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Ask the Readers: Income? Or Negative Savings?

I’ve been fielding reader questions at Get Rich Slowly for almost six years now. In that time, we (you and I) have answered 202 questions, most of which have been about the Big Picture, about things that apply to everyone. Sometimes, though, it can be interesting to get a bit more specific.

For instance, Julie wrote recently with a question that, by her own admission, is technical and fussy. Well, let’s be technical and fussy for one day, shall we? Here’s what she writes:

I currently have several different targeted savings accounts that I fund with either direct deposits from our paychecks or automatic withdrawals from our checking accounts. I use an Excel spreadsheet as a budgeting tool, partly because I didn’t want to spend on software, partly because I was familiar with Excel, and partly because it’s simple to download my transactions from my credit union. I can create categories within the online tool to compare to my spreadsheet based on what I want to track.
As I currently do things, the money that goes to the targeted savings accounts is coded as “Savings”. When I spend anything on something from those accounts — for example, the escrow account for our property taxes and insurance — I code the withdrawal as a negative expense in Savings to correspond to the expense in the Insurance or Taxes category. At the end of the month, it comes out a wash, but at the end of the year it looks like I have a negative balance in savings when in fact we saved aggressively.
Another time this is an issue is when we dip into the emergency fund (hello, new furnace!). At the end of the month, it’s a wash but at the end of the year we show a negative balance on the spreadsheet.
So, I guess the question is: When you withdraw from Savings, is that income? Or is it negative Savings?

I receive quite a few questions like this: People have developed their own tracking systems, and they want to know what I think. What I think is that each of us does this differently. There’s no one right way to track your finances. The important things are to:

It’s also helpful if your system plays well with others, but that’s not an absolute requirement. I’ve customized my Quicken installation enough that I can’t just download info from the bank; I have to enter it by hand. I’m okay with that, though. Just be aware that the more you customize, the more you’re tying yourself to your customized way of tracking things.

As for Julie’s specific case, it sounds to me as if she may be tracking cash flow — the ongoing movement from one account to another. This can be useful in some cases, but when I am looking at bank accounts, what I really care about is the balance, not how much is flowing in and out. (Well, sure I care about the cash flow, but for budgeting and reporting, it’s the balance I want.)

For instance, my targeted savings accounts are:

Emergency FundMini Cooper Replacement FundTravel Fund

Sometimes I have more accounts, but those are the three I have right now.

When I route money from my checking account to a savings account, my savings account balance increases. But when I take money out — to travel to Peru, for example — my savings account balance declines. At the same time, that money gets spent somewhere else. (In this case, I code it as Vacation.)

So, to answer Julie’s question, I’d view this not as income but as negative savings. To me, it’s income when it enters my possession. Once it’s in my possession, it can’t be income again, can it?

In some ways, saving is just delayed spending. I’ll build my savings for a car over the course of years. When I pull the money out of savings to buy the car, that money isn’t income. I’ve already earned it. It was money that was in savings, but now is being spent elsewhere.

Is all of this as clear as mud? How would you handle Julie’s dilemma? How do you decided what is income, what is savings, and what is spending? When you take money out of savings, is that income? Something else? I know many GRS readers have created customized spreadsheets to make things easier. Is that you? Can you describe your system for us?

This week, let’s help Julie be fussy. Next week, we’ll return to questions about the Big Picture.

This article is about Ask the Readers, Budgeting, Savings

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Ask the Readers: Which Credit Cards Do You Use?

Though I steer clear of writing about credit cards at Get Rich Slowly, I use them all the time. I used to be an anti-credit card zealot. Because irresponsible use of credit cards had led me to tens of thousands of dollars in consumer debt, I thought they couldn’t possibly be used for good.

My attitude toward credit cards has changed over the years.

So, I’ve changed my stance on credit cards. I now see that they’re a tool. But they’re a dangerous tool. I often say that credit cards are like chainsaws. When used carefully, a chainsaw be a powerful tool. But if you’re careless, a chainsaw can cause great damage. So too with credit cards.

