Am I over spending my money?
I don't have much but I find that it goes away pretty fast. I usually spend it one new things and repairs. Like if my glasses break I get pieces or a new desk after it's broken but I wonder if it's worth it or could I wait it out a little longer with a broken desk if it's still standing. I do have compulsions and spend money on magazines or handheld gadget toys like TAMAGOTCHI P or some foreign TV DVD Volumes they can get pricey with shipping but it's good and I get it before release day( I have no other option since if I don't they are all sold out.) Most of the time it's small items I need or I think I need like these things. Other times I have bought a sewing machine and printer which I do not use I want to eventually use it but I cant get organized enough. Before you know it 700$ is gone in one month without paying for bills or food and stuff.
- windgateLv 67 years agoFavorite Answer
Yes your over spending! You need to consider this. How many hours did I need to work to purchase the item I am looking at before you buy. Where will I put that item? Will the item actually be used or just set in a box. Then you need to use things like library, get movies out for free. Who cares if your the first one to see it or not!
Consider web sites like free cycle. You may have been able to pick up a free desk. People clean out there homes, have yard sales. What does not sell is usually given away on freecycle of given to a charity. Put your county and state in the search with the word freecycle. These groups are all over in different states.
Also remember if your rent does not get paid, you won't have a place to store all the clutter your spending so much money on. Before you know it you be able to find that you have money saved.
And check to find if you have any unclaimed money. People have unclaimed money from over paid electric bills, forgotten bank accounts, insurance claims. Etc...
Check Here: http://www.osc.state.ny.us/ouf/money/ There are other states listed. Find your state and do your search. This is public information. Click on Comptroller at the top of the page for some states. to find the unclaimed search area.
- Anonymous7 years ago
You just need to learn some self control. Learn the different between "wants" and "needs" and always take care of the "needs" first (like bills and food). Never impulse buy. If you see something you want, force yourself to wait at least 3 days no matter what, have an internal debate about whether you can afford it or not... and learn how to go without. It might help to keep a list of things you want and then rank them--when extra money comes in look at the list and re-evaluate.
When I was growing up, we were very poor so that stuff is second nature to me now.
- 7 years ago
Yes. You are definitely overspending. You should take 10 or 20 percent of all your income and put it into an investment account. Then when you spend the rest, you will not be damaging your long term retirement security.
Pay yourself first - in other words, put the 10 or 20 percent of your income immediately into an investment account before you pay any other expenses. By paying yourself first you will have less money to squander on things you "might" use later.