Help

[maat55]

Having money saved gives peace of mind. Someday, your money will earn more than you do, that's the objective. Stick to your budget like it's a quest.

[scfr]

Keep us updated --- You may want to start a blog to chart your progress.
It is always great to see someone starting out on the right path at a young age.

[dynobyke]

Update: my paycheck was $320
I owe my mom $100 (because I spent it before I had it)
I am left with $220 plus
$80 already in my savings, I will have a clean $300 to start my next 2 weeks of saving until my next check to add to it. At this point I don't even want to keep any of it on me, I am really going to only buy gas the next 2 weeks. I have to be strict because I am really out of control, I don't even know what I spend on gas on average! I will start a blog on this site as well. Thanks everyone

p.s. - Also, does anyone have any links to some truly inspiration blogs, where someone has started low like me, and ended up doing very well? I would like to read some stories/journals like that to help keep me motivated, as I feel like I have a long road ahead of me. Thanks

[Seeker]

FlavaOfBlog: Learn To Save
Save Your Money
Acquire Wisdom and Live with Passion: Learn to save money

dyno,

You're not actually in a bad position. You are putting yourself through school and beyond the $100 you owe your mom, it does not sound as if you've taken on any education debt.

By both working and paying for your education, you are off to a fine start. Keep working and keep saving. Make a list of every cent you spend (to get a handle of what your spending on) and create a budget for yourself.

[dynobyke]

That is correct I am not in debt AT ALL. The 2 bad points I have heard/experienced about not having any debt or even credit experience, is that I won't be able to buy anything major like a house or a vehicle unless I have established credit, and also I have no experience paying off debt, maybe that is why I don't know how to handle my money. Would it be a bad idea to get a credit card and start learning how to actually pay some bills? Would that be a step forward or backward for someone in my situation? I am really trying to focus on just my savings account and building that up right now, along with maybe a retirement account. I don't want to have to start building credit and dealing with payments if I don't have to, but if that is something important for my future then I will do it. Please does anyone have any life experience or advice with the whole credit issue?

[cptacek]

That is correct I am not in debt AT ALL. The 2 bad points I have heard/experienced about not having any debt or even credit experience, is that I won't be able to buy anything major like a house or a vehicle unless I have established credit, and also I have no experience paying off debt, maybe that is why I don't know how to handle my money. Would it be a bad idea to get a credit card and start learning how to actually pay some bills? Would that be a step forward or backward for someone in my situation? I am really trying to focus on just my savings account and building that up right now, along with maybe a retirement account. I don't want to have to start building credit and dealing with payments if I don't have to, but if that is something important for my future then I will do it. Please does anyone have any life experience or advice with the whole credit issue?

You are 24 and you have never paid any bills? Seriously? What the heck were your parents thinking? Do they chew up your food and spoon feed it to you also? Have you had ANY responsibility in the past 24 years you have existed on this planet? Because a 24 year old living at home without a pot to piss in and no plan to move out/get a good job/look beyond next week's paycheck hasn't really lived yet, IMO.

Good God, child, (I was going to say "good God, man", but that doesn't apply), pay rent to your parents, pay for the food you are eating, the electricity you are using, the cable you are watching, the gas you are using, the dish washing soap your mom uses to wash your dishes, etc. Be a grown up already! The previous generation had moved out, maybe gone to war and come back, maybe graduated from college, had two kids, a comfortable house and a good job already by the time they were 24!

[Seeker]

You are 24 and you have never paid any bills? Seriously? What the heck were your parents thinking? Do they chew up your food and spoon feed it to you also? Have you had ANY responsibility in the past 24 years you have existed on this planet? Because a 24 year old living at home without a pot to piss in and no plan to move out/get a good job/look beyond next week's paycheck hasn't really lived yet, IMO.

Good God, child, (I was going to say "good God, man", but that doesn't apply), pay rent to your parents, pay for the food you are eating, the electricity you are using, the cable you are watching, the gas you are using, the dish washing soap your mom uses to wash your dishes, etc. Be a grown up already! The previous generation had moved out, maybe gone to war and come back, maybe graduated from college, had two kids, a comfortable house and a good job already by the time they were 24!

Hmmm. A 24 year old with both work and school (and actually paying his own way) actually qualifies as a "man" IMO. His time seems to be rather occupied and how much time he actually spends at home is probably questionable.

