I picked the optimistic user name "SavingsQueen." I almost added an exclamation point because I always tend to do that. Actually "Spending Queen" would be more to the point.
All my life I have gone through what I like to call "phases." Phases are my way of describing my wide range of interests...decorating houses, gardening, self-improvement, exercise...etc. After years of going through these phases, I have realized they really all come down to my greatest interest...spending money!!!! See, there go the exclamation points!
Although we cut out the credit cards completely for many years because I couldn't handle them, we now have one frequent flyer VISA card which I love because it gives us LOTS of free miles for trips. One problem with the VISA, however, is that, although I end up with lots of FF miles, usually I have spent so much more using the plastic that I never quite have the money required to take the vacations surrounding those FF miles.
As a couple my husband and I are pretty blessed financially. We both have six figure incomes (I own a small company) and I almost never carry a balance on the FF VISA. I pay it off most every month...once in a while I let it slip for one month. Mostly we live on my salary and bank his but due to my frequent spending binges during my phases I am continuously wasting our financial resources. At a time when we are in our high earning years we really should be using our funds wisely and saving more toward retirement. Like most Americans, neither of us have pensions. We have about $750K(not sure exactly) in our 401Ks, and an additional $130K in savings, but we have only about 15 years till retirement so I am a bit worried. To "live off the interest" I think we really need about $2 million. Our house is paid off and the only debt we have is about $15K for 2 cars. I HAVE TO STOP SPENDING MONEY LIKE WATER...I need to learn that I am enough and I really need nothing more...there is tranquility in frugality.
In the past I have spent thousands of dollars decorating houses, creating a monumental backyard landscaping project and most recently I spent about $10,000 on pricey jewelry on Ebay. Before Christmas when I was in the midst of the jewelry spree I felt terrified and out of control. I spent hours on Ebay and really was worried about the compulsive spending. Now, though, fortunately the frantic spending has stopped and I have really stopped spending altogether (I actually stopped eating sugar as I read this feeds compulsive behavior and it seems to have worked).
I am now keeping track of what I spend in an excel spreadsheet. I am on day three of that and feel good about it.
I know it may not sound like my problem isn't that major, but from inside me, it feels pretty terrible. I'm going to use this blog to determine exactly how much money we have in savings, retirement plans, etc. and to learn to stay on a reasonable budget. Here goes...
Savings Queen! (who am I kidding??)
January 6th, 2011 at 01:32 pm
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