Anonymous
Post 04/01/2016 12:08     Subject: Help - I rack up such a high balance on my credit card every month

I started pulling out a huge (for me) amount of money each month in an effort to halt the even larger cc bills. Yes, it hurts every time I have to break a $20 bill to make a purchase throughout the month, but it sensitizes me to the spending. I have a LOT of points accumulated on my card, so I don't mind using it. But, when I need to pull back, I switch to cash.

Uber is my weakness. Those bills bite me each month. I tell myself it's better than owning a car. I suspect it's just a lie I tell myself though. If Target is your weakness, you best stay away unless you have a list in hand and are purposeful in your visit. I used to take the kids and just wander around Target. The spending was RIDICULOUS. "Oh, what cute sheets! What an adorable set of dishes..." Stoopid. So, I stopped. I don't know what they pump into the air at Target, but it's intoxicating! I knew it was bad when everyone in a red shirt knew me (and the children) by name!

Good luck getting this under control. Financial spring cleaning is an awesome way to start the season.
Anonymous
Post 04/01/2016 11:50     Subject: Help - I rack up such a high balance on my credit card every month
OP, I get that you "need" food and personal items - but you're obviously spending $100s a month on it. Stop getting take out on your credit card and cut out the trips to Target. You can get personal care items at the grocery store.
Anonymous
Post 04/01/2016 11:05     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I'm going to echo other PP's suggestion of YNAB. It totally transformed me! Its really, really helpful for staying on a budget. I highly recommend it.

I'm struck by your use of the word "need," OP. That may be part of your struggle. If you see something you "need" you must buy it, because you of course buy things you need. But you don't need those things in Target, you want them. Wanting is perfectly fine and normal, but we don't buy everything we just want. If something it a want it can wait. So if you want something, tell yourself you can have it but you have to wait a week, and if you still want it in a week you can go back and buy it. Just make it a rule for yourself. YNAB can help with this, because you'll know you have $100 or whatever for fun money for the month, and you'll have to decide whether that shirt at Target is worth it or not. And once your fun money is gone, its gone. The good thing is that because it is truly budgeted fun money you don't need to feel badly at all on spending it on "wants." Spend it however your want, and enjoy...just don't go over that amount.


I think I meant need as in like personal care stuff or food and what not , not like junk or fun things you know. i think I have always been stingy about using my debit card because then I actually see the money go. Good points, thank you so much for your sound advice.


This is why you should start using ONLY your debit card. At least for awhile. If the purchase isn't worth a little ouch, then it's not worth it.


I agree. Leave your CC at home. Set up your phone bill, etc., to be automatically paid from your checking account. Only carry a debit card. If you have a full-time job and live at home, there is just no excuse for not saving money. And look at how much you're spending on "personal care stuff." Some of that is truly a need, but I bet some of it is not.

Also, set up an automatic transfer from checking to savings every month. Even if it's a small amount.

And stop making excuses. You know that you're overspending, and that your credit card is enabling that. So stop using it.
Anonymous
Post 03/31/2016 14:49     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:thanks to everyone for the valuable and kind responses. anyone else with rude comments, god bless


You know that's passive-aggressive, right? And that when someone is passive-aggressive, it's a sign of immaturity? I'm not sure if that's what you intended to be putting out there, but it's what you've done.
Anonymous
Post 03/31/2016 14:43     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:
Anonymous wrote:I'm going to echo other PP's suggestion of YNAB. It totally transformed me! Its really, really helpful for staying on a budget. I highly recommend it.

I'm struck by your use of the word "need," OP. That may be part of your struggle. If you see something you "need" you must buy it, because you of course buy things you need. But you don't need those things in Target, you want them. Wanting is perfectly fine and normal, but we don't buy everything we just want. If something it a want it can wait. So if you want something, tell yourself you can have it but you have to wait a week, and if you still want it in a week you can go back and buy it. Just make it a rule for yourself. YNAB can help with this, because you'll know you have $100 or whatever for fun money for the month, and you'll have to decide whether that shirt at Target is worth it or not. And once your fun money is gone, its gone. The good thing is that because it is truly budgeted fun money you don't need to feel badly at all on spending it on "wants." Spend it however your want, and enjoy...just don't go over that amount.


I think I meant need as in like personal care stuff or food and what not , not like junk or fun things you know. i think I have always been stingy about using my debit card because then I actually see the money go. Good points, thank you so much for your sound advice.


This is why you should start using ONLY your debit card. At least for awhile. If the purchase isn't worth a little ouch, then it's not worth it.
Anonymous
Post 03/31/2016 14:23     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:I'm going to echo other PP's suggestion of YNAB. It totally transformed me! Its really, really helpful for staying on a budget. I highly recommend it.

I'm struck by your use of the word "need," OP. That may be part of your struggle. If you see something you "need" you must buy it, because you of course buy things you need. But you don't need those things in Target, you want them. Wanting is perfectly fine and normal, but we don't buy everything we just want. If something it a want it can wait. So if you want something, tell yourself you can have it but you have to wait a week, and if you still want it in a week you can go back and buy it. Just make it a rule for yourself. YNAB can help with this, because you'll know you have $100 or whatever for fun money for the month, and you'll have to decide whether that shirt at Target is worth it or not. And once your fun money is gone, its gone. The good thing is that because it is truly budgeted fun money you don't need to feel badly at all on spending it on "wants." Spend it however your want, and enjoy...just don't go over that amount.


I think I meant need as in like personal care stuff or food and what not , not like junk or fun things you know. i think I have always been stingy about using my debit card because then I actually see the money go. Good points, thank you so much for your sound advice.
Anonymous
Post 03/31/2016 14:21     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:
Anonymous wrote:Get Dave Ramsey's Total Money Makeover book, and follow his budgeting envelope system.

