How do I get my spending under control? I spend money like there is no end.?

Answer 1

There are two sorts of problems. Do you spend everything you make, or do you spend more than you have?

If you just spend everything you make, then the solution is quick and easy. Instruct your payroll dept to automatically deduct X percent of every paycheck and automatically deposit it in a savings or investment account. You can't spend money you don't see. Then you just learn to live on the rest. It's a very natural process that I use. In my case, there are two deductions made - 15% for retirement and 5% for personal savings. But you should use whatever figures you think you can handle at first, but try to be aggressive.

If you spend more than you make, you need to adopt the above system AND go on a cash only basis. Destroy all your credit cards except 1, and then give that 1 card to someone you trust explicitly with the instructions that that card is to be given to you only in times of emergency.

Now for the philosophical side of it. Does buying stuff truly make you happy? Does seeing ever more clothes in your closet, or knick knacks around the house bring you long term pleasure? Or does it just bring a lot of clutter and stuff you never use? You need to make a fundamental mind shift to where you realize stuff does not equal happiness. Many people reach this point in their lives, but only in their late 30's or 40's. I did.

Another way to think of it is just to do some quick calculations on a piece of paper. Take your NET pay and subtract any work related expenses like work clothes, gas and wear and tear on the car commuting, etc. That's your REAL Pay. Then figure out how many hours you spend working + hours getting ready for work and travelling to and from work. That's your REAL HOURS WORKED. Divide the Real Pay by Real Hours Worked. That's how much your time is truly worth.

Now every time you spend money, ask yourself "Is it really worth X amount of hours of work to buy that? Will it really give me that much pleasure?"

Answer 2

This is what I did, I wrote down everything that I bought for a month, what it was, how much it cost and why I bought it.

Then you go back and review and start cutting out things that are not really necessary. Soon you will develop better spending habits. The hard part is cutting out things that really do not seem like much but over a month they add up to a lot of money. Like coffee or drinks on the way to work, snacks from vending machines, lunches with your friends, sodas from vending machines at work etc. I found that by cutting these things back or eliminating them all together I could save over $300.00 a month.

Also, never never charge anything on a credit card that you can not pay for in full when it's due.

Answer 3

Cut up your credit cards and throw them away. Pay only cash. Don't buy anything unless it is necessary

Answer 4

Try living in poverty for a few days , you'll value it more , and your materialistic ways less

Answer 5

Have someone reliable make up a budget for you and stick to it.

Answer 6

u can't