I need a car but i blow money easily
By gmann_2008
@gmann_2008 (9)
November 13, 2007 7:36pm CST
Okay I need a car and i have a job. I Work at jack in the box and i've been trying to save up for a car but i have a tendency to blow money. What's the best way to discipline myself in saving my money?
2 responses
@aowaow (1516)
• Indonesia
14 Nov 07
I had told my way for many of my friends who were easily blown up when they got a big larger sum in their account. And this is how I myself in past times tried to control, because I was too.
This is called Money Management.
Open another new account in other bank
(do not use current one, this is for psychology reason).
do not apply any CC or Debit Card on this new account.
(this for you are not going to easy take the money out on weekend, you want money, take it from the current one).
Try to preserve each week (if week salary), or each month (if month salary)
by 1/5 of the salary to this account.
(this number is the most tolerable to me and my friend, the more the better but should suit your life's needs)
And be constant (if possible), do not take it out, unless for VERY EXTREME URGENT occasion. Be discipline on this account.
(I'm serious because if you don't, then it's all useless, this is the important part)
Mark a level, each 3 months you can preserve $1000 (for example), put that in quarterly deposit with higher interest.
(Do it again and again)
You cannot withdrawn the money, because you will get penalized, that's where you can train another discipline part.
(You are just almost done in here)
When after 1 year, you have just applied your money management in building your finance security. I had done it for 15 years when I was in Junior High School, preserving from my pocket money. The compounding will always make you rich, along with interest uncertain number, sometimes you will get the very highest of daily savings.
(1 year = 4000$, if 3 months with 1000$ saving, you can buy a cheap car, and don't worry now, as long as you continue the discipline it won't be a problem for the gas or annually car's tax)
You can buy a house in next 3 or 4 years, who knows you will get more higher paid job, then you can preserve for more money.
(Good Luck)
@dreamy1 (3811)
• United States
14 Nov 07
If you really want something you will make it a priority to achieve your goal. If you really want a car you will be disciplined to do whatever you can to save for it. Sounds like getting a car really isn't a priority for you if you are spending money on other things. The best way you can save is to make it automatic. Get direct deposit and have a certain amount taken from your check and put into an account set up to save for your car. If it's automatic and you don't even see the money it's easier not to take it and spend it.