Essentially I spend more than I earn.

I'm dedicated to getting the financial area of my life handled.

You could call me a compulsive spender, its not like I'm buying anything major, its just that I seem to spend $100+ everyday, which is more than I can afford in discretionary spending.

I have a lifestyle that involves lots of travel, and plenty of socializing, and my own business is going quite well, but I fear that's its only a matter of time before I am broke again.

I've read all the books, know all the theory, but have tremendous trouble putting a budget together, and sticking to it, and have severe anxiety, guilt and worry when it comes to money, often I'm scared to check my bank balance.

So there you go

There are many different ways to manage money efficiently. But bottom line, investing 10 to 15% of your income every month will give you a decent retirement.

Set aside a 6 month EF and invest first. Then be stupid with the rest, if you like.

Try to find out where you are spending the most and see if you can cut back on it . Open a Saving account to deposit some money for future. Make a strict budget plan and stick to it. Travel by public transport or do car pooling etc.

You need to start budgeting and saving your money, if you continue then eventually you will get in trouble unfortunately.

You have taken the first step by admitting you are a spending junkie.

To setup a budget and to cut spending you can get advice from my website.

But sticking to it come down to a personal decision you have to make, you can try getting someone to hold you accountable, but in the end if you do not personally commit to controlling your spending no one else can tell the bankers cut you off. And I think you can figure out what that means.

I wish you all the best but you have to do your part.

in all honesty, living within your means is the best possible way to steer clear from debt.
be sure to get your credit cards under control, and put them in a huge hunk of ice in the freezer so you wont use em!

I would say go to the Cash method. When you get paid, withdraw the percentage of cash you foresee yourself needing (90%) and leave the the (10%) in a savings account. When you run out of cash, you can spend no more. It becomes very difficult to overdraft your account, when you are only using cash.

Once you get a feeling for this method, and the "Crap, I thought I had $100 in my wallet, but I only have $60" moments become rare, you can then start using your debit card again.

I have to tell you Empire that RobertD is spot on, you have to get that budget sorted....it doesn't matter if you've read the books or you understand the theories if you don't put them into practice your'e going to be in the crap my friend.
The only thing people can give you is advice and mine is...if you like spending and travel and socializing...work harder at your job and make sure you have the funds to do so. If you don't want to work harder then you have no choice but to cut back or you'll be in the poorhouse before long!

I saw a great billboard from the guy who gives financial advice (Dave Ramsey) the other day. It said "Act your wage." Brilliant! Best of luck to you.

I think you should get some budgeting software - there are a few envelope based systems. It can seem really tedious at first entering in all your spending transactions but after using it for a month or so you'll start to get a really good idea of where all your money is goin*** Then you can start budgeting and cutting back spending in certain areas. It's just a way of getting control back.

I agree with everyone, a budget is a great starting point. For me, the two things that helped the most (beyond the budget) are.

- Pay bills on time so you don't have late fees
- Saving an emergency fund

Those two helped stop the bleeding and then I was able to take it to the next step.

Budget Budget Budget, Self-Control, Budget Budget Budget
Most people Fear making a budget, but once you get it going (AND YOU STICK WITH IT) it's easy, you will wonder how you ever lived without one.