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Old 11-04-2009, 04:33 PM
 
2 posts, read 5,963 times
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It seems like every time I get my paycheck, it all disappears as soon as I deposit it in the bank. I have a hard time keeping track of my money, and I don’t know what I have been spending it all on. I am now in huge debt because of this. There is too much going on in my life that I don’t even know where to start. On top of everything else, I am worried about not having any retirement options. I need financial advising in San Diego. My only concern is that I don’t really have too much to spend on one. Moderator cut: No spam

Last edited by vec101; 12-03-2009 at 05:29 PM..
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Old 11-04-2009, 04:48 PM
 
71,550 posts, read 71,730,589 times
Reputation: 49156
its soooooooooooo hard to get anyone to help you on the internet. you need someone to work with you , you need to log every penny you spend to see where it goes... only then can you make plans and change things. sometimes its not even really money issues per se' but other issues in your life that make you the way you are with money. susie ormann likes to say " i spend more than.... because i think less than.... ..

sorry wish there was a magic cure. just a thought try writing to susie ormann she is fairly good at taking people under her wing and at least guiding them.. while i may not agree with her across the board answeres her advise will never hurt you.....
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Old 11-04-2009, 05:53 PM
 
Location: Alaska
5,356 posts, read 16,347,342 times
Reputation: 4023
Before you go to an advisor, layout a simple budget. List your monthly income and major expenses like housing, utilities, auto expenses, etc. I'm guessing you don't have any idea what your food expense is. Next, list out your annual and semi annual expense items, such as insurance, car license, etc.

Once you have that, keep track of what you spend for the month. If you lose receipts, I suggest you take out say $100 in cash and carry a notebook. Write what you spend it on and don't take out the next $100 cash until you can account for the previous $100. At the end of the month add it up and compare it to the budget. It should be an eye opener.

Do this for a second month, and maybe break out any large expenses. For example, break out the food budget into groceries and dining out. Take this with you to an advisor.
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Old 11-04-2009, 05:55 PM
 
Location: Happy wherever I am - Florida now
3,359 posts, read 10,911,567 times
Reputation: 3838
You need to start out with a budget.

Make a list of what your monthly bills are in these categories each month before you pay bills and list each expense under them individually, as an example:

set amounts (rent/mortgage, cable, Isp); variable amounts (utilities, phone, gas, cards), yearly either as 1/12th or as a notation of amount and when due (taxes, insurance, bdays), and food/misc. Include an addl category for a savings plan of say 10% +/-. If you can set up automatic payments into this account all the better. Go over each one and see if you can reduce the costs somehow, ie, review ins, cable, phone, etc. and you should do this yearly. Compare against your income. Limit your spending money to what's left over.

Try to make sure you only use one credit card so as not to have more than one demand payment and on the lowest interest rate one. Stop using it altogether if you're out of control and revert to the envelope system where you write the amount for only necessary expenditures on seperate envelopes and place the cash in them which you can deposit in the bank and write a check out on to mail.

This should get you started.
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Old 11-04-2009, 05:58 PM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,824,289 times
Reputation: 8293
Quote:
Originally Posted by rmillereb09 View Post
It seems like every time I get my paycheck, it all disappears as soon as I deposit it in the bank. I have a hard time keeping track of my money, and I don’t know what I have been spending it all on. I am now in huge debt because of this. There is too much going on in my life that I don’t even know where to start. On top of everything else, I am worried about not having any retirement options. I need financial advising in San Diego. My only concern is that I don’t really have too much to spend on one. Moderator cut: No advertising

Here's some advice that is worth every penny you paid for it? If you havee no money you need to get some. That is about what any of those professionals will tell you, for a price.

Last edited by vec101; 12-03-2009 at 05:30 PM..
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Old 11-04-2009, 06:05 PM
 
Location: Happy wherever I am - Florida now
3,359 posts, read 10,911,567 times
Reputation: 3838
Here's a website that may help Personal Finance Education - FRB Dallas
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Old 11-04-2009, 07:30 PM
 
5,090 posts, read 13,547,490 times
Reputation: 6928
All the suggestions that the other posters have given you are good for controlling spending. However, those methods are not going to work for a long term unless you adapt a new lifestyle, that is a lifestyle of simplicity. You must learn to reduce your desires and wants. If you can do that, you will become more independent and free from the greed, avarice, jealousies that drive excessive spending. You do not need to impress other people; You do not to have what others have--you can be satisfied with less.

There are many activities in life that are free and satisfying. You do not need expensive entertainment. You do not need to eat every meal in a restaurant--if fact, you could prepare all your own food and save much. Feeding oneself can be on of the biggest expenses in daily life, or the easiest way to save money by doing it yourself.

I know if you were not raised on such frugality, it is hard to acquire those habits. It appears that it is impossible for many. If we look at the housing foreclosure problem--many of those who have received help with reductions of principal and payments--have again failed to pay their mortgages. It is just another example of people who cannot learn to life a simpler lifestyle.

I am not just preaching to you; I live that simple life. 15 years ago I got very ill and now I am disabled with limited income on Social Security. However, because of my simple life, I paid off my mortgage and I live absolutely debt free. My funds are well below the poverty level and yet every month, I can still save some money. Think about it.

Livecontent

Last edited by livecontent; 11-04-2009 at 07:42 PM..
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Old 11-04-2009, 07:56 PM
 
48,516 posts, read 83,932,349 times
Reputation: 18050
I also suggest you learn to budget.Best learning tool of all. Start by wriitng down evry pennyt you spend for three moths;evry penny. The adjust .if you can't do that then its unlike you will catch on as thier are so mnay traps to spending. How simple a life depens on how much you make really;liking nice things is not necassarily greedy if you can afford it and still save.Its lie smoking. I use to but quite because its not healthy. But if you told me i was going to die tomorrow ;I'd send you to get me a pack because I enjoyed smoking. I am not going to lie to anyone.
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Old 11-04-2009, 09:25 PM
 
Location: Planet Eaarth
8,955 posts, read 17,703,531 times
Reputation: 7193
Quote:
Originally Posted by rmillereb09 View Post
It seems like every time I get my paycheck, it all disappears as soon as I deposit it in the bank. I have a hard time keeping track of my money, and I don’t know what I have been spending it all on. I am now in huge debt because of this. There is too much going on in my life that I don’t even know where to start. On top of everything else, I am worried about not having any retirement options. I need financial advising in San Diego. My only concern is that I don’t really have too much to spend on one. I browsed online and found
cfgretire.com, SextonAdvisoryGroup.com, and feeonlyadvisor.com.I would like to see if anyone has other suggestions
So you say you spend it all every week? Well here's a tip that was shared with me as a young man........PAY YOURSELF FIRST!

Yes,make yourself a "bill" and be sure to pay it on time every week. That way it won't matter if you spend yourself broke paying all your bills. I did this ,and now in my retirement, I could owe big time the fella who advised me to pay myself first (he passed away long before I retired). He asked me if any one bill was more important than paying myself and I couldn't think of any!!!
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Old 11-05-2009, 02:15 AM
 
71,550 posts, read 71,730,589 times
Reputation: 49156
i always figure if i cant live on my income then i cant live on 95% of my income either, so i may as well pay myself first like the first bill that gets paid.
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