#b90x - DAY 6 - Eliminate Financial Waste Experiment!

b90x

#141

I smoke cigarettes. They are $9.00 a pack now. I’ve been wanting to quit for some time so why not now? I can invest that into cryptocurrency.


#142

I definitely have to develop a better tracking of my excel budget. Especially since this is my last week in the traditional workforce. This weekend the official crossover will begin into the crypto/blockchain space. Part luck and part planning my debt is really not bad compared to some people I know. So student loans are paid off as of this month. I own my car. I’m planning to pay of my mortgage in 2 years. I don’t really spend eating out like that. But I do spend on stupid little things. And then there’s stuff on the kids.
But I’m gonna have to get real with my self and stick to the budget. I figure once some of the ICOs come to market with a working product. I can take profit. And I’ll have developed the skill set as a smart contract developer/auditor to start charging. Starting the business to is going to help save in the long run. The taxes is going to be interesting in the coming year.


#143

My prescription for Chantix is in!


#144

$10/month = $2.5 on coffee every Saturday
$8/month = $2 on coffee every Sunday
$200/month = $50 on dinner every Saturday
$120/month = $30 on dinner every Sunday
$200/month = $200 home equity loan /month
$500/month = $250 401k loan payback / biweekly

$1,038/month wasted

#2. holy.

I need to pay off these loans aggressively.


#145

It’s nice to take account. Now let’s knock them out!


#146

Like a few have mentioned, my wife and I have followed parts of Dave Ramsey’s plan for a few years. I have created a fairly detailed excel sheet that tracks all of our spending throughout the month which I enter manually so I am constantly aware of our finances. We have eliminated a lot of wasteful spending over the past years but our grocery/food budget always gets off budget a few hundred bucks. I showed my wife how much money we could have invested in crypto if we managed that part better and the potential it has to change/accelerate the financial course of our family and she was onboard.

Another added benefit she mentioned was crypto keeping us health since we won’t eat as much junk food.


#147

Oh boy, where do I cut without pasting? I thought about this yesterday as well after time management, kinda funny because with me time is essentially :money_with_wings:. I was thinking if I cut my saltwater hobby that gives me more time and money, win/win, right? Chemicals are expensive, and maintenance minutes are cumulative. I’m going to have to run this through the grinder, it is a big decision to let this go but I have been kind of falling away from it over the years. This is one of the 3 tanks I keep…for now.


#148

Good post,

I have been creating quarterly budgets to follow since 2013. Though, following it has not always been easy. I notice that eating out and online purchases seem to take up more money than needed. While I do have the budget, I still don’t always know what is in my bank account at all times.

DCA into crypto seems like a worthwhile goal!

Darcy C


#149

It’s the small things that can destroy us. Stay disciplined in the small things and larger things shall come!


#150

This is not only thought provoking and really life changing. I have put together my list of expenses and am glad this makes a point. Thank you.


#151

I’ve been tracking my expenses fairly well the last two years, always writing down upcoming expenses, cost of bills etc, but I still think I can improve here and be more thorough with writing down small purchases, even though they are quite rare.

I don’t really have a lot of money after I’ve paid rent, bills and food, so I’ve made it a rule to not eat at restaurants or order take-away, it doesn’t really bother me though since I love to cook. I always try to plan the week’s meals after the special offers at the grocery store, so I can save additional money on food as well, and I try to cook in larger batches, so it lasts 2-3 days for each dish.

My biggest expense that isn’t essential has always been music and/or video games, and I decided before the New Year that I’d try to cut down on this, and invest the surplus into cryptos. I added roughly $130 to my crypto account this month, which is about half of the funds remaining after the essential stuff. Besides the music/video game purchases, I don’t really use my money for anything else, no candy, movies, drinking, coffee etc.
My goal is to invest at least $1500 this year into cryptos, a little bit every month.


#152

Sounds like a great start to me. Let’s build a future!


#153

Love that day 6 is about this! This will make a HUGE difference for those of us who haven’t started doing this!

I started this after reading a book halfway through 2017 so that I could move some of my unneeded expenses to my personal wealth down the road. I’ve cut down to eating out once a week, upping the percentage I put into my 401K accounts and also throwing 4 dollars a day into my personal savings.

After a few weeks, months, and years, it’s all really going to add up! My wife also added daily savings and we have personal goals we are aiming for. The goals being mostly travel destinations and saving for our children.

Oh, and I almost forgot! $50 weekly deposits into Litecoin (on Fridays of course! - Thanks for the tip @peter!)


#154

Every bit counts. It’s fascinating how much we really do waste on stupid shit!


#155

I keep track of my expenses on Google Sheets template they provide. Main expenses trying to eliminate is credit card debt and car loan. Really hate the thought of paying interest with my dollar losing value everyday. When I can be spending it on crypto watching the value go up instead.


#156

Hm. This is something I’ve actually been able to minimize in the past month simply by living in Vietnam. The cost of living is crazy low! I’m saving so much (and it’s truly helping me weather these bearish times… haha). However, one thing I can definitely reduce/eliminate is booze for the next month when I go out. I can cut that by 75% easily just by cutting back on the drinks, or buying stuff at the liquor shop/convenience store instead of drinking at the bar/club.

I will definitely try to budget my meals more carefully, as well, when I move back to a place where eating out/food delivery simply cannot be a daily occurrence.


#157

For me, its Starbucks.


#158

I know exactly what’s in my personal bank/grocery accounts, stocks and crypto. However, I have no idea what our marital accounts hold. I find I’m more wasteful by going out to lunch everyday. I will work on eating more meals at home during the day or let my friends buy me lunch! I haven’t been as wasteful as I have been in the past because with every extra dollar I put into crypto. I had wanted to get a nice expensive handbag. But, for what? Instead I bought crypto and I am up significantly. I’m not depriving myself of anything, I’m just more cognizant of where I want my money to go. Looking at your LTC DCA was incredibly eye-opening! Incredible! Thanks for that! You just lit another fire under my butt!


#159

Averaging $200 cable bill per month, this month a $300 plus electric bill (these two areas need to be reduced big time! Talk to my family about the current bills and I need their assistance in reducing usage from their end), and $300 in massages and haircut (eliminate massages, putting $200 into BTC).


#160

First thing I’m going to cut is my y membership. It’s $75 a month and I hardly ever go. Instead I use my apartment’s gym and run outside when it’s decent enough weather. Another thing, and one of my goals, is to pay off my car loan within this year. I make my own coffee and lunch in the morning and hardly ever eat out. And I need to look further into cutting my internet and phone bills.