Spending problem. 24 yr old, no savings.

Think about this, do you enjoy those purchases now? I buy shit all the time too but I take time to do research and enjoy them for a while not toys to throw away after a couple days. Small purchases, large purchases, etc. I know how it is. I was a teenager once and I'm a "young adult" now.

I've got tons of "Useless shit" but I see it as something to enjoy and break up the monotony of life; I bought a Sandisk MP3 player 3 years ago and an extended 64Gb MicroSD for it and I still love that thing, I bought a homebrewing kit for beer 8 months ago (made 6 batches in that time I've owned it) and I've got a new batch that I just racked 4 days ago, I love my car and detail it 3 times a month, when I was 16 I bought a quality full snowboard setup for $1000 (board, bindings, boots) and last used it 3 months ago (and it's more than 10 years old), I also have a full suspension mountain bike from around the same time that is just on it's last legs now.

Spending is good in moderation but you have to meter out your purchases and think long and hard about if you'll enjoy it 3 days later, or a year later. It doesn't mean that I don't spend money on stupid things but I try to limit myself (I went out to a pub 3 weeks ago with my girlfriend, and an old university friend and her boyfriend, the bill was like $100 for us plus another $50 for food, theirs was probably the same), sometimes you have to splurge a bit but don't make it a habit.

Not sure about the US, but have you been maxing out your pension/savings contributions (IRA, 401K, etc.) here in Canada we have different programs and I've managed to max out my TFSA contributions every year and put some towards my Retirement Savings Plan without affecting my quality of life. Pay off your CC first to get rid of those interest charges then every month put down a comparable amount of rent into your Retirement accounts at work. I don't think you realize just how lucky you are. I had to move out of my hometown to chase a job and pay my own rent but if I could I would still be living with my parents for free (at the time, I think I would have moved out by now had I stayed in my hometown).

/r/personalfinance Thread