How do you control a spending problem?

I have a problem with excessive shopping spending money. I make a good income but often find I don't have much to show for it in savings. After I pay my bills I just want to enjoy the money I have left over. I thought that making more money would be the answer to my problem but it seems that if I make more I just spend more


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Most Helpful Guy

  • The key to saving is to start small. In your case let's start extremely small.

    Start saving 5% of your take home each paycheck and put it in a separate savings account. Tell yourself that money is untouchable unless in an emergency.

    To visualize it, for example... if u bring back $3600 after taxes each month, 5% of that is $180.

    Do that for 6 months and that's over a $1000 saved up!

    #YouCanDoIt

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    • Stack that cake, Ms. br0wn! 8-)

    • Another money pitfall is eating out all the time. Do your best to only eat out when with others outside of work.

      Cook at home on work days, and bring in your own lunch. If u need ideas, let me know!

What Guys Said 7

  • Simple.

    You create a budget.

    TOP priority is your savings - get a separate account - put 10-20% in there, FIRST, before anything gets spent. If you have direct-deposit at work, you may be able to have your job directly deposit a certain amount or percentage into your savings account, which is ideal. In that case, don't even have your accounts linked - be forced to go into the bank to transfer money.

    Next is your bills - rent, insurance, utilities, groceries, etc. Those get paid next.

    Next is things like car maintenance, home maintenance, etc.

    Last is your "spending money". Some months, there may not be any - that doesn't mean you just go and pull money from savings - that is only done in a TRUE emergency. If you burn through your spending money for the month in 2 days, then you wait a whole month before you have spending money again. It's that simple.

    What you'll find if you do this is that most of your buying was impulse buying for stuff you really didn't need and don't actually care that much about. That extra pair of shoes in your closet that you MIGHT wear once or twice really isn't worth spending $600 on, and all those extra clothes that sit in your closet unworn (and rapidly go out of fashion) are equally wasteful purchases. When you have a lot less to spend, you are forced to be a lot more practical about how you spend your money. You'll be amazed at how little you can spend and how much real value you can actually get out of what you do buy if you learn to change your thinking.

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    • Wow. You've made my answer rather irrelevant now. How dare you. :)

    • Oh, I will mention this:

      Get yourself a free account on Mint. com (from Intuit, the makers of Quicken, QuickBooks, and TurboTax). Mint tracks your spending and shows you where your money went. You can't transfer any money out of it (pay bills, etc.), it just shows you your spending, but it's a great tool, and they have iOS and Android apps for it too.

  • If your job allows you can set things up to deliver money to different accounts. Like I have a 401k going at my job and that's just building up. Since I never see the money in my account, I never use it. See if your job will utilize the direct depot to deliver money into the savings and the checking as you see fit.

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  • You can set up a direct debit to automatically put some of your pay into your savings. Getting money out of savings usually incurs a service charge, which is annoying (but a deterrent)

    Only go shopping with cash... handing over a wad of bills will make you realize how much you're spending, as will repeated trips to the ATM.

    Or... just some self control! Everyone likes having new stuff but do you need any of it? How about, for every new item you buy, you have to throw out THREE of the old ones?

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  • I have a spending problem too, I just started shopping at cheaper places. I get the same satisfaction of buying something, only I'm not spending as much. If I want clothes I go to the thrift store or Ross rather than a chain, if I want tools I go to Harbor Freight rather than Sears or White Cap, it's helped me and I don't have to deprive myself of buying things.

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  • try then spendin yer money... ONLY for stuff u ACTUALLY need :)

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  • Set up an automatic monthly transfer that happens on payday, and is directed into an account you cannot access without going through significant hurdles.

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  • Get rid of debit and credit cards

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What Girls Said 4

  • Before you buy something, ask yourself if you actually need it, if you have something similar already or each month put a certain amount in a savings account that you can't access through your bank card. If you cannot gain self control in spending, you should see a specialist on this sort of thing or go to a help group. It's not good to be constantly spending.

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  • You should open up a savings account!

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  • Okay, so this is going to be kind of long. First of all. Get rid of your credit card. This ensures you don't get into debt. You can keep one debit card for making online purchases, but other than that, don't have multiple cards. Secondly. Make a budget. Tell yourself you'll save 10 - 20% of your money. When you get your paycheck, calculate how much money you'll be saving and put that in a separate account. Whatever you do, don't touch that money. After that, pay your bills and see how much money you need for that. Now keep track of everything you spend on. Save all of your receipts and your online orders and at the end of the month, look at how much you've spent. Often when you see how much you actually spend on things it's a shock and it helps stop you. Make a limit for how much you'll spend on shopping. Maybe 5% of your money? I don't know. But get a financial planner/budget book and keep track and don't go over the financial limits you've set for yourself.

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  • I bring a certain amount of $ with me as my limit plus I put $ in a glass jar. Can't be opened easily either

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