Need help saving

[kevinb]

Hey everyone. I'm in need of some tricks and tips to save money. Ever since I was a kid I was never forced to save or told the perks of saving, so as soon as it hit my hands it was gone. My parents are a paycheck to paycheck couple even though they easily make $800+ a week together, they just get to many loans and get bogged down. I've even had to get a loan out for them because my car got repossessed due to it being on one of their loans and them not being able to make the payments. Anyways, I've gotten somewhat better at holding onto my money, but I'm still so bad my girlfriend has to pay for stuff I need and it hurts me that I'm that bad. She has told me numerous times that if I can't manage my money like an adult then she isn't sticking around and I'm not going to let that happen. She's also sick of being my money manager and telling me how to make it last...mind you she's 18 and has more money than her whole family plus me....incredibly savvy.

I currently have $113 in my savings and like $20 in my checking account.

I have bills the next few weeks but need to try and put as much as possible away.

I'm really impulsive and don't think before I buy....especially at gas stations....3 for 5 mountain dew always gets me. But I am getting better.....atleast I think I am, but I know I need to master this or I'll never have my own place, never have any snakes, and never have anyone if I can't be a bit stingier.

So please can you guys and girls help me with my spending habits and lead me down the road to a good savings account!?


Thank you all so much!

[rabernet]

I can whole heartedly recommend that you look up and sign up for a Dave Ramsey Financial Peace University class. It's 9 weeks long, held once a week at a local church.

I'm in week 2, week 3 for me is this Wed. Even after the first class, I was already thinking about money differently.

It IS $95 for the class and materials, but it's the best $95 you'll spend. And you can bring family members for free, so if your folks are near you, see if you can get them to go. See if your girlfriend will go with you to support you.

My folks challenged me to sign up, and and I'm so glad they did!

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[rabernet]

You'll learn that managing your money is 20% behavior, and 80% emotion. The class helps you with learning how to redirect the emotion.

Have a 20 year old Young Man in my class, that joined because he wants to graduate college ahead of the game and not learn the bad emotional decisions early on.

I can guarantee you if he follows this program, he will retire a millionaire, just on the savings plan alone.

Dave Ramsey also addresses relationships and money, and how money problems can split couples up.

He addresses how men, vs women manage and think about money.

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[kevinb]

Two questions on that.
#1 do they have them all over?
#2 is it really churchy like? Because no offense to anyone or anyone's beliefs but I'm Buddhist and don't believe in god. Ive even tried to meditate to get the bad spending thoughts out of my head but it hasn't helped much either.

Thanks for the advice I'll look into it.

[cecilbturtle]

First of all I would definitely stop shopping at gas stations. They are far more expensive than a grocery store.

Also, if your main problem is impulse buying then only bring cash with you when you go out. And only bring what you really need to spend. If you don't have your debit card or credit card you can't use them. It's a lot harder to part with actual cash than it is electronic money.

You can also try the envelope method. When you get paid, put specific dollar amounts in envelopes labeled "rent", "gas", "utilities", "food", "entertainment", and "savings". Every month take the envelope with marked "savings" to the bank and put it into a savings account that accrues interest and DON'T touch it!!!

[kevinb]

Thanks Cecil. I usually spend the cash faster to be honest because I know exactly how much visually is there where with my debit/credit cards it's not as simple.

I have stopped getting anything but gas at gas stations, but these days at $4.05 for regular here it's about the same as if I can bought a soda.

I like the envelope idea.

Thanks a heap for the advice.

After rereading that I get what you mean about the actual money and only bringing enough, but I worry way to much and always end up short when I check out usually. Which is why I never use cash anymore.

[rlditmars]

Two questions on that.
#1 do they have them all over?
#2 is it really churchy like? Because no offense to anyone or anyone's beliefs but I'm Buddhist and don't believe in god. Ive even tried to meditate to get the bad spending thoughts out of my head but it hasn't helped much either.

Thanks for the advice I'll look into it.

Dave Ramsey is a Christian and his concepts come from a place that his biblical beliefs directed him to. That being said, you can order his stuff on line and do not need to go to a church to have access. Further, regardless of where he derived his methodology, his principles are sound financially, period. Definitely worth checking out.

[Clementine_3]

Here's what I do, and it works very well for me.

I figured out a tight budget; bills, food, critter care, gas etc. I have that much (plus a little extra) direct deposited into my checking account and anything above that amount goes directly into my savings account. Once it's in savings I try really hard to leave it there, and mostly I do. If I 'borrow' from savings I pay myself back.
I rarely carry cash, too easy to spend. I use my bank card, if the money is not in my checking account then I can't spend it on stuff I don't need (like that new phone I just bought. lol).
I had no credit card for years and years and years, I do have a Home Depot one now as I recently bought a house. It was all paid off but I just bought some yard tools with it (because I just bought that new phone too!) but will pay it off in full when the bill comes in.

I like the envelope idea, as long as you leave the envelopes alone it should work well. It's sort of what I do, I schedule my bills to go out and deduct that amount from my register, so it's not showing therefore, not there.

I've tried very hard to teach my son the value of spending within his means and he now has a modest savings account that he is proud of. He makes very little but covers his bills and living expenses and manages to save a bit.

It takes time to get yourself on track and diligence to stay on track, you just have to figure what works for you.

Good luck!

[rabernet]

Two questions on that.
#1 do they have them all over?
#2 is it really churchy like? Because no offense to anyone or anyone's beliefs but I'm Buddhist and don't believe in god. Ive even tried to meditate to get the bad spending thoughts out of my head but it hasn't helped much either.

Thanks for the advice I'll look into it.

Yes - they are all over - you just have to enter your zip code to find one.

It's Biblically based - but it's not preachy in any way. He does use some Bible quotes in his lessons, but not to try to convert you. One example - in the first lesson - he talks about how some Christians will say "but wealth building is bad - the Bible says money is the root of all evil". And he says "no - that's not what it says - it says - the LOVE of money is the root of all evil"

I consider myself more spiritual than religious, and I don't feel uncomfortable.

But - he does offer the course online as well, and the materials are worth getting (the workbook, the envelope system that was mentioned here already - etc).

The thing is - no matter what you decide to do - you will need fully embrace the process before you can begin to change your behavior.

http://www.daveramsey.com/home/

Here's the link to the online class - http://www.daveramsey.com/fpu/online/

[kevinb]

Thanks for the advice both of you. I'm currently really stressed out for the fact that I have so many one time bills or things that need to be done ASAP that I'm really overwhelmed. I need new tires before winter $300, my kitten is getting spayed and declawed Friday, me and my girlfriend are going halves on the bill but it's still $140 for me, my tattoo appointment to color and finish it is October 26 and I estimate it between $2-400. I could also use some new brakes for my car. All these things for the most part are a one time fee, but I also have the $130 I own my mom for car insurance and cell phone due next week, the $100 on my credit card (it's really only $25 but I always pay over the required to make my credit score a smidge better looking), plus the weekly gas and whatnot.

I only make $8/hr currently and don't get overtime because my boss is a crook, I've thought about bringing charges up on him....but since he's a millionaire his lawyer would be better than mine.

These are just hard times and my spending habits don't help me at all.