Barely making enough to live a financially stable life, certainly not enough to get ahead. Help?

My thoughts, from one person trying to cut back on everything to another:

  1. I actually really like the $x/day system for discretionary money. Others don't and follow the YNAB "every dollar has a purpose" rule. If you feel like you're spending money on silly things that you could do without, think about switching. Honestly, if you're that serious about saving and paying down your debt, I think you could get by on $8/day. I'm not sure what else you're spending money on but $20 should easily get you a month's worth or more of toothpaste, deodorant, soap, and paper towels - if it doesn't, switch brands or shop at cheaper stores. And you can take out a date on $35-$40 if you just get drinks or get more creative than dinner. Heck, it's the 21st century, go Dutch. If you each spend $35 that's $70 which can be a pretty nice night out.

  2. Can you squeeze anything more out of rent by moving? Between the apartment and the studio, you're paying $555 in rent, which isn't bad for your income, but just something you might think about. Obviously this is more of a long-term solution but something to think about.

  3. Food costs - can you do more bulk meals or shop at grocery stores like ALDI? You could probably get this down to $150 or less with a bit of advance planning and some ideas from /r/budgetfood.

  4. Bus Pass - I'm guessing you're paying a monthly rate. Have you done the calculation to see if you're getting your money's worth on that? Maybe it's only $10 but I'm trying to see ways to squeeze every dollar.

  5. Internet - I saw your comment where you said you're out of the house pretty much the entire day. Can you downgrade to something even cheaper, or even drop it altogether? So many places have free wifi these days that you may not even miss it. Or, if you have a cell phone (which I don't see mentioned anywhere for budget?), are you on an unlimited data plan or one where you don't use your full quota? Even weirder, if you live in an apartment building and are friendly with any of your neighbors, can you work out a deal with them to share their wifi signal?

  6. CC Debt - Can you sign up for a 0% APR deal or possibly apply for a small personal loan at a bank or credit union? That interest is really hurting your progress.

OK, now that you think I'm absolutely insane for some of these suggestions - break it all down. You're already thinking about ecigs which would save you, conservatively, $60. $50/month savings on food, $60 savings on your daily "allowance". BAM! $170 more in your budget. If you can squeeze out another $30 (like maybe internet dropping or outright eliminating the smoking) then you've got a cool $200.

/r/personalfinance Thread