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Money management
- Thread starter EricE
- Start date
It depends what the problems is... is it that you forget to pay bills, overspend or buy too much on impulse, or do you find it hard to keep track of what you are spending?
I have a diary and write all my income and outcome, and check my bank balance on a regular basis, so I always know how much money I have got.
I leave my bills on the table where I can see them and remember to pay them. I write when they are due in big letters on them, so I can't miss it, and pay them as soon as possible.
I have a diary and write all my income and outcome, and check my bank balance on a regular basis, so I always know how much money I have got.
I leave my bills on the table where I can see them and remember to pay them. I write when they are due in big letters on them, so I can't miss it, and pay them as soon as possible.
If you get a little book and save your receipts and jot down the information and keep your receipts in an envelope for that month, you should soon find that you don't overspend. If you have an online banking system, use that to check regualary.
If you have an overdraft, it is best to keep it low, so that any money you get to pay off, you will not lose out.
If you are in America, you should pay your bills as soon as they arrive. If you are in a country, that uses direct debits, you should see if they can be reduced.
I want many things, but being in charge of our accounting, makes it easier to bide my time. And it is actually fun to go shopping and have a set budget; knowing you are going to have a happy bank.
If you have an overdraft, it is best to keep it low, so that any money you get to pay off, you will not lose out.
If you are in America, you should pay your bills as soon as they arrive. If you are in a country, that uses direct debits, you should see if they can be reduced.
I want many things, but being in charge of our accounting, makes it easier to bide my time. And it is actually fun to go shopping and have a set budget; knowing you are going to have a happy bank.
I have more than one bank account including one that I use to save money in, and another one for day to day purchases. My income comes into the one I have for online purchases (because if I impusle spend, it's usually on online purchases rather than the supermarket), and then most of it gets transfered to the one that I have for savings. I leave myself a small budget for online purchases, and the savings account is used to pay bills and taxes.
Don't carry any debit/credit cards. Leave them at home. Instead, figure out how much you will allow yourself to spend on impulse buys during a given time period (monthly makes sense to me since I get paid that way) and withdraw that amount of cash at the beginning of that period. Carry that with you. Once it's gone, you can't make any more impulse buys until the next period.
Make a budget:
1. List total net monthly income and sources
2. List monthly basic expenses ( rent/mortgage, electric, gas, water, trash pick up, phone, tv, food, medications if applicable, credit card or loan payments etc. Don't forget to include expenses that come only a few times per year like insurances for health, car and home (divide by 12 and put what you need to set aside on a monthly basis), memberships, etc.
3.Subtract #2 from #1 (hopefully your basic and essential expenses will not exceed income). What you have left then needs to be allocated between savings, emergency money, clothing or other occasional necessities, and spending money. If basic expenses exceed income the only way to stay afloat is to downsize expenses- for example, cut out cable tv, move to a cheaper place to live, economize on food (buy store brands), etc.
This should give you an idea of what you have to use as "impulsive spending money" (if any). Get on top of indebtedness asap as it is costing you in interest payments. If this is a problem you might want to consult a consumer counseling agency for help & ways to reduce your indebtedness.
Rule: Never take on installment payments you don't have room for in your budget or you will accumulate debt quickly and be underwater fast. You must be able to either pay off credit card spending within the month or at most 2 months or not buy the item. Alternatively, take on a second part time job for as long as it takes to get out of debt using the budget or to give yourself the extra income needed to have money for "impulse buys."
Not really sure what you are looking for here. If controlling impulse buying then make a rule that you never make a purchase over X amount without thinking about it for x days or weeks.
Hope this is helpful.
1. List total net monthly income and sources
2. List monthly basic expenses ( rent/mortgage, electric, gas, water, trash pick up, phone, tv, food, medications if applicable, credit card or loan payments etc. Don't forget to include expenses that come only a few times per year like insurances for health, car and home (divide by 12 and put what you need to set aside on a monthly basis), memberships, etc.
3.Subtract #2 from #1 (hopefully your basic and essential expenses will not exceed income). What you have left then needs to be allocated between savings, emergency money, clothing or other occasional necessities, and spending money. If basic expenses exceed income the only way to stay afloat is to downsize expenses- for example, cut out cable tv, move to a cheaper place to live, economize on food (buy store brands), etc.
This should give you an idea of what you have to use as "impulsive spending money" (if any). Get on top of indebtedness asap as it is costing you in interest payments. If this is a problem you might want to consult a consumer counseling agency for help & ways to reduce your indebtedness.
Rule: Never take on installment payments you don't have room for in your budget or you will accumulate debt quickly and be underwater fast. You must be able to either pay off credit card spending within the month or at most 2 months or not buy the item. Alternatively, take on a second part time job for as long as it takes to get out of debt using the budget or to give yourself the extra income needed to have money for "impulse buys."
Not really sure what you are looking for here. If controlling impulse buying then make a rule that you never make a purchase over X amount without thinking about it for x days or weeks.
Hope this is helpful.
Change the way you think of money.
If i had 5000.00 for example i don't think about what i could buy for myself out of "like" but out of need.. I think about how long can i live off this? Rent, food, internet, power/water. Also think about buying things that would actually improve your life and conditions. Vitamins and supplements. Perhaps some type of massager. Whatever ails you. Or put it towards a business project you work on.
