I have a very limited income (unfortunately) and have found I am practically incapable of saving. What are the best methods to enforce saving, however still have access to the money if required? Here is a little background on the question:
$750.00 Weekly Income; $85.00 Weekly Travel Expenses; $115.00 Weekly Bills (expanded below)
I have no regular "bills" as such, but have the following expenses to cover:
- $60.00 Repayment on an ongoing course;
- $50.00 Travel Expenses;
- Quarterly Rates Bills;
- Quarterly Electricity Bills;
- Yearly Registration
Of course things such as Birthdays, doctors etc. are not factored in. Now understandably there is a requirement to have a goal to save for. My current goal is this:
Save $5000.00 per 6 months, with $10,000.00 per year.
Now this is very easy in my circumstance to achieve, however I am a habitual spender. I lack any form of control when it comes to impulses. This needs to be corrected. This is the whole "patch the current issue and ignore the cause" question at the moment.
How would one go about forcing saving of $X per paycheck, but still have access to the funds in an emergency? I have already attempted opening a separate bank account to add funds too, however find I dip into it when I find the next "toy" to get. Recently it was a $6,000.00 gaming rig (of which I love!).
I have looked at the options of opening a term deposit, however this prevents me from touching the cash and also requires $5,000.00 initial deposit; after this spending I am broke. Can anyone advise of a safe method to use to restrict my spending? Is this on topic?