Note: Though I’ve come to peace with credit cards, I still don’t like to write about them. I don’t want to lead anyone to the sort of debt I used to have. Instead, I let other sites write about the best credit cards. And a couple of times a year, I’ll cover a credit-card related topic here.

Nearly two years ago, I polled GRS readers to see which credit cards you use. The question garnered more than 200 responses. At the time, I promised to go through and tabulate the results, to post them to the blog so that we could all see which credit cards were most popular with the smart folks who read this site. I never followed through. Now, 21 months later, I’m curious about this question again, but feel like the responses to that first post are outdated. As a result, I want to repeat the survey.

So, today I’m asking once again: Which credit card(s) do you use? Why do you use it? How, when, and where do you use it? Do you have personal rules for credit card use?

As for myself, my credit card portfolio remains largely unchanged:

Also unchanged is my personal philosophy toward the use of credit cards. I set some rules for myself in 2007 when I returned to the world of credit cards, and I still follow them. Namely, I:

Pay off the balances every month.Never buy anything on credit unless I already had the cash in the bank to pay the bill.Make my decision about what to buy and then decide how to pay. (Instead of saying, “Oh, I have a credit card, so I can buy this.”Never use my credit cards for impulse purchases.

That’s enough pontificating, I guess. What I really want to know is how you use credit cards. Which credit card(s) do you use? Why do you use it? How, when, and where do you use it? Do you have personal rules for credit card use? Have you ever been in credit card debt? How do you steer clear of that now?

This time, I’ll follow through. I’ll compile all of your responses to this question into a master list of readers’ favorite credit cards and I’ll share that sometime in May. Until then: If you do choose to use credit, use it wisely.

This article is about Ask the Readers, Credit Cards

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Ask the Readers: How to Save Money While Making Minimum Wage?

It can be tough to get out of debt and build savings even if your income is above average. If it’s average (or less), the challenge becomes even greater. And what if you’re earning only minimum wage (or something a little over)? In cases like this, is saving even possible? Yesterday, a reader named Andrew asked this question on the Get Rich Slowly page at Facebook:

Andrew’s question from Facebook

I love this question. Andrew should be applauded for his desire to get ahead financially even though his income is limited. That’s a great attitude.

Before I share some suggestions, I should note that in order to achieve big financial goals, Andrew will eventually need to make more money. I’m guessing he already knows that, though. For now, let’s focus on making the most of his current income.

Because his income is relatively low, Andrew’s only choice is to cut costs. In order to have money left over to save, he has to reduce his basic expenses. That’s easy to say, of course, but it can be more difficult to put into practice. My top recommendations for cutting costs quickly?

I think his first step should be to tackle the big stuff:

I also think one key to being able to save while earning a small income is to reduce recurring monthly expenses. For instance, if you’re making minimum wage, I think it’s a good idea to skip the cell phone. (If you need one, use a prepaid cell phone instead of carrying a contract.) Don’t have cable television. Or subscribe to magazines. Or joining a gym. In fact, don’t sign up for any sort of ongoing recurring expense. These expenses are like anchors, especially when your income is limited.

By doing these things, Andrew should be able to keep his expenses low so that he’s able to end up with a surplus. And what should he do with this surplus? Open a savings account, of course! If he doesn’t have one already, he should build his emergency fund so that he’s prepared for the crap life flings his way.

Those are my suggestions for Andrew. What are yours? If you were (or are) making only minimum wage — or a little above — what sorts of things would you do in order to save money?

This article is about Ask the Readers, Budgeting, Savings

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Ask the Readers: How Much Do You Spend on Kids?

The “Ask the Readers” feature has always been popular at Get Rich Slowly. It’s a great way for people like you to ask questions about money, and, best of all, it’s a chance to help others solve their problems. But there’s no doubt that the “how much do you spend?” questions get the most responses.

