In a bad personal financial spot

Submitted by Chanda_Fish t3_zziunh in personalfinance

I’m 24F with a 15/hr retail job and going to school. I work at a mall and am a big spender. My paycheck never lasts my next payday. I want to fix this bad habit of mine.

I’ve asked my dad if there was a banking account I could deposit savings where I wasn’t allowed to look at the amount without being prompted a password of sorts. Does that make sense? I like not being able to see how much is in my account and tricking my mind into thinking I have nothing in a sense?

I’ve tried splitting half the check and dividing it by how many days left until payday as an allowance sort of way. This has not worked. I’ve tried giving myself a little leeway as well and budgeting myself has proved not well.

I want to save and I need advice. Is there no account I could deposit into like I described above or similar??

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amcarney t1_j2bvlel wrote

There probably is, but that's not fixing the problem. You'll start getting really good at knowing how much you make and then keeping a running total in your head on how much you've spent... until you mess up and then over draft. Or until you think you've only spent half of it for four weeks in a row, finally look, and realize you have $20 left in the account.

You need to control your habits. You need to save for something big and have that be important to you, or you need some real world consequences. Maybe your parents need to charge you rent, maybe you need to pay for your cell phone bill yourself. Maybe you need to start buying your own groceries.

If you just leave the house with this same type of problem, even if you get a $75k/year job you'll be here posting about how you blow $3000 a month on DoorDash and shopping with the girls and going out at night or something.

I get that living an "easy" life and spending is fun, but you need to change who you are and how you think about money vs just trying to make it harder to spend.

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freddie_the_mercury t1_j2burfd wrote

open an online savings account and have a portion of your check deposited automatically. These accounts take a couple days to transfer to your checking so it will remove the convenience factor and ability to spend.

you need to do this on your own not rely on your parents. you must learn the discipline.

you do not have the income to be a big spender.

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wickedkittylitter t1_j2bvlpw wrote

Honestly, you have to change yourself rather than relying on something or someone else to fix the problem. You have to break your shopping habit.

The closest thing to what you want would be an online account, such as a savings account, at Ally or similar firm. No physical location to go into to get money. Don't get a debit card so you can't spend the money. Looking at your balance means going online and having to input a password to get access to account information.

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Mediocre_Airport_576 t1_j2by4u6 wrote

A few things you need:

  • Goals more motivating than an impulse: what are you saving for? What would be worth delaying today's pleasure?
  • Friction: debit cards only, or no cards at all. Make it hard on yourself to spend. Don't save card details in a browser or website, etc.
  • Cool-down period: make a rule to wait 24 or 48 hours before buying something that is not a legit necessity.
  • Accountability: ask a friend or family member to check in with you regularly. Share your goals with them and ask them to ask you hard questions
  • Quick & easy meals you can make at home that you enjoy.
  • Dave Ramsey. I'm not a huge fan, but his stuff is for folks like you who struggle to stay afloat.
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Chanda_Fish OP t1_j2c0ats wrote

Thanks! I try to be conscious with a CD period as much as possible. I also only use debit cards since for as long as I’ve been old enough to be a cardholder. When I started this job I had a long list of things I wanted for myself and they are big ticket items unfortunately

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Mediocre_Airport_576 t1_j2f6hpe wrote

There it is: your goal was based on consumption.

Come up with bigger goals than some items you want to buy, and seek to let those drive your decisions.

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Alex-Gopson t1_j2bzezq wrote

You're 24, it's time to buckle up and have some self-discipline, not "tricking" yourself into thinking you are broke.

You need to start tracking your spending and looking at where this money is actually going. Then forming new habits to avoid this spending.

Example - you see that a lot of your money is going into buying lunches, so you make a habit to prep meals for the week every Sunday. Set a calendar reminder on your phone for every Saturday to go buy the groceries, keep a list of meals you want to make on your phone - whatever helps you stick to that habit.

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nkyguy1988 t1_j2bw2gp wrote

You don't need a band aid app or special account, that I'm doubtful even exists. You are 24. You just need to learn self control. It's part of adulting that you just have to do on your own.

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archimedes303030 t1_j2bx6v7 wrote

I used to use an app called Digit that would round up my purchases to the nearest dollar and put that left over ¢change¢ into a separate account aside of my checking account. Over time it learned my spending behavior and asked if I wanted to withdraw a little more than just the left over change so I’d have more in the separate/ secret account. I’d spend less over time but the best was when I actually looked at the account after a couple of months and was like “Whoa, I have an extra $800?”… I stopped using the app because it was free when I started and then they switched it to a monthly subscription. It’s a couple of bucks(3-5), but if you’re looking for something to help you be aware or change your habits, maybe take a look at apps like Digit.

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Chanda_Fish OP t1_j2c0dz4 wrote

I love this idea so I found acorn ☺️ thanks for letting me know about this. I struggle a lot and it lets me invest in it

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