Need to Protect Money from Myself via Drastic Means (pay, vehicle, transfer)
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Penalty if cashed before 5 years but, as you said, that is not much of a deterrent for you. But you cannot cash them before one year. Maybe if left there for one year and if you keep contributing each month, the increased balance will be a motivating factor to keep them going.
Use of Trusts (trust department, attorney or financial planner), while complicated and costly - in your situation they may be appropriate.
Legal transfer of assets - discuss the best tactic with a lawyer or financial planner before transferring legal ownership.
- Close all checking, savings, and investment accounts, and reopen them in the sole name of selected, trusted person.
- paychecks, pension payments and other income – should be automatically deposited in these accounts when possible.
- transfer property such as homes, cars, vacation property and other personal property
However, OP - you should understand that restricting or cutting off access to financial resources could make you become physically or emotionally abusive in your desire to obtain money. When desperate, you might threaten suicide if you don’t get the money. Therefore is very important that you seek treatment and counseling.
^^^^ Lol! Two minutes in a hot water and the cards are out. So much for drastic measures...
I think you need to go through a therapy first, otherwise you will find a way to get to your own money no matter what.
This is the answer; there's obviously some reason why OP's a spender. No amount of strict financial advice will work in this instance.
Trusts can be used to "lock up" existing money, but I don't know of any way to absolutely enforce continued contributions.
It might be worth trying a financial advisor who will meet with you on a regular basis (maybe monthly to begin), and who you would need to contact to make any withdrawals. It may or may not work, but I think you should try this before resorting the more drastic measure of legally locking up your assets.
You need to speak to a councillor. Besides that find a hobby, take some classes, volunteer somewhere or start a small business so you don't have time to spend your money on everything.
Trusts can be used to "lock up" existing money, but I don't know of any way to absolutely enforce continued contributions.
It might be worth trying a financial advisor who will meet with you on a regular basis (maybe monthly to begin), and who you would need to contact to make any withdrawals. It may or may not work, but I think you should try this before resorting the more drastic measure of legally locking up your assets.
You can enforce continued contributions - in effect - by borrowing money and contributing as a lump sum...
You obviously need to remove the money from your paycheck BEFORE you ever get your hands on it. This can be done by maxing out 401K's or other deferred accounts -- Not only will you typically earn 40-50-percent in company matching funds, but you will also save ongoing taxes. In addition to that, it will cost you a 10-percent penalty on top of that for early withdrawal. You could further protect the money with a joint account that requires your spouse or trusted person to co-sign a withdrawal -- with specific written instructions NOT to do so.
This will largely eliminate impulse spending on a month-to-month basis and will make it so expensive and difficult to pull-out your money on a whim, that it will largely restrict the interest of any rational person to do so.
Optionally, since you first cover your bills, before binge-spending, you could encumber the funds on a monthly basis in restructured mortgage payments.
Still, at the end of the day, if you are still saying, "there is no way to keep me from impulsively blowing-through my own money," you are asking the wrong question. Your spending problem is not with your money, but with you; and trying to fix yourself by locking-up your money ...is like trying to lose weight, while insisting on eating everything in sight.
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