Is there something psychologically wrong with me???

[abronk33]

So, since I've left home (at 18) to join the military 5 years ago my finances have been all over the place- mainly bad places.

1 year ago, I got in a good amount of trouble with the military for "abusing" my government travel credit card....it sounds severe, but it wasn't that bad.
So after that happened, I opted to see a financial advisor/counselor. That helped me out a lot.
Her and I sat down every week and went over my finances, created a strong budget and savings plan.
Everything was good for a month or so. Then a little over a month later, I saw myself reverting back to my old ways.

Here I am today with $-250 in my bank account , and wondering what the Heck is wrong with me.

I consider myself to be an intelligent college-going guy with a strong head on my shoulders.

Does anyone have any suggestions as to what I can do to control myself when it comes to finances?
Does anyone else see their self in this same light?

I've read books, created the budgets, used dave ramsey's website, had a financial advisor/counselor. And still, at the age of 23, I can not stop the bad habits.
People say, you have to WANT to change yourself in order for it to happen. PLEASE trust me when I say, I WANT CHANGE!

My finances are the biggest, and almost the only stress in my life.
It scares me, because I am getting out of the military next July and I really want to change my whole mentality on my finances.

Any help and advice from anyone on this forum would be greatly appreciated!

[abronk33]

My finances

In case anyone was wondering where my monthly finances go to- here they are:

Take home- 2900 a month

Bills:
Car-500
Rent-375
Cell phone- ranges from 60-150
Furniture payment-120
Personal loan-180 (1600 pay off)
Car insurance- 140
Lexington Lawfirm-60
Unlimited tan package-20
Rhapsody music service- 10
HSBC credit card- 581 balance- trying to make 100/month payments
HSBC credit card- 330 balance- trying to make 100/month payments
Military Star Card- 600 balance- trying to make 50/month payments

I have a "line of credit" through a very high interest rate military loan place.
From the last loan I have out- I still have 3 payments of $194 left. Then a balance of $0 (15/08, 01/09, 15/09) But, it seems they are my first resort when my bank account gets below $25.

This doesnt include gas (normally 200) and groceries (normally 200)

If you subtract all of that (not including the high interest rate line of credit), I'm supposed to have $700 a month left over.
Instead, I have $-255 in my bank account

[zakity]

I would write down everything that you spend. Keep track for like a month. That will show you where your money is going.

[MiikeB]

In case anyone was wondering where my monthly finances go to- here they are:

Take home- 2900 a month

Bills:
Car-500
Rent-375
Cell phone- ranges from 60-150
Furniture payment-120
Personal loan-180 (1600 pay off)
Car insurance- 140
Lexington Lawfirm-60
Unlimited tan package-20
Rhapsody music service- 10
HSBC credit card- 581 balance- trying to make 100/month payments
HSBC credit card- 330 balance- trying to make 100/month payments
Military Star Card- 600 balance- trying to make 50/month payments

I have a "line of credit" through a very high interest rate military loan place.
From the last loan I have out- I still have 3 payments of $194 left. Then a balance of $0 (15/08, 01/09, 15/09) But, it seems they are my first resort when my bank account gets below $25.

This doesnt include gas (normally 200) and groceries (normally 200)

If you subtract all of that (not including the high interest rate line of credit), I'm supposed to have $700 a month left over.
Instead, I have $-255 in my bank account

For starters, your car payment is more expensive than your rent which is a clear sign to me of a spending problem.

You mentioned your cell phone bill varies. It shouldn't...the only reason for a phone bill to variate like that is overages. You need to find a plan that within your usage, even if that plan is $90 a month its still better than 60 some months and 150 others.

I think you should consider selling your car for something cheaper.

As long as you can keep those payments going your loans look they will be paid off soon enough. Once the cards are paid off you should snowball that extra $250 a month into the furniture loan.

You have to change your behavior. It is a matter of looking at something, even something as cheap as a $10 DVD and saying "I shouldn't buy that, its not in my budget." Stop trying to finance everything. Yes monthly payments look awesome since they are cheap, but as you can see the add up and drain you.

