Personal money management.

[Uncover]

Hi,

I know it’s a lot to read but please bear with me, I need your help and advice.

Let me start by telling you the story of me and my sister.  I have 2 years since I’m employed as a junior accountant. I have now reached a salary of 430 Eur net/month.  My sister has around a year and a half of employment with a salary of around 380 Eur net/month.  I live in an rented apartment on a 140 Eur/ month rent.  My sister lives in the college dormitory with 41 Eur to pay for rent. 

Now the interesting part comes into play. So far she managed to save around 6000 Eur. And my bank account shows 650 Eur. Yes, it is true, I kept on spending since the day I got hired. I changed 2  phones, I had a girlfriend and I went out frequently not looking at money. I bought her presents often. That (and my only) relationship lasted 8 months.  My sister on the other hand doesn’t have other expenses than the rent 41 Eur and the costs of living which, I am sure, doesn’t exceed the rent/month.  She doesn’t wear make-up, doesn’t buy clothes, shoes only when necessary. She spent on her phone 62 Eur while I spent on mine 1800 Eur.

The idea is that I’m a spender and I want to take charge of my money, now. The decision came when I stumbled upon the “Super affiliate marketing” program which would teach you how to make money online. It seemed pretty solid and I saw there that is 49$. So, I thought, what the heck, it’s worth it. So I immediately pulled out my credit card and purchased the training course, which I didn’t even finish yet.

The funny part is that when I checked my bank account I was stupefied to find out that I’m missing 460 Eur. I texted the guy who was advertising this training and asked him how much it was. So , he told me that indeed, the training had some parts that costed more. But I would have liked to at least be noticed of that before hitting the submit button or 460 Eur. Money that I’m pretty sure I’ll never recover. Not through them.  Just imagine the anger and frustration. That was also the day when I told my sister and I have 650 Eur and she replied:  Why you don’t have 6000? What did you do with the money?”  I was and I am so angry and frustrated.

I looked into the ways to take to be more responsible and accountable for my money and to save more.  I was thinking of opening a savings account. But 10% of it goes to the government, so I’m thinking again. With my amount the interest rate would be around 0.80%/ year. I don’t know if it’s worth it, in these conditions.  I was even thinking of giving a large amount to my father for keeping so I won’t touch them.  So I’ll only spend money on necessities.  Another option would have been to withdraw them and keep them in envelopes which I’ll never touch, what do you think?

I have a credit card where my salary  goes, and I use it for every financial decision I make. What should I do better? I was also thinking of moving the large part of my salary on my currency account,  (my current account is RON and the currency account will be EUR. But I guess I will be losing from the currency differences) and leaving only the necessary for the costs of living. The point is that I want a part of my money to be somewhere I can’t touch them.  So what are the solutions?

What other reasonable options will there be for me? How can I better manage my money? @Leo Gura  Could you please advise me? 

Any advice will be highly appreciated!

Best regards,

Uncover

 

 

 

Edited January 22, 2020 by Uncover
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