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TVsVeryOwn
Jan 9, 2011




Hi there, you may know me from my embarrassing introduction in the Newbie Person Finance thread. To summarize: I'm 24, enrolled in high school level studies at the local college, on permanent disability in British Columbia and live with my mother. In the past I've lacked the fortitude to even think about my money, spending when I had some and still spending when I didn't. I'm making this thread to act as a commitment device so I can get out of debt this quarter and start saving and spending with intention.

Income: The Government of BC pays me $1,133 on the last Wednesday of every month. I also receive $109.19 quarterly on the fifth of January, April, July and October as part of the federal government's GST program. Edit: I almost forgot, I got a contract with the college to be a peer support for grade 11 math. It's not going to be consistent, but I have a contract for 25 hours over the course of the semester at $10.85.

Expenses: $610 goes to my mom for rent, utilities and groceries. My only other Immediate Obligations are a $56 phone bill and a $2.50 service fee from my bank. My transportation is covered by the government, they deduct $52 per month for a bus pass.
A little bit of arithmetic yields: $1,133 - $668.5 = $464.50 in discretionary spending.

Liabilities: I currently have about a $900 balance on a $1000 limit with 20% APR (those of you from the megathread may remember the balance being higher, I got over $100 in charges refunded and my $100 cashback is still pending). It's a CUETS Choice Rewards MasterCard. My TransUnion score is 743.

I have no financial assets.

I started using YNAB last week after seeing it mentioned in passing in zaurg's thread and it seems like it might really help.
I managed to spend most of January's cheque around Christmas, so I'm starting my budget next month and just tracking spending this month.

Here's my YNAB spending report from 2018/01/03- this morning(2018/01/11):

As you can see, I'm currently using school supplies as a way to get some retail therapy, which needs to quit.

From the megathread, my budget for February:
code:
Income: $1,133
Debt: $900
Fixed expenses: $668.50
Debt repayment: $250
Magic: $8
Food: $95
Sweet Leaf: $20
Other Discretionary Spending: $90
PM me if you want all my YNAB CSV's.

My goal this year is to only spend money from a given month's cheque that month.

I'm considering starting an ABA in September and it looks like I'll qualify for a free ride through a Canada Study Grant. Longer term I'd like to travel to a Magic GP in calendar 2019 and either get a laptop for school or a new gaming rig. Even longer term I want to be in a position to start and finish my undergrad with no debts.

TVsVeryOwn fucked around with this message at Jan 12, 2018 around 02:04

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TVsVeryOwn
Jan 9, 2011




I went to my first Toastmasters tonight. I might have to be a recurring guest for a while before I can put dues in, but I think it will be fun and good.

Does anyone have anything bad to say about Toastmasters?

TVsVeryOwn
Jan 9, 2011




I relapsed. I bought more school poo poo I didn't need on my credit card and then I was going to be late for Magic, so I payed for a cab on it too.

SiGmA_X
May 3, 2004
SiGmA_X

Remove your credit card from Amazon or Pay-Pal or whatever you're using to buy poo poo you don't need, and shred your credit card.

How much cash do you have on hand today? When is your next credit card payment due?

Why are you putting off starting your budget until next month?

What the heck are you buying related to school supplies? I think I spent under $200 on my whole 4yr college program (over 6yrs - part time while working FT for all but a year of it). That excluded books of course, because those were expensive but I usually *almost* broke even by buying used and selling them after term.... Sometimes you can buy the previous edition, our professors would tell us if there were changes as many versions are 98% identical but the publishers need to make money so they make minor updates...

Regarding your overall monthly income/expense situation, $464 a month sounds FINE for discretionary spending. I give myself a lot less than that because I want to hit my financial goals and my budgeting reflects that. Granted, I assume you have a lot more free time than I do because you're in school and don't work - I found I spent the most when I was in school and unemployed which was ironic because I have a lot more free cash flow these days, but my cash follows my budget.

I think you need to consider your expenses with a little more...realism? If you've spent $36 on pot in the first 10 days of the month and you only budget $20 for February, do you think that's possible? From experience, I don't think that's realistic. I'm not saying don't smoke pot but make sure to look at your last few months of spending and make your budget reflect that.

TVsVeryOwn
Jan 9, 2011




My credit card is due on the 15th every month and I already made a (tiny) payment on it. Working balance is back to about $900. My phone is due on the 26th and I get paid on the 24th this month. Right now I have $5.55 in chequing, $1.50 in savings and $3 in cash.

