verse Posted March 30, 2006 Report Share Posted March 30, 2006 I'm just curious if any of you have been in the same situation I am and have grown up and learned some thing you could pass on to me. I'm really bad with money. I mean I have no problem getting it, but when I have it, I spend it, no matter what it is. Just on stupid things. When I try to think where all my money went, I can't actually add it all up. I'm not rich, but I'm making pretty good money for my situation. I live at home, the only bills I have are cell phone and insurance. Those add up to about $160 a month. I make about $7-600 a week. I just don't know where it goes. Any advice any of you have? Quote Link to comment Share on other sites More sharing options...
Science Abuse Posted March 30, 2006 Report Share Posted March 30, 2006 Oh god, I could make a horrible joke right now, but it'd probavbly cross the race-joke line. Oh god...oh god, I wanna say it, Elena laughed at it, and she's normal! heheh Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted March 30, 2006 Report Share Posted March 30, 2006 Does your employer do a direct deposit for paychecks? That way, it'd go straight to the bank and you'd never have the chance to get your hands on it to cash it. Do you eat out a lot? That always adds up really quickly. Do you pay cash or credit for gas? What do you do for entertainment? Movies, bars, etc add up. Quote Link to comment Share on other sites More sharing options...
98fiveseven1647545503 Posted March 30, 2006 Report Share Posted March 30, 2006 i wanna hear the joke.... but dont carry LARGE amounts of money on you, carry say $20 on you unless you have a specific purchase to make. Quote Link to comment Share on other sites More sharing options...
Tractor Posted March 30, 2006 Report Share Posted March 30, 2006 ID theft? Okay now I'll be serious. I know exactly how you feel. If you want to keep from spending all your money just open a savings account and transfer X amount of your paycheck to savings each week and don't touch it. Maybe even just put it in a seperate bank or even an online bank so that its not on the same check card. I know these days your checking and savings accounts are almost the same thing to the banks and from your check cards point of view so you'd be doing well to not have it touchable unless you actually fill out a withdrawal paper at a teller window. This way you'll someday go OMG I've got a shit load in my savings account and you'll either buy something cool ie a house, or you'll become a tight wad and save more. Evan Quote Link to comment Share on other sites More sharing options...
Total Sign Posted March 30, 2006 Report Share Posted March 30, 2006 I am a lot better putting cash into the safe than money in a bank. Put aside 40 every 2 weeks for gas, about 20 every 2 weeks for shop food (hot pockets and whatnot). Pay for everything in cash from a pack of gum to a 6k paint job. Carry cash on you instead of debit/credit cards. Know what you have to spend, cant loose track, cant spend anymore. Quote Link to comment Share on other sites More sharing options...
controler Posted March 30, 2006 Report Share Posted March 30, 2006 Strive for a goal to reach a certain level. I don't feel confortable if my bank account has less than $500 in it. Imagine saving enough money to put down on a house. I never cared when I was your age, but if I would have I would be in a lot better financial standing and have some equity. Also find a new hobby making money and not spending it, for example the follow the stock market, playing online poker or some business venture, even real estate, it'll take you mind of spending. Quote Link to comment Share on other sites More sharing options...
Tractor Posted March 30, 2006 Report Share Posted March 30, 2006 Good advise controller. a hobby that envolves managing money is alot of fun and helps keep your goals in sight. Evan Quote Link to comment Share on other sites More sharing options...
evan9381 Posted March 30, 2006 Report Share Posted March 30, 2006 im the same way. i found out in about october that my parents were going to be selling the house soon and finally getting divorced, thus getting me off my ass to get moved out. i told myself i would stop spending money on stupid shit like the car and other stuff, and didnt. at this point, the house should be sold by the end of may and i have about 1k$ in my bank acct. on a good note, i did start paying a little extra on my car monthly and am a month ahead, so if i need some extra cash, i can skip a car payment i dont like to carry cash, but i always feel broke when i cant go down to the break room and get a bottle of sprite. its like, i know i have the $, just not on me. i like to use my check card over anything, because if i dont have cash, i cant spend it. if i got to lunch and its 5.89, i spend 5.89. nothing more Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted March 30, 2006 Report Share Posted March 30, 2006 Carrying cash usually isnt a good idea. I am far more prone to spend cash not to mention you could lose it. My spending was out of control a number of months ago. I was spending upwards of 7k on who knows what. I bought microsoft money, used a single card for 2 months, and synched MS Money to that card. It analyzed my spending into categories and allowed me to see exactly where each and every dollar went. Quite helpfull. Additionally, I have $153 dollars per pay put directly into my IRA (153 per pay yields 4k/yr which is the max contrabution allowed) On top of that, I have a sizeable amount taken out of my checking account (to which my paychecks are directly deposited) and placed in various investment accounts. I never have to write a check or think about a thing. Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted March 30, 2006 Report Share Posted March 30, 2006 duce! Quote Link to comment Share on other sites More sharing options...