Maybe that’s why Kate wrote recently to ask a question that hadn’t ever occurred to me. She wants to know how much you spend on kids. Here’s her e-mail:

We’re thinking about starting a family soon. I realize there are a lot of costs when it comes to having and raising a child, from clothes to diapers to child care to toys to car seats. I also know that these costs can vary greatly, but having never been a parent before, I have no idea what the range can be. I’d like to hear from readers about how much they spend per month on their children. Are we talking an extra $100 a month — or an extra thousand? Under what circumstances? Do the costs go up or down as the child grows?

This is one of those discussions where I’ll have to bow out. I spend zero dollars per month on children because, so far, I’ve elected not to have any. (But isn’t that “so far” kind of interesting? I think so.)

So, I leave Kate’s question entirely in your hands, readers. How much do you spend on your children? Are kids more expensive as newborns or as teenagers? How would you advise prospective parents to prepare financially?

This article is about Ask the Readers, Kids

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Ask the Readers: What is Your Favorite Part About the Holidays?

Ask the Readers: What is Your Favorite Part About the Holidays? | Wise Bread AboutContactAdvertise Credit Card Bonuses
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Photo: Loren Javier

The holiday season is upon us yet again. Chances are you can’t go anywhere without hearing Christmas music, seeing holiday decorations, and receiving constant reminders about how you must get your shopping done. While the holidays can be overwhelming, everyone has something they always love about the holiday season.

What is your favorite part about the holidays? Is it spending time with family? Giving the perfect gift? Or maybe the great post-holiday sales?

Tell us what your favorite part about the holidays is and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — one for random comments, one for random Facebook "Likes", and another one for random tweets.

Mandatory Entry: Post your answer in the comments below For extra entries (1 per action):Go to our Facebook page, "Like" us, and leave a comment telling us you did, orTweet your answer. You have to be a follower of our @wisebread account. Include both "@wisebread" and "#WBAsk" in your tweet so we'll see it and count it. Leave a link to your tweet (click the timestamp for the individual URL) in a separate comment.

If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:Contest ends Monday, December 19th at 11:59 pm Pacific. Winners will be announced after December 19th on the original post. Winners will also be contacted via email.You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.You must be 18 and US resident to enter. Void where prohibited.

Note: Due to recent changes in Facebook's promotions guidelines, we have restructured the entry format of our giveaways.

Good Luck!

Read More Ask the Readers: Share Your Favorite Frugal Holiday TraditionAsk the Readers: What About Money DON'T You Know? (Chance to Win!)Ask the Readers: What Is Your New Year's Resolution?Ask the Readers: Are You Optimistic About 2011?Ask the Readers: Name Your Favorite Moment of 2010 0 No votes yet Select ratingNot usefulSomewhat usefulUsefulVery usefulExtremely useful Your rating: None ADVERTISEMENT Related Topics on Wise BreadAsk the Readers Giveaways
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13 Dec. 2011 | 4:27 AM Selene #1

The best past is just being with my family who I don't see very often.

13 Dec. 2011 | 4:28 AM Selene #2

The best past is just being with my family who I don't see very often.

13 Dec. 2011 | 4:29 AM Selene #3

I Like Wise Bread on Facebook.a

13 Dec. 2011 | 4:42 AM bevb. #4

Enjoying the presence of the present in each family member who we come into contact with during the holidays...

13 Dec. 2011 | 4:46 AM lostAnnfound #5

The best time for me is spending time with family & friends.

13 Dec. 2011 | 5:11 AM Christie #6

I would have to say the reminders of why we celebrate are my favorite thing about Christmas! But a very close second is our local Open House. It is a lovely event in our downtown, all the stores stay open from 6-9 pm on the first Friday night in December, the streets are blocked off to traffic, and the Christmas tree is lit up for the first time that year. Each merchant has goodies and specials, and the high school steel drum band plays Christmas carols. My official kick-off to the Christmas season! (Of course, listening to the steel drum band play "Sleigh Ride" and dancing in the street with my daughter is a major plus!)

13 Dec. 2011 | 5:19 AM Lynda #7

my fav is the gatherings and the x'mas lights/trees!

