I am a compulsive buyer. If someone was selling air I would by it. I have a bad habbit of double spending. Meaning for $100 dollars, I would buy something for $60, then turn around a spend that hundred. You know how it goes with your ATM card. I tend to forget about the other purchess. I need help. I am so far behind in bills I can't see a light after the tunnel. ( P.S. excuse my spelling)
2007-12-11 16:01:32 · 5 answers · asked by ladilove 4 in Business & Finance ➔ Personal Finance
Heres what you need to do:
Start carrying a piece of paper and tracking all your expenses. Even if it's just a .50 or $1 item write it down. Do this for a few weeks and you will see how you are spending your money.
Next sit down with your paycheck, bills and thats list. Do a budget including everything (don't cheat) and see how much extra money you have left e ach month. Figure paying the minium on all your bills. Now see which debt is accuring the most interest. Pay the extra money you have left each month to that debt and once it's paid off take that amount and add it to your next highest accuring debt. Keep doing this until everything is paid off.
Now look at what you can get rid of or downsize on in your budget. Things such as home phone, cell phone, internet, cable etc.. These are just the basic most people can cut down on. Then look at that list and see how you are blowing your money and stop doing it. Other ways to cut back are eat alot of soups, pastas and vegatables, make 2-3 days of food at once, take your lunch to work, take drinks to work with you, make your morning coffee and take with you etc. You see there are alot of ways to cut back and save money.
They say you should have a 3-6month emergancy fund. Whatever your bills are you should have 3-6month of expenses saved. You can either save 10% of your pay or insteaad of paying the extra to the highest accuring debt pay the minium and save that money.
Remember to live frugally. I would start carrying cash, set so much aside per a week and thats all you have. Get rid of any plastic, debt or credit card and just pay cash. Don't purchase something unless you can pay cash for it. Best of luck and happy holidays
2007-12-12 03:11:07 · answer #1 · answered by jt6341 3 · 1⤊ 0⤋
Start using cash only. Its a pain in the butt, but it helps a lot. Take out X amount each sunday night, thats all you have for the week..including the weekend. That way you have to think about friends birthdays, nail appts, groceries, dinner with friends on thursday and so on AHEAD of time. Once you exceed that amount too bad!!
2007-12-11 16:12:54 · answer #2 · answered by curious 2 · 0⤊ 0⤋
Run your atm card thru a shredder. along with any credit cards you have.
The convenience (and your lack of record keeping) is helping you to destroy yourself economically.
Keep a journal, pay cash, write down EVERYTHING you spend money on. Do this for two weeks and you will know where your money went and where you can cut down.
2007-12-11 16:14:02 · answer #3 · answered by don_sv_az 7 · 0⤊ 0⤋
first, there are alot of good options suggested by others....i just wanted to say that along with those things you need to seek a mental health professional.....b/c if you do not address the behavioral reason for the underlying reason as to why you spend....eventually you will go back into it.....
2007-12-11 17:21:02 · answer #4 · answered by shadow26852 3 · 0⤊ 0⤋
i dont know how it goes with the ATM card. i am always aware of how much money i have at any given time. and when my bills are due and how much. if you are having that much trouble. get rid of your atm card.
2007-12-11 16:09:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