Like water, money slips through my fingers...
February 18, 2012 8:26 AM Subscribe
Mid-40's father having nervous breakdown over money woes and long standing relationship to money.
posted by littleredwagon to Work & Money (26 answers total) 14 users marked this as a favorite
As long as I can remember, I've always had issues with money. I've never felt I was going to be without. Maybe that's the issue? I've lived paycheck to paycheck for a majority of my life. I have nothing substantial to show for my spending. My family lives modestly and don't spend extravagently. I just waste money.
I'm in the midst of a six month work contract that will go permanent in May (but, you never know). I'm making the most money I've made, ever! In the past 3 years, I've been unemployed for a total of 8 months. This has been part of the spending, but not all. Now, when I look at the monthly fixed costs numbers, they're over what I make. My wife works freelance and has some income, but I'm the major breadwinner. We send our son to private school due to our school district's bad reputation.
I've spent all of February tracking my spending (yay me!)...now what!? How do I come to grips with my mental relationship with money and right the ship, so to speak? In the past years, I've wasted an inheritance, a lump sum payment from a layoff and re-ran up a credit card that was paid off with a refinance. HELP ME!!! I'm just south of $40K in debt and need workable suggestions on how to see this through. How do I budget for quaterly stuff? How do I budget for stuff that's going away (car payment in October, insurance payments when I go perm...)? How do I trust myself with money in one account to cover all my expenses? Envelopes? I know it's not as simple as 'spend less than you make'...but, it has to be close!! Maybe flat out save 10% out of each paycheck? How do you save for the big,big stuff like kitchen remodels and repais around the house, new washer...etc. I'm freaking out over here!!! Talk me off the ledge. Suggestions on books, blogs, etc...are welcome. I've probably seen them all but nothing's getting through my thick skull!