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why is saving money so difficult for me?



 
 
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CAMEOSUN
SparkPoints: (71,989)
Fitness Minutes: (5,221)
Posts: 9,363
11/30/12 12:59 P

When you are first paid - - put away a designated amount of money ($5, $10, $15...?) each pay period. For you it sounds like it would be best to maybe give the money to your parents to put in a safe place (account ?). Before you know it...you will have $$ saved up.
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Also, like someone else suggested...use the SparkSavings.com website.
emoticon

Edited by: CAMEOSUN at: 11/30/2012 (13:02)


OBIESMOM2
SparkPoints: (61,086)
Fitness Minutes: (40,069)
Posts: 4,472
11/29/12 11:53 A

if you haven't already done so, get your budget IN WRITING and look at it every single day.

I'm good at managing my money, but at times I couldn't figure out why I would have less than I thought I should. Writing everything down made it easy to see where I was spending and what I could cut back on.

you can do this...you already are disciplined enough to have a savings acct.

Dave Ramsey has some good books; see if your library has any of them.



LOLEMA
SparkPoints: (89,287)
Fitness Minutes: (109,944)
Posts: 4,298
11/29/12 11:05 A

in it with ya!



EOWYN2424
SparkPoints: (115,853)
Fitness Minutes: (18,265)
Posts: 5,617
11/29/12 12:58 A

Actually, I can take more than RM50 per week but I stick to that amount so I can save X amount of ringgit (Malaysian dollars) to my savings account. This way, I know I have a little nest egg when I really need it. I know RM50 is not much but I'm trying to discipline myself. Besides, food and lodging is taken care of for now (my parents are still here) but I planning on saving as much as I can now so I can have a bit of money when my parents are no longer around. I'm also paying for part of my meds from my pension too. The other part, is paid for by my Dad. Thank God my dialysis is paid for by welfare! Or not only me, but my entire family will be in dire straits!




NIRERIN
Posts: 11,756
11/28/12 8:22 A

one of the things that helped me was to write down everything i buy, sort of like a check register. this way i see where everything is going and i can evaluate what i want to give preference for. also helpful is writing down everything i want all in one place [on the opposite page as the budget register]. now i can easily do a this or that elimination. so if my first two items are a book and a cd, i can think and decide i would rather have the cd. if the next two items are 5 dollars for hair treatments and 5 dollar for lunch meat, i can pick one. and if you go down the list a few times, you can weed out til you get to what you want most now. and i find it much more psychologically satisfying to choose the thing i want most rather than denying myself something else. when i pick my favorite, i'm doing something positive by picking the best thing to get. it's also helps impulse buys because i can see what things i want in the moment and don't use or don't want later. so skipping the thing in front of me now can be easier because i know there is something that i wanted more for longer out there and i can use this money for that longed for item instead of this thing that i'm likely to forget in 20 minutes anyways. and if i don't it goes onto the list of stuff i want.

could you do soup and coffee or water for dinner every other week with your group and really have dinner at home? could you skip every other or every third dinner altogether?



I_HEART_MY_FAM
Posts: 1,809
11/27/12 7:05 P

I think a good method would be if your parents did charge you rent and they put that into a savings you cannot touch until they both pass and you need it most.



NSMANN
Posts: 963
11/27/12 3:49 P

I enjoy using the website mint.com to track all of my financial accounts and create budgets and goals.



SUMMERSHORTS
Posts: 200
11/27/12 2:15 P

It's tough to try and save money when you don't have very much to begin with. My husband and I live on a low, fixed income and there is never really much money for anything but the basics so I really sympathise with you.

