So, I’m 28F, living solo in the city. I’ve got this struggle with figuring out how much to splurge on food, outings, and all that fun stuff. It feels like I’m dropping way too much cash. Based on my credit card splurges (not counting cash or those times I had to hit up Venmo to reimburse a buddy for dinner), here’s my rough breakdown:
In August, I went over $1000 (like $37 a day). September was a bit better at around $800 (about $26 a day). Looking back at my past money scribbles, it seems like I was chilling around $600 earlier this year. Not sure how I ended up here. I scored a new job with a fatter paycheck, but I’m trying not to let that tempt me into spending more. I wanna stash away as much as I can. Google says a single adult should aim for around $350 a month, but that feels like a reality check I haven’t met yet.
I’m trying to keep it real and do better. My current numbers are just way too high. This spending saga has been haunting me since I hit NYC in 2019. I hit up Trader Joe’s, cut down on the booze (those drink prices are nuts!), and I’m all about meal prepping. But I still struggle with those impromptu coffee shop visits, deli snacks, and late-night pizza slices. Toss in a few dinner outings with pals, and yeah, the numbers just keep climbing.
Anyone else riding this same money rollercoaster? Am I just a victim of bad spending habits? How can I turn this ship around?
Fondly,
City Saver.
Response from THE MONEY MINDER:
"Hello There,"
Firstly, I want to acknowledge your transparency in sharing your financial situation. It’s not an easy thing to do, but seeking guidance is a step in the right direction. It’s clear that you are aware of the high amount you are spending on food, going out, and other miscellaneous expenses, and that’s a great starting point.
Given your concern about overspending, it’s essential to create a budget tailored to your lifestyle. Start by tracking your expenses diligently. Use apps or spreadsheets to categorize your spending and identify areas where you can cut back. Based on your current spending patterns, it might be helpful to set specific limits for different categories, such as groceries, dining out, and entertainment.
I understand that living in a city like NYC can come with its temptations, especially when it comes to convenience foods and eating out. However, making small changes like bringing your coffee or snacks from home, limiting dining out to fewer times per month, or opting for budget-friendly alternatives can make a significant difference in your overall spending.
Additionally, consider exploring free or low-cost activities with friends to reduce the impact of expensive outings. Being open with your social circle about your financial goals can help create a supportive environment that aligns with your saving and investing objectives.
Lastly, be patient with yourself. Changing spending habits takes time, and it’s okay to have setbacks along the way. Celebrate small victories, like staying under budget for a week or trying a new budget-friendly recipe. Remember, a sustainable financial plan is about finding the right balance between enjoying life and securing your future.
If you continue to struggle, consider seeking advice from a financial planner who can provide personalized guidance based on your income, expenses, and goals. Remember, you are taking a proactive step towards financial awareness, and with persistence and smart choices, you can achieve your savings and investment targets.
Hope this advice helps you navigate your financial journey positively. Stay committed, stay disciplined, and always keep your long-term financial goals in mind.
Best of luck on your path to financial wellness.
Farewell from THE MONEY MINDER.
