Bitcoin and spending habits

[leex1528]

This is a great idea.  

I would be interested to see how it turns out for you, at the very least(hopefully) bitcoin stays the same price and you make out with 50% savings.  If it goes way up, you just invested in a great thing!  Hope the best for you, might try something similar myself actually....very good idea

[joshraban76]

That is amazing that you are able to do that. Unfortunately my bills far exceed the extra cash I have laying around to buy extra btc. Way to go though man you are well on your way to having a fat wallet. Best of luck

[hellscabane]

That's a pretty solid way to approach things.

I don't do a 50% plan (because that's well out of my reach), but whatever spending cash I have at the beginning of the month, 25% automatically gets converted. And I carry over the on-hand from the previous month in my calculation. So it's a pretty nifty way. At the minimum, I convert 25% of what I am able to spend. It does make saving up for larger purchases trickier, but it helps me get into the mindset that I need to be in.

[meowdea]

I have started a new approach to my spending habits.

Every time I spend money, I buy the equivalent amount of bitcoins.

I booked my flight for a vacation (used Lufthansa.com because the price was a lot lower than cheapair.com) which cost about $630. So after booking the flight I went to Coinbase and bought 1 bitcoin.

I paid for the hotel with bitcoins on Expedia for 3 bitcoins. So I turned around and bought 6 bitcoins on Coinbase after that.

Doing it this way, I will be forced to save 50% of all of my spending. And if the price of bitcoin doubles I will have paid for all of my spending up to that point.

And if I spend bitcoins, it does not matter if the price is low when I spend it and goes up after the purchase. That just means I gained money.

Your thoughts are clear to me. Idea of saving 50% of all spending is good but I'm sure that in very short-term future this scheme will not work.

[DannyElfman]

That is amazing that you are able to do that. Unfortunately my bills far exceed the extra cash I have laying around to buy extra btc. Way to go though man you are well on your way to having a fat wallet. Best of luck

I agree that most people don't have this much income that they can save 50% of their total income.

I think it is a great idea to automatically save x% of your income in bitcoin, I would just suggest not to put all of your savings in bitcoin.

[teukon]

I currently have no rent and bills (living on a military base) but next month when I get out I will add that to my routine. It will encourage me to get a cheaper apartment instead of getting too greedy.

+1 for significant under-consumption.  I know from experience that this takes some self-discipline.  Interesting that most people here consider such frugality impossible.

As for how I can afford it. I'm single. I am just finishing 20 months in Afghanistan as a defense contractor making a lot of money working 12 hour days, 7 days a week. I spent most of those 20 months putting all of my money into bitcoins (after I paid off all credit cards and other debts). Now I head to Germany where my company will give me money toward housing. I have downsized my life to be able to fit all of my belongings into a carry-on bag and a backpack. I don't plan on spending a lot on material items unless I absolutely need it or don't care about donating it when I'm done with it.

I've been there too.  I myself was down to a single suitcase (~25kg) for about 2 years a while back (same attitude of donating items of temporary utility).  For 1 carry-on bag + 1 backpack, I tip my hat to you.

[den.faulkner1990]

I have started a new approach to my spending habits.

Every time I spend money, I buy the equivalent amount of bitcoins.

I booked my flight for a vacation (used Lufthansa.com because the price was a lot lower than cheapair.com) which cost about $630. So after booking the flight I went to Coinbase and bought 1 bitcoin.

I paid for the hotel with bitcoins on Expedia for 3 bitcoins. So I turned around and bought 6 bitcoins on Coinbase after that.

Doing it this way, I will be forced to save 50% of all of my spending. And if the price of bitcoin doubles I will have paid for all of my spending up to that point.

And if I spend bitcoins, it does not matter if the price is low when I spend it and goes up after the purchase. That just means I gained money.

it sounds great, i'll try something like that but may b with other %, it's getting harder to experimenting with life-style when you have a wife 

[wordman267645]

That's really interesting but i want to save for future. Saving bitcoin is just like making bitcoin to me.

[Bitbirdhunt]

If every people think and do like as you just said,many of us could us afford and save a lot for the future

[Elwar]

Unfortunately I am in a holding pattern on buying more bitcoins. I just moved from Afghanistan to Germany and when trying to change my cell phone number for verification on Coinbase it has taken them over a week of verifying my change. After having gone a few weeks without a phone. I have a lot of bitcoins to buy once I get set back up.

It has been great being able to pay for my hotel rooms on Expedia. I am now a gold member, they should have a level above that called bitcoin member

[bornil267645]

Thats the point, isn't it?...keep spending