13 Dec. 2011 | 5:19 AM Lynda #8

i like wisebread on facebook

13 Dec. 2011 | 5:20 AM Lynda #9

tweeted https://twitter.com/#!/oshkoshbgosh123/status/146581125882576897

13 Dec. 2011 | 5:31 AM Gayle #10

Relaxing with the family after all the work is done.

13 Dec. 2011 | 5:56 AM Amy #11

My favorite part is being cozy and warm inside, watching Christmas movies and relaxing (after all the shopping is done, of course!).

13 Dec. 2011 | 6:02 AM Kristy T #12

My favorite part is all the festive food!

13 Dec. 2011 | 6:04 AM Lisa #13

Christmas cookies.

13 Dec. 2011 | 6:07 AM Keith #14

gift giving!

13 Dec. 2011 | 6:35 AM June the Homemaker #15

My favorite part about the holidays is reuniting with family and friends!

13 Dec. 2011 | 6:36 AM June the Homemaker #16

I tweeted! http://twitter.com/#!/junethomemaker/status/146600251841708032

13 Dec. 2011 | 6:36 AM June the Homemaker #17

I'm a Facebook follower!

13 Dec. 2011 | 7:40 AM Sheila #18

The surprises!! The surprise of finding the perfect gift when you had no idea what it would be, the surprise of receiving the perfect gift, the surprise on the faces of the little ones, the surprise of a beautiful light display on your daily commute, the surprise of a new version of an old favorite carol...

13 Dec. 2011 | 7:45 AM Margaret Davis #19

The best part of the holiday for me is the food!! Instad of giving gifts to the adults, my family gets together for a big meal that feaures everyone's holiday favorites. No one person cooks so there is no pressure and lots of giggling and teasing in the kitchen.

13 Dec. 2011 | 7:48 AM Bethany #20

The best part of it for me is seeing all the lights and the look and my girls face as they see them!

13 Dec. 2011 | 7:52 AM Christopher Sorel #21

favorite part getting my nieces and nephews a unqiue gift they enjoy. Spending time with family and remembering it is about the kids and memories

13 Dec. 2011 | 7:54 AM Christopher Sorel #22

http://twitter.com/#!/cjsorel/status/146620030140940290 tweeted

13 Dec. 2011 | 7:55 AM Tiffany #23

My favorite thing about the holidays is, hands down, experiencing the joy and wonder of Christmas all over again through my children's eyes. I love their excitement over simple things like seeing Christmas lights, decorating the tree and baking special cookies.

13 Dec. 2011 | 7:57 AM Megan #24

Easy, spending time with my parents. At 22 I'm only just starting to realize how awesome they are.

13 Dec. 2011 | 8:01 AM Lisa #25

My favorite part of the holidays is Christmas Eve Mass with my entire extended family and singing in the choir. My soul rejoices and I truly feel the real meaning of Christmas at that time.

13 Dec. 2011 | 8:04 AM HighOrderGuiltComplex #26

I love giving gifts to my friends and relatives, I LOVE decorating my christmas tree, and I especially love seeing all of my relatives during this time of year.

13 Dec. 2011 | 8:21 AM Nicholas #27

My favorite part is the time with the family.

13 Dec. 2011 | 8:21 AM Sarah #28

I absolutely love the smells associated with the holidays! Pine trees, baking, cinnamon, fireplaces, fresh snow...

(All of that besides family time of course, but I don't think that should just be pushed to the holiday season!)

13 Dec. 2011 | 8:22 AM Sarah #29

I also have 'liked' Wisebread on FB! <3

13 Dec. 2011 | 8:25 AM Alex J #30

My favorite part of the holidays is having a week off from work to relax and recharge.

13 Dec. 2011 | 8:32 AM Matt Kalist #31

Spending time with friends and family is most important.

13 Dec. 2011 | 8:45 AM Henri #32

The best bit, it's you can just relax and forget all the normal days worries and miserys.

13 Dec. 2011 | 8:47 AM Bryan #33

I like the parties. Any excuse to party.

