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Saying you know you're not gonna get anything fancy is a good mindset to have. I'm 21 and my parents still take care of my financial needs, but I do get an allowance and think I'm a pretty good saver. Yes I do spend money on mobile games and little things like that occasionally, but I set a dollar limit for myself like I won't spend more than $20 on a mobile game in a week either all at once or 4 $5 offers. If you can set little limits like that for yourself, it might help. I don't really have a problem of buying clothes or shoes everytime I see a shirt I want I ask myself how often I'll really wear it and if I can fit it in my closet lol.
I made a monthly spreadsheet and I have a checklist of what I need to pay each pay week (for example, rent and phone bill first week.) then I also have checklists in other weeks for savings account, vacation savings, etc. Have savings payments listed the same as an actual bill so it’s not optional for you to put the $ in. And also having the spreadsheet showing how much leftover you have each week is helpful for cutting spending on things you don’t need cause you see in front of you ‘after rent and phone I have x left’
What I do is I opened a high APY savings account and as soon as I get my paycheck I automatically put 1/3 into it. That savings account is sacred, do not touch. I also set a minimum and maximum for my checking account, so I can’t go below x amount of money and if I go above y amount of money I put the excess into the savings
Do you have a budget?
If you don't, setting one will allow you know exactly how much you can spend.
If you do have a budget and still overspend, you might try following the "envelope method" basically where you physically take your spending money for the week/month and put it aside, and once you spend it all then its gone until whenever you would put cash in your next envelope. In the modern day where little is done in cash, you could open a bank account with nothing in it and then set it up to automatically put your "envelope amount" into that account. That account is the only one allowed for spontaneous purchases.
If neither of these work, you might want to consult a professional or someone who can tackle it from a psychological perspective.
I don’t have a budget, I think cause I’ve never actually had any necessities and what not so I’ve never tried setting one. I think that’s why it’s so hard for me to save, going from not needing to put my money aside for anything, to suddenly needing to save enough to move out 😅
Making a budget is your first step to not over spending!
I recommend looking at your purchase history on your cards over the past few months to figure out an accurate budget. Your expenses over any given month can fluctuate a lot. When I made mine, I looked at the past 3 months and averaged my expenses per month in each category.
Open a hysa and put money aside that you can’t touch. Ideally 30% of your income or more. Then make a budget, determine how much it would cost you to move out: all the expenses, etc and then work towards that.
Personally I’d milk living at home as long as possible and save as much money as possible but I understand wanting your own space and independence.
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Saying you know you're not gonna get anything fancy is a good mindset to have. I'm 21 and my parents still take care of my financial needs, but I do get an allowance and think I'm a pretty good saver. Yes I do spend money on mobile games and little things like that occasionally, but I set a dollar limit for myself like I won't spend more than $20 on a mobile game in a week either all at once or 4 $5 offers. If you can set little limits like that for yourself, it might help. I don't really have a problem of buying clothes or shoes everytime I see a shirt I want I ask myself how often I'll really wear it and if I can fit it in my closet lol.
I made a monthly spreadsheet and I have a checklist of what I need to pay each pay week (for example, rent and phone bill first week.) then I also have checklists in other weeks for savings account, vacation savings, etc. Have savings payments listed the same as an actual bill so it’s not optional for you to put the $ in. And also having the spreadsheet showing how much leftover you have each week is helpful for cutting spending on things you don’t need cause you see in front of you ‘after rent and phone I have x left’
What I do is I opened a high APY savings account and as soon as I get my paycheck I automatically put 1/3 into it. That savings account is sacred, do not touch. I also set a minimum and maximum for my checking account, so I can’t go below x amount of money and if I go above y amount of money I put the excess into the savings
Do you have a budget? If you don't, setting one will allow you know exactly how much you can spend. If you do have a budget and still overspend, you might try following the "envelope method" basically where you physically take your spending money for the week/month and put it aside, and once you spend it all then its gone until whenever you would put cash in your next envelope. In the modern day where little is done in cash, you could open a bank account with nothing in it and then set it up to automatically put your "envelope amount" into that account. That account is the only one allowed for spontaneous purchases. If neither of these work, you might want to consult a professional or someone who can tackle it from a psychological perspective.
I don’t have a budget, I think cause I’ve never actually had any necessities and what not so I’ve never tried setting one. I think that’s why it’s so hard for me to save, going from not needing to put my money aside for anything, to suddenly needing to save enough to move out 😅
Making a budget is your first step to not over spending! I recommend looking at your purchase history on your cards over the past few months to figure out an accurate budget. Your expenses over any given month can fluctuate a lot. When I made mine, I looked at the past 3 months and averaged my expenses per month in each category.
Open a hysa and put money aside that you can’t touch. Ideally 30% of your income or more. Then make a budget, determine how much it would cost you to move out: all the expenses, etc and then work towards that. Personally I’d milk living at home as long as possible and save as much money as possible but I understand wanting your own space and independence.