16/M. I am in deep crap, $3k to less than $400 from April to September 2022 due to spending habits since quit job at McD's. Please, HELP!

[foundlostsoul]

Edit: To anyone wondering if this post is satire, it's really not. I am overwhelmed by my spending habits, although I am looking for a new job at the moment.

I am a 16-year-old, live in Montreal, who lives with my parents. I do not pay any rent or any house bills. I quit my job at Mcdonald's in April, working there for around 8 months with a balance of over $3000.

I've always had problems spending money on eating out, UberEats, 50% discounted Mcdonald's fast food, and other little purchases which add up to almost $200 or $400 a month on that alone. Sometimes I go way over budget buying stuff and clothing, which would cost even more money for me. But my rampant spending habits don't even end there sadly. Having also paid nearly $500 for a Taxi in less than 1 YEAR, even though I have a monthly student transit plan that, thankfully my high school pays for. I also spend around $50-$60 monthly on mobile service fees like my phone plan and Spotify.

However, now that I have no job I don't have any money to compensate for all the things I buy over the months, my balance has basically plummeted because of this, and I am really pissed off and guilty at myself for all the money I could've saved up for college, helpful gear, etc. Now, my balance is a meager $400 from the $3000 that I had saved up in April, and my head feels like it is going to explode from thinking about it.

My parents and I talked about my spending habits, and I have the Mint to track my monthly and yearly spending. When I look at it, just looking at the graph it looks like the scariest thing I have ever seen and would make anyone sober in an instant (it still keeps me up at night).

Please, to anyone reading this, I need help. I don't know if I should go see an accountant, don't know if I even can but I need real advice and now.

TL;DR: Just read the title, please help and give me advice.

 

[neuroclusterbrain]

@foundlostsoul Enjoy the time you worry about 3K. This number will increase as you get older

 

[resjudicata]

@foundlostsoul You have zero income and are spending money. It will always go down. Get a Job or cut spending completely. Don’t know what else to tell ya

 

[cjbravo]

@foundlostsoul Maybe I'm not reading this properly but can't you just eat at home? And ask your family to help control your spending habits. For a 16 year old you don't NEED a job. Because you don't NEED to spend all that much.

 

[tobyso]

@foundlostsoul Ok here’s my advice.
Step 1: take a breath and calm down. You’re only 16 and have years to work and save up again.
Step 2: get a job.
Step 3: create a budget that works for you.
Step 4: start a savings plan, you’re too young for a TFSA so go with a parent and open a “Joint And” account at your local bank. This will allow you to deposit into the account but both of you need to sign for any withdrawals. If your parents aren’t good with money either then I would suggest asking your bank to make you a sole owned account that is deposit only.
Step 5: With the part of your budget that is set aside for eating out or random purchases make sure you use it. Working hard and saving is important but so is enjoying some of the money you make within reason.

 

[sevvalen]

@foundlostsoul You're not in crap and you don't need an accountant. You're having a pretty basic moment of realization that if you spend money, you no longer have that money. Hopefully this might help you make better choices in the future. Tracking your budget and expenses is a good starting point. But no one in this sub can give you willpower or self-control. You have to practice personal responsibility and delayed gratification.

Taking taxis and ubereats is about convenience. You don't need that kind of convenience when you're a 16 year old who lives at home. You can't afford that kind of convenience when you're not earning money. You can't afford that kind of convenience when you're earning part time job at McDonald's money.

If you want to spend money and buy things, get another job. Make a budget where you put 75% of your paycheque into savings that you never ever touch. Then give yourself an allowance. You can either save this allowance for a bigger purchase, or decide if you want to spend it on clothes or going out or other fun stuff. But once that allowance is gone, it is gone. If you have no more allowance left you buy nothing and do nothing. Your parents have probably tried to tell you this, but hopefully it sinks in for you now.

