I'm 18, and I figure its past time for me to start saving money for my future. (A home, nice car, etc.)

I've tried before, but I'm TERRIBLE at it. I put some money into my savings account, but when my cash or the money in my checking account is out, I move it out of my savings little by little. (A movie rental here, a double cheeseburger there.) Until it's all gone.

I want to put aside a certain amount of each paycheck- only 10% this time since I'm going on vacation, but around 30% for all the others. I have NO self control though!

I know there are other people like this out there.
So how do you save money and keep yourself from touching it? I used to say just don't do it, but that get very hard to do when there is something stupid I want at Walmart or I have a crazy craving for fast food, or find something I just MUST buy for somebody. (And since I have 2 nephews right now, and 2 nieces on the way, that is more and more frequent.)

You can use an investment company. I find it is really easy to leave alone, just because it is such a pain to get out. ALSO, why not start a Roth IRA? You can't touch that money except under very specific circumstances and as long as it is money you have made, you can put it in every year up to a certain amount.

I have an automatic withdrawal to a CD (certificate of deposit) at the bank. CD's are pretty much high interest yielding savings accounts that will penalize you for with drawling money before a certain date. I have $25 a week transfered into each of my CD's (I have more than 1). $25 a week equals $1300 a year plus interest.

The most success I had was with a money market account. I didn't have checks or a debit card for it, so if I wanted to get money out I had to transfer it to another account, which took days. In that amount of time, I can get over any impulse buy. I got up to about 5,000 in 6 months, but used it all on my move to Arizona. Most banks have money market accounts, so you could ask your bank about it. For me it was the best option so that if I NEEDED the money, I COULD get it.

Rhea, if you want to discuss investments, feel free to shoot me a PM. I am fairly close to you in age (22) and I am currently working on investing/saving some money for big purchases as well.

What helped me when I was younger is having my check direct deposited. I had 20% allocated to savings and the rest was in checking. I cut up my debit / ATM card, had no checks and whenever I wanted to spend money realized that I had to actually go into the bank to take the money out. This was a big deterrent and helped with the splurge purchases, especially since the bank was only open for limited hours.

There are lots of auto withdraw programs you can sign up for through your bank.
You need to figure out how much you can live without. You need to be serious and not be unrealistic either. If you find that you are struggling each week theres no benefit.
How long you want to be without the money since there are limits and exceptions to what and when you can withdraw the money.
Interest rates vary greatly and you may find a better % at another bank.
Another big thing to look at is the one you choose insured? You could loose a lot if not.
There are different Money market funs that you can invest in.
CD, savings bonds etc.
It would not hurt to stop by you local bank and they should have someone that handles investments that you can go over your options and then use that info to look around.
There are online options.

I have a percentage auto-transferred to 2 different savings accounts each month.

Additionally, I have 3 checking accounts. My Aunt taught me about what she calls "The farmer's wife sugar bowl savings" - Lots of "stashes" for different money.

I have an account where all my big-ticket, once a month expenses come from. I make sure it has funds first. I know how much comes from that every month - for like my mortgage and car payment, etc.

After it is funded, and my savings accounts have their cut, the remaining goes into my "daily" account. Groceries and other things come out of this account. The fact is, when THAT is gone - it is gone. The other accounts aren't even an option. Cheeseburgers and rented videos don't happen ... it is Ramen and TV until next pay check!

You can do it. But you have to be really strict with yourself.

Give the money to a family member or friend(that you trust) to hold onto. Moms are usually good. They can keep you from being able to use it, or lose your love/friendship trying, lol.

That's what I was going to say! My mom lives a good 30 minutes from me. If I need the money, she won't fight me over it as it's my money, but I have to go 30 mins to get it - usually won't do that for some silly impulses buy like fast food. On top of that I have her put it in an account so it's not even as easy as me just going over and holding my hand out. It's still very easily and quickly accessible in a tight situation, but too far out of reach to be easily spent on something frivilous. HTH

Thanks everyone =)

I'll be looking into all that.

My mom says to give her the money too. But I feel better with it being in a bank. (I have issues with people knowing how much money I have. I don't know why... and it isn't like my mom has ever even asked. But I have a thing lol.)

I think I will be going to some banks around town to see what kind of options there are. Lol they should teach this kind of stuff in school to prevent people from being like me >_<

Rhea, you're right, they should teach this stuff in school. Most kids graduate these days without ever even learning how to balance a check book it's horrible... That is why we are having so many financial problems in the states. Nobody knows how to balance their budget or plan for the future any more

My mom made me put a certain amount into my savings (actually I never used a savings account, but I just left it in my checking) and she checked up on me occasionally. Once she found that I was short, and I wasn't allowed to spend ANYTHING other than for necessities until I put something like $350 into the account. It was such a pain in the neck, but now I've got a pretty nice sum tucked away.

I need to get back into saving though, I haven't really been able to lately (5 hour work weeks are the WORST!) but I'm going to set up requirements for my savings soon.

It really helps to have someone there to kick you in the bum if you mess up and dip into your savings.

I was raised to watch my money and it was literally engraved into my brain to not buy something unless I'll die if I don't have it. Sometimes, I want to spend money on stupid things but I just have to remind myself that if I won't die without it, I don't need it. Staying home keeps you from spending your money too. I once went 2 years without spending a penny because I only went to school and no where else. Oh ya, that was when I didn't have a bank account either...so I had $200+ sitting around in my room. I think I'm just insane..

Ewww...and just think about all those pounds you're putting on with the fast food and junk food too.

The eating out is what can kill you.Physically and financially....
It feels good thought to watch it add up and know that you have a large amount of money if you ever need it.
You can set up a system so that you reward yourself.
Like every 4 weeks that you put the set amount away then the 5th week treat yourself to something like take out or whatever.

What really helped me was to write out a budget. I thought that I had NO extra money, but when I actually wrote out my monthly bills, I saw that I didn't HAVE to spend all that I was spending - this made it easier to tuck some away here and there without [censored] out about it!

Also, I made a list of my spending goals - things I was saving up for - new glider cages, a new place, a new car, retirement, emergency vet fund, etc...

Then I made a rule that once I put money away in savings, it could NOT come out unless it was going towards one of my goal items. I have stuck to this rule and I am really pleased with what I have been able to do on such a tight budget!

Food is my downfall, too (well that and glider stuff). I work in a grocery store, so all I do is think about food and new things I'd like to try. I always come out of there with a bag or two.

One thing that helped me a lot, though, was forgetting my PIN number. I never had cash, so I just did without most of the time.

I dunno I'm almost 20 here, and I have a bad time with money as well. Mostly right now all my money is going to food,bills,bus money, and one very bad habit cigarettes.

I wouldn't say cut out fast food altogether but begin shorting it down. It's said that fast food literally is America's number one addiction(all the sugar i guess)

So for my addiction i set a date about a month ahead of time of when i was going to cut back on smoking. It's gone from a pack a day to about half in about 3 weeks. And I'm hoping to get to a pack a week in about another 2. You can do that with fast food.(And when i get a bit grumpy I just read a book......sometime to the gliders )

Also I guess with me and my husband we don't own a car. So that helps a lot with our chronic laziness.