why can't I save money?

Question

I am really hopeless in saving any money. Any cash I see lying around the house or jangling in my purse I have to spend it.. even if its on total rubbish! why? I would be grateful if you can you give me sme decent answers and help me save? I'm really skint!

Answer 1

You could try setting up a savings plan use a direct debit / standing order from the bank. Set it up so the money comes out of the account as soon as you are payed and you won't miss it.

You can commit to these plans for as long or short a period as you want (1 year minimum, 5 years recommended, longer if you want). The amount you save can be as little as £10 a month up to £250 for tax free ISA's benefits.

I set up an ISA about 4 years ago now for the exact same reasons as you. If I had money I spent it on stuff that I never really needed.

Sorry if this sounds smug, but today it has become quite a little "nest egg" one of which am reluctant to spend at all and still save into regularly. I call it my disaster fund.

Answer 2

Because you have no self control. That urge goes away as you resist the urge to spend. Sorry; but, practice is the only advice I have.

Basically for awhile ask yourself the question on every purchase: "Do I need this or do I want this?" In other words, "Will I survive without this product?" Once you've answered that question if it's a need then go ahead. If it's a want then ask yourself, "Will this put me ion a bind if I buy this or will I be able to take care of my needs comfortably?" That should put a perspective on it.

That appears hard at first. However; after awhile, it becomes habit.

Answer 3

Hey! I'm a dragon(1964 vintage). I really feel your pain because I've had the same problem. Especially when I find a strat or les paul electric guitar , cheap music accesories or fine drunken women to hang out with. Babe, try to put some of your money away into a retirement account or into a stock market account and remember, you dont have to start out with a lot of cash etc.. Just keep all this in mind. Later..

Answer 4

You get a high out of spending the money. It makes you feel on a high but after you feel terrible for spending it. Start by putting any spare money away in an account that you have to give sixty days notice on to withdraw. Set yourself a realistic budget and stick to it.

I've just told somebody else this as well.

Answer 5

try this, if you can get direct deposit, use it, and have it setup to where 50 bucks or whatever goes into a savings account or even a 401k if youre thinking long term. this way, you never touch the money, i recently ran into some hard times myself and im like you, i spend money like crazy too, so its been a big lifestyle adjustment. the next time you go to the mall lock your purse up in your trunk, and if you see something you want to buy walk out to the car and get your purse. if its not worth buying you'll at least have time to think about it while walking back to the car.

Answer 6

The best thing for you to do is to put money aside in a savings account, and don't touch it. This way you will not be able to spend any extra money even if you wanted. Also try and give yourself a budget and stick to it each month. Good luck!

Answer 7

Perhaps you could "spend" it at the bank. You'd still have an abscence of any physical money when it was over. It'd be the same feeling as though you spent it. Simply never withdraw from the bank unless it's nothing important after that. Make sure you're getting good interest.

Answer 8

How about making a monthly direct debit of a set amount of cash to go directly into a high interest savings account, every month. Make arrangements with the account so you cannot easily access your savings so you learn to leave them alone.

Answer 9

You obviously need to give yourself a goal....

Don't you deserve to have more ?? Of course you do but not more worthless rubbish crap you get at the store...

If you must spend...Why not spend it on things that will make you MORE money such as and I.R.A., a mutual fund, stock in a company !?!!

The more you spend on things like this the more you make...It is a win win situation!!! Retrain your thinking to purchase things like this !!!

Answer 10

give your money to someone you trust that will keep it until you really need it, Think of how many Holidays you would have had if you hadn't spent it on rubbish. if that don't help think about a car ether a new one or just having the money to get one if/ or have passed you test. Then think about the idea of ever having another penny to your name like some people.