I put off my budget because I started the year with no money and forgot I was getting GST. I realized I had my GST while I was shopping for a day planner, so I got a really nice one ($60) instead of stopping to think about what I wanted to spend it on. OTOH it was the only one in the store that had the features I wanted (letter size, zipper enclosed). Besides that I bought a mess of erasable pens, a lock, some exercise books and binder organization stuff. When I relapsed I bought a multipen+pencil for when I shouldn't use erasable pen and a reusable notebook from Amazon.

When I write it down, realizing that I spend over 40% of my money on poo poo I do not need makes me feel like a candles tweet. I think I'm like most people in that I spend very emotionally and socially. I've found it hard to beg off going out with people since I haven't had many social outlets besides Magic which also costs money. Hopefully I make school friends who will be broke like me.

My weed situation isn't directly comparable to the past since both the demand and supply side have shifted. I can get hash for free from my mom for the next little while and I'm not at home as much to smoke. That $36 was a one time experiment with edibles, I know now that they're too weak for me. Ideally I roll February's $20 into March and then I can get some concentrate for my vape.

SiGmA_X
May 3, 2004
SiGmA_X

I split most transactions and record the items in Quicken so I can see what dumb poo poo I bought later on. You may consider doing the same, especially if your reaction is "drat that's a lot of candles".

I'd say shred or literally freeze your credit card after you get your monthly deposit this month. And definitely remove it from Amazon.

TVsVeryOwn
Jan 9, 2011




I leave myself memos of what I bought (e.g. 2 slices pizza, 500 ml soda: $10), but you're saying I should record that as 2 slices: $7, 500 ml soda: $2, tip: $1? I guess that makes sense.

TVsVeryOwn
Jan 9, 2011




My mom decided that she wanted to pay for some school supplies so that $70 late night Amazon shopping trip is paid for.

SiGmA_X
May 3, 2004
SiGmA_X

TVsVeryOwn posted:

I leave myself memos of what I bought (e.g. 2 slices pizza, 500 ml soda: $10), but you're saying I should record that as 2 slices: $7, 500 ml soda: $2, tip: $1? I guess that makes sense.
No, what you said as the memo is what I would do for that. For your school supplies, I may give it more detail: split into the needed thing vs un/less-needed thing.

Haifisch
Nov 12, 2010

You'll never see it coming.


Grimey Drawer

TVsVeryOwn posted:

When I write it down, realizing that I spend over 40% of my money on poo poo I do not need makes me feel like a candles tweet. I think I'm like most people in that I spend very emotionally and socially. I've found it hard to beg off going out with people since I haven't had many social outlets besides Magic which also costs money. Hopefully I make school friends who will be broke like me.
Remember you can control how much you spend for a lot of outings. I'm assuming Magic has a basic entry fee, but can you pay for food and stuff on top of that? Cutting back/eliminating how many extras you buy will help. Outings to bars & restaurants are even easier - get cheaper food and limit how many drinks you buy.

You can also suggest/arrange cheaper outings with whatever circle of friends/acquaintances you have now. Depending on where you live, there might be free stuff worth checking out. If not, you should still be able to find stuff to do that's more in your price range.

TVsVeryOwn posted:

My mom decided that she wanted to pay for some school supplies so that $70 late night Amazon shopping trip is paid for.
That's great, but don't rely on her to save you from yourself in the future.

Delete your payment info from Amazon. Hell, even delete your address from Amazon. Cut up your credit card, or at least freeze it in a block of ice so you have to wait a while before using it. Try a website blocker to prevent you from going there(or at least add more hassle to getting there). Make it as difficult as possible to impulse spend.

Your eventual goal is to develop the self-control to be able to sit on a purchase for a day or five so you can consider if you really need it(and you'd be surprised how often stuff falls off your radar completely once you sit on it a dew days), but this should minimize the damage in the meantime.

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TVsVeryOwn
Jan 9, 2011




You're right, I can't trust myself. I impulse bought a coffee on Tuesday.

My Magic store doesn't want money so they don't offer food and beverage service, so I'm safe there.

Right now my biggest problem is I can't stop thinking about what I could spend money on if I wasn't on this drat budget. I really want a chore coat so I can stop wearing ill-fitting button downs just because they have a chest pocket for my pens. So I spent an inordinate amount of time yesterday trying to pick out the perfect one for when I do have the money. I put on my calendar to revisit it in two weeks and hopefully I can take it off my mind until then. I still won't be able to buy it then, but I can look forward to doing more research.

I will do the things you say. Not because they are easy, but because they are hard.


Edit: Going to a student union pub trivia tonight. Card is in the freezer. The prize is bar credit, so I'm not drinking anything unless we win. Even then, not a super huge alcohol fan. I much prefer the dope.

TVsVeryOwn fucked around with this message at Jan 19, 2018 around 02:17

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