Is It True That Singles Have More Money?
- Thread starter seoulsearch
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J
I totally agree with you, jb.
Again, whether what your income bracket is, how you spend your money is very important too. Everybody have their own difficulties and needed to spend a bit more than another individual. Take for example, if a single person have some health issues and needed to constantly consult a specialist, do an MRI occasionally, get some blood tests done every few months, etc. versus a single person who earn the same amount of money but paying only for his/her meals, accommodation, bills, transportation, clothes, etc. the earlier mentioned single person may not have as much money as another person.
Hey, how many of you guys actually do come up with your own accounts to monitor how much you spend daily, monthly, etc.?
Again, whether what your income bracket is, how you spend your money is very important too. Everybody have their own difficulties and needed to spend a bit more than another individual. Take for example, if a single person have some health issues and needed to constantly consult a specialist, do an MRI occasionally, get some blood tests done every few months, etc. versus a single person who earn the same amount of money but paying only for his/her meals, accommodation, bills, transportation, clothes, etc. the earlier mentioned single person may not have as much money as another person.
Hey, how many of you guys actually do come up with your own accounts to monitor how much you spend daily, monthly, etc.?
I have created an excel spreadsheet that I update on a weekly basis...things like expenses, how much I'm putting away, The Lord's 10%, etc. it makes things convenient easy and I can see where I am spending more money and where I can save money by cutting out the expenses...I wouldn't do life without it
To expand...I also set up a want vs. need for spending on certain things...sure it's nice to splurge on in a while but it's about having the self control for what I need vs what I want...examples:
- do I need a new Iphone 6? No the 4s I have is fine... on a scale 1-5 its a 1 as in I don't really need it
- dress clothes for work on a scale of 1-5 it was a 3-4 so I went out and got some
- new computer scale 1-5 it was a 4-5 so I went out and got one (spent a few months looking at the right price, specs I wanted, etc.
It's all about prioritizing and defining NEED vs WANT...always works for me
- do I need a new Iphone 6? No the 4s I have is fine... on a scale 1-5 its a 1 as in I don't really need it
- dress clothes for work on a scale of 1-5 it was a 3-4 so I went out and got some
- new computer scale 1-5 it was a 4-5 so I went out and got one (spent a few months looking at the right price, specs I wanted, etc.
It's all about prioritizing and defining NEED vs WANT...always works for me
Lol Hello Helooo! My pops was an accountant so he taught me and my sibbles early to manage our finances well...I'm by no stretch of the imagination a scrooge (in fact I could probably save more money if I didn't go out to eat as often as I do 
) but it's all about keeping track of where your expenses are your savings and being in line to meet your goals based on those calculations...and there's always something there for "rainy days" or unexpected expenses
) but it's all about keeping track of where your expenses are your savings and being in line to meet your goals based on those calculations...and there's always something there for "rainy days" or unexpected expenses
J
Well, my spreadsheet covers a whole year comprises of the following worksheets:-
1. Account Summary
2. Bank account where my salary is banked in
3. Bank account where I set aside for housing loan
4. Bank account where I set aside for furniture and fittings purchase (when my property is ready to move in)
5. Bank account where I set aside for savings and emergency
6. Credit card account monitoring my expenditure
7. Fixed deposit account where I compute the estimate of returns and the variance if I keep them in the savings
8. Daily Expenditure by the respective month
I will know how much I have at the end of each month and year. I've prepared mine up to 2019 to help myself work on my finances.
1. Account Summary
2. Bank account where my salary is banked in
3. Bank account where I set aside for housing loan
4. Bank account where I set aside for furniture and fittings purchase (when my property is ready to move in)
5. Bank account where I set aside for savings and emergency
6. Credit card account monitoring my expenditure
7. Fixed deposit account where I compute the estimate of returns and the variance if I keep them in the savings
8. Daily Expenditure by the respective month
I will know how much I have at the end of each month and year. I've prepared mine up to 2019 to help myself work on my finances.
H
Lol Hello Helooo! My pops was an accountant so he taught me and my sibbles early to manage our finances well...I'm by no stretch of the imagination a scrooge (in fact I could probably save more money if I didn't go out to eat as often as I do ) but it's all about keeping track of where your expenses are your savings and being in line to meet your goals based on those calculations...and there's always something there for "rainy days" or unexpected expenses
) but it's all about keeping track of where your expenses are your savings and being in line to meet your goals based on those calculations...and there's always something there for "rainy days" or unexpected expenses
J
That's very true, Mo and Helloo. I started to work on my own cash flow when I was about 17 years old when I earn the first salary. Mo, are you an accountant?
Budget and forecast, is very important. Doesn't matter whether you are single, married, divorced, etc. coz the wants and needs factors are still there when making financial decision.
Budget and forecast, is very important. Doesn't matter whether you are single, married, divorced, etc. coz the wants and needs factors are still there when making financial decision.
M
Seoulsearch, excellent topic!!! It was good to read everyone's posts and experiences.
I am single. If I have a family, I think I would have my own personal savings account, as well as a joint account with my husband. I think, before we marry, my husband should pay for the rings as well as the wedding banquet. After marriage, I will contribute money to our joint accounts. The joint savings account will go towards a house, furniture, car, and emergency purposes. The joint checking account will go towards bills, gifts, grocery, tithing, and other expenses.
On a side note, I think I will discuss our beliefs on the stewardship of our finances before we date or marry.
MarvelousLight
I am single. If I have a family, I think I would have my own personal savings account, as well as a joint account with my husband. I think, before we marry, my husband should pay for the rings as well as the wedding banquet. After marriage, I will contribute money to our joint accounts. The joint savings account will go towards a house, furniture, car, and emergency purposes. The joint checking account will go towards bills, gifts, grocery, tithing, and other expenses.
On a side note, I think I will discuss our beliefs on the stewardship of our finances before we date or marry.
MarvelousLight
the guy i dated did not know how to keep a budget. that.was.stressful. i helped him out a couple of times paying off certain debts because.. well.. i thought we were gonna eventually get married so yeah.
totally different outcome lol i just couldn't understand how he couldn't keep up with his numbers.
totally different outcome lol i just couldn't understand how he couldn't keep up with his numbers.