But in response to dynobyke's last question, save as much money as you can while you can. If I were you, with your already admitted pattern of spending before saving, I wouldn't worry about establishing credit just yet. Once you have a solid full-time work and are finished with college, you will probably find offers start to come at you.

Applying for CC now can also work, but you have to find the responsibility within yourself to not buy anything (or put anything on the CC) until you can already pay for it. A CC needs to be paid-in-full each and every month -- if you do not follow that one rule about CC use, you will probably fall into more debt and that will hurt your credit report more than help it.

[cptacek]

Hmmm. A 24 year old with both work and school (and actually paying his own way) actually qualifies as a "man" IMO.

I can't tell if you are agreeing with me or not because he is NOT paying his own way:

my only bills are gas, gym, eating out weekly, and weekend money

I owe my mom $100 (because I spent it before I had it)

[Seeker]

I am 24 years old. I still live at home and am working through college, my only bills are gas, gym, eating out weekly, and weekend money. I am having an extremely hard time holding onto anything more than $50 for any period longer than a week. I get paid about $350 every 2 weeks, and it is always gone by the time my next check comes around. If I don't spend it during those 2 weeks, then I am saving it to combine with my 2nd check only to blow it all together. I am struggling with the concept of saving money for the long-term.
I am constantly thinking about things I could buy with that money and be enjoying all the while it is just sitting there in the bank, or in my wallet, wherever it may be. If it is cash I have it is even harder to save than if it is locked up in my savings. Do you have any advice or strategies I can try to hold onto my money?
Even as I am typing this, I can't understand the purpose of saving for long-term, it just seems like I could be enjoying life and everything right now, with what I have earned and worked hard for, why let it sit and rot while I live without all the things I want right now? I could be dead before I ever see that money again!
I have a desire to save it, I just need a new attitude or perspective, or strategy to help me get there. For instance, the tax kickback for me is about $450, and my paycheck that week will be around $350, already my mind is racing as to what I can upgrade on my car, I have been browsing online for car parts when I don't even have the money yet!
I have also been thinking about going on a cruise this summer, yet I have only $80 in my savings, I am planning ahead with money I don't have. How can I stop thinking about ways to spend my money before I have it? Please help, I have an open mind to any advice! Thank you!

I can't tell if you are agreeing with me or not because he is NOT paying his own way:

Well, cpetacek, when quoted out that way, I cannot tell where his $350 every two weeks goes each month either.

But I guess I also gave the benefit of the doubt to his original words (bolded above) to mean that he in fact is paying his own way through college?

[dynobyke]

You are 24 and you have never paid any bills? Seriously? What the heck were your parents thinking? Do they chew up your food and spoon feed it to you also? Have you had ANY responsibility in the past 24 years you have existed on this planet? Because a 24 year old living at home without a pot to piss in and no plan to move out/get a good job/look beyond next week's paycheck hasn't really lived yet, IMO.

I'm careful in answering this because it's obvious you missed the title of the thread before typing a response. It's to ask for help. Yes I have had responsibility in the past 24 years. I am in college, working toward a degree. The degree is so I can get a well-paying job. The well-paying job is to help me live independently. In the meantime, however, I am trying to gain knowledge about how I should plan for my future, and how I should alter my current financial habits and goals to better prepare for that future. I thought the purpose of this entire forum was to collaborate, and help others. I appreciate everyone else's help, I don't know why you had to be the one to take the turn to negative town, but thanks for your reply nonetheless.

I am NOT paying my own way through college. Does that mean I fall back to "child" status and does it change how I should be allocating my funds? Should I tell my parents to stop paying and just let me take out some student loans? I work part-time, I get paid $9 hourly. Should I go ahead and get a 2nd job to pay for schooling so my parents don't have to, even though they are currently willing and able to support me? Even if I did that, I still wouldn't know how to handle my money, which is why I am asking for help, not for anything else. Please stay on topic, I was getting very helpful responses and would rather have this thread deleted before it turned into a nasty debate about how to raise children. I am very motivated and inspired because of the posts I have read from everyone here, and I am excited to see what my savings account will look like a few months from today because of you all. Please don't make me regret posting here!

