How to save money!?

Question

I have a major spending problem! Whenever I feel like a have a lot of money (after payday) I usually go out and go crazy with my debit card...( I love clothes and expensive coffees haha). I really need to save some money but I don't know how to stop myself from spending so much. I have tried the money in the envelope thing, it didn't really work for me. Anyone tried anything that really works for them?

Answer 1

it's not easy, it's called self discipline... you know you have a problem and you know how to solve it... you have to change your attitudes and behaviors.

save first. before paying bills. you have to save first... put money aside and vow to not touch it.... get $500-1000 saved for emergencies...

I use to do what your doing... old habits die hard, but they can be changed. Either that, or you continue to overspend and be broke all the time. Get on a written spending plan.

http://www.daveramsey.com

Answer 2

I have automatic savings deducted from my paycheck. If you can't do that then open an account and pay yourself first. Before you purchase anything ask this question "do I need this or do I just want this" if you just want it then you may not need it, move on. Time to be a grownup, it isn't that you can't save, face it, you don't want to save. If you wanted to you would do it. Sorry, that is just how it is with most of us. Self control is difficult but well worth it in the end. Your clothes and latte's won't help you when you have a medical emergency or a family one or when you have the opportunity to take a dream vacation for a fraction of the cost if you come up with the $$.
Take it from a former out of control spender, life is a lot easier if you control yourself. Yeh, the coffee tastes great and the clothes look good but you know what, I didn't miss any of those things on my two trips to Italy. The coffee was even better there.

Answer 3

Have you tried keeping a journal of everything you spend money on? You can really be shocked by seeing how much money you just throw away on stuff. I knew a girl who bought some starbucks coffee thing and a bagel or something like that everyday on her way to work. She said she spend about $6 each time. Ok, 5 days in a week. Lets say 48 weeks in a year to account for holidays, vacation, sick days, and days when she just can't make it in. She was spending $1440 a year on this stuff. She was making $8 an hour. She had to work 180 hours to pay for her year of coffee and bagel or whatever it was. That works out to be 22.5 days of the year. She spent over 4 weeks of her year working for her coffee and bagal thingamajig. If someone came to you and offered to give you one cup of coffee and a bagel 5 times a week for one year and all you had to do was to work free for them for 4 weeks, how would you react? That is basically what my friend was doing.

She did not realize this until she kept a journal and figured what she was spending a week on it. She then realized that going without it (or making coffee at home and buying bagel things at the store) was the way to go.

Have you figured out what purchases you are an unnecessary slave to? Cigarettes and lotto tickets are a couple of other purchases that people enslave them selves to. Do the journal and track where every cent you spend in a week goes to and then figure out what that comes to in a year and see how much work you have to do to pay for it.

Answer 4

Cut up the debit card.Figure the bills for the month and leave a little cusion.Now what ever is left over can be for other things.Use cash only and learn to do with out.Survival is key.

Answer 5

Set up a savings account and pay yourself first. Then, don't touch that money.

Don't save what is leftover in the envelope. Save before you place money in the envelopes.

Answer 6

Budget

Answer 7

Make it automatic, as soon as you get your paycheck, put money aside and don't touch it.

More on this idea: http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/ASimplerWayToSaveThe60Solution.aspx

PS: I use it and it works