13 Dec. 2011 | 9:23 AM Diane #34

The family gathering at our house with whole family~ nieces, nephews, cousins, kids! And the Christmas Tree and beautiful lights everywhere!

13 Dec. 2011 | 9:24 AM Judy #35

Oh the yummy food, cookies and time with family

13 Dec. 2011 | 9:25 AM Diane #36

I Like Wise Bread on facebook!

13 Dec. 2011 | 9:41 AM Raina #37

Getting out of the city and just enjoying quiet time at my parents' ranch. No TV, no Internet, just good old-fashioned fun!

13 Dec. 2011 | 9:52 AM Linda Nguyen #38

My favorite part of the holidays is spending time with my family and eating my mom's home cooking! YUM!

13 Dec. 2011 | 9:54 AM Linda Nguyen #39

I liked you on FB and left a comment under the entry! ;)

13 Dec. 2011 | 10:24 AM Heidi #40

My favorite part of the holidays is focusing my children and myself on what this season is really all about, the birth of our Lord and Savior Jesus Christ and all that means or should me to us all. Sacrificial giving, selflessness, brotherly love, kindness, compassion. Demonstrating the characteristics of Christ not only during the Christmas season but all year long, each moment of every day exemplifying and glorifying the One that we celebrate at Christmas. HAPPY BIRTHDAY JESUS!!!

13 Dec. 2011 | 10:36 AM Guest #41

Sharing a meal with my extended family. The combination of food and company is always a special joy.

13 Dec. 2011 | 11:01 AM Raina #42

I liked you on Facebook.

13 Dec. 2011 | 11:27 AM Kate #43

The cookies, obviously!

13 Dec. 2011 | 11:40 AM Kaye #44

I love getting together with my family at my mom's house. It's truly just like old times when we all gather there and Christmas seems like the only time that happens. I love our kids getting to play with their seldom-seen cousins and getting to see their parents act like goofballs together. It just says "Home" to me and I hope my children feel the same way one day.

13 Dec. 2011 | 11:59 AM Lisa #45

My favorite part of the holidays is the sense of anticipation...of seeing family and friends, sharing homemade food, admiring decorations, and soaking up the atmosphere.

13 Dec. 2011 | 1:07 PM Aerdog #46

My favorite part about the Holidays is:
when the stockings are filled, after the gifts are wrapped and placed under the tree, in the evening listening to Christmas music and warming in the glow of the logs burning in our fireplace, sitting there with my wife, remembering Christmases past.

13 Dec. 2011 | 1:09 PM gt0163c #47

I love getting away to spend time with my family. I'm not at my house, so there's not a lot of projects I have to do. I don't know a lot of people in town so I don't have a lot of social obligations (although I know a few people, so I can go see them to take a break from my family). I get to play with all my nephews' cool toys and taunt my brother-in-law's fish, and curl up with the cats to read or watch DVDs after all the little people go to bed. Mostly, it's about taking a break from the rest of my life and spending time reconnecting with my family. Oh, and fruitcake. Mom makes great fruitcake (totally not kidding).

13 Dec. 2011 | 1:14 PM Tracy #48

The best part is Christmas Day, when we can forget the stress of the season and sit around, relax, and enjoy our presents.

13 Dec. 2011 | 2:18 PM KelR1 #49

Eating lots of treats that are only available this time of year. And seeing how excited my dog gets when he receives a new toy. :)

13 Dec. 2011 | 2:18 PM KelR1 #50

Like you on FB.

13 Dec. 2011 | 2:20 PM Christina #51

Shopping in stores with Xmas music and decorations!

13 Dec. 2011 | 2:24 PM cwaltz #52

I enjoy watching the schmaltzy movies and listening to the sentimental songs with my family.

Christine

13 Dec. 2011 | 2:36 PM Jennifer #53

I already like you on FB.

