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money management
hello im 18/f and i've had my current job for about 2 years now. I just cannot seem to save money though. I have a car and its paid off. I couldnt save money so my mother created a new bank account to help me that way i couldnt take any money out which i needed for insurance. But thats just for insurance. I dont want to have to rely on her to help me. I do eat out alot and spend my money and things that are worthless, i just cant seem to save. I think to myself oh its just $5 or whatever the price may be and i buy it. Being in college now, even though im living at home, im finding it hard to pay for things. Can anybody give me any advice on how i can still have access to my money, but not be so tempted to spend it?
Thanks
Ashley
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Maybe give some free advice about: Personal Finance?
You have a job, and that's a great start.(One up on me anyway!) So be proud of yourself for that. The first thing you need to do is realize that these "five dollars here" and "fifteen dollars there" really start to add up. That's probably what is hurting you most. So limit your going out to eat time to 1 or 2 times every two weeks, and don't exceed it. Also give yourself a set amount of money to spend on leisure activities, and don't let yourself go over it.
You didn't specify what kind of bank account you have (checking or savings) so I am going to assume it's checkings. If you don't have both, get both. Sign up for a debit card, but remember to be responsible with it (don't overdraft). Keep up with how much is on your card, and that will be a good way to have access to the money on your account. Have your insurance money come out of your checking account.
Let's say you make 200 dollars every 2 weeks at your job. Take 100 dollars and put it in checkings, take 50 and put it in savings, and take the other 50 to keep with you for the 2 weeks. Take all the money you need out of checkings (being sure to keep enough for your insurance) and don't touch your savings. You'll be surprised about how much you will save.
If it's too hard for you to put money in an account you won't touch, you can sign up for a program through your bank that automatically takes out a percentage of how much you make on your paycheck and puts it in savings. That way you save money without even realizing it.
You will be able to access your savings account whenever you want for emergencies, but if you have 2 accounts and tell yourself you aren't allowed to get into your savings, you are more likely to save money.
Good luck!
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well what you could do ashley is ya know get your own bank account and get direct deposit from your job so that whenever you get paid it goes directly into your account and then dont get a debit card. oh and get a checking account. i'm the same exact way as you. i am always spending money, i cant help spending money as long as i have money i spend it but lately i have been working on it and now i'm doing alot better than i was. but u should try that and also get a chest that you can lock and put some money in there little by little not like 60 or 100 bucks like little bits 20 here 10 here ya know maybe 40 if you want. give that a try ashley and see how tht works out for you ok?
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Hi Ashley. Well, you could get some kind of box or jar to put money into, kind of like a "big girl" piggy bank. But write all over it...your own personal money-saving mantra that will make you remember how much you want/need to SAVE instead of SPEND. That way everytime you go to get your money for pointless material things, you can remember how much you need that money for more important things.
I don't know if this will help you at all, but I have a friend you used this technique and it worked pretty well for her.
Good luck with your money management and I hope you get it all figured out.
~hollerzDangel
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