Self-Control
#21
Originally Posted by mxt_77,Feb 2 2011, 03:33 PM
Yes, I've had these kind of issues in the past. I once went $20K in debt to build a media room in my house. After being broke for 2 years trying to pay off that debt, I decided, "never again".
I still buy stuff I want but only if it fits into my monthly budget or I saved in advance. (one reasonable car payment excluded)
As far as people who have no self control with things like food, I suppose I would always be eating a bunch of crap if I had it in the house, I just don't buy it. You only need to have self control in the grocery store for five minutes to solve that problem. I do not even enter the snack aisle or the cookie/candy aisle. If I did I would buy a pack of nutter butters each time and eat them in two days.
#22
Registered User
Originally Posted by mxt_77,Feb 3 2011, 09:02 AM
I never have more than $1K in my checking account, unless it's already pre-allocated to pay a specific bill (mortgage, property tax, etc). My checking account is not an interest-bearing account, so I don't want to keep any more money in there than I absolutely have to.
Here's another way of looking at spending on un-necessary items, basically your wants instead of your needs. Use it as a reward. Setup your own system where you have a goal and if you achieve it then you can reward yourself with X.
I haven't had an S2000 or any sports car for nearly 2 years now. I have wanted one really bad, but I ended up buying 2 houses over the last 2 years, so I just haven't had the cash to buy a toy. I told myself that if by the end of the year I can do the following three things, I can reward myself with a $20,000 sports car. 1. I have to go without tickets or accidents, 2. have $x in stocks and 3. have a net worth of $x.
#23
Registered User
Originally Posted by clawhammer,Feb 3 2011, 01:10 PM
You should look into a high-yield checking account, it will pay a higher interest rate than your online savings account will. That's where I keep my emergency savings.
So, that might work for some people, but I just don't think it would work for me. Thanks for the suggestion, though!
#25
I don't have this problem. I prefer to call it discipline instead of self-control, probably just semantics.
When I was younger, I set some goals for what I wanted (a car, house, etc...) and did things in line with that. I found that if I wanted to save towards a house, I couldn't go out as often as I was, or drive a nicer car. I chose a down payment as the most important, and worked towards that.
I chose to split my savings into a few different direct deposit transactions. That helped make sure I put money away each check. Now, it doesn't matter which account, I'm past the issues of knowing what I make, what I spend, and where it goes. It's now about the decision to buy, not about how to pay.
If you're really worried about, take drastic actions. Cut up your credit cards, or have the limits lowered to only what you can and are willing to pay each month. You're other resort is to cut them and go completely to a pre-paid model. You can only spend what you have on the card.
When I was younger, I set some goals for what I wanted (a car, house, etc...) and did things in line with that. I found that if I wanted to save towards a house, I couldn't go out as often as I was, or drive a nicer car. I chose a down payment as the most important, and worked towards that.
I chose to split my savings into a few different direct deposit transactions. That helped make sure I put money away each check. Now, it doesn't matter which account, I'm past the issues of knowing what I make, what I spend, and where it goes. It's now about the decision to buy, not about how to pay.
If you're really worried about, take drastic actions. Cut up your credit cards, or have the limits lowered to only what you can and are willing to pay each month. You're other resort is to cut them and go completely to a pre-paid model. You can only spend what you have on the card.
#28
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The hardest thing is control, but I have tons of it. I get excited but I"m good at then stepping back and letting it stew...then i do research and drive myself insane. Finally I usually end up getting the item if I still want it but after my research and self torture I usually get a good deal on it.
#29
Former Moderator
Originally Posted by Gatsbee13,Feb 2 2011, 04:05 PM
I kind of have a problem with self-control when it comes to spending. Im not a wealthy person and need to get it under control. I dont spend on big ticket items but i come pretty close. I was about to buy a 25k piano the other day but got myself under control.
Do you have problems with this or with self-control in general? how do you "tame" yourself? need help.
Do you have problems with this or with self-control in general? how do you "tame" yourself? need help.
#30
Registered User
Originally Posted by NFRs2000NYC,Feb 4 2011, 04:08 AM
How were you planning on buying a 25K piano? If you have the cash, stick it in a 5 year CD so you can't touch it.