About your hair: have you tried using coconut oil to try and improve it so you don't have to pay for expensive (chemical) treatments? I was having a lot of trouble with my scalp after using 'normal' shampoos - it was so itchy after every wash it drove me crazy! - but now I make my own 'shampoo' using herbs and baking soda. It's a lot cheaper than buying it in the shops and my scalp is happy, at last. I have also started using coconut oil on my skin and hair and am very happy with the results. A medium sized jar here in Portugal costs about 7 euros but if you add up how much shampoo, conditioner and skin cream costs then it is cheap at the price. And you can eat it, too. Here is a link you might like to read:

http://www.wikihow.com/Use-Coconut-Oil-o
n-Your-Hair-and-Skin



ARCHIMEDESII
SparkPoints: (136,690)
Fitness Minutes: (205,455)
Posts: 20,319
11/27/12 12:44 P

As others have noted, it's not easy trying to save money. It's even harder on disability. I went to a website to covert ringgets to dollars.

50 malaysian ringgets = $16.37

It's not a wonder you find it difficult to save. It's because you're not getting enough to be able to save. All your money does seem to be going to the basic necessities. So, don't beat yourself up because you can't save anything. Yes, you probably could save a bit if you didn't eat out with your Methodist group. Do you have to eat with them every week ? How about eating out with them twice a month instead of each week ? You'd still be able to enjoy an evening out and you'd save a bit of money.

Even if you were to eat out every week with your friends, that doesn't make you a bad person or a greedy one. a person should be able to treat themselves. Just because you're on disability does it mean you can't enjoy life.





TURTLESDOVE
Posts: 1,061
11/27/12 12:28 P

I feel your pain. I am on the low income bracket and I work a full time job. I know I am responsible for my past financial mistakes and I take full credit for that. However, I believe it is hard for a person like me to get ahead because we are charged a higher interest rate on stuff, and we incur late fees for being late on payments, not to mention that every time we think we are going to save money, we end up with an unexpected emergency which drains our little money that we DO have. I know from experience that it's tough to get ahead when the money is just not there. That's why saving money is so difficult for me.



YOJULEZ
SparkPoints: (15,605)
Fitness Minutes: (120)
Posts: 2,171
11/27/12 12:11 P

I think it's difficult for most people! I used to make over six figures, and hardly saved a dime of it. Now I make less than half of what I used to, and I've had to teach myself how to save and not buy things just because I feel like it. It sounds like your plan isn't working for you if you're having to take money from your savings to buy things. You might need to reevaluate your budget to see if you can work in things like your personal products or clothing every month as their own line item, instead of relying on your savings to pay for these things.

One thing I've found that helps is having my savings account at a separate bank from my checking. My checking is at a regular bank (Chase) but my savings is at an online bank (ING) and opted to not have an ATM card for that savings account. When I transfer money into my savings, it gets taken out of my checking right away. But when I transfer money from my savings to my checking (so I can use it), it takes 3 days. So, it doesn't work so well for impulse spending. On payday or a few days after, I sit down and pay all my bills I have scheduled for that check, and I count the savings transfer as a "bill", so it gets "paid" too. After I do all that, I have to work with what's left over, and keep in mind what things I have coming up in the next 2 weeks (like gas and groceries).

Also this year, I opened a second checking account at ING, to pay for things like car insurance that aren't due every month. I still "pay" my car insurance, but I put the money in the second checking account, that way when the bill is due every 6 months, I already have the money there and I'm not scrambling to come up with an extra $350 or whatever. I also use that account to save for something specific, like a piece of furniture or for things like holiday gifts. It has an ATM card and checks, but I don't carry them with me, and it transfers just as slow as the savings account does, so it's not useful for impulse purchases.

I also keep a budget spreadsheet with line items for each category. I subtract out the money from each line once it's spent. Once that line goes to zero, then that's it, no more spending for that category for the month. Some folks do something similar with cash, using an envelope system. Each envelope is for a specific category, so once the envelope is empty, no more spending for that month.

It has taken some sacrificing though. I don't eat out as much, and I don't have my hair done every 8 weeks like I used to. I don't get my nails done or anything like that, and I only buy clothes if they're on sale and I actually need them. I try to find free or low cost things to do, like my folks were visiting and instead of going to an expensive museum or something like that, we went to the Celestial Seasonings factory and did a tour. It was interesting, and best of all, free. Another day a friend of mine and I spent a Saturday afternoon perusing antique shops, with the "rule" that neither of us was going to buy anything.