[Seeker]

I'm careful in answering this because it's obvious you missed the title of the thread before typing a response. It's to ask for help. Yes I have had responsibility in the past 24 years. I am in college, working toward a degree. The degree is so I can get a well-paying job. The well-paying job is to help me live independently. In the meantime, however, I am trying to gain knowledge about how I should plan for my future, and how I should alter my current financial habits and goals to better prepare for that future. I thought the purpose of this entire forum was to collaborate, and help others. I appreciate everyone else's help, I don't know why you had to be the one to take the turn to negative town, but thanks for your reply nonetheless.

I am NOT paying my own way through college. Does that mean I fall back to "child" status and does it change how I should be allocating my funds? Should I tell my parents to stop paying and just let me take out some student loans? I work part-time, I get paid $9 hourly. Should I go ahead and get a 2nd job to pay for schooling so my parents don't have to, even though they are currently willing and able to support me? Even if I did that, I still wouldn't know how to handle my money, which is why I am asking for help, not for anything else. Please stay on topic, I was getting very helpful responses and would rather have this thread deleted before it turned into a nasty debate about how to raise children. I am very motivated and inspired because of the posts I have read from everyone here, and I am excited to see what my savings account will look like a few months from today because of you all. Please don't make me regret posting here!.

No, by not paying your own college fees you join the multitude of other students out there..... some of which parents pay and some of which government loans. You have no debt and that's a good thing.

Should you change what you plan to do? If what you plan to do is to save all you can then NO this "plan" should not change.

You are a "man" legally by virtue of being 24 years of age. And you are a unique individual. Nobody has the right to call you anything less than "man" unless you allow them that right. You are a "man" looking for information.

Today's society and today's unemployment status changes, many "adults" live with parents -- not only 24 years of age, but well older; is that wrong? No. It's your chance to use it and save money. Use it wisely.

[cptacek]

I did read the title of the thread, but then I also read what you originally typed out, and the tone of that first post was "why should I work and save when I have it so good now, blowing all my money and living at home?"

Hopefully, my post isn't going to drive you away from here. I look forward to reading about your progress.

[dynobyke]

I want you all to know that I am not like the "freeloading" people you might be comparing me to, I love my parents and I don't take advantage of them. They are very loving and so am I. I am doing my best to get through college as fast as I can to minimize my financial effect on my parents. I plan on doing amazing things for the computer science industry once I graduate college and begin exploring the field. I am 1 year from my bachelor's degree in Computer Science at Florida Atlantic University.

[dynobyke]

I did read the title of the thread, but then I also read what you originally typed out, and the tone of that first post was "why should I work and save when I have it so good now, blowing all my money and living at home?"

Hopefully, my post isn't going to drive you away from here. I look forward to reading about your progress.

You're right, and I am sorry for being mean about it. I just knew someone was going to jump on me for being 24 and still living at home, I have heard it enough, so I guess I just unloaded all of my built-up expectations onto you and I'm sorry.

[Seeker]

Should I tell my parents to stop paying and just let me take out some student loans? I work part-time, I get paid $9 hourly. Should I go ahead and get a 2nd job to pay for schooling so my parents don't have to, even though they are currently willing and able to support me? Even if I did that, I still wouldn't know how to handle my money, which is why I am asking for help, not for anything else. Please stay on topic, I was getting very helpful responses and would rather have this thread deleted before it turned into a nasty debate about how to raise children. I am very motivated and inspired because of the posts I have read from everyone here, and I am excited to see what my savings account will look like a few months from today because of you all. Please don't make me regret posting here!

A few more questions here:
1) How many hours do you work per week?
2) How much time do you spend in college (both classes and studying)?
3) How much "energy" do you have left over?

Those answer would tell whether or not you could seek more money (ie. a second part time job) to supplement your income. $350 every two weeks is not a whole lot of $'s to work with. I don't know what you do for work, but if you are tired at the end of each day, then I would not recommend that you take on additional work; your college may suffer, and I'm sure that neither you nor your folks want that.

Are your parents "struggling" to make ends meet? If you feel that they have an unwarranted strain on them to pay for your education -- then I would seriously consider telling them that once you are out of college that you will pay them back for their help. And make good on that promise.

Give them and yourself something to look forward toward; but use this chance of living at home to save too.