Help - I rack up such a high balance on my credit card every month

[Anonymous]

I'm early twenties, living with my parents. Zero debt, minimal bills every month. i just paid down a $900 balance last month and now I'm already at $700. HELP. Help me to stop. I'm saving as much as I can, but now since opening a credit card I'm racking it up so fast.

I want to keep it to like, phone bill ($100), gas ($23 every week), and occasionally groceries (probably $100 a month)

[Anonymous]

What are you spending the money on?

[Anonymous]

Leave the credit card at home unless you are going to the grocery store or buying gas.

Do a little more analysis on where your money is going - restaurants? cabs? clothes? Set a budget for those things and decide how you will pay - cash/debit card/credit card.

So long as you can pay off your balance each month there isn't necessarily harm in using your credit card to pay for things. The problem comes if you are carrying that balance for months on end and essentially overspending your income.

[Anonymous]

Stop using a credit card. Just stop. I am increasingly convinced that some people just should not be using credit cards- they can't manage to hold themselves back from spending money when they do not see the cash.

[Anonymous]

Anonymous wrote:I'm early twenties, living with my parents. Zero debt, minimal bills every month. i just paid down a $900 balance last month and now I'm already at $700. HELP. Help me to stop. I'm saving as much as I can, but now since opening a credit card I'm racking it up so fast.

I want to keep it to like, phone bill ($100), gas ($23 every week), and occasionally groceries (probably $100 a month)

I'm increasingly amazed at how stupid some people are. Save yourself because no one else will. It's part of growing up.

[Anonymous]

Open your last credit card statement. Take an hour and write out every single thing you spent money on that wasn't a necessity. Then add up how much all those lattes and Forever 21 tops cost.

THAT is how much money you could have saved. Now let the shame wash over you and inspire you to think twice before you wander around the mall on your way home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm early twenties, living with my parents. Zero debt, minimal bills every month. i just paid down a $900 balance last month and now I'm already at $700. HELP. Help me to stop. I'm saving as much as I can, but now since opening a credit card I'm racking it up so fast.

I want to keep it to like, phone bill ($100), gas ($23 every week), and occasionally groceries (probably $100 a month)

I'm increasingly amazed at how stupid some people are. Save yourself because no one else will. It's part of growing up.

Don't listen to Miss Grumpypants. Recognizing the problem is a very good first step. Self-discipline can be learned.

1) Leave the CC at home and go 'all cash.' It will hurt a little when you have to buy something.
2) look for a cheaper phone plan

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm early twenties, living with my parents. Zero debt, minimal bills every month. i just paid down a $900 balance last month and now I'm already at $700. HELP. Help me to stop. I'm saving as much as I can, but now since opening a credit card I'm racking it up so fast.

I want to keep it to like, phone bill ($100), gas ($23 every week), and occasionally groceries (probably $100 a month)

I'm increasingly amazed at how stupid some people are. Save yourself because no one else will. It's part of growing up.

Don't listen to Miss Grumpypants. Recognizing the problem is a very good first step. Self-discipline can be learned.

1) Leave the CC at home and go 'all cash.' It will hurt a little when you have to buy something.
2) look for a cheaper phone plan

Thank you! Idk how spending money makes me STUPID - obviously I'm aware that I'm a spender and want to get better about it.
Can't find a cheaper phone plan, I like Verizon.

[Anonymous]

Anonymous wrote:What are you spending the money on?

Restaurants, some clothes, frequent Target stops

[Anonymous]

Pack your lunches and don't bring money into work. I did that for about a year and now I never spend money at work anymore on lunch.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm early twenties, living with my parents. Zero debt, minimal bills every month. i just paid down a $900 balance last month and now I'm already at $700. HELP. Help me to stop. I'm saving as much as I can, but now since opening a credit card I'm racking it up so fast.

I want to keep it to like, phone bill ($100), gas ($23 every week), and occasionally groceries (probably $100 a month)

I'm increasingly amazed at how stupid some people are. Save yourself because no one else will. It's part of growing up.

Don't listen to Miss Grumpypants. Recognizing the problem is a very good first step. Self-discipline can be learned.

1) Leave the CC at home and go 'all cash.' It will hurt a little when you have to buy something.
2) look for a cheaper phone plan

Thank you! Idk how spending money makes me STUPID - obviously I'm aware that I'm a spender and want to get better about it.
Can't find a cheaper phone plan, I like Verizon.

Spending money doesn't make you stupid. It's how you spend your money that can make you financially stupid. I personally don't think that makes you a stupid person overall. I got into some serious credit card trouble and finally just cut them up. Haven't used them in five years. At the time I couldn't imagine how I could live without them. Now I can't imagine how I thought using them was ever a good idea. If you don't have the money then you shouldn't spend it. OP, if you are otherwise saving then there should be no reason that you can't use real money for everything. Go cold turkey and I promise you you will shift your priorities and feel liberated from the bills.

[Anonymous]

PP here, also use Mint.com. It will link to your cards and bank accounts. It will give you weekly summaries of where you're spending your money. It will help you budget and not overspend in a more thoughtful way.

[Anonymous]

Anonymous wrote:PP here, also use Mint.com. It will link to your cards and bank accounts. It will give you weekly summaries of where you're spending your money. It will help you budget and not overspend in a more thoughtful way.

Mint is free, but its not great for budgeting. If you want to set up a budget and can stick with it, I highly recommend YNAB. They'll give you a month trial before you have to subscribe. They also provide a ton of educational materials that will be really, really good if you can absorb it now while you're young and don't dig yourself into too big of a hole.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm early twenties, living with my parents. Zero debt, minimal bills every month. i just paid down a $900 balance last month and now I'm already at $700. HELP. Help me to stop. I'm saving as much as I can, but now since opening a credit card I'm racking it up so fast.

I want to keep it to like, phone bill ($100), gas ($23 every week), and occasionally groceries (probably $100 a month)

I'm increasingly amazed at how stupid some people are. Save yourself because no one else will. It's part of growing up.

Don't listen to Miss Grumpypants. Recognizing the problem is a very good first step. Self-discipline can be learned.

1) Leave the CC at home and go 'all cash.' It will hurt a little when you have to buy something.
2) look for a cheaper phone plan

Thank you! Idk how spending money makes me STUPID - obviously I'm aware that I'm a spender and want to get better about it.
Can't find a cheaper phone plan, I like Verizon.

I'm sure you do like Verizon. But that doesn't mean you cannot find a cheaper phone plan. TMobile, Cricket, Virgin Mobile - there are a lot of cheaper options out there.

[Anonymous]

Don't use the cc.