Suggestions please - trying to overcome an addiction

Savings hasn't been a forte of mine either..but last month I decided to make it a goal of mine to do better. What I did was this...I set up direct deposit of $50.00 a month that comes right out of my paycheck that is directly deposited. I LOVE to shop too To tell you the truth, I don't even miss that fifty bucks and I would have spent it anyway on something I didn't need. Congrats on your promotion and raise!! Enjoy!

I think having money taken directly out of my check and put in my savings is exactly where I'm going to start. I was reading some info on paying yourself first online the other day. Makes sense. Then I think I am going to have automatic withdrawls of a portion of the savings to go to my fidelity account (where I can buy stocks/mutual funds). That way, I'm splitting up my eggs (not in one basket) and mixing up the risk -low risk investments and higher risk investments. Then, every so often (when my savings reaches a certain point - undetermined right now) roll the money into a CD or Money Market account where it can remain safely until we need it. I'm so glad I posted this, I don't feel so much like I'm floundering around without a direction to go in. I actually have a starting point figured out now! The shopping was killing me! I know how it all started... the whole losing weight thing... needing new clothes.... to getting excited about the kinds of clothes I could wear... all of a sudden i woke up and realized that EVERY weekend I was shopping for new clothes and when my money ran out - I FREAKED because I didn't know what to do with my weekend! That's pathetic. But thank God it hit me now before any serious damage was done to our household. Thanks for posting! Pam

Hi Pam, Congratulations on your promotion and raise...that is always such a "good feeling" in life. Personally, I am worlds worse at saving money and have found that the only way I can save it is to do as someone else mentioned in here......payroll deduction right in to a 401K, I never see the money, my company does a MATCH (it's like giving myself a raise) and the market does it's fluctuation, up and down, but ride the tide and you will experience the excitement of watching your money grow. It's so exciting. People at work say to me "You are so lucky you have that money put away" I say "luck has nothing to do with it, it was a way for me to save that I knew would force me to do the right thing" When I think about it, it's similar to Gastric Bypass, it's the foce to do the right thing. Just look what it has done for you and so many others (and me too in the near future I hope). You will be amazed how much it grows in comparison to what you contribute. Good luck and don't forget places like the Goodwill.....I use to think YUCK but dang, I had a very eye opening experience recently when I had a friend go in to one and I was tagging along. The deals are amazing and some things are BRAND NEW and very reasonably priced. You have to really look for them, but maybe that would help you satisfy your shopping desire, taking more time, and allow you to save all at the same time. Best of luck to you....

In addition to the other good suggestions you've received, I would also highly recommend a book and website called Debt Proof Living by Mary Hunt. She talks about how to save AND how to protect yourself against emergencies AND how to plan for indulgences. Very very good advice. --BT

Congrats on the new job. ! I'm not a financial expert and my recommendation for you would be to talk to a Certified Financial Planner. (CFP) They specialize in helping everyday people understand the nature of investing. You give them a monthly budget and they help direct your resources. It would be worth the effort to seek out this professional advice and make some solid commitments to your financial well being. Sounds like a great plan. Keep up the good work, Karen G