I make apporx~2 to 3k cash a week since january.
I have no savings….just the money I have in my wallet which is prob 500$…
Not to bore you to death but…
Housing,utilities,cell phone food per month 3k
I do shop but not super expensive tops no more than 40 shoes no more than 60etc…(no designer unless on sale)
Have taken 2 short vacation~ 8k
Help my brother a few hundred a week
Some debt paid off~6k have 15k left that I havnt paid
I don't know where my money goes…
My fiance is furious w/me and says I must put away 1,500 a week for not only our future but my future
My family comes from major financial problems and still are…
Also its like things come up, bdays, this that holidays…
What do I do…
Am I really screwing up?
Get an accountability partner. some who is very, Very, VERY good with their finances.
As you already seem to know, you need commitment in this area and having someone to hold you accountable is a super way to start!
Why not start selling some of your stuff?
My friend decided decided to sell some of her old gold, silver, and platinum jewelry she wasn't wearing anymore.
She found a great site, I will the link for you below.
She liked this site because they were willing to pay her a lot of money. she liked the fact that they were members of the BBB and they were featured in USA Today.
Just an idea in case you have something you want to sell. start selling some stuff, and start saving. You'll feel better
Good Luck!
Okay… let me get this straight. 2-3k/week, that would be 104-156k/year. I assume this is your gross income and even if it isn't I would have to say, "YES YOU ARE SCREWED UP!"
"I don't know where my money goes…" means you need a budget! Every month write down all your expenses for the month. Spend every dollar on paper so that your balance at the end of the month is "$0.00".
I would suggest investing 15% for retirement, 10% for giving, 25% mortgage/rent, 25% utilities, 10% savings, 15% fun money. Adjust these percentages to your personal tastes but as a minimum leave the percentages alone for retirement and savings.
Edit: GET OUT OF DEBT! this should be your first priority, then save for retirement. To avoid using debt you need an emergency fund start off with $1000 temp fund then when all your debts are payed off fully fund your emergency fund which would be 3-6 months of living expenses.
If you don't tell your money where to go, it will just leave. You should be in great financial shape in 2-3 months, if you get serious about this.
Oh yeah, "also its like things come up, bdays, this that holidays…" These are not emergencies and they are not surprises! You can say NO, until you get your finances under control and you can plan for them!
WOW! You have got some kind of amazing financial muscle in comparison to the national average income of 43k/year. You are in the elite category.
You need to start tracking your every penny diligently. You can create an excel spreadsheet or use one of the existing expense tracking templates and record every time money enters your pocket or leaves it. You will be surprised to find out all the black holes that you have and things that you deem needs are wants you can do without.
You did say your family comes from financial problems so your issue with finances stems from your past. May be you are making up for the lack of money when you were growing up, may be nobody never did teach you how to manage your money properly. I'd really recommend you to read "your Money Or your Life." this will help you to realize how we sometimes use money as an ends and not a means. You are spending to fill a void or avoid dealing with some issues that are bugging you. You need to answer the WHYS, and your lack of accountability as far as spending money goes. plus why you give your brother a few hundreds a week.
You do make a lot of money but you are blowing it away. why? And its not because you can afford to….there is more to this than meets the eye so its time you asked yourself those hard questions.
Unfortunately, You are in danger of financial failure. your fiancee is correct in making you save not for him but for yourself. If you continue your path like this, you can go bankrupt. So what if there is holidays and stuff~ doesn't mean you have to buy a gift. Regift some items then and explain your financial situatino to your family and friends. You don't need to live in a housing, move back to your parent's house. That's what I would do if I were you. Smart people live in their parents house so they can save alot more than living on their own.
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