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HELP!

Okay I am a mother of two and I live with my kids father. I have never really been good with money however, it is imparative that I be more responsible now that I am a mother, but I'm not. I am very impulsive, even when I shop for my kids and I just don't know how to fix it. Do you mothers have any suggestions? I just want to get my credit in order so I can one day buy a home and save for my kids college tuition but I am sooo far from being that person that it's discouraging. HELP!

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Anonymous

Asked by Anonymous at 1:06 PM on May. 26, 2009 in Money & Work

Answers (8)
  • This is what I've done with my kids to help them not waste their money impulisively. I take them to the store with a piece of paper and a pencil and have them write down all the things they want to buy. Then after we get home I have them go over the list and circle the things they MUST HAVE, and mark out the stuff that they don't really want as much. In the next few days we go back to the store and I let them buy what they have on their list.
    It's worked on my oldest because she's very responsable with money now and my younger 2 are still working on it.
    Anonymous

    Answer by Anonymous at 1:13 PM on May. 26, 2009

  • Take cash with you and no credit cards? That's what I've been doing. It really works. I also wrote down everything I spent money on for a couple of weeks and it really showed me how bad it was.
    Anonymous

    Answer by Anonymous at 1:15 PM on May. 26, 2009

  • I don't have any credit cards, never have! It's just the impulsivness that I have, and my SO is the same way with money too so it's a lose lose situation some times. I think the writing things down will really help, If i follow through with it. I'm just worried especially with the economy, but that seems to drive me to wanna spend more too! Odd right?
    Anonymous

    Answer by Anonymous at 1:22 PM on May. 26, 2009

  • Cut up ur credit card and pay for everthign in cash until u get those cards paid off- in this economey u can t afford to have alot of debt- what if ur bf loses his job? Have new cards sent to u when u can use them with impulse buying. Have money direct deposited -even if its only 10 dollars into a savings acct. every month from bf's payck.
    Anonymous

    Answer by Anonymous at 1:41 PM on May. 26, 2009

  • above correction- with out impulse buying---- plus the time to save for college is when the kids r babies- direct deposit mointhly into a 529, pay ur savings and 529 before anything else by direct deposit, that way u will not spend that money.
    Anonymous

    Answer by Anonymous at 1:44 PM on May. 26, 2009

  • Only carry the cash that you need to make your purchases.
    Impulsiveness is a sign off ADD/ADHD; you may want to discuss this with a doctor.
    Before you go shopping, make your meal plan for the next 8 days; write your shopping list based on what you need for meals and snacks for the next week.Eat before you shop, buy only what is on the list.
    Carry a notebook and write down every purchase.
    rkoloms

    Answer by rkoloms at 3:25 PM on May. 26, 2009

  • I suggest taking a personal finance class at your local college. Get it in your head before you go that you are going to ACE that class and start implementing everything you learn into your daily life. The class shows you how to make these lists and how to stick with them. Treat your house hold spending as a business and your kids savings accounts as investments. also I agree to writing down everypurchase for the next two weeks. That alone is a deterrent

    TRyan

    Answer by TRyan at 4:52 PM on May. 28, 2009

  • oh and that means both you and your SO
    TRyan

    Answer by TRyan at 4:53 PM on May. 28, 2009

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