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Compulsive Spender

Hey RO

I'm having problems with how I spend money. I have never been good at saving and usually compulsively buy items that I don't really need, the big culprit being food. Whenever I tell myself I'm going to save up, something big comes along, like a function or an item that I feel like I need to get, that ruins it for me. I really want to be a good saver, especially as I want to travel at the end of the year with a friend. I have a job that pays pretty well but I always find my bank account slowly drying up as the weeks go on, to the point when I'm living pay check to pay check.
Can I get some advice on how best to save money and how to manage spending when it comes to functions and the like?

Thanks guys

Re: Compulsive Spender

Hey @drhalloween
Last Monday we had a Getting Real session on budgeting. I'm on my phone, so I can't link, but if you head over to the Getting Real section it'll be right up the top. You might find some ideas to help you.
Do you have a money tin? Putting aside a couple of dollars each week or each payday is a nice and easy way to save. Tins are especially good because it's nearly impossible to get coins out again without opening the tin.

Re: Compulsive Spender

Just popping in to give you the link @N1ghtW1ng was talking about - awesome spotting that one, N1ghtW1ng. The GR sessions are reliably excellent, in my humble opinion =D

Re: Compulsive Spender

Hey @drhalloween it's nice to hear from you. Have you thought about any of the above suggestions like having a read of the recent GR?
I know for me, whenever I get spare money I put it into an unaccesible account that I can't use with my card. The only way for me to get that money is to go into the app on my phone and transfer it, you might find that you can leave that option out and only have it accessible from the bank.
What about working out your necessities and how much you think you could have as leisurely spending money and getting it out in cash for the week and hiding your card or leaving it at home when you go out?
Just a couple of suggestions Smiley Happy
//You can stay afraid, or slit the throat of fear and be brave//

Re: Compulsive Spender

So many good suggestions already! Ty @j95 and @N1ghtW1ng! I really like the idea of making it hard to access the money you're saving. I do a similar thing.  My credit card no longer exists in physical form and is disconnected from Paypal etc and i got my work to put some of my pay into the credit card account every fortnight, so i have no choice but to pay it off! If you're more sensible than me and didn't go into debt while having adventures, perhaps you could get your work to deposit some cash into an account that's really hard for you to access?

 

Another thing i do is use an app that reads my bank account and saves a bit of money for every bit of money that i spend. So if i buy a coffee for $4.50 (yeah coffee is expensive in sydney) it will round up the purchase to 5 bucks and save the spare 50 cents... Not sure if that makes sense, but trust me, it works!

 

Anyway thanks @drhalloween for chatting to us about this, it's definitely something i can empathise with! Let us know what you end up trying out!