shopping addiction

Postby turtleswim » Wed Oct 12, 2016 10:55 pm

I messed up and spent too much money on school. i needed books and supplies and other things so I'm behind on my finances. I know I am not alone. There are lots of people in debt. I am working so I have a livelihood. I am in grad school. My friend reminded me that school is "spendy". I feel bad for spending school money on basics like food and gas. All I can do is keep moving along and make money and work on my career (teacher in training). I think I was not lavish. Going off to Rome for three days with school money would be out of line. Instead I just buy myself a new bowler hat and smile. I need to learn more restraint. Next time I get a chunk of cash for financial aid to finance my education I will remember to lock it up. I made the mistake. I won't make it again. There is a reasonable way to save money. It just gets hard to use restraint when I have been living off of pinto bean soup for a week. Thoughts?
turtleswim
Junior Member
 
Posts: 68
Joined: Tue Nov 19, 2013 1:48 am
Likes Received: 2


#1

Postby Marais » Sat Nov 12, 2016 9:46 pm

What do you want to teach? Just tryna get the whole picture here.
User avatar
Marais
Full Member
 
Posts: 162
Joined: Wed Nov 09, 2016 11:36 am
Likes Received: 6

#2

Postby onioncrafty » Mon Nov 14, 2016 1:26 am

Don't spend more than what you earn or you will be broke your whole life. A simple advice to follow. :-)
onioncrafty
Junior Member
 
Posts: 28
Joined: Wed Apr 30, 2014 8:29 am
Likes Received: 3

#3

Postby Marais » Mon Nov 14, 2016 11:50 am

Best advice @onioncrafty
User avatar
Marais
Full Member
 
Posts: 162
Joined: Wed Nov 09, 2016 11:36 am
Likes Received: 6

#4

Postby cainbreck » Mon Nov 14, 2016 4:23 pm

You shouldn't feel back for spending money on basic things like food or gas. Those are necessary. A minimalist life is more about knowing where to cut than cutting in everything.
cainbreck
New Member
 
Posts: 12
Joined: Fri Nov 11, 2016 4:31 pm
Likes Received: 1

#5

Postby Marais » Tue Nov 15, 2016 12:16 pm

Cainbreck are you are financial advisor? Those are some proffesional tips.
User avatar
Marais
Full Member
 
Posts: 162
Joined: Wed Nov 09, 2016 11:36 am
Likes Received: 6

#6

Postby AlexD » Thu Nov 17, 2016 7:42 pm

I am an investor and have dedicated the last 4 years of my life to improving my financial intelligence. The benefits have been tremendous and I still keep learning and I will continue learning until I die, that I can promise you.

I killed my student loan in less than 5 years.

To start, you need to create a monthly financial statement.
Get your pay stubs with any income you have over the course of 2 months. Add the gross income and then divide in two if you are doing two months, so you can find what your average monthly income is.

Then add the two months worth of your deductions for federal taxes, state taxes, health and dental insurance, social security and Medicare. Add each category separately, month 1 and month 2, divide in 2 , and you get what you pay on average each month for that category.

Subtract these expenses from your gross income and you get your net income. The net income is listed on your stubs because most pay stubs have this info already calculated for you, but you need to get practice and you need to understand that your taxes, insurance premiums, social security and Medicare are expenses that you pay each and every month.

So your net income is what you have left, to pay your rent, or mortgage, bills, food, gas, etc.

Next, you will have to list all these expenses, including food, clothing, gas, entertainment, whatever you are spending on, car payments, car insurance, everything. Collect all your receipts in the course of 2 months, and list all your expenses. Find out how much you spend monthly on each.

