I can't stop spending money

  • Posted by a hidden member.
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    Jul 08, 2010 1:43 PM GMT
    I can't stop spending money. I have over 7k in credit card debt. I have school debt. I only make 22k a year. My rent is half of my monthly income. I have no idea how I am going to get my finances under control. I have zero in savings. I would get someone to help with my finances but that costs money. I have to have money for me also. I can't use every dime to pay off my debt. I also need to get a new car soon. There is over a thousand dollars in damage to my car and it is to old to be worth that kind of investment.

    This post probably makes no sense but I need to post it.
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    Jul 08, 2010 1:52 PM GMT
    You didn't say if your spending is for necessities or if you are impulsively buying things you don't need. Either way, you need to develop a budget, identifying where you allocate your money including monthly payments to deal with the debt. You need to develop a plan and stick with it. Many people even cut the credit cards and pay only cash, or keep the card only for emergencies.

    BTW - did you check out the book(s) I recommended several weeks ago in response to your earlier thread?
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    Jul 08, 2010 2:32 PM GMT
    I have not read it yet. The power of positive thinking? Right? I have it on my blackberry kindle application to read.

    I have a problem with just buying stuff I don't need. I just purchased a thousand dollar laptop a week ago. After that i felt like crap. I always try to logic with myself. If i pay this much a month I can afford it. So I took my credit cards yesterday and locked them away. I was thinking of freezing them in ice so I really have to work to get at them. I did take them out of my wallet though. So now without putting anything new on my card maybe I can pay off my debt. It is just hard.
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    Jul 08, 2010 3:22 PM GMT
    Yup, that was the book.

    Consider the laptop purchase. I have an expensive MacBookPro 17", but I wanted a separate windows laptop, instead of putting windows, fusion or parallels on my Mac. I found a decent laptop for $300, HP with decent specs, not the best. Questions - did you really need a new laptop, and if so, could you have gotten by with a cheaper one?

    Putting the cards away like you did is a great first step. Having a budget and following it, including documenting every dollar you spend, is not only sound financial advice, but you'll feel good knowing you are in control, not a victim of impulses.

    You just have to have will power to stay on the plan.
  • HndsmKansan

    Posts: 16311

    Jul 08, 2010 3:27 PM GMT
    You need to take a class on debt and what you need to do to get out of it.
    I have a client (who incidently just left my office... and is on RJ) who used to be in debt worse than you are.... he worked a second job, was determined, payed his debts, structured his spending.. and today has a fucking 800 credit score.. which beats my 750! Its awesome.

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    Jul 08, 2010 9:34 PM GMT
    With a salary of 22K, of course you are spending too much.
    Get a second job! Or a job that pays way more than that because you will never pay some debts.
    Just apply in bars and restaurants and make some quick tip money to pay those debts
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    Jul 08, 2010 9:38 PM GMT
    Seriously, stop buying unnecessary crap! Stop it! Return the laptop if you can, that was a bad idea. Don't open up a new credit card, whatever you do. Consider consolidating all your credit card debt into one lower interest loan that you can pay off slowly, but that you can't keep adding back to the balance since it wont be a card. That is probably your best bet.

    And don't buy a new car, buy a bike and make it work. It is possible...
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    Jul 08, 2010 9:47 PM GMT

    22K and school debt? I take it you were not an engineering and/or science major? (As if they are needed any longer.)

    Quit work, file for bankruptcy, and go on welfare/Obamacare.

    If you are lucky you will get Section 8 housing.. (Though I would not want to live in your neighborhood.)
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    Jul 08, 2010 9:52 PM GMT
    Stop it, seriously, just STOP!

    If ever there was a time that was bad to be in debt, this is it! Don't get a new car, that's crazy. Only buy what you can afford, not what fictional money allows you to buy. Debt is slavery, so free yourself from those shackles.

    Never in history has there been a worse time to be in debt, so get out of it. Do NOT go further into debt, whatever you decide to do.

    A car is a luxury that the middle classes can no longer afford. Take transit or buy a bike (as someone previously mentioned).
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    Jul 08, 2010 9:53 PM GMT
    Oprah's debt diet: http://www.oprah.com/money/Debt-Relief-from-Oprahs-Debt-Diet-Action-Plan

    Or how about Suze Orman's book:suzeorman.jpg
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    Jul 08, 2010 9:56 PM GMT
    chris8787 saidI have not read it yet. The power of positive thinking? Right? I have it on my blackberry kindle application to read.

    I have a problem with just buying stuff I don't need. I just purchased a thousand dollar laptop a week ago. After that i felt like crap. I always try to logic with myself. If i pay this much a month I can afford it. So I took my credit cards yesterday and locked them away. I was thinking of freezing them in ice so I really have to work to get at them. I did take them out of my wallet though. So now without putting anything new on my card maybe I can pay off my debt. It is just hard.


    I hope you don't end up being a hoarder ...like the people i see on that show on A&E Hoarders...its sad
  • GQjock

    Posts: 11649

    Jul 08, 2010 10:01 PM GMT
    If you're Really buying things that you DON'T need
    You might be doing it to fill a need that you have .... emotionally

    Ask yourself what Having these things and Going out to BUY them means to you
    Then tell yourself that as of Right now you are NOT going to buy anything that doesn't include Food and the necessities of Life

    If you can't abide by those terms you got yourself a problem my man
  • EricLA

    Posts: 3461

    Jul 08, 2010 10:05 PM GMT
    You need to look at why you're buying things. Is it a compulsion? Do you get some emotional benefit from spending the money? It may be an addiction. You seem to understand the ramifications. Are you honestly unable to stop?

