Everytime i have money i just feel like i need to spend it
numerous times I've had left over money and told myself "what can i buy with this?"
this shyt needs to stop. Just throwing money away buying shyt i really don't need. Can anybody else relate?
how can i fix this
Ok.
Find a bank that will let you open a savings account with $0 minimum balance or something like that. Those that charge if you drop below a minimum are not for you.
1. When you get money, deposit it into your savings account. When you need money, withdraw it.
2. Create financial goals for yourself. You may not need a car or home or whatever, but you ultimately want to save money consistently and increase your assets. Why? There's going to come a time when you need a car or home and you'll want the down payment to afford it. You want to borrow the least amount of money. People who have to finance more end up paying more in interest, thus really throwing money away. You finance less, you pay less interest. You buy a car outright with no loan, zero interest paid.
3. The economy right now is pretty bad and you don't get a lot in interest for your savings account. However, as you keep on depositing into your account, you are growing your savings.
In a year's time, if you put away just $10 a week into savings, you would have $520 at the end of the year. If you put away $20 a week, you would have $1040. This is why I think cigarette smokers are crazy. $5/pack equals $35 a week for a pack-a-day smoker, which comes out to $1820 a year. If you just put $20 a week always for four years straight, you would have $4160. There are people who earn over $50,000 a year and have $0 in savings. They don't get in the habit of saving and also have an urge to spend all they make. It's quite awful.
If your income fluctuates, no big deal. Just keep on putting as much in as you can. Instead of a solid dollar figure, you can put in a percentage, like 20% of your net income. So, if your paycheck was $100, you would try to save at least $20. If your paycheck went down to $50, you would save $10. If your paycheck goes up to $200, then you would save $40.
