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Help, I spend too much.

J

jtvang125

Diamond Member
I been working at my current job for a year now and I'm making alittle over $36k/yr. Yet to date I only have about $5k in bank and I seriously feel I should have a lot more than that. The problem is, I spend too much and not enough saving.

Just this past week I bought almost $500 worth of clothes and a $350 upgrade part for my car. I also have a few bills but nothing too big to worry about as I'm not struggling to live from paycheck to paycheck. I tell myself to save my money all the time but it's not working.
 
Before you go spend $500 on clothes or $350 on a car upgrade, calculate how many hours you must work to pay for the item. That works great for me.
 
Stay out of FS/FT and Hot Deals forums. You mentioned an upgrade for your car.. Stay out of those forums too 😉
 
Have a certain amount of money from your check direct deposited into a savings account (and make sure you cannot access this account from an ATM card... too easy to spend it that way).
 
Originally posted by: Kitkat13
Have a certain amount of money from your check direct deposited into a savings account (and make sure you cannot access this account from an ATM card... too easy to spend it that way).
Click to expand...

that's the best way..
 
Originally posted by: Kitkat13
Have a certain amount of money from your check direct deposited into a savings account (and make sure you cannot access this account from an ATM card... too easy to spend it that way).
Click to expand...
Exactly. I have a certain amount going straight into an ING account, and the rest goes into my "bills n whatever" checking account.
 
Any method of having it deducted automatically from your paycheck or checking account is a good place to start.

Another motivator is to look around your place and add up what you spent on all the stuff you bought a year ago that you don't use or don't wear today. Then ask yourself if you'd rather have that stuff or would you rather have the money you spent on it.

If impulse shopping is a problem for you, stay out of the stores.

In your first year of working, you probably needed to get some of that out of your system, so that's not too bad. Set a target that you know you can live with (let's say $100 a week) and have that deducted automatically. If it's a number you can easily live with, you shouldn't be tempted to withdraw and spend it later. Don't fall into the trap of saying you'll save $300 a week knowing you'll keep taking $200 of it back out, because before too long you end up taking it all.

If you think you can manage $150 a week, then make it $100 while telling yourself you should never, never need to dip into that money unless it's a serious emergency.
 
Set up an account with ING and link it to your checking/savings account. Then set it up to automatically withdraw 50/week and you will have a large nest egg in a hurry. I found that is the best way for me to save.

Ausm
 
Why have anymore than 5k in the bank? Making a big purchase soon? You work to earn money, and money is meant to be spent. Just don't spend beyond you means and you will be fine.
 
Originally posted by: Zysoclaplem
Why have anymore than 5k in the bank? Making a big purchase soon? You work to earn money, and money is meant to be spent. Just don't spend beyond you means and you will be fine.
Click to expand...

You have money in the bank to make more money silly.

As stated earlier, automatic deductions are great because you will never "see" it and will adjust.

Oh, and ask yourself "do I really need this?" the next time you want to buy crap. You'll find that most all the answer is "no"
 
Originally posted by: Yreka
Stay out of FS/FT and Hot Deals forums. You mentioned an upgrade for your car.. Stay out of those forums too 😉
Click to expand...

Amen to that! Everytime I get paid I always plan on doing something "worthwhile" with the extra $$$, yet, the first places I nef @ are the Hot Deals sites...and my paycheck is gone before the day is over...

I gotta stay out of those places!
 
The best way to make sure you need something is to decide to buy it, wait a week and then if you still need it, buy it.

Another good way is to try and convince your mom or dad that you need it. If you can, buy it - if not don't buy it.
 
Originally posted by: Kitkat13
Have a certain amount of money from your check direct deposited into a savings account (and make sure you cannot access this account from an ATM card... too easy to spend it that way).
Click to expand...

I currently have an auto-transfer of $500 a month from my checking acct to my savings but I still find myself transferring that money back later on and spending it because I find something I want to buy. I guess I really need to control these urges to suddenly want something and have to have it. Hopefully I don't get myself into a bind with the holidays coming up.

And it's a good thing im currently single cause I'll probably be completely broke.
 
Originally posted by: spidey07
Originally posted by: Zysoclaplem
Why have anymore than 5k in the bank? Making a big purchase soon? You work to earn money, and money is meant to be spent. Just don't spend beyond you means and you will be fine.
Click to expand...

You have money in the bank to make more money silly.

As stated earlier, automatic deductions are great because you will never "see" it and will adjust.

Oh, and ask yourself "do I really need this?" the next time you want to buy crap. You'll find that most all the answer is "no"
Click to expand...

Did you call me silly?
I will cut you. 😛
 
If you want to make a big purchase save up the money over time and pay for it that way. That way you can really think about if you need it or not.
 
I agree with putting some into savings with each check. Once its there, I forget I have it, and dont take it into consideration when thinking about how much money do I have to by something.
 
Originally posted by: Zysoclaplem
Why have anymore than 5k in the bank? Making a big purchase soon? You work to earn money, and money is meant to be spent. Just don't spend beyond you means and you will be fine.
Click to expand...

Well, putting money in the bank and resisting the urge to spend it has kept me from having a car payment for the last 8 years, and I don't ever expect to have another one. Believe me, THAT adds up.

You say don't spend beyond your means, I recommend spending BELOW your means.
 
Mwilding's 3 steps to avoid financial ruin.

1. Don't be a tool and buy clothes that aren't on sale
2. Don't upgrade your car ever.
3. Work hard and get a promotion.
 
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