.
  • Buying store brand– Store brand is cheaper than name brand because I’m not paying for the brand to be on the product.
  • Looking at sale flyers before I go to the stores– Sometimes I can find great deals on items I normally would buy. When they go on sale, I take add those items to my list.
  • Bringing a list before I go shopping– Having a list helps me stay focused on what I need to buy and avoids me from being tempted by buying items I don’t need.
  • Eating a meal before shopping– When my stomach is full, I’m less likely to splurge on items I don’t need.
  • Creating meals that won’t cost a lot of money– I stick to meals that I know are affordable (e.g. Pasta with sauce; Vegetable Soup; Burritoes; Peanut Butter Sandwiches; Cereal). I don’t buy items I know are a fortune (e.g. Steaks; Seafood; Deli and Bakery Items).
  • Purchasing items when they are in season- Produce is usually cheaper when it’s in season (e.g. Oranges during the winter; Apples during the fall). Turkeys are at their lowest around Thanksgiving. Hams are at their lowest around Easter. Hot dogs are at their lowest prices around the 4th of July.

Share with me ways you have saved money on your grocery bill.

Thank You and Have A Great Day

Millennial Buddy

January 21

My Updated Financial Goals for 2018

Hey everyone,

This week I’ve been reading a book on Amazon Kindle Unlimited.

It stated in one of their chapters that I have to have financial goals set in place, so I can stay on track with my budget.

Here are some financial goals I have come up with:

  • Come up with money to buy a new laptop (My laptop is starting to fall apart)
  • Save $2300 to go back to school become a certified financial counselor.
  • Create a 6 month emergency fund just in case I lose my job.
  • Get a home repairs fund in place (to get expensive home repairs fixed).
  • Start a retirement fund (so I don’t have to work the rest of my life).

I will share action steps with you later.

Let me know what you think.

Thank You and Have A Nice Day,

Millennial Buddy

Category: My Goals, Personal Finance, Uncategorized | Comments Off on My Updated Financial Goals for 2018
January 17

5 Ways I Have Saved Money On Eating Out

Hey everyone,

There are times I am so busy, that I get too lazy to cook.

This month, I have reduced my eating out portion of my budget to $40.

Next month, I am reducing it further to $20.

How can I only spend that much money a month eating out?

Here are 5 ways I have done that:

  • Doing all you can eat buffets. I can eat all of the food I want for a lot less than I would have if I went to a regular sit down restaurant. My local pizza restaurant does a buffet for less than $10. It fills me up more than buying 1 pizza (and I can eat the appetizers too on the $10 buffet- e.g. breadsticks, cheesesticks, chicken tenders). The same principle applies to the local Chinese buffet in my area.
  • Ordering water a restaurant. Some restaurants don’t charge me for a drink if I order water. It’s probably because water is cheaper for them than a soda or other soft drink.
  • Eating out during lunch hours. At some restaurants, I notice that it’s cheaper for me to eat at lunch time than at dinner time (In my area, lunch time is before 4 PM). At the pizza buffet I mentioned, I eat the same amount of food for $1 less at lunch hours than at dinner hours.
  • Going to a Mexican restaurant. At my local Mexican restaurant, I get free chips and salsa with my meal (and it helps fill me up).
  • Buying items off fast food dollar menus. A triple cheeseburger at my local McDonald’s costs a dollar less than a Quarter Pounder does.

Please share with me ways you have saved money on eating out.

Thank You and Have A Great Day,

Millennial Buddy

Category: Personal Finance, Uncategorized | Comments Off on 5 Ways I Have Saved Money On Eating Out
January 10

7 Ways I Have Saved Money

Hey everyone,

I wanted to share with you 7 ways I have saved money recently.

Here they are:

  • Use dish soap to wash my hands and my body instead of paying a lot for hand soap and body wash.
  • Using Hulu and Netflix instead of paying for a cable subscription.
  • Eating out less and more at home.
  • Rewearing stuff that has been sitting in my closet for a while.
  • Going for a walk daily outside instead of paying for a gym membership.
  • Cutting down my trips to once or twice a week.
  • Making simple meals at home with not a lot of ingredients.

Share with me ways you have saved money recently.

Thank You and Have A Great Day,

Millennial Buddy

Category: Personal Finance, Uncategorized | Comments Off on 7 Ways I Have Saved Money