How to curb my free-spending tendencies

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I have a problem with long term financial planning. Essentially, I am unable to practice it. I will quite often spend money I don't have and make any number of ill-advised impulse purchases. Throughout my teens and early 20s, this was not a problem, as I would simply spend and then work it off at some crappy job. However, there is now another person (my wife) that must inevitably shoulder my debt, I am doing my best to quit my habitual sprees and maybe even save some money for a change. Any advice on how best to do this?

― Corcoran5, Friday, 30 April 2004 14:31 (twenty-two years ago)

hand over your credit cards and atm cards and checkbook to your wife. problem solved. trust me.

― Chris 'The Velvet Bingo' V (Chris V), Friday, 30 April 2004 14:32 (twenty-two years ago)

Have yourself a child. That'll cure ya.

― Alex in NYC (vassifer), Friday, 30 April 2004 14:32 (twenty-two years ago)

why must your wife shoulder your debt?

― hstencil (hstencil), Friday, 30 April 2004 14:37 (twenty-two years ago)

hand over your credit cards and atm cards and checkbook to your wife. problem solved. trust me.

Hahaha! OTM. I actually did this.

― @d@ml (nordicskilla), Friday, 30 April 2004 14:37 (twenty-two years ago)

True. (AlexNY)

Other method. Walk around the shop with impulse item unpurchased. Then decide if you still need it or not.

― mark grout (mark grout), Friday, 30 April 2004 14:37 (twenty-two years ago)

Yup, I get a weekly allowance.

― Chris 'The Velvet Bingo' V (Chris V), Friday, 30 April 2004 14:38 (twenty-two years ago)

Mark Grout is very wise! That was my record shopping technique for ages while I was unemployed. It actually worked. I was just trying to satisfy my hunter gatherer instinct.

― Super-Kate (kate), Friday, 30 April 2004 14:39 (twenty-two years ago)

why must your wife shoulder your debt?

Perhaps the wrong phrase. What I meant is that my debt affects our lifestyle, not that I expect her to contribute or anything.

― Corcoran5, Friday, 30 April 2004 14:40 (twenty-two years ago)

ah, gotcha.

― hstencil (hstencil), Friday, 30 April 2004 14:40 (twenty-two years ago)

Simple start: Pay yourself first. Take 10% of your paycheck and regularly put it in a savings account that you promise yourself not to touch.

Forget about investments and whatnot until you've paid off your credit cards. Always pay more than the minimum amount.

― m.e.a. (m.e.a.), Friday, 30 April 2004 14:47 (twenty-two years ago)

The benefits of this approach -- it's talked about in pretty much every personal-finance book you'll buy -- was recently proven to me when I bought a house. My income is pretty damn modest, but my girlfriend and I both had zero balances on our credit cards and money in the bank. That mattered a lot to the underwriters in getting the loan through, esp. since we weren't making a big down payment.

― m.e.a. (m.e.a.), Friday, 30 April 2004 14:52 (twenty-two years ago)

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