Places like Target are deadly. I never get out of there for less than $100, no matter what I planned to buy.

As you get older and make more money, it gets even worse. I never get out for under $200. So, I stopped going unless I had a specific need, and only buy what is on the list. Same with Costco, I go once a month now because I was spending 3-500 a trip.

OP - it is easy to do, so I commend you for trying to think about it now. Avoid Target or make a list, that will help. Are you trying to accumulate points is that why you use the card? We do that and pay off every month. I do think using a credit card kind of insulates you from how much you are actually spending, paying cash is more painful sort of when you hand it over. Be careful with it.


Lists are key. My daughter has a ledger app she downloaded on her phone which she thinks helps, your credit card may have an app too so you can keep track of balances. She's about your age, and budgets pretty much by what she spend per month on her card - she figures out how much she wants on her card each month and then divides it by the # of weeks so she knows what she can spend each week to stay on track make sense?

Phones are big money sucks. Either get on your parents plan or switch to Virgin or one of the other pay by month plan. Verizon is outrageous for a single person.


What I mean by need is like personal care products or food and whatever, not like clothes or junk. No my credit card doesnt have a great points system i dont think. Its the Mastercard Diamond preferred card
Sounds good. I will definitely look into all of that. An app would definitely be helpful!! Do you know the name of the ledger app?
Cant get back on my parents plan and I really am very happy with Verizon
Anonymous
Post 03/31/2016 14:08     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:If you live with your parents, why aren't you just on a family plan with them? My cell phone bill is very low due to the family plan. It's like an extra $40 including taxes to add another person on.


They kicked me off because I have a full time job.


I couldn't believe pp suggested a family plan in your situation. I'm glad to hear your parents are trying to help you learn to stand on your own two feet. You should be trying to find the cheapest plan and don't put anything extra on your credit card.

I don't think being on a family plan or not helps you with independence. My Mom and Dad are on our plan as are my college aged children. They just pay me the extra each month.
Anonymous
Post 03/31/2016 14:05     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:Get Dave Ramsey's Total Money Makeover book, and follow his budgeting envelope system.

Places like Target are deadly. I never get out of there for less than $100, no matter what I planned to buy.

As you get older and make more money, it gets even worse. I never get out for under $200. So, I stopped going unless I had a specific need, and only buy what is on the list. Same with Costco, I go once a month now because I was spending 3-500 a trip.

OP - it is easy to do, so I commend you for trying to think about it now. Avoid Target or make a list, that will help. Are you trying to accumulate points is that why you use the card? We do that and pay off every month. I do think using a credit card kind of insulates you from how much you are actually spending, paying cash is more painful sort of when you hand it over. Be careful with it.


Lists are key. My daughter has a ledger app she downloaded on her phone which she thinks helps, your credit card may have an app too so you can keep track of balances. She's about your age, and budgets pretty much by what she spend per month on her card - she figures out how much she wants on her card each month and then divides it by the # of weeks so she knows what she can spend each week to stay on track make sense?

Phones are big money sucks. Either get on your parents plan or switch to Virgin or one of the other pay by month plan. Verizon is outrageous for a single person.
Anonymous
Post 03/31/2016 14:03     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:
Anonymous wrote:If you live with your parents, why aren't you just on a family plan with them? My cell phone bill is very low due to the family plan. It's like an extra $40 including taxes to add another person on.


They kicked me off because I have a full time job.


I couldn't believe pp suggested a family plan in your situation. I'm glad to hear your parents are trying to help you learn to stand on your own two feet. You should be trying to find the cheapest plan and don't put anything extra on your credit card.
Anonymous
Post 03/31/2016 14:03     Subject: Help - I rack up such a high balance on my credit card every month
I'm going to echo other PP's suggestion of YNAB. It totally transformed me! Its really, really helpful for staying on a budget. I highly recommend it.

I'm struck by your use of the word "need," OP. That may be part of your struggle. If you see something you "need" you must buy it, because you of course buy things you need. But you don't need those things in Target, you want them. Wanting is perfectly fine and normal, but we don't buy everything we just want. If something it a want it can wait. So if you want something, tell yourself you can have it but you have to wait a week, and if you still want it in a week you can go back and buy it. Just make it a rule for yourself. YNAB can help with this, because you'll know you have $100 or whatever for fun money for the month, and you'll have to decide whether that shirt at Target is worth it or not. And once your fun money is gone, its gone. The good thing is that because it is truly budgeted fun money you don't need to feel badly at all on spending it on "wants." Spend it however your want, and enjoy...just don't go over that amount.
Anonymous
Post 03/31/2016 14:01     Subject: Help - I rack up such a high balance on my credit card every month
thanks to everyone for the valuable and kind responses. anyone else with rude comments, god bless
Anonymous
Post 03/31/2016 13:57     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What are you spending the money on?


Restaurants, some clothes, frequent Target stops


And you can't figure out how your balance creeps up? You're too stupid to have a CC


I hate to add to the meanness but this poster is correct.



Did not say I cant figure out how. Clearly I know. But I need ways to stop relying on the CC as much and saving. You're too stupid to be responding on here.
Anonymous
Post 03/31/2016 13:56     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What are you spending the money on?


Restaurants, some clothes, frequent Target stops


And you can't figure out how your balance creeps up? You're too stupid to have a CC


uhhhhh not what i said I said help me to stop.
Anonymous
Post 03/31/2016 13:55     Subject: Help - I rack up such a high balance on my credit card every month
Anonymous wrote:Let's not be too hard on OP. She is still in early 20s.


Thank you.