I am about to turn17 next Friday and I feel as if I have terrible money-management skills. I have a job and I have been there for 4 months which I am proud of. My problem is that I spend money on dumb, meaningless items such as candy and magazines. I have a checking account and the only time I write checks is when a place does not take my debit card. My problem is my debit card. I use it constantly. I'm trying really hard to save because I graduate in a year and I want to have money for college campus visits w/ my friends and graduation pictures and whatnot. Any tips would be appreciated.
2006-09-14 12:27:50 · 7 answers · asked by love_joy_peace 2 in Business & Finance ➔ Personal Finance
First, stop using the debit card. If you have trouble keeping track of what you're spending, it's best to stick to cash. Figure out in advance how much money you are going to have available and make a decision on how much money you need to spend each month on necessities, how much you want to put into savings, and how much you can spare on little things that you want on the spur of the moment. Keep the spur of the moment money in cash in your purse or wallet and spend only that. Then, any time you see something small that you want, you have a visual reminder of how much you have to spend on it when you look in your wallet.
2006-09-14 12:42:58 · answer #1 · answered by Kelly W 2 · 1⤊ 0⤋
Good question! The only advice I can give to you is always put back somthing if nothing but 10 to 15$ hopefully you can do more. Check out some close friends and family and see what situation they are in because they did not manage their credit correctly. NEVER NEVER co sign for anyone, you will hear all kinds of stories, i promise you. Establish your credit by starting out small and have a goal for AAA credit. with that you can do and live on a totally differant level in life. And yes the years go by so fast you wont beleive it. good luck
2006-09-14 20:19:06 · answer #2 · answered by hennesseywalton 2 · 1⤊ 0⤋
Open a savings account and every time you deposit a check to your checking account transfer a certain percent (like 25%) to the savings account and consider that off limits. Just pretend it doesn't exist.
Another idea would be to only have a savings account so you have to go to the ATMwhen you need money- makes you think twice about whether or not you really need your next purchase.
2006-09-14 19:37:40 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If you use your debit card that much, you could try a keep the change account.
2006-09-14 19:37:47 · answer #4 · answered by sunflower 2 · 1⤊ 0⤋
cut your debit card up into little tiny pieces and throw away your checks (after ripping them up into little tiny pieces) that way you have to go to the bank and get money out to have any..... it will kill your spending on dumb things, because you will have to go out of your way to get $ anytime you want some candy...
2006-09-14 19:36:18 · answer #5 · answered by MstrChief55 5 · 2⤊ 0⤋
Ditch the card and checkbook. Then you will have to go to your bank to withdrawl money, and by the time you get there, the urge will probably be over.
2006-09-14 19:36:37 · answer #6 · answered by F T 5 · 2⤊ 0⤋
Read the book titled
"The Cashflow Quadrant" by Robert Kiyosaki
Opens your eyes to money.
Blessed,
2006-09-14 19:32:34 · answer #7 · answered by Two Tenths Of My Two Cents 3 · 2⤊ 0⤋