My husband likes to spend freely. I need to come up with a plan for him to follow on saving. We are trying to save for a down-payment on a house. Any suggestions will help. He works, i stay at home. We arent struggle and have extra money around the problem is instead of saving it, we spend it.
ScoobyDoo: You'd be amazed how common this problem is! I work as a financial coach to help people with these kinds of questions.
My top advice is this:
1. Think about the long terms costs you are going to have (down payment on a house, costs of a child, education, health costs, car repairs, etc). Figure out when you think you're going to need money for those costs (some you will have to guess) and how much money you'll need. Then create monthly savings to get there. If they are important to you, you should be able to change the habits.
2. Take the savings directly from your paycheck and divert them into a savings account that you don't touch until it's for one of those costs. By deducting it right from your paycheck (you can set that up with your employer), you will start to live just off the lower paycheck, and down the road you'll grow your savings account. It's best to get a savings account with no checks or debit cards, so it's very difficult to take money out.
3. Come up with a good game plan for savings and spending money. Make little challenges out of it. Think a lot about any big purchases and do small things like cooking food one night that you were going to go out to dinner. You can still enjoy your life AND save money at the same time.
Saving money is important because it will reduce stress for you in the future. By being financially responsible, you can do away with the worry of debt or payments for important life events that haven't happened yet.
Hope this helps.
maybe the answer is that you get a job and have your entire pay direct deposited and you use it for savings, if you both just blow every penny you think is extra, nothing is going to help you to save up, you have to be self -disciplined, Maybe make a pack that you have to save 500 before you can buy anything not necessary or even go out to dinner, then you can only spend 100 on 1 thing and you can't touch the 500,, then you have to save another 500, have 100 to reward yourselves and repeat
Open bank account and save early. Money is always safe in bank account
A written budget fixes all of this problem.