 

[jenjim]

@foundlostsoul Well you need a job if you want money to spend. An accountant can’t do anything to stop you from spending your money. You need to make a plan - set a goal for monthly spending habits and don’t go over that. Look into putting money into savings and don’t touch that. Most prepaid or credit options don’t allow you to sign up so young so perhaps speak with your parents about them giving you a prepaid card that you can only use and not touch the money you earn.

 

[sjrnr]

@foundlostsoul You are ok! You saved it up once by working, you will do it again. You are learning. You are not in debt, just drained savings. You saved a lot!

 

[christincody]

@foundlostsoul Time to get another job.

 

[resjudicata]

@foundlostsoul Why would you need an accountant?

 

[fred8]

@foundlostsoul I thought this was a WSB post at first lol

 

[resjudicata]

@foundlostsoul This is definitely a troll post lol.

 

[ron815]

@foundlostsoul Hey at least you have a safety net with your parents. It could be way worse if you were on your own or supporting a family.
Get a job close to home, pack a lunch and ride your bike

 

[starshinesunshine]

@foundlostsoul Stop wasting money and get a jo

 

[justified]

@foundlostsoul Is this a parody post?

 

[preclem]

@foundlostsoul I mean kudos for caring about your spending now before you get out there.

But if you have no money coming in, but money going out... then you're going to run out of money.

If you're worried get a job first. Then look at your spending while you have steady income coming in. Sounds like a lot of money for taxis and the like. Get a license? Get a good bike? Public transportation? Tracking your money on mint helps, but again if you're not adding to the pool the pool will continue to leak as you spend it.

 

[resjudicata]

@foundlostsoul you're lazy and undeciplined

simple as

 

[joycearmy]

@foundlostsoul

But my rampant spending habits

Don't beat yourself up too much, you've averaged about $300/mo spending which seems pretty reasonable. Not having a way to earn $300/mo is the real issue here.

Adjusted for inflation, I used to spend roughly $200/mo when I was your age - I had transit paid for me and a fridge at home - cellphones weren't on the table for teens back then. It was often a struggle to keep up with some of my friends, but others were just as broke as me and we'd find ways to have fun anyways.

Take that taxi bill as a lesson in how expensive convenience is. You've got free access to decent transit that if you'd used you'd still have that $500. Uber in general is a money pit that preys on people in their moments of weakness.

Make yourself a rule, if you want fast food you have to take transit and get it yourself. If you really need to break down and get delivery, order from a local place that delivers for free - that little bit of extra friction might just be enough to help you break the Uber habit.

If you can't or don't want to work throughout the year, you'll need to start looking at how you fund your time off. How long did you hope to go before getting back into a paying job after you quit?

 

[seekshim]

@foundlostsoul You are still a kid, don't stress too much about it. Best time to do mistake and learn and try to become financially responsible is now.

You won,t loose your appartment, you wont loose your house, so use this lesson as a learning experience so you are ready once you get into the world by yourself, but also, live your youth.

3k seems like a lot when you are a kid, but it's nothing once you'll be an adult.

We have all been there, first year of college I blew through all my saving, got in trouble, could barely pay for grocery/rent anymore on my second year. I learnt from that, stopped spending carelessly, made budget, went through college without problem and with barely any debts. I made my mistake when I had a rent to pay, you did it while being fairly safe, it's fine !

 

[raykay]

@foundlostsoul As other people said. Get a job and control your spendings.

You have no obligations right now (rent, food, ...) its a great time to learn this lesson. Find ways to really understand the value of money. Sounds like you've worked hard for that 3k and you didn't really enjoy spending it.

If I were you, I'd buy some stuff I can enjoy longer than food. Want a TV in your room ? A nice office desk / chair ? A laptop ? Better mattress ? All of those things could probably have been bought instead of food with the same money. Those are things that you'll keep and get to keep once you move out.

Please lose the habit of buying Uber Eat (or any delivery app for that matter). It's stupid expensive.

You're young, you have time. 3k may sound like a lot right now but its nothing to worry about on the span of your life.