I have given up... We can't do it...

[Banjorear]

Re: I have given up... We cant do it...

Bad move.

Have to agree. Something isn't adding up. Can pay off a car loan in one year, but can't save money? Doesn't make sense.

I hear you about it being hard, believe me, but it can be done. Something has to give.

What is helpful, and maybe shocking, is to write down all of your expenses for a month. I mean everything. If you buy a Slim Jim at the 7-11, write it down.

I think you'd be surprised how much money is being spent on "other" stuff.

 

[fyrlt1]

Dear OP. You started this thread on 1-23. You lament about how you can't save money anymore, and that it has been that way since 2007. Over the course of 3 days and 160+ posts later you have disclosed aspects of your financial history since 2007 that include:
income reduction
bonus reduction/loss
increase into your 401k
purchase of a motorhome
extensive home renovations
2 past divorces
2 school age kids
a spend,spend,spend girlfriend
All this to go along with the $40,000 truck you purchased in 2007.

And yet you blame the great recession and/or inflation as the biggest reason(s) you have been unable to save any money since 2007? What am I missing?

 

[MackMan]

Well MacMan, every market is VERY different. Here in Saskatoon, SK, house prices doubled overnight - and tripled in 4 years. You can no longer buy a single-family house and make a profit by renting it. The average house price here is now north of $300K. So if you buy on the "low" side of town for $250K, you can't rent it for more than $1000, which won't pay rent/taxes and insurance, much less repairs. If you buy on the "nice" side of town, a home is $450K and you can't rent it for more than $2K.

We bought just in time - and make money by having 2 suites per home.

No charge.

Interesting the market has done that there! Still at all-time lows around here. We bought in 2011, and there has been no movement in either direction.

Bought my first house in late 2007... I've had good timing so far.

Incidentally, I bought some Pulte (homebuilder) stock and have more than doubled my $ on that, so I guess your comment makes some sense from that standpoint.

 

[hippie2cams]

this is depressing, I'm going to go count my money. shouldn't take over a year! lol

 

[davo727]

Strippers are my downfall....

 

[Autorotica]

Dear OP. You started this thread on 1-23. You lament about how you can't save money anymore, and that it has been that way since 2007. Over the course of 3 days and 160+ posts later you have disclosed aspects of your financial history since 2007 that include:
income reduction
bonus reduction/loss
increase into your 401k
purchase of a motorhome
extensive home renovations
2 past divorces
2 school age kids
a spend,spend,spend girlfriend
All this to go along with the $40,000 truck you purchased in 2007.

And yet you blame the great recession and/or inflation as the biggest reason(s) you have been unable to save any money since 2007? What am I missing?

Hmmmmm,

The conversation I imagined the original post fostering was more along the lines of...

If we put off purchases until we would have saved up the cash to pay for them outright... inflation and "new liabilities" would have driven the cost of the purchase higher than the borrowing cost. (interest penalty)

Had I built the shed when I built the house 20 years ago, I wouldn't have had the "new" liabilities of engineering, permitting, and approvals on a storm water remediation plan and E&S plan and Lord knows what else I haven't found out I need to do.

Not to mention, I would have gotten 20 additional years worth of usage from the shed...

Chris

 

[workhurts]

OK. I got sucked in again.

Rather than concentrate on what other people have done as examples, just let it all out. It's the internet. How much are you trying to save and how much income is coming in?

As far as I can tell from reading all of this, that truck was paid off through bonuses (or you have a boatload of dividend paying stocks or you liquidated other assets). Yes, dividend yields have declined but if you're making that much off dividends I don't think you have much to worry about.

Did you say what your mortgage was? I mean if you are house poor and are paying your mortgage then that's a form of savings. Maybe you're looking for something more liquid? Who knows.

If I had a $6k a month mortgage and saved no money besides my maxed out401k, I don't think I'd be too sad. If I saved $1k in cash every month, had no 401k and rented ... I'd be a bit more sad. You 'save' more per year in the second example but I'd sure as hell rather be the person in example 1.

Details ... details ... details. Do you want help or are you just venting ... or a what.

 

[Autorotica]

A shed!
You're out of control! Sheds are gateway drugs that lead to two car garages, then pole barns then next thing you know you'll have a behemoth on your back!

Three wives!
Husbands in Africa are starving and you are hoarding!

Definition taken from another thread...

From my perspective a garage is for parking, a shop is for working, a shed is for storage and a barn is for animals. I have a shop and a barn.

lg
no neat sig line

Chris

 

[bams50]

When its time to check out I know I sure dont want to look back and think about all the things I could have done but didnt.

Agreed. Like, for example, making sure you left your family in good shape financially- and, demonstrate to the younger generation how to handle money like an adult.

Or another way to go is "give up" so you can justify anything you want.

 

[Autorotica]

Did you say what your mortgage was? I mean if you are house poor and are paying your mortgage then that's a form of savings. Maybe you're looking for something more liquid? Who knows.
Details ... details ... details.

Hi Workhurts...

Thanks for asking... We borrowed $200,000 at 3.625% for a term of 30 years. Payment is $912 per month.

Chris