I'm trying to save money, as I will be 18 soon. I want to have a back up source of money just in case a paycheck doesn't cut it on any particular month, but the one thing stopping me from saving a respectable amount of money is my impulsive spending. It's not that bad - I don't spend 100's of dollars a month. But even so, I want to break the habit. Does anyone have any tips for me?
Thanks!
2007-12-28 07:10:34 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Create a reasonable budget. Allow for one or two small splurges each month so you won't feel "punished". Always pay yourself first (i.e save). Save money in a money market account instead of a savings account so you'll get a better interest rate but still have access to your money in a *real* emergency. If possible, bank with a credit union since they have better interest rates and charge fewer fees.
Good luck!
2007-12-28 07:46:24 · answer #1 · answered by lilmissqtpye 2 · 0⤊ 0⤋
Well, I think it's fabulous that you want to try to end your compulsive spending habit.
I have to say, before you buy something, ask yourself if you NEED it, or do you WANT it?
Wanting and indulging that desire is a luxury for those who are fortunate enough to have somewhat of a money surplus.
Stick to buying things that you need, only.
Good luck in the coming new year!
2007-12-31 09:43:33 · answer #2 · answered by judo 6 · 0⤊ 0⤋
Write down every penny you spend for a month. Look over your list. Add up all the items you could have done without. That should motivate you!
2007-12-28 07:53:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2016-10-02 12:01:28 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Put a set amount in your savings account every payday.
Set up your budget. Don't carry extra cash or credit cards with you.
2007-12-28 09:00:57 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋
Just tell yourself you will find a better deal tommorrow and move out of store.
2007-12-28 10:45:57 · answer #6 · answered by Justin 2 · 0⤊ 0⤋
Ask yourself three questions before you spend.
* Is it kind?
* Is it neccessary?
* Is it true?
2007-12-28 07:15:44 · answer #7 · answered by Agent Orange 4 · 1⤊ 0⤋