Make good money but cant stop spending. Any tips on saving from people who had this problem?

Question

I make really good money at my job but im a spender. I need some tips on how to save money. For emergencies new car whatever i just want to save instead of spend but it's hard. any tips

Answer 1

Set up an automatic saving plan. If you have direct deposit from your work this is easy, have a certain amount (you can start with $100 per paycheck and increase later) deposited into an account. Take any checkbook or ATM card they give you and lock it in a safe deposit box so you can't touch it. Every time your account gets to $1000, put it into a CD for at least 91 days so you can't withdraw it on a whim (but at least you'll eventually be able to get it if you need to). Better yet, put money into an IRA up to your legal maximum and you'll face enough penalties for early withdrawal that you won't be tempted to touch it.

Eventually when you don't have the money to spend (because it is in savings or retirement), you will probably slow down your spending habits. If you find you can't slow down, then you should seek counseling as you might have a shopping compulsion.

Answer 2

You are on the right track by recognizing that excessive spending may be a problem in your financial life. You must learn to spend less than you earn.

I would set up some kind of automatic savings plan that forces you to take a certain percentage of your pay and put it into an IRA or CD, before you have access to it.

You should also read some books by David Bach or Robert Kiyosaki. W. Clement Stone once said "if you cannot learn to save, the ability to create wealth is not within you."

Answer 3

Open a saving account with ING or another online bank that will stay out of your mind. These banks function on money transfers and will take as much money as you want out of you normal bank account each month week or whenever. If you set this automatic feature, the account will only cross your mind once a month when the withdrawal is made. This will help you save and the banks offer a really good interest rate as well. They are really easy to set up and the money transfers are even easier. Best yet these bank don't have any fees.

Good luck!

Answer 4

If you want to have moeny for clothes you're going to have to stop spending, that's all there is to it. What you get depends on what you like to wear. I'm older (43) and not exactly that into fashion, but what I do for work clothes(business casual) is I have like 10 pair of the same kind of pants (black, so I don't have to worry about matching.... hey I told you I'm not that into fashion!), and then just buy different tops. When I'm out looking for a new top, all I have to consider is if it will match black. EASY! Do you use your lunch money for lunch or do you want to skip lunch and spend the money? You could get stuff a little at a time, $275 a month for 6 months is a lot and you could get a decent wardrobe without having to blow all your money on clothes and have nothing for other stuff you want to do. If you spend maybe 150 a month you could get maybe a top or 2 and a bottom or 2, at that rate you would have a good amount of clothes in 6 months. That is, if you're not set on the outrageously priced designer names.

Answer 5

Open a savings account. Some accounts at some banks automatically deduct a percent or specified amount on a date that you establish. This way a portion comes out of each check and goes into the savings account.

Then, once it is in the savings account, do NOT touch that money until you need it.

Answer 6

1) Open a savings account that can do automatic debits to your checking account (INGDirect, HSBC Direct).

2) Most payroll systems will allow your paycheck to be split in to up to 3 different accounts. Payroll people don't advertise this because it is more work for them. Have part of your paycheck put in to a savings account.

3) STOP buying crap that you don't need!

Answer 7

Msut establish budget. Get Financial planner to put you on budget. If necessary hire someone to watch your cash for you (it will be cheaper in long run). Save for big buy and see how long it takes. Multiple the time it took to save by about 5 and that's what you'd have to do (in time) to pay off credit cards with slightly more than minimum payments-cash layout is doubled, easy.

Answer 8

Funny, my wife and I never had a problem spending. Our problem is we always paid ourselves first no matter what the amount was. We started with $15.00 per week 35 years ago. Every other month we add 2.00. When I retired in 2002, we were putting away $200.00 per week. . It might sound stupid, but it worked for us.

Answer 9

some people have a serious problem shopping and it can be an addiction so think about it and if you find out that it is, get professional help

Answer 10

put in savings account that might be harder to get into