Spin-off: Cutting back financially

I've posted about the roller coaster we've been on with DH's business this year.

We pretty much live a modest lifestyle already, and have prior to this year, but I feel like we should be able to partake in at least ONE pleasure that money can continue to be spent on.

I understand that not everyone may agree with this, but for me, it's my monthly yoga classes. For others, maybe it's their daily coffee habit, or a night out once a week for a few beers with friends.

I feel like I would probably be spending that $$$$ elsewhere anyways if I didn't spend it there.

I also feel like that extra $145.00 a month is not going to totally break us at this point.

Does anyone else think this way?

Re: Spin-off: Cutting back financially

I think that happiness and keeping your sanity is so important, especially during a stressful time. You know your budget, and if yoga classes aren't breaking the bank, I say keep them!

Re: Spin-off: Cutting back financially

I'm not in cutting back mode but I'd say if you are in dire financial straits, that the extra $1740 a year would come in handy.

I know a couple that have expressed concern about their finances but they pay for house shares in the Hamptons to treat themselves for three day weekends & go away on vacation a few times a year. They can justify that too.

Most people can justify any expense as "treating" themselves once in awhile and that's where it does become a slippery slope. However, if it's something that has carryover value & something that will have long term benefits I'm all for it - for example health, 401(k), etc.

In the end, what other people opt to do with their finances are none of my business. But if you're asking for tips & people are taking the time to list suggestions, cutting out yoga/gym memberships are probably on that list. In the end, I'd say yoga in particular has long term benefits.

Message edited 2/6/2011 6:00:59 PM.

Re: Spin-off: Cutting back financially

I do agree with you...

i do see the benefits of cutting back... but i also see the benefit of having that one thing that you love... whether its mani/pedi.... or even something as simple as a DD coffee every morning...

Re: Spin-off: Cutting back financially

Re: Spin-off: Cutting back financially

There are 2 things that I won't give up, but, if I had to, I would (if times were tough).

WW and Bowling.
DH and I bowl on a league once a week. That's our night out.
We pay for bowling, grabbing a bite to eat with friends after, and a babysitter for half the bowling "season". All that adds up, but, if we had to give it up, we would. I'd still go visit my friends, but, that weekly money would add up very quickly!

I don't want to give up WW because it helped me tremendously! Going to those meetings every week is *my* time to help *me* feel better about myself.

Re: Spin-off: Cutting back financially

Re: Spin-off: Cutting back financially

Adding to this..I think if it's something that is THAT important to you, you find a way...and you cut elsewhere...

Re: Spin-off: Cutting back financially

I figure if you can swing it, go for it. Its your money. You shouldn't have to feel guilty about it at all.

For me. $145 would pay off a bill or three that I have been only able to pay $25 a month on lately and interest is killing me. $145 would be groceries outside the thin things I allow to save money.

To each their own. If you can afford it, I say go for it. Stress relief is important.

Re: Spin-off: Cutting back financially

I think it depends. If you have enough money, go for it.

My gym membership is $10/month so I am pretty sure, I would keep it - it helps keep me sane and it is really the only thing I do for myself.

Re: Spin-off: Cutting back financially

totally with you! we are living on one salary and have a new baby- yet, I will not give up my weekly Zumba class- my health is very important as is my sanity and this provides for both

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Honestly, us cutting back means no gym, no ww (both of which I really should be doing) no classes (even now for our kids) no more organic food, storebracn everything, no new anything and no eating out.

I got a severe pay cut just before Christmas and we will barely survive. However, we had planned a cruise before this and we can not get a refund. We could give up the cruise with no refund (but still saving us about $400-600 in extra related expenses).> We are driving down and now doubt we can enjoy any excursions and very little alcohol. I guess this is my yoga, but if I could have gotten a refund I would have cancelled the trip for sure.

And although my pay cut is awful, its only temporary until I can go back to ft work in September. So I hope we can swing it.

I think there are definitely some people who cut back bare bones, cause to me $140/month is a lot. It all depends on what you can afford.

Message edited 2/6/2011 6:55:32 PM.

Re: Spin-off: Cutting back financially

Yes. i think even though times are tough, we still need to live and do little things that give us pleasure. if its Yoga for you..so be it. Good for mind, body and spirit.

Starbucks is my habit, but its cut considerably less b/c I dont work in NYC anymore and have it right outside my job. now if I want it, I have to drive 10 min to the target. So i'll get it if im at target.

I go for a pedi 1x a month. ITs $30 but its an hour long pedicure with a 5min foot massage each foot and hot booties..soo great! DH likes to buy DVDs. we work hard for the $$ we should be able to enjoy it just a little.

Re: Spin-off: Cutting back financially

It really depends how hard you are struggling financial. Maybe there is something else you can sacrifice instead of the yoga classes? If you can afford, do it, but if it's really affecting your bottom line each month I would look to cut elsewhere if possible

Re: Spin-off: Cutting back financially

ITA.. For me it's getting my eyebrows done once a week. I have huge eyebrows and I am not good at doing them. I feel so good when I walk out and they look good. So that's what I do. It's 5 dollars and sometimes I go two weeks without getting them done.

