I was a spendaholic in my 20s. Can I still turn things around and start savings?

Throughout my 20s (starting at age 17), I was spending my income as soon as I got it. The urge to spend started in Year 12 - I thought my classmates were richer and happier and I felt pressured to spend on luxurious items in order to fit in. This mindset lasted with me throughout my 20s - it didn't help that I was mainly unemployed and barely survived through studying.

Now I want to be firm and better with my money and not spend just because some conceited know-it-all is buying and wearing the latest cool stuff and getting me insecure, miserable and jealous.

Now in my 30s, it's not too late to start saving and even earn a name for myself?

Update:

Anonymous: am 31

4 Answers

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  • 2 months ago
    Favorite Answer

    Of course you can start saving. Realizing you had a problem and wanting to change it is most of the work. Just start saving now and don't let the past make you feel like you're not someone who can save.

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  • Ann
    Lv 7
    2 months ago

    it is never to late to be smart with your money, take a good honest look at what you spend money on besides the BASIC necessities such as rent, food, utilities. how much money do you have left over each week to put into a saving account? if zero, then you need to make changes, but do them one at a time, look at money spent on items or services that are not basic. My favorite thing to point out to people is the morning routine of picking up coffee and breakfast on the way to work. $5.00 per day is $100. per month $1200 per year, what could you do with that money ?? Lets go ahead and look at lunch, do you brown bag it or order in, eat out ? do the math. have coffee and breakfast at home, make a big dinner and use the extra leftovers for lunches, You could save thousands per year, before you buy anything -clothes, furniture, household items, scour thrift shops, second hand stores, online yard sales, set an amount to save like $ 2500.00 per year, when you reach it, treat yourself to a dinner out then raise the goal,

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  • 2 months ago

    Yup, I did the same thing for a couple of years, but then i realized i should start saving and I saved 30k in 4 years at a $11/hour job.

    I did live with my mom and then with friends though. 

    Currently, after a long time working up the ladder, I have an 80k job as a flight attendant (it's kind of hard to save in my job but it is definitely possible). 

    The best thing to do is live with multiple people (or even better with family/friends so you don't have to pay rent). 

    Watch a lot of finance YouTubers and stick to a simple repetitive diet (in my case)

    The most important thing is self realization and self correction. 

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  • Anonymous
    2 months ago

    How old are you?

    .

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