    I agree: you can't afford to buy a car right now, especially if it involves car payments, and likely higher insurance. I'd see what you can do to fix your current car.

    If you really didn't need that laptop and your old one still works fine, you should return it if you can and get a refund. You'll probably have to pay a restocking fee. Fine. Right now you can't afford a $1K computer.

    Look at where you can save money. If you're living alone that sounds like an unnecessary luxury right now. If you're on a lease, as it's near expiring you should look to rent a room from someone or move into sharing an apartment with a few people to bring it down to a fraction of what you're paying now. Do you have cable? Is that a necessity? If you have movie channels, lose them. Again, they're a luxury right now.

    How many credit cards do you have? Someone your age shouldn't have more than one, MAYBE two. You should carry around a debit card for your groceries and other necessities. Since you can't be trusted with a credit card, keep it at home and use only when absolutely necessary.

    But you really need to keep track of all your expenses for the next three months. And put them in categorize them by needs (rent, food, car insurance, utilities) and everything else. For the needs, do you spend a lot of extra money at the grocery store buying crap? Do you pay more in utilities because you have too many things plugged in, lights on, etc.? Again, with cable, do you really need cable? Can you go to something cheaper?

    22K is NOT a lot of money. It goes fast. You need to be more disciplined. You seem to recognize that. It's time to grow up and become responsible. It's not fun, but things don't get any easier. Be thankful you have a job right now. Many don't. But, if you're spending is truly something you can't control, then it's time to see a therapist because you have a problem and you need help.
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    Jul 08, 2010 10:09 PM GMT
    Have you considered that you are trying to compensate for some unfulfilled need in your life? Many people will buy things to 'feel better' about themselves, but then feel terrible about spending money they don't have!

    Putting your credit cards away makes good sense. Cutting them up is even better. Then, no access, even with an ice-pick! icon_wink.gif

    Save ONE card (with the lowest interest rate, if you have one) and keep it for REAL!!! emergencies, not 'I want a new laptop'....real emergencies are things like: transmission goes out of your car; you break your leg and need to pay the emergency room the deductible.

    Suze Orman online is a great place to start paying down your debt. Consolidation loans are good, if you are not so far underwater that you won't qualify.
    Consumer Credit Counseling.-http://www.consumercredit.com/
    ---free counseling and debt consolidation helps...(BUT!! It will affect your credit score, although I bet it's shot anyway)...DO NOT USE one of those "Debt Repair" things you see on TV!

    Consider seeing if there is a "shoppers anonymous" meeting in your area.
    Good luck!
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    Jul 09, 2010 2:54 AM GMT
    Thank you all. The laptop is really hard to return. I really need to be saving money for a car down payment. Everyone says a car is not a necessity. I work nights and the area I am in is not very safe. Especially late night transportation. My car runs fine but the thing is beginning to rust out. It has a lot of miles on it and it was flooded by sewer water in a flash flood. I sat down today and made a plan. No more eating out on a daily basis, Putting more money toward the credit cards and hopefully some money into a savings account.

    Actually on a side note. having a computer is the one thing I enjoy.
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    Jul 09, 2010 3:03 AM GMT
    Glad to see you have a plan. There are a lot of good suggestions in the posts here, so I only have one to add. Your profile says you live on your own. You might want to consider a roommate or moving somewhere with roommates and sharing expenses. Living alone seems like quite a luxury on only 22K a year.
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    Jul 09, 2010 3:15 AM GMT


    Today 7k. 6mos frm now 12k. Get a grip and and think in terms of longevity and necessity and balance all that w/ recreation.
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    Jul 09, 2010 3:20 AM GMT
    I live on my own because my parents house was making me miserable. I was to embarrassed to ever go out. My sister was a teenage mother with all her ghetto friends making constant noise.
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    Jul 09, 2010 3:23 AM GMT
    While you're on your spending spree, spend some for me plz. kthx. icon_biggrin.gif
  • Posted by a hidden member.
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    Jul 09, 2010 3:25 AM GMT
    Definition of "can't":

    1) You don't want to

    2) You don't know how to.
  • Hunter9

    Posts: 1039

    Jul 09, 2010 3:26 AM GMT
    suggest looking into a sugar daddy... seriously
    it's like a second job, except potentially much more lucrative.
  • Posted by a hidden member.
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    Jul 09, 2010 3:27 AM GMT
    Damn, I came back to the thread with the intention of suggesting a sugar daddy.
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    Jul 09, 2010 3:40 AM GMT
    So next guy on here that asks me to; come live with him I should take him up on that offer?
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    Jul 09, 2010 3:40 AM GMT
    Get a check routing number first.
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    Jul 09, 2010 3:41 AM GMT
    chris8787 saidSo next guy on here that asks me to; come live with him I should take him up on that offer?
    Only if you like him as a person. Otherwise you'll likely have more of a boss than a sugar daddy.