13 Dec. 2011 | 2:40 PM Jennifer #54

My favorite part of the holidays is time off to spend on myself. I opted out of the holiday craziness many years ago, and now I enjoy watching everyone else run around like crazy people getting all stressed while I take a bubble bath and read some good books! :)

13 Dec. 2011 | 2:51 PM kathleen #55

my favorite part is the smells. Cinnamon, peppermint, fires, Christmas trees, roasts, sides, etc. It's the part that keeps me happy year after year.

13 Dec. 2011 | 4:06 PM Brent Pittman #56

I'm looking forward to seeing my kid open up presents!

13 Dec. 2011 | 4:07 PM Jorge #57

I Like WB. hahaha very nice!

13 Dec. 2011 | 5:19 PM Angie #58

The magic. It always comes, some time, some way.

13 Dec. 2011 | 5:45 PM Therese #59

getting together with friends and family who I rarely see.

13 Dec. 2011 | 6:09 PM Monica #60

Christmas Day, when the madness and stress are over. After dinner when we go for a walk as a family is really nice.

13 Dec. 2011 | 6:10 PM Monica #61

I like wisebread on facebook!

13 Dec. 2011 | 6:11 PM Rebecca B. A. R. #62

Getting together with my family to read the Christmas story and have a great meal.

13 Dec. 2011 | 6:14 PM Monica #63

I tweeted! http://twitter.com/#!/Monzarts/status/146775966755205121

13 Dec. 2011 | 7:05 PM Joan #64

My favorite part of the holidays is spending time with my family and friends, eating great food and not having to spend the day at work.

13 Dec. 2011 | 8:20 PM Rusty #65

Looking for Rudolph...

13 Dec. 2011 | 8:23 PM Rusty #66

I like you on facebook.

13 Dec. 2011 | 8:54 PM Patrick #67

Im kind of a minimalist saver so it may sound kind of sad, but the best part about the holidays for me is looking forward to the new year. I always dread the shopping, planning, decorating, etc that comes along with the holiday season. I love seeing family I have not seen in awhile but I wish it was under different circumstances. I would much rather see them on a random day during the year where we can actually sit and connect vs a huge family gathering where you are lucky to get a half conversation in with a few family members. So the best part of the holidays for me is being done with the stress and having a brand new year full of opportunities to look forward to.

13 Dec. 2011 | 9:15 PM Debra #68

I love watching Christmas movies!

14 Dec. 2011 | 8:33 AM Jennifer W #69

My favorite part is how excited my daughters get about everything - from the first Christmas lights to show up on neighbors' houses to decorating holiday cookies. They make the season so much fun.

14 Dec. 2011 | 8:48 AM Michelle W #70

My favorite part of the holidays is getting to spend more time with my family. Once the kids are on winter break and I'm on winter break, things aren't nearly so hectic and we can finally slow down and spend some relaxing time together.

14 Dec. 2011 | 9:02 AM Kristin Haffey #71

Aside from the basic answers of Christ and family, I LOVE seeing peoples' homes decorated with lights, and I love Christmas music. :)

14 Dec. 2011 | 9:17 AM Julie #72

The best part about the holidays for our family (we don't celebrate like others do) is the extra time to spend with family and friends. Unfortunately, this year we won't have as much extra time off with the holiday being on the weekend!

14 Dec. 2011 | 9:18 AM Julie #73

LIKE WB on FB!

14 Dec. 2011 | 10:19 AM Jenn #74

Spending time with family and falling asleep under the Christmas tree.

14 Dec. 2011 | 1:04 PM gail grooms #75

I love decorating the house and bringing out all the lights for the front of the house. I love our neighborhood and the cheerful displays of Christmas for the month of December!

14 Dec. 2011 | 5:37 PM Angela Bu. #76

My favorite thing about the holidays is being together with family.

14 Dec. 2011 | 7:33 PM Diana #77

I love going home. I've never spent a Christmas away from my family. It's a nice constant.

14 Dec. 2011 | 9:07 PM Guest #78

My favorite part is giving gifts to my sons and grandson, things that they will enjoy and make them happy. We've started a tradition of picking a gift we've been given, then giving it away to a local charity that distributes gifts to other children in need. For us, that's really the best part of the holidays.