Guest bigb Posted March 30, 2006 Report Share Posted March 30, 2006 OK...so u r 20 yrs old and making decent money. Why don't you start carrying a small pad of paper around with you and write down every single thing u purchase. After u see what u r spending your hard earned money on, maybe u will change some of your spending habits...just an idea. Or u could use your debit card and your bank would be keeping track of what u spend...same principle. U r too young to have the mind set of well I make good money so it doesn't matter. Believe me it does matter. Especially if u eventually want to move out of your parents home (good idea if u want any kind of quality woman in the future). My ex is exactly like u except much, much older. His spending problem is only one of his many addictions, but never the less he is still living at home with mommy and daddy...mooching off of them. He does have a bunch of car to show for his money, but no home, no equity, no self esteem, pretty much no life (what "normal" people would call a life anyway). I know I am being touchy about this subject, but someone your age making your money could do alot with his future...and maybe even retire early. Wouldn't that be nice??? I wish u all the best with your budget. Quote Link to comment Share on other sites More sharing options...
Chad is Dead Posted March 30, 2006 Report Share Posted March 30, 2006 I only spend money on alcohol so I have someone still save a decent amount of money. I just think "at the end of the day I'll just buy a 12 pack and everyting else will be fine".......and it is.......so ya........just buy cheap beer at the end of the night and you'll be fine.lol Quote Link to comment Share on other sites More sharing options...
verse Posted March 30, 2006 Author Report Share Posted March 30, 2006 Thanks everyone for your advice I'll try some of these things. The pen and paper thing sounds like it would help me a bit so I can visualize what I'm spending my money one. I do eat out a bit, but it's hard not to when you work in a shop and all your buddies are like "Hey Jon we're going to TGI Friday's or whatever local restaurant by work, wanna come?" That's like $10 every day for lunch. I'm going to start cutting back on the eating out. I don't spend my money on beer, cigarettes, or anything else of that sort since I don't drink or smoke. I have recently started thinking of saving up for a house. I'm going to start listening to you guys and just put $200 out of every check in my savings to start building up some funds. Thanks for the advice and input again. Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted March 30, 2006 Report Share Posted March 30, 2006 if you use a pen and paper you will forget or miss some things. Just fork over the 19 bucks for MS money and let it synch with your credit card or checking/debit card to categorize it for you. Get with the times. Quote Link to comment Share on other sites More sharing options...
black00ws6 Posted March 30, 2006 Report Share Posted March 30, 2006 Meh.. spend it like today is your last. I'd rather die with 20k in debt than 20k in the bank. Quote Link to comment Share on other sites More sharing options...
Guest MissTypeS Posted March 30, 2006 Report Share Posted March 30, 2006 Direct deposit is a great idea, especially if you put it in an account you can't access with your debit card. I was also pretty successful with giving myself an allowance per week (around $100) that covered food, shopping, what not. I took out that amount every Sunday night and never used my debit card for purchases other than gas. It was painful at first, but it really help me put things in perspective. Most of the time I had money left over that I rolled into the next week too. Just a thought. P.S. Managing money isn't easy - it takes a lot of dedication so you have to be kind of hardcore about it if you want to be serious... it pays off in the end, but I suppose its all relative. kf Quote Link to comment Share on other sites More sharing options...