Start subtracting each category of the above listed expenses from your NET income for each month. How much money do you have left after all expenses have been subtracted from your income? That's your cashflow. If it is a negative number, you must cut on your spending, or increase your income, or both. You need cashflow money in order to invest, but also need to learn how to invest. And you need to learn the difference between good and bad debt. I hope this is a helpful start.
AlexD
Junior Member
 
Posts: 75
Joined: Wed Nov 16, 2016 4:46 pm
Location: Arizona, US
Likes Received: 10

#7

Postby mayermp » Tue Nov 29, 2016 11:50 am

Have this little advice right in your mind :

Everytime you are going to buy something, just tell yourself : Do i really need it?

Don't change things that still works.
Don't buy new things that you already have.

Why would you buy the new iphone if your iphone still work?

The advertising markething may touch you too emotionally. It is the role of marketing now, to take consumers by emotions. But do you really need the new product that just came out? no . The old market still or a used one would do the job very well.

I hope i helped you! :D
mayermp
Junior Member
 
Posts: 34
Joined: Tue Nov 29, 2016 3:39 am
Likes Received: 2

#8

Postby AlexD » Tue Nov 29, 2016 3:57 pm

Great points, mayermp. You know about the tactic to tape a piece of paper onto your debit or credit card that says "Do I REALLY need this right now???", so every time you pull your card out of your wallet, the first thing you see is that note you wrote to yourself :)
AlexD
Junior Member
 
Posts: 75
Joined: Wed Nov 16, 2016 4:46 pm
Location: Arizona, US
Likes Received: 10

#9

Postby Roady » Tue Nov 29, 2016 4:11 pm

Microsoft Excel (or just a freeware version of spreadsheet) will do the job.

I know exactly what comes in and what goes out. So I never sorrow about money.

It is very surprising how much money you can save if you look very carefully at your costs.
What about your car? Is the insurance some cheeper somewhere else?
Same for house insurances. What about your internet ,mobile and television subscriptions?
Do you need a television actually?
Do you really read your newspapers and magazines?
Sport school? You can workout at home or outdoors.

Very important: Never ever buy something as a try to raise your rank/status. (Hey, look what I have/wear/look....)

I literally saved hundreds a months just to look carefully what I needed or not.
And that was just because I had to work less because of my own problems (addiction).
Don't waste your time neither. Spend time reading uplifting things, lots of sports/walking/fresh air. Be ready for the next step.
Roady
Preferred Member
 
Posts: 452
Joined: Sun Oct 16, 2016 7:21 pm
Likes Received: 28

#10

Postby mayermp » Tue Nov 29, 2016 4:54 pm

Yeah alex haha thx for the tip xD
mayermp
Junior Member
 
Posts: 34
Joined: Tue Nov 29, 2016 3:39 am
Likes Received: 2

#11

Postby AlexD » Wed Nov 30, 2016 8:23 pm

Once you save money though, you need to know how to invest. This is the hard part. Saving is easy. You can teach a monkey how to save money. But investing in cash flowing assets is a completely different story. Because, if you let the money sit in the bank, it will lose its value cut to inflation and the fact that your bank pays you almost no interest on your savings. You need to learn to invest. But invest well as opposed to gambling! It is very important to understand that most people who call themselves investors have no clue what they are doing. Those who know what they are doing are the ones who have hired investment coaches to educate them over the course of several months, and then they keep their mentors as they expand their knowledge and portfolios towards that awesome day when they retire in their 30s or 40s, depending on how early they started educating themselves financially. So cutting your unnecessary spending and keeping most of your income is the first step, then find a good mentor or pay a well reputed investment coach (and that is a worthy expense) who will open a whole new horizon for you.
AlexD
Junior Member
 
Posts: 75
Joined: Wed Nov 16, 2016 4:46 pm
Location: Arizona, US
Likes Received: 10

#12

Postby mayermp » Wed Nov 30, 2016 8:25 pm

Yeah well explained!
mayermp
Junior Member
 
Posts: 34
Joined: Tue Nov 29, 2016 3:39 am
Likes Received: 2



  • Similar Topics
    Replies
    Views
    Last post

Return to Workplace Psychology