Money Issues: Spending The PayCheck and How To Save?

Question

Hey Guys,

I just need a little advice. See, I'm a teenager and I love to spend money. I have a full time summer job and I take half of every pay check and put in the bank. I have been doing this with every job I have had. But it seems as soon as I get my hlaf of the paycheck that I can spend, its gone in an instant. I am really worried about this shaping my future and I really don't want to do that for the rest of my life. I talked to some other older peopel and they said they used to do that too but I just want to be more cautious. What do you think?

Answer 1

control yourself, have will power, still you are teenage, this is time to save and you will see after your mature age, you will ave lot of funds with you to spend, then spend on assest

Answer 2

Saving half is good. If you want to save more, before you buy something, sleep on it. If you still want to buy it  the next day, do it.

Answer 3

If you are saving half of your paycheck and spending the other half, I don't see a problem as long as you are not spending the money that you have saved.

If you are worried that you spend money too fast, you need to restrict access to your spending money.  For example, you could open a second savings account and put 25% of your paycheck in there when you get paid and keep the remaining 25% for your spending money.  Once that money is gone, you would have to make another trip to the bank to get the other 25%.

Or you could give yourself an allowance for each week.  Once it's gone, you can't have any more until next week.