Ladies, please don’t judge. But I need some serious advice as I really plan on trying my absolute hardest this year! I am 41 years old, not a cent in savings, and making next to no income as I’m only fresh back at work due to raising my kids. I don’t know how to control my spendings? I don’t know how to save. I have friends who are buying their teens cars, and I would love to do that but I’m poor! I feel like I have wasted my chances at everything and failed my children. I feel so terrible that I can’t give them nice things or have the financial ability to do anything when I need to for them. Please help
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Reading the Barefoot Investor and following the steps is what got my husband and I on track with our finances. I liked that it was a step by step guide and isn’t focused entirely on saving but also allows money for fun or treating yourself
Put all your money into a second account which you cannot draw on. Then only transfer across what you need each pay. Every dollar left over in that second account contributes towards savings. What I find is I am much more mindful of what I am spending my money on as I am paying attention to each purchase. It has helped me to curb spending.
However, I need to address the pressure to buy your kids a car thing. I had to buy my own and there is not anything wrong with that. My parents could not afford that. You have not let anyone down. I would focus on helping in ways that you can afford e.g. contributing an amount towards lessons, the vehicle, insurance or rego rather than the whole car itself. It gives your kids a goal and something to work towards. Maybe even offer to pay half.. I have purchased a car for my eldest but it is a 💣 bomb on the surface, mechanically fine just so she can get around until she can afford a newer car herself. They will probably dent it anyway lol. Take some of that pressure off yourself x