Okay, need a little help from AF

[Toksin]

I'll get straight to the point.

I am absolutely shit with money.

Hopeless.

I'm looking at my payslips and I've earned nearly 5 grand before tax since October.

I'm currently over 600 dollars in debt through overdraft/credit card.

I've spent a grand and a half on upgrading my computer, but as for the rest I don't know where it's gone. I still have more to spend on the computer.

I can't save, I have no idea how to properly save and it pisses me off because I want to go overseas. I get paid a fantastic rate at my current job, more than I've ever got, but it just vanishes. Money burns a hole in my pocket and I'm sick of it.

Help me. What the fuck can I do to make my money grow. I've already vowed to stop buying food all the time (take out I mean, Subway etc) but what else can I do, and what can I do in terms of investments and shit.

Really clueless. Help.

[drunken monkey]

oooh.....
first thing I tell people is to make a spending diary for a week or two and see where your money is going.
Once you know, you can see where excess is being spent.
Do you have in the US, an account system whereby you can set-up various "saving pots"? If yes, then have a fixed saving every month and learn to forget about that fixed saving and work what you can spend from the remaining.

I am also absolutely poor at saving money as well but I've made it that I don't have access to all of my money every month anyway so even if I do spend all of what I get, it isn't all of what I have.

[Toksin]

I'm not in the US, I'm in NZ

I used to put a certain percentage of what I earned into a savings account but some happenings recently have seen that account's balance drop to zero.

[freakray]

It's the tokoloshes under your bed, they're stealing your money. Put 4 bricks under each corner of your bed and they won't hide under there...

[fredjacksonsan]

I used to have the same problem. Here's what I did to take care of it:

1) Open a second checking account. Each time you're paid, put 1/2 of your monthly bills in this account. Then don't touch it. When the bills come in, pay them from this account. [Assuming that you get paid either every other week or twice monthly]

2) Out of what's left, take 1/2 and pay on your debt.

3) If you're saving for something, make it one of your bills that you pay in step #1.

4) The remaining $$ is yours to spend as you wish.


It takes a little discipline, but once you get used to it you'll see how well it works. And of course once you've paid off your debts, you'll have more monthly to spend on yourself.

[alphalanos]

the way I do it is, im so damn busy that I dont have time to spend money.

[BNaylor]

Find a nice woman that makes more than you do.

What is the cost of living like in NZ? Where do you plan on going overseas?

[Toksin]

Cost of living at the moment..it's hard to explain.

I'm a student, and I'm flatting, so I have to pay rent. As part of my loan I get $150 a week from the govt. $100 of that goes towards rent and food, then monthly have power/phone bill etc to pay.

Although I'm working now, and depending on the hours it should add $100-200 a week to what i earn.

Overseas, I'll probably go to Australia first then hit the UK, after that travel around. Who knows.

Ray: LOL

[taranaki]

Next time you head south, remember to change your currency BEFORE you get to the airport....You'll get a much better deal on South Island dollar$ at a bank .

[BNaylor]

Originally Posted by Toksin

Cost of living at the moment..it's hard to explain.

I'm a student, and I'm flatting, so I have to pay rent. As part of my loan I get $150 a week from the govt. $100 of that goes towards rent and food, then monthly have power/phone bill etc to pay.

Although I'm working now, and depending on the hours it should add $100-200 a week to what i earn.

Overseas, I'll probably go to Australia first then hit the UK, after that travel around. Who knows.

Ray: LOL

I don't know what to say that will be of any benefit but to maximize your discretionary/spending money to improve your quality of life it takes discipline even if that means running a budget or cutting expenses. A savings acount is worthless if you have no money to put into it but if you do save a little bit here and there. Don't touch it and save it for when you really need it. Of course, more earned income helps.

Although your income may sound adequate for a student, many cannot make it on similar amounts for various reasons. My son who is attending college in New York, probably around your age, receives a $850 monthly stipend from the US Government and free boarding and meals. He does OK and all I have to help out with is airfare during the holidays about 3 times a year when he comes home to Texas.

Maybe one of these days you can get to the U.S. I've been to the U.K. at least 3 times and nothing lost there. I'd like to get to Australia one day before I die for a nice vacation and adopt a kangaroo.

[Toksin]

I think my biggest thing is self control and discipline.

I'm the biggest impulse buyer I know :/

*edit* Naki: LOL

[YogsVR4]

Much like the government, most peoples problem isn't about income, its expenditures. Yes we all want more income, but if more people made the effort to live within their means, they'd be a a whole lot better off in the long run.

Until you can get your spending habbits under control, your not going to be able to turn this around.

To help with that, take every credit and debit card you have out of your wallet. Cut all but one of them to shreds. Take the last one and lock it away so that it can only be used for extreme emergencies. You should never buy ANYTHING that you'll end up paying installments on with the execption of, mortgages, car payments, education loans or equipment (computer etc) thats you use to earn an income.

Credit cards are fantastic IF you pay the balance off every month. I've racked up hundreds of thousands of flier miles and (who knows how much) cash back on my cards because I use them to pay everything. I've also never paid a dime in intrest or late fees because I pay them off every month. Once you get out of the habbit of impulse buying, call your credit card company and order a new card. Use it for a bit and get some rewards and PAY IT OFF every month. Once you get in that habbit, you'll find saving to be easy.

Get that done and I've got a lot of good investment advice - regardless of your income.













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[BNaylor]

Darn Toksin, you're starting to sound like my old lady. She suffers from "Shop 'Til You Drop" syndrome.

I hate looking at her latest credit card balances.

[TexasF355F1]

Definately eat out as little as possible. If you need to, buy lunch meat or whatever is the equivilant in NZ. Or make more than you can eat for dinner and use that as left overs for a few days.

Refrain from using the credit card and use only when necessary. As was mentioned make a diary of sorts of your weekly expenditures. Review it at the end of the month and then look at what you can certainly live without. You may also have to cut down on the beers while your out.

Everyone has covered the things I can think of.

[ericn1300]

get a computer program like Quicken or MicroSoft Money. then save every receipt from every thing you buy and enter it. at the end of the month run a graph to show to you were your money went. just the disipline of asking for and saving the receipt will start you in the right direction.

i don't know about the saftey net in NZ, but here in the USA if you don't start saving now you'll be in trouble later.