You need to create a budget and set aside fun money for stuff like that, and when its gone its oh well. You also need to create an emergency fund. I would try to get to $1000 ASAP and then gradually work up to $5000.

[maat55]

I think your car should go for a beater.
Use your cell on the low side.
If the 120 furn. payment is renting, get rid of the furn.
Tanning goes
Rapsady goes.

Your in a high consumption lifestyle. You give in to instant gratification. Quitting these things is no different than quitting ciggerettes. You just do it. Plan every penny you intend to spend on paper first. If you need something to do, buy cheap personal finance books at goodwill and read them. It works great for me.

You can quickly get out of debt if you have the desire to. Cut your budget to the bone, pack a sandwich for lunch. All this sacrifice is worth it, trust me. When you start to quckly eliminate debt, you will thrive on it. Once you start building wealth, you will find peace. Don't just try, DO IT.

[Johansen8]

I think your car should go for a beater.
Use your cell on the low side.
If the 120 furn. payment is renting, get rid of the furn.
Tanning goes
Rapsady goes.

Your in a high consumption lifestyle. You give in to instant gratification. Quitting these things is no different than quitting ciggerettes. You just do it. Plan every penny you intend to spend on paper first. If you need something to do, buy cheap personal finance books at goodwill and read them. It works great for me.

You can quickly get out of debt if you have the desire to. Cut your budget to the bone, pack a sandwich for lunch. All this sacrifice is worth it, trust me. When you start to quckly eliminate debt, you will thrive on it. Once you start building wealth, you will find peace. Don't just try, DO IT.

agree!

[PrincessPerky]

there is nothing more wrong with you than with my inability to avoid chocolate...that said you can make it easier to 'behave'. for me I buy less chocolate, if it isn't here I can't eat it.

Try removing the CC's freeze em cut em close em ect....

avoid malls and stores, travel with no cash,

automate bills or ask a trusted friend to do so. preferably from one account you barely have access to. and pretend you don't.

[momof1in150]

Is there a chance that you could move into the barracks (BEQ or BOQ). You might not like to but it is your best shot at saving money the last year you are in the military. Your expenses would be reduced significantly.

[meatloafkend]

I was going to say a similar statement that it looks like your car payment is very high. Maybe there isn't something "wrong" with you psychologically, maybe your bills are just too high. Have you considered scaling back your home or car?

[smichael308]

I dont think that there is anything wrong with you. Youre just having a hard time. do you know why you got off track after you saw the counselor? Do you think having regular meetings with a professional would help keep you on track?

[cptacek]

I suggest getting a goal. Just make it all consuming. Something big enough, important enough to you that you will stop paying $10 a month on Rhapsody and $20 a month on tanning (really? tanning? You are negative $250 right now and you are worried about a golden glow?).

Make sure your goal is very specific. "getting a handle on my finances" is not specific enough. "Saving $1000 by the end of the year" is. Or "pay cash for a vacation". Something you would sacrifice you other spending for.

[minnie1928]

I have 2 ideas:
1. Have savings set up automatically, make it harder to spend the money. Use cash, when you're out...you're out!
2. Confide in a friend/family member. Ask them to help you by making you accountable. I watch over my mom's finances (lifetime big spender) and the simple fact that she knows I'm watching and that I'll question anything out of the ordinary is enough to cut her spending dramatically,

[PrincessPerky]

Do you know how much treatment for skin cancer costs? you might want to put aside a 100 every time you tan so you can afford the eventual treatment..or you could leave your skin as it was intended to be.....

[Joan.of.the.Arch]

If the military has provided that counselor and will do so again, I suggest you go back immediately. Go ahead and ask for psychological counseling somewhere, too, if you think that might help. I mention that because you ask whether you have a psychological problem. Couldn't hurt.

[bankaround]

Don't carry around your credit cards. Travel with only a little bit of cash until it becomes a habit and you can control your spending.

Definitely have an automatic savings plan where it will deduct money from your paycheck and stick it into a savings account.