How I did it: I'm moving in a few months and decided it would be much easier to manage my finances when I move if I get my car paid off.  That was my initial motivation-that and being able to save a nice bit before I move.  I opened a savings account and from each paycheck I set aside $100-$300 depending on how much I had left over after bills.  I'll have my car paid off by November 10th!  That's only 3 paychecks away :D  I used to spend every last bit of my paycheck before I got the next one.  Always worried that I was going to run out and not be able to afford gas or a bill.  I was very impulsive when it came to buying things-if I saw something I wanted I'd just buy it if I had the money in my account. 

Lessons & tips: Set money aside in a savings account and pretend that you don't have it.  Don't link your savings to your checking-that way you're less likely to just use your debit card for a purchase you don't have enough for-knowing that your savings will back you up.  Each paycheck take out the cash you'll need for spending money until the next payday-ONLY use that cash when it comes to making purchases.  If you don't have the cash for it-don't buy it.  And spend wisely :)

---

Oct 01, 2010, 06:24AM PDT | 0 comments | 2 cheers