Wednesday, May 6, 2009

The B Word

I have a major problem with the B word.

I can't bring myself to even say it. I can't think about it. I don't want to hear it - ever. And yet, the B word is something that I know I need to face if I want to have my future dream life.

I'm talking about my Budget. (or lack of one)

I have a big problem when it comes to spending money. When I first read Shopaholic (did you see the movie? Make sure you read the book - click here to buy it) - I felt like I was reading about myself - my thoughts - my spending habit. (like how Becky Bloomwood is constantly agonizingly self-debating whether or not to buy the latest chatchke to catch her eye - and then does)

I really know nothing about managing cash. I failed my High School Economics assignment where we had to make a budget with only $30,000 a year. I failed because apparently I couldn't convince my teacher that manicures were a life necessity.

I have two credit cards. I make my payments on time. Well not exactly on time - but I have yet to see any interest raised .... which is a good sign right?

As for taxes, 401ks (I just learned that word tonight) and mutual funds - I leave that stuff to the main men in my life - my father and my accountant.

Then tonight I went to a little presentation given by Ez of SerandEz fame. He talked about how lots of people have no idea what their expenses are (check), or even what their salary is (check again).

Ez has this great Jewish Economics Survey that I thing every Jew needs to fill out - if only for your own personal knowledge. Click here for the Survey (don't worry, it's not too long - as long as you know the answers!).

17 comments:

NotaGeek! said...

There's no need for economic classes to know how to balance your budget... All you have to do is follow some basic rules, and most of it is common sense...

Data said...

You have two credit cards?

G6 said...

You were there too?
They should've given out blogger name tags.... ;)

Ezzie said...

MM - Thanks so much! :) You should have introduced yourself!

NotAGeek - I agree with that, actually. (Though I think a lot comes from econ classes.) You'd be amazed how many people ignore the rules and common sense, though. :/

G6 - You too? Why don't people introduce themselves!

G6 said...

Ezzie -
I wanted to.... but you were surrounded after the presentation.
I was just "shy" {sheepish grin}
I'm the one who came in horribly late.

Ezzie said...

G6 - Aww. :) The only person I noticed late was someone who's been here for Shabbos, and I'm 99% sure that's not you, so I can't say I can place which person you were. Feel free to e-mail me! :)

Ezzie said...

Wait - okay, after thinking for a minute I realized who you must be, and then glanced back at your blog pics and was right. :)

Nice input on that question - thanks!

Something Different said...

Manicures a life necessity? Rofl I so can't relate to that. I got two manicures in my life and I only expect one more for my wedding I think...

Spodda! said...

TO "Something Different":
Can't you tell how much Material Maidel is striving to live up to her blog name?

Moshe said...

I agree, who needs a class.
Open excels and write down what you spend money on and how much.

I pay for everything with credit cards so it's easy to see how much is spent on what.

I'm sure I can't say this enough, only use credit card that pay you back cash, gas, or frequent flier miles and make sure they pay well. My chase freedom gives me 3% back.
Also, if you have more than 2k in your bank account, open a savings account and keep your money there and only transfer it to checking account when you write a check or pay bills.

Dude with hat (aka BTS) said...

which is a good sign right?Wrong. There are bank that won't raise your interest right away, but they will report every late payment to your credit history. Guess what - each of these makes a little or bigger drop in your score so when you will try to apply for another credit card banks will look and say - nah, she doesn't have money to pay on time, we won't give her any credit!
Another thing to keep in mind is to keep at least 25% of your balance, as if you max up your cards you'll be in a deep trouble when you decide to open another CC or apply for a loan.
Also if they'll give you a card it'll be most probably under $1k or even less than $500 and that sucks.

Something Different said...

Spodda- yeah, it must be a tough job. Poor thing

Maidel said...

Ezzie - how do you know who G6 is? I still dont have a clue...

Something Difft - is that a diss?

G6 said...

Maidel -
If you got to Ezzie's lecture, you obviously know your way around my neighborhood.
There's a place set for you at the Shabbos table any time ;)

Something Different said...

MM- No way!! :-) Its just that we live on two different planets apparently. Honest, I'm nicer than that. (Well, maybe not but....)

Maidel said...

hmm... well Im definitly from earth... dont know where ure from...

wait

that was lame

Ezzie said...

MM - I figured it out from what she said. Now, I'm still trying to figure out who you are! :)