I end up spending my entire paycheck within the first few days. What to do?

Hi Saina,
welcome to the debt consolidation care forum. I call it 'letting money burn a hole in your pocket'. It is a serious problem for some people. If you regularly spend all the money you have, you will always be broke.

You should use payroll deductions to force savings. Otherwise, you are probably going to have trouble accumulating any. Deductions are also a good way to save for retirement. You might want to consider making regular monthly contributions to an IRA or mutual fund account.

It is not advisable for you to carry much cash. You will just be tempted to spend it. You should list the items that are to be bought that day. The idea is to carry the cash that you will need and get in the habit of only making purchases that are on the list.
You should also consider using a budget. In order to limit the amount of cash you spend, serious and wise budget plans are needed. It would put her on notice when she had already spent the money that she had allocated for entertainment, clothing or any other category. It is advisable to plan the minimal way. Avoid the places that are most likely to trigger spending.

Repair your credit and have a secured and happy life away from debts. If your credit report and score is damaged because you have been delinquent in the past, the only thing that can heal your credit is time. As you improve your payment history, consistently paying your bills on time and reducing your debt load, only then will your credit improve. Settle your debts for pennies on the dollar. This is known as debt negotiation, and is listed as a charge-off on your credit report for seven years.

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They allow you to skip/postpone credit card payments until the next billing date. This helps me get my finances in order when money is tight. It gives you some breathing room when your spreading your money really thin.

Hi John

It is a pleasure having your participation here, wishing you a very happy new year and sorry that the URL you are associated with has to be deleted. We look forward to having more of your participation with new Ideas and suggestion in the forums.

Regards,
Simon

John, we have seen the same post at some other thread also, we request you to follow our posting guidelines.

We are trying to build a community to provide the real help, not just debt consolidation but all the means of debt solution. We will appreciate your participation but in the process we won't allow a spam. Hope you understand, looking forward for your co-operation.

Regards
Vikas

If it is unsecured debt there's nothing they can do- we tried to file but we made too much money and the laws have changed so we just let it ride.

[quote=siana]Hi,
This is Saina. I am in some serious debt, which I have turned over to a debt consolidation company. I make a decent amount of money; however, I cannot seem to keep it for more than a few days. I end up spending my entire paycheck within the first few days. I know I have a problem and I cannot continue to live like this. Please advice.[/quote]

Hi Siana. Your situation seems a bit serious. It is not serious solely for the fact that you have debts; it is serious because it seems your debt is linked to a psychological cause. You are spending out of your own control. In your case, I believe that the first step in attacking your debt would involve seeking professional help. It sounds like you have an obsessive compulsive disorder when it comes to shopping. it is more common than you think. For many people, shopping is a way to conceal troubling parts of their lives. So seeking professional help should be your first step.

After you address those issues, then you could start to practice fiscal responsibility. Try to create a budget of all of your weekly and monthly expenses. this will allow you to identify the most important and least important expenses. Since you are working with a debt consolidation company, you should budget wisely so you can apply any excess funds toward paying down your debt through debt consolidation.

Hi Saina

Welcome to the forum.

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take a box of laxatives