Scotty2Hotty Posted March 30, 2006 Report Share Posted March 30, 2006 I've been home for about a week and a half, and I just blew through $4K, just in having fun etc... I've had the same problem not exactly making that much money and blowing through it. I suggest doing the direct deposit, but on top of that put into a savings account. A set specific amount you don't touch no matter what. Doing that has pulled my ass out of being retarded broke. I've also noticed too, that when partyin rules and is fun, look for the cheap way to do things, example: 0.75$ beer night is great for a budget. Another good one, HALF PRICE lap dances are always a plus. Quote Link to comment Share on other sites More sharing options...
martindc1 Posted March 30, 2006 Report Share Posted March 30, 2006 Do the pen and pad thing, you will not believe the results. The direct deposit idea also works well, especially if you have some money deducted out of each pay check to go into a savings account that is not connected to a debit card. Also many mutual fund companies like T. Rowe Price will wave the minimum investment if you sign up for a plan that automatically invests $50 per month. If you save enough to make a 20% down payment on a house you will be far ahead of many people. Quote Link to comment Share on other sites More sharing options...
verse Posted March 31, 2006 Author Report Share Posted March 31, 2006 I like all these ideas. I'm going to try a lot of them, but my work doesn't have direct deposit. I never actually cash my checks, I just deposit them into my bank a few hours after I get it. I have a branch like a minute from my work so it's easy to go on a test drive and just deposit my check. Quote Link to comment Share on other sites More sharing options...
Total Sign Posted March 31, 2006 Report Share Posted March 31, 2006 Carrying cash usually isnt a good idea. I am far more prone to spend cash not to mention you could lose it. My spending was out of control a number of months ago. I was spending upwards of 7k on who knows what. I bought microsoft money, used a single card for 2 months, and synched MS Money to that card. It analyzed my spending into categories and allowed me to see exactly where each and every dollar went. Quite helpfull. Additionally, I have $153 dollars per pay put directly into my IRA (153 per pay yields 4k/yr which is the max contrabution allowed) On top of that, I have a sizeable amount taken out of my checking account (to which my paychecks are directly deposited) and placed in various investment accounts. I never have to write a check or think about a thing. The way I am with it, I'll give myself just the money I need. I can only spend that much money. If I bring the debit card to spend on lunch or whatever, I also have all of the money in checking account with me, and it is harder to keep track. Just what works for me. Quote Link to comment Share on other sites More sharing options...
Mensan Posted March 31, 2006 Report Share Posted March 31, 2006 The main difference between rich people and poor people is uncontrolled spending. FWIW, I'm horrible with money. For the amount I make, I should have more available, I have just mis-managed. Quote Link to comment Share on other sites More sharing options...
Scotty2Hotty Posted March 31, 2006 Report Share Posted March 31, 2006 Granted as non-realistic as this might not help, I've found finding a good woman helps with spending less. When I was single I could blow a check in a weekend roughly $750+ on the 6th St. bars in Austin. When I found a good woman, the money lasted and was spent on having fun between both us. I actually started better tracking and not using the debit card like I used to. Cash is deffinately the best way to pay. But living within your means is the only way to go. Spend as if you only made $400 and be cheap with the cash. Quote Link to comment Share on other sites More sharing options...
HotCarl Posted March 31, 2006 Report Share Posted March 31, 2006 Granted as non-realistic as this might not help, I've found finding a good woman helps with spending less. When I was single I could blow a check in a weekend roughly $750+ on the 6th St. bars in Austin. When I found a good woman, the money lasted and was spent on having fun between both us. I actually started better tracking and not using the debit card like I used to. Cash is deffinately the best way to pay. But living within your means is the only way to go. Spend as if you only made $400 and be cheap with the cash. HOLY SHIT, you'd spend 750$ in a weekend of drinking?!?! wow, the most my bar tab has ever been was 125$ and that's b/c it was padded. Do you buy drinks for everyone at the bar? On Topic. You sound alot like me a few years ago. i had a great job and lived at home with my folks, i dont know where my money went. These days, things have changed im much better off. i would say go with Ken's suggestion, when your able to track where your money goes your able to consciencely (*sp?) spend it the next time. Go a week or two spending like you have been, then look back at what your spending and realize where you can tighten up. You'd be surprised how much money you can save by the little things. Quote Link to comment Share on other sites More sharing options...
Scotty2Hotty Posted March 31, 2006 Report Share Posted March 31, 2006 HOLY SHIT, you'd spend 750$ in a weekend of drinking?!?! wow, the most my bar tab has ever been was 125$ and that's b/c it was padded. Do you buy drinks for everyone at the bar? Nope, 6th St. in Austin on an entire weekend of just me. Deduct $65 for hotel and $20 for food. The rest was getting shit canned drunk making out with girls, goin home with em, throwing pool parties at the hotel etc... I know how to gets down, but I have reformed. I can die happy that's all I can say, but not having $$$ sucks, I've learned lessons, and drinking costs a LOT. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.