Biggest hurdle

[ProjectX]

Hi everyone!

I'm new to the forum and was wondering what are some of the biggest hurdles people face with their finances?

My parents never told my how to save or what to do, but I've learned what I know from others and from experiences.

I'm trying to save more money, because I feel I don't have enough or spend to much. I think I make good money but at the end of the day when I see my statements, I feel we just spend to much money. I feel I should be saving more.

[bjl584]

One I can think of is jealousy of others. "Keeping up with the Joneses" so to speak. Once you stop worrying about what others have or make, and you start to focus on your own finacial picture you will be much better off.

[ProjectX]

That's very true. I don't think I'm materialistic, but my wife thinks I am. It's hard to change that sort of thinking, but I think its the solution and only way to be happy.

Originally Posted by bjl584

One I can think of is jealousy of others. "Keeping up with the Joneses" so to speak. Once you stop worrying about what others have or make, and you start to focus on your own finacial picture you will be much better off.

[GREENBACK]

Originally Posted by ProjectX

Hi everyone!

I'm new to the forum and was wondering what are some of the biggest hurdles people face with their finances?

I think a lot people don't approach things with their goals and priorities in order, i.e., they don't have a financial plan. They don't have a plan with investments, major purchases, retirement or any other important financial decisions. This is why so many people end up with overwhelming debt and no savings.

[Joan.of.the.Arch]

Honestly, I think a big hurdle for many people just starting out in life is adjusting their lifestyle downward as compared to how they lived under their parent(s)'care. For a young adult from a middle class family, there almost always must be a period of living on less for at least several years. If you do not have your parent's income, you cannot have their lifestyle without going into debt.

Try to put money from your paycheck into savings before you even start spending.

[Ima saver]

My biggest hurdle was the small amount of income we had coming in each week. When my second husband and I got married, I was working at a savings and loan and making $89 dollars a week. (yes, week)
My dh had to drive about an hour one way to his job as a draftsman (house plans) and was paid $4 an hour.
I learned that it is not how much you make, but how much you keep, that counts. I made sure that we saved 10% of every paycheck, right off the top. I developed a budget and stuck to it faithfully. (still do)

[cptacek]

Our biggest hurdle is that we are trying to buy a farm, and every bit of money that comes in from the farm and from my job (which is a very good job for this part of the country) goes to loans. We knew that we would have a tough first 5 years, and we are on year 4...January is the worst month, and we have two more of those before hopefully we can breathe a little earlier.

[jteezie]

Reaching my first $2k checking account balance was the biggest hurdle.

When I had a lowly student income, I wanted to save and set incremental goals, but it took a while to reach the 1k mark in my checking account, then longer to reach 2k. However, by the time I reached 2k, I had developed better financial habits and was more knowledgeable. Also my income was higher, and because my lifestyle hadn't changed much, it became easier and easier to save more than more.

[Shewillbemine]

Learning not to use credit cards irresponsibly especially after my glorious college days. It was easy to be at a party, at the bar, at the club and rationalize every $100 - $200 bar tab and think "Oh, that's only so many hours of extra work for me".

Second biggest hurdle was not taking out car loans for really nice cars that were too expensive for my income. Now I drive a beater car, have no car payment, and will buy my next vehicle cash or 0% financing whilst leveraging the cash I would have used for the purchase.

[ProjectX]

cptacek, you have come a long way and sounds like you are almost there. Keep it up!

jteezie, teaching yourself and getting into a routine, not spending more as you earn more is awesome. I can see you have it in your mind that having a more than positive checking account is smart, not living paycheck to paycheck.

Shewillbemine, I totally know what you mean. I still go out sometimes and spend $100-$200 at the bar, but its all in moderation (not every weekend).

Overcoming hurdles brings an amazing feeling of accomplishment.

[BMEPhDinCO]

Juggling priorities. In particular wants versus needs versus future spending...

And also one for me was penny pinching - I refused to get gifts for people because it was too expensive and I refused to buy new clothes, because it was too expensive. Really it wasn't though, I just had to learn to budget better and that being kind to others has it's own reward.