Edited by: YOJULEZ at: 11/27/2012 (12:14)


MYUTMOST4HIM
Posts: 11,447
11/27/12 12:06 P

If it is one thing I have learned it is that I have to pay myself FIRST!!! That means I decide how much MUST go into savings and I PUT IT THERE!!!
Then it is more difficult to get my grubby hands on it in weak moments



SP_COACH_DENISE
Posts: 29,858
11/27/12 11:51 A

You may want to try using our sister site, SparkSavings.com , to help you with budgeting and saving your money.

Coach Denise



CMCOLE
Posts: 2,667
11/27/12 8:53 A

perhaps if you can find someone who knows accounting, they can set up a budget for you, so you can see exactly where the money is going, and then you put things in envelopes or whatever it takes - and ONLY spend the money in the envelope for the item it is designated for. If it runs out; that is it! No borrowing from another envelope.

The "pay yourself first" strategy works for lots of people, too.

I do feel your pain - even with a salary, we often wonder where the money went



KKKAREN
SparkPoints: (209,405)
Fitness Minutes: (87,126)
Posts: 11,481
11/27/12 8:45 A

I never spend my $1 bills, I guess that would be your RM's, that I get back as change. Everytime I buy something it's with a $5, $10 or $20 and whatever dollars I get back in change I put away. It really adds up fast and I swear I never miss them.



BLUBEL1
Posts: 1,003
11/27/12 5:14 A

You are very brave for posting this. You could try " paying yourself first". Meaning taking out savings when you fist get your money and then trying very hard not to to touch it.
A few thoughts:
Could your parents help you a little? Maybe pay for your church dinners?
Would the church let you have the meals for free or at a discount if you explained you situation
Could you decide that most or all of your frivolous money could go for the hair treatments
Ask yourself if there is anywhere at all that you could cut back or elinate

Being on disability income is very difficult no matter how you slice it. Thankfully you have your parents.
My brother is on disability and I send him money every month and then sometimes need to send him extra. He has cut out cable tv, no cell phone - only a home phone with the cheapest plan, rarely eats out ( I send him restaurant gift cards occasionally), rarely buys clothes. But then he's a guy. So I know how vry difficult it is. He doesn't have Internet either , goes to the library
Try googling very low income living or budget and see what other ideas are out there.
Best wishes. emoticon


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CORTNEY-LEE
SparkPoints: (50,617)
Fitness Minutes: (43,804)
Posts: 3,013
11/27/12 12:53 A

Saving money is tough!

What I have learned to do is cut from one area in order to pay for another, plus still keep my savings.

If you want hair treatments, which is very understandable, you will need to cut something out in order to pay for them.

In order to pay for my personal trainer, I cut out my weekly bingo game with my friends. It stinks that I don't see my friends often now, but my health is the most important thing.

I also put money into savings each pay check, however, something usually comes up that I have to take that money back out!

Don't worry, you will get it figured out!



EOWYN2424
SparkPoints: (115,853)
Fitness Minutes: (18,265)
Posts: 5,617
11/26/12 10:11 P

I'm on a disability pension because I'm on dialysis. I allow myself RM50 a week for frivolities. I still live with my parents so I don't have to worry about rent, electricity etc. The problem is, I've decided to start hair treatments because I've been losing a lot of hair and my hair is very damaged because it's quite long and I've colored it a few times. I thought at the end of October this year, that I could put away something before Christmas so I wouldn't feel the pinch of the hair treatments so much. But it approaching the end of November now and I haven't even saved a cent!

I don't know why but I keep spending my RM50 every week. It's always something or another! Why is my willpower so weak? From sandwich meats, to necessities like shower gel or conditioner. I also have ordered a few books but I don't need to get them all at once and sometimes I do get cash vouchers for my local bookshop.

Plus, I've joined the Young Adults Methodist Fellowship, that means dinner after Bible Study, so I've been like spending RM10-20 on dinner every week. I don't dare take more than RM50 because I do need to save something every month but sometimes I do buy a new piece of clothing, and that comes out of my savings too!

I'm just so worried right now. I shudder to think how I'll manage when my parents are no longer around!



 
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