Whenever I have Cash I Usually Spend It

extremelycool wrote: »

I have a problem. I am willing to admit my problem. And I want to solve it.

Whenever I have cash or money in general I spend my time thinking how I am going to spend it and usually don't have the self-discipline to save it.

I imagine buying all those things I previously did not consider (because I did not have the money) and usually I end up buying them.

Last week I was given £100 cash. I ended up spending the £100 on a new mobile phone. I am enjoying my new phone. But I would rather NOT have spent that £100 - and used my old crappy phone.

I would rather be able to just leave money in a drawer and go get more money.

What advice can you give me?

What mindset should I get into?

Hello there! You're the same as me, money burns a hole in your pocket! But, it's the same as losing weight, it aint gonna happen unless you really want to do it for yourself. Do you have debts, or something you really want to achieve and save up for?

How about asking someone you trust to look after your bank card, and only give it back to you on a set day when you withdraw some money out, and then give them back your card.

Keep a spending diary and then post it on here?

You have to want to save up/ pay off your debts more than you want to spend money. You have to make it easier to save up/ pay off your debts than spend it on rubbish. I find it interesting that your current attitude to change (impatient!) is the same as your attitude to possessions (want it now!).

I would sit down and write down what you really want out of life. What do you want to achieve in terms of relationships, career, travel, your own home, etc.? Then prioritise that list - if you want a new plasma TV more than you want to settle down and have kids then that is what you should aim for.

Lastly write a plan of how you are going to achieve the top couple of things on your goals list. Goals should be SMART - specific, measurable, achievable, realistic and time-framed. Once you are really clear why you are saving/ paying off your debts you will find it relatively easy to change. Most people really struggle to save up for no particular reason!