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Money This forum is for support with financial issues.

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  (#1 (permalink)) Old
FallonRose Offline
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Money burns a hole in my pocket - April 5th 2017, 01:39 PM

Ever since I've become responsible for my own money (babysitting money, allowance, money from gifts, etc) I feel the need to spend spend spend and it's suuuper hard to save money. Whether I'm out getting food, going to Walmart to get pet food and walk out with a coloring book and colored pencils, I feel the need to spend money. While I do save a portion of my paycheck every time I get paid (it goes into a savings account my grandmother has so I have no way to touch it), I feel like I struggle to maintain money in my pocket (like I'm completely broke a week or less after getting paid so I'm broke for another week until I get paid again). I don't go out to eat or go to the convenience store as much as I used to but somehow I'm left with $10 or less for another week (also perks of being paid biweekly instead of weekly ). I also feel as though I adapted this behavior when I was younger because my mom would often steal my money so I would try to spend as much as I could before she could take it so perhaps now it's a natural reflex and I just never stopped doing it after I moved out. Does anyone have any tips on how to make this less of an occurrence?




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Re: Money burns a hole in my pocket - April 5th 2017, 06:35 PM

Hi Fallon,

I definitely am in the same boat as you are. What I recommend doing is only using cash. Take out a certain amount each week and only use that much. I know it's hard, but that's how I stopped spending all of my money. I'll think of a couple more ways, and when I do think of them I will reply to the thread

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Re: Money burns a hole in my pocket - April 5th 2017, 06:54 PM

Dear Fallon,
since I'm more of a scrooge that loathes spending more money than necessary I'm not sure whether any way I make up will help, but maybe it'll be useful for you to see the other point of view.
The best way I can think of is what Brittany mentioned above - only using cash. Being able to spend a great amount of money is (generally) only possible using credit card AND then you don't see how much is left, so keeping track of the money spent is pretty hard. It might help if you list the things you need to buy (during 3 days for example) and withdraw only a bit more money than necessary.
A more psychological way is to set yourself some 'goals'. Let's say: you can buy yourself one thing that you don't need but want to have only after not buying anything unecessary for 5 days. Then you can extend this time to a week, two weeks, three weeks etc.
I hope this helps a bit. Make sure to tell us whether these ways worked out for you.
Take care!
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Re: Money burns a hole in my pocket - April 5th 2017, 06:55 PM

I agree with Brittany and that's a good idea because I'm in the same boat. I also recommend making a spending limit say when you know you need to buy the necessities like groceries. I've been making my money last that way. Like say you're only gonna spend $50 on something you really need like groceries and pet food and personal care products like soap and shampoo.


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Re: Money burns a hole in my pocket - April 5th 2017, 08:38 PM

I always carry around bigger bills (50's or 100's) and one or two 20's and 10's because I'm far less likely to break the bigger bills. I also put my money in my savings account and leave a certain amount in my chequing account because even though I can transfer the money out, it's an extra step and I am lazy.
   
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Re: Money burns a hole in my pocket - April 5th 2017, 11:04 PM

You should get a savings accounts not, such as a TSFA or whatever you have in your coumtry, and start saving a certain amount of money every month. I think you have to be 18 to get one, but your profile says you are, so yeah, and even if you get a normal savings accoUnt you can still put a certain amount of money in it so it's not that easy to use it all.




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Re: Money burns a hole in my pocket - April 6th 2017, 02:18 AM

Best thign for me is to NOT use my card. I withdraw a fixed amount and then dont touch my card. Only time I use it is when I have an emergency. Otherwise I'm fored to budget because I only have so much cash ahah


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Re: Money burns a hole in my pocket - April 6th 2017, 03:28 PM

I like the suggestions of using cash only but I spend cash or on my card it doesn't matter the form of payment I'll hand over which ever I have which is a huge problem lol but I do like the idea of having bigger bills because I'm less likely to carry bigger bills with me often so maybe I will try to do that instead of having smaller bills on me.




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