A way to install new beliefs is through repetition. If you find a good audio or youtube video on money management listen to it every single day for 30 days straight. Best if listened to first thing in the morning or right before bed. can listen to it as many times as you want throughout the day. And you'll start to notice that your thought patterns begin to change. And maybe you'll acquire a new view on money. If you can't find one you can write your own script and record yourself and play affirmations or suggestions over and over. Instead of saying "I don't spend recklessly" say something like "I have total control over my spending habits / finances".
If i had 5000.00 for example i don't think about what i could buy for myself out of "like" but out of need.. I think about how long can i live off this? Rent, food, internet, power/water. Also think about buying things that would actually improve your life and conditions. Vitamins and supplements. Perhaps some type of massager. Whatever ails you. Or put it towards a business project you work on.
A way to install new beliefs is through repetition. If you find a good audio or youtube video on money management listen to it every single day for 30 days straight. Best if listened to first thing in the morning or right before bed. can listen to it as many times as you want throughout the day. And you'll start to notice that your thought patterns begin to change. And maybe you'll acquire a new view on money. If you can't find one you can write your own script and record yourself and play affirmations or suggestions over and over. Instead of saying "I don't spend recklessly" say something like "I have total control over my spending habits / finances".
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52 here. Ramsey has it right on debt, but focuses less on what gets us into it. for me impulse buys were a way to feel good for a little while. after the crash I got to where nothing did so I replaced them with fear of being homeless, and the spreadsheet came shortly thereafter. agree with those saying you can and should change how you think about money. it is first and foremost a tool that can help keep you alive. only if you are sure you have more than enough for that should you consider wasting any of it on a short-term dopamine rush.
Attempting to master methodologies of money management may not work if you haven't first mastered a prerequisite to it all: The self-discipline required to both be constantly aware of your bank balance and faithfully document all expenditures, and the ability not to spend money just because you have it.
To live within your means at all times on general principle. To practice the value of saving money and documenting all expenditures first and foremost. At that point, the rest becomes "mechanics" to learn.
To live within your means at all times on general principle. To practice the value of saving money and documenting all expenditures first and foremost. At that point, the rest becomes "mechanics" to learn.
I find planning a budget to be helpful. I often use Microsoft Excel to help with this.
Adding to what you stated about impulse buying...
And simply ask yourself IF this is really needed, or even wanted, and does it bring real value into my LIFE.
Most often you can talk yourself out of it on the spot.
Make shopping lists that match your budget and refuse yourself anything that is not on the list.
Do not deliberately go looking at things for sale in shops or departments of shops (online or offline) that interest you just for the sake of looking at them (don't know if you do this, not everyone does but some people do), unless you are 100% able to just walk/navigate away from items you cannot afford to buy, no matter how awesome or potentially useful or downright life-changing those items might be.
If you are going to use cash for all your spending and keep an impulse-buying amount in your budget, keep the impulse-buying cash physically separated from your cash for everything else. (Ideas for how a person can do this: Put it in its own labelled envelope, ziploc, jar, or separate wallet; designate a pocket for it that you never put cash for other types of purchases into; keep it in a paperclip with a sticky note on it that identifies it as the impulse-buying cash.) I used to physically separate all my cash by spending category each week and before shopping I would separate out whatever I planned to spend at each store.
Do not deliberately go looking at things for sale in shops or departments of shops (online or offline) that interest you just for the sake of looking at them (don't know if you do this, not everyone does but some people do), unless you are 100% able to just walk/navigate away from items you cannot afford to buy, no matter how awesome or potentially useful or downright life-changing those items might be.
If you are going to use cash for all your spending and keep an impulse-buying amount in your budget, keep the impulse-buying cash physically separated from your cash for everything else. (Ideas for how a person can do this: Put it in its own labelled envelope, ziploc, jar, or separate wallet; designate a pocket for it that you never put cash for other types of purchases into; keep it in a paperclip with a sticky note on it that identifies it as the impulse-buying cash.) I used to physically separate all my cash by spending category each week and before shopping I would separate out whatever I planned to spend at each store.
Some good points raised about impulse purchases.
I cringe at the existence of Amazon at how it can so easily enable impulse-buying online. After all, it's the store that literally has damn near everything. Especially things you can't even find anywhere else over the counter.
They make it too easy. Forcing us all to focus on our own financial self-discipline and little else.
I cringe at the existence of Amazon at how it can so easily enable impulse-buying online. After all, it's the store that literally has damn near everything. Especially things you can't even find anywhere else over the counter.
They make it too easy. Forcing us all to focus on our own financial self-discipline and little else.
It wouldn't at all surprise me if in the future, just as Microsoft dominates in the computing world and has a near monopoly, there will be just one huge uber-market that sells literally everything and which will force all the other stores, including supermarkets selling groceries, out of existence. We haven't quite got there yet, but I think that Amazon is getting closer and closer to fulfilling this role.
Walmart are going to hit back strongly. They have some advantages that amazon dont. Pick up, ie order and collect are going to take off. Ive used it in one of the new walmart stores - brilliant. Cheaper than amazon,too.
I also know about part of amazon from the inside - their processes are a mess.
A lot of changes to the uk banking industry this year,as well.
There's no Walmart in the country where I live, but I guess that it's only a matter of time...
Asda?
No Asda where I live, either.
Edit: Not that I'm particularly sorry about that...
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