Got in over my head with spending

[Platapus]

Many of us have had the same failings. The question now is what are you going to do about it? From the tone of your posting, it seems like you recognize the problem and have accepted responsibility for it. That makes you a success.

Oh by the way, there are some debts that are excusable. Books on U-Boats and Raiders are always a good idea.

I am a bookaholic. For me it is used bookstores. I simply can't go into them any more. After years of self-help, I can now walk into a Barns and Noble book store and buy only what I was looking for. But it is tough,

So many books, so little time, so little money. It simply ain't fair.

Burt seriously, it sounds like you recognized the problem and the cause (you) and it sounds like you have a pretty good understanding of how to fix this problem.

That puts you ahead of about 75% of the population and ahead of 100% of Congress.

[Ducimus]

I've used a debit card for years. Never had any problems. The trick is being always concious of how much you can afford to spend.

Add up your total monthy expenses, and subtract that from your monthly income.

Take that number and keep it in your head. Be aware of it.

Then, whenever you go out, save every receipt from every purchase on that card. Put the receipts in your wallet where you'd normally put your money.

Everytime you open your wallet, you see how much you've been spending.

[ivank]

Originally Posted by Ducimus

I've used a debit card for years. Never had any problems. The trick is being always concious of how much you can afford to spend.

Add up your total monthy expenses, and subtract that from your monthly income.

Take that number and keep it in your head. Be aware of it.

Then, whenever you go out, save every receipt from every purchase on that card. Put the receipts in your wallet where you'd normally put your money.

Everytime you open your wallet, you see how much you've been spending.

as an 18y/o that lives with parents who pay for my car stuffs, I have no monthly expense other than what I buy. For income, I work at Goldman Sachs, on-call, so I can work 1 day, and then not work for weeks(what is happening now)

During the school year, I saved for this trip and that's it! But as the price of tickets rose, I saw it as not going to happen. So I started spending, and when I over did it, my parents say they think they will pay for my ticket!

[Ducimus]

Originally Posted by ivank

as an 18y/o that lives with parents who pay for my car stuffs, I have no monthly expense other than what I buy.

Then create an expense to get into the habit. That expense being a savings account! Trust me, save money when you can, and get used to not having alot to spend willy nilly. Living at home is a PERFECT opportunity to save some money.

Little story. I broke up with my ex about 2 years ago. Had to move back home with the folks to get back on my feet. My monthy expenses went WAY down. So, at 34 years old, i was in a similar situation your in now. I continued to treat my monthy finances as if i was i was in the same situation with my deadbeat ex. (IE, me paying for everything and the ex not pulling her weight). I took that money, and instead put it in savings.

When i moved out of my folks house and got back on my feet, i bought myself a 2003 ford ranger with 53K miles on it in cash, paid for corrective eye surgery in cash, and still have money left in savings for a rainy day.

Save now.

[SteamWake]

Learn to live with the consiquences of your actions and be prepaired to atone for them.

[Ducimus]

Originally Posted by SteamWake

Learn to live with the consiquences of your actions and be prepaired to atone for them.

You forgot your smokey the bear hat.



The guy already knows he F'ed up. Geez. We were all young dumb and full of c... ( ehh. nevermind that last word) at some point in our lives.

[ivank]

Originally Posted by Ducimus

You forgot your smokey the bear hat.



The guy already knows he F'ed up. Geez. We were all young dumb and full of c... ( ehh. nevermind that last word) at some point in our lives.

See we are all!

And I was drinking coffee at the time

[ivank]

Originally Posted by Ducimus

Then create an expense to get into the habit. That expense being a savings account! Trust me, save money when you can, and get used to not having alot to spend willy nilly. Living at home is a PERFECT opportunity to save some money.

Little story. I broke up with my ex about 2 years ago. Had to move back home with the folks to get back on my feet. My monthy expenses went WAY down. So, at 34 years old, i was in a similar situation your in now. I continued to treat my monthy finances as if i was i was in the same situation with my deadbeat ex. (IE, me paying for everything and the ex not pulling her weight). I took that money, and instead put it in savings.

When i moved out of my folks house and got back on my feet, i bought myself a 2003 ford ranger with 53K miles on it in cash, and still had money left in savings for a rainy day.

Save now.

Well, my next pay check will start the "saying spree" if you will.

[mookiemookie]

Originally Posted by ivank

Well, my next pay check will start the "saying spree" if you will.

I used to do financial planning for a living and that was one of the first things to teach someone - have 3 to 6 months of committed expenses saved up in reserve in case of bad times. You never know when something bad is going to happen. Pay yourself first on payday - put money away for savings before doing anything else. It will grow faster than you realize if you're disciplined enough to not touch it!

[ivank]

Originally Posted by mookiemookie

I used to do financial planning for a living and that was one of the first things to teach someone - have 3 to 6 months of committed expenses saved up in reserve in case of bad times. You never know when something bad is going to happen. Pay yourself first on payday - put money away for savings before doing anything else. It will grow faster than you realize if you're disciplined enough to not touch it!

at an interest rate of .01% it ain't growing lol.

But yea, this is what I am being told

[tater]

I almost never use a credit card, and instead use debit. OTOH, I always know how much is there—part of the beauty of debit cards is that assuming you don't use checks, you always have a current running balance with no work. Spend $100, balance drops $100.

I certainly see your point about money disappearing, however. Our bank has pretty good breakdowns of spending by payee, so we can look at a glance at food, entertainment, etc, and see how it goes on a monthly basis, and to whom.

Could be worse, when you are older you'll have to blow thousands on stuff like window replacement (me, tomorrow :/ ). Loads spent, and when done, it'll look exactly the same as it did before. Don't have anything to show

[ivank]

Originally Posted by tater

I almost never use a credit card, and instead use debit. OTOH, I always know how much is there—part of the beauty if debit cards is that assuming you don't use checks, you always have a current running balance with no work. Spend $100, balance drops $100.

I certainly see your point about money disappearing, however. Our bank has pretty good breakdowns of spending by payee, so we can look at a glance at food, entertainment, etc, and see how it goes on a monthly basis, and to whom.

My bank(Chase) = evil no break downs, just a spending list, i do have a rewards program, so my spending will give me something back!

[ivank]

Originally Posted by Platapus

Many of us have had the same failings. The question now is what are you going to do about it? From the tone of your posting, it seems like you recognize the problem and have accepted responsibility for it. That makes you a success.

Oh by the way, there are some debts that are excusable. Books on U-Boats and Raiders are always a good idea.

I am a bookaholic. For me it is used bookstores. I simply can't go into them any more. After years of self-help, I can now walk into a Barns and Noble book store and buy only what I was looking for. But it is tough,

So many books, so little time, so little money. It simply ain't fair.

Burt seriously, it sounds like you recognized the problem and the cause (you) and it sounds like you have a pretty good understanding of how to fix this problem.

That puts you ahead of about 75% of the population and ahead of 100% of Congress.

The raiders are my favourite subjet of history and history is my overall favourite. But after spending SO much on them, I think I will stop for awhile. I might ask for this one book from my parents cause it is like $60.00, but thats it.

I have indeed learned my lesson, I am far ahead of Congress lol.

I know how to fix it, No spending, no trip(GF=), no nothing