I also treat myself to a pedicure once in a while over the summer. (maybe once a month in the summer-although last summer we were really struggling and didn't get any pedis. I did it myself and it didn't look too bad)

But, I will say that I also do things to make sure I can still enjoy myself over the summer without feeling guilty when times are tight. I always buy a beach pass so that even when the funds are low, I can take DS and lay on the beach. We try to pay for one class for DS at the begining of the summer (Mommy and Me) so that we have that to go to while I wait to get paid again in September (teacher). Sometimes if someone wants to get us a gift I ask for a membership to something. We currently have a year membership to the zoos as a gift. If you get it at the right time, it will last two summers since their system is very backed up.

Maybe you could ask for a month of yoga as a gift for your next birthday?

Message edited 2/7/2011 7:28:35 AM.

Re: Spin-off: Cutting back financially

$200 a month is A LOT if you are struggling financially.

I will be honest, while I love my hobbies, I would NOT do them if money was ever a concern. Yes, that would $uck!

After I had DS, I switched from FT to PT. We had to adjust our expenses. We appreciate our simple activities (picnic in the park/beach), going to the playground, apple picking, I cook a lot more vs taking take out, limit our vacation to no vacations at destinations, etc... As I increased my work, we do more things that involve spending more money.

While riding every week brings me joy and I love it, I could not imagine keeping doing it if it impacted our family budget. That's just reality!

The concept of "well $200 won't make our situation any worst" is not true. Every penny spent contributes to the bottom line at the end of the month.

Re: Spin-off: Cutting back financially

i've been following the dave ramsey plan, for some time. he includes "blow money" (as in, you can blow it and not have to account for it) (i prefer to call it "mad money") in budgets... within reason.

sometimes, my mad money is only a few bucks, sometimes it's as much as $100. as long as it's not taking away from feeding your kid, paying your mortgage, you should allow yourself some breathing room. it's like a diet. if you don't allow yourself a small treat, you'll go bonkers and then everything will go out the window.

now, if you're in crisis mode, then there should be no mad money until things get under control.

Re: Spin-off: Cutting back financially

IMO, $145 is too much for me to justify. I would do the free yoga workouts on iO or a few DVDs. Have DH take the kids out for a few hours so you can do it at home in peace for free. The $145 adds up and I couldn't spend that much on me if I needed the money elsewhere.

I would still do something for myself, but I would spend less.

Re: Spin-off: Cutting back financially

I do feel that way, but I am a crazed lunatic and would not feel comfortable continuing to pay that if we had financial problems. shoot, we DON'T have any real problems and I still canceled my gym membership b/c I knew there were cheaper ways for me to run/exercise every month.

so while I agree that you should still have something you enjoy, I would find an alternative. I LOVE good coffee, so I make it at home. my Lavazza is pricier than maxwell house, but $5 a week for the can is better than almost $4 per day for a latte from Le pain Quotidien.

If I were in your shoes, I'd probably invest in a nice yoga mat and video for home and bank that cash, but I have money issues.

IF YOU feel comfortable though, that is fine. I just don't. but I have a huge problem spending money in general.

Message edited 2/7/2011 10:10:22 AM.

Re: Spin-off: Cutting back financially

You've been kind enough to respond to my job related posts so you know my situation.

I'm unemployed/underemployed for a little over a year.

I've been working part time, both in and out of my field, when I have the work.

The mocha latte I get a couple of times a week at Dunkin Donuts keeps me sane. Yes, I could save that money, but it's not debt - I charge those small purchases on a card that I am still able to pay off in full at the end of the month.

Those plus the occasional dinners out probably add up to about $100 a month.

Not something I/we are ready to give up.

Frankly, I don't put much stock in the "latte factor" as a real money saver. Obviously, cutting out small purchases can help, but I believe the really damaging financial mistakes that people make are the big ones. People buy homes and cars they can't afford and then they're saddled with debt that is not easy to get rid of.

I'm not saying that's necessarily what happened with you at all. I meant in general.

Re: Spin-off: Cutting back financially

Message edited 10/9/2014 3:38:07 PM.

Re: Spin-off: Cutting back financially

I completely agree. DH and I both have our hobbies that cost money (his softball and mine are races). IMO, its important to have a hobby, especially these because they keep us active. We're spending extra money on something we love. I'd rather spend the extra money and be happy.

Re: Spin-off: Cutting back financially

I don't see a problem with reserving that money for the 1 pleasure you entitle yourself to assuming you are paying your bills in full and on time.

I would like to believe if it came down to needing the money for something like electric, mortgage/rent, food, etc you'd give it up instantly.

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Have you checked at your library our in Newsday's event page to see if there are classes near your home that are free or lower priced?

I love to save so that would be my strategy to keep my hobby/activity going at a lower price.

A few years ago I got a p/t job at Michaels crafts teaching scrapbook classes, it didn't pay much at all but it gave me a huge discount to buy supplies for my hobby.

Re: Spin-off: Cutting back financially

For me, I guess it would depend how serious my financial situation was. I have had times in my life where I really lived on very little. I have gone without owning a television and was buying secondhand clothes. I also did not have a husband, a child or a home to worry about.

For me, it's all about needs vs. wants. Most of the disposable money we have is spent on wants, IMO. I think most of us will agree that you have to pay your rent/mortgage, utilities and put food on the table. A lot of the other things that I see as optional, other people would not. Cable is optional for me, other people can't live without it.

With your particular question, if things were tough, I would give up yoga. I might invest in a few DVDs. I don't see that amount of $$ as money I would spend anyway, it's money I would spend on other necessary items. If it's truly considered "extra" money, I would spend it on whatever I wanted.