What Steps Should I Take to Make The Most of My Money and Kick My Spending Habit?

Originality on 21/11/2018 - 20:22
Last edited 22/11/2018 - 10:18 by 1 other user

Long story short:

I lost my job on august 30th. Where I live there is a high demand for high qualifications+experience and low demand of no/low qualification jobs. So unfortunately my job chances are slim to none. With the way things going how they are and my debt, I was expecting to be homeless by December 20th.

I spent September through to the end of October working hard to make money and present myself with a second chance. In this time I have managed to turn my monthly income to over 10k.

Most people would say "then why do you need help, thats loads!" but I have a bad spending habit due to depression. I have 13k debt, don't own a house (obviously) or a car(only on my L's, but I'm 24).

I need advice on what I should do. What steps should I take to make the most of my money and in turn kick my spending habit?

One thing I don't need to be told is "don't go on OzBargain", I am actually fine with OzBargain, I don't buy anything and everything when I'm on here. But I do spend all day visiting online shops for deals and look at more expensive items than I need (e.g. a $6000 Mac Book Pro…and I prefer Windows…)

I'm only young so really I guess what I'm after is some older/more experienced person to give me advice.

This income isn't permanent as its requiring complete attention from me for 14-16 hours a day. I will probably keep it up for another 4-5 months and try to get a hands on job in real life after the time comes. (I prefer to physically be up and doing something for my job)

My monthly costs are:
Rent: $820
Electricity: $150
Phone: $60
Internet: $70
Food: $200
Debt payment: $470

Financial

closed Comments

  • Tech5 on 21/11/2018 - 20:30
    +6

    If it comes to it, place your unused/extra income in a 6month locked term deposit. You will literally be unable to touch it. Or have an automatic transfer from your bank account to another account where you have cut up your debit card and cannot easily access without transferring back

    • Originality on 21/11/2018 - 20:44

      Do you have any banks you recommend for this?
      I would love to put money away I can't access but can gain interest on.
      But I want to make the most out of what I have to be able to invest

      • Tech5 on 21/11/2018 - 20:50
        +4

        https://www.finder.com.au/savings-account-you-cant-withdraw-…

        Scroll down and have a look at their list of different bank's term deposits. There are quite a few and I am pretty sure they are all guaranteed by the government, so there should be no difference except for their interest.

        For convenience, keep your savings in something like Bankwest Hero Saver(Which offers a comparably high interest rate if you do not touch it) and cutting up the card so you cannot use it.

        • Originality on 21/11/2018 - 20:52

          I will most certainly cut up the card.
          Thank you for your help. I am pretty new to the financial world outside of being an idiot with credit card debt.

          • Scrooge McDuck on 21/11/2018 - 23:09
            +7

            @Originality: Your highest return investment at present is to pay off your debt as quickly as possible.

            After that I highly recommend RateSetter, it's a peer-to-peer lender which matches lenders (you) with borrowers across 5 different markets: 1 month, 1 year, 3 years, 5 years and 7 years. It is backed by a substantial provision fund which has covered all lenders flawlessly since inception — not one lender has lost money internationally. Once you have funds deposited into the holding account you can place them on the lending market at market rate or any rate of your choice. When your offer is matched with a borrower, the loan is struck and your capital is locked away for the term of that market while you receive the loan repayments. When the loan matures you can then reinvest the capital. You can set your holding account to automatically reinvest repayments and capital on any of the markets at market or chosen rates. The rates are far superior to any term deposit!

            https://www.ratesetter.com.au/peer-to-peer-lending/statistic…

            If that's too complicated, I would recommend RaboDirect (3.05 % 4 month introductory rate) and UBank (2.87 % with linked transaction account and $200/month deposit).

            https://www.rabodirect.com.au/high-interest-savings-account/…

            https://www.ubank.com.au/banking-overview/transaction-accoun…

            • ihbh on 22/11/2018 - 17:16
              +1

              @Scrooge McDuck:

              Your highest return investment at present is to pay off your debt as quickly as possible.

              Correct.

              The rates are far superior to any term deposit!

              Hold your horses - that's just one side of the equation. The higher the return, the higher the risk. Everything is all good when interest rates are low and house prices are strong and the economy is humming along, but when it turns, there will be defaults - that is, you might not get the return of (some of) your capital, let alone the return on your capital. The higher returns take the higher risk into account, and they've been rising.

              You are better off over the long term investing a certain amount every month (dollar cost averaging) into a share index fund to ride out the volatility and take advantage of long term returns.

      • try2bhelpful on 22/11/2018 - 11:21

        If you don't want to lock up your money, but do want to have an incentive to not take money out then there is a RAMs saver acount, which has reasonable interest, where you get no interest if you withdraw your money during the month. If you do, actually, need the money you can get to it; but their is a big incentive not to touch it. I think there is also a minimum deposit to get the booster interest (I think it is $200 per month).

  • Cartman2530 on 21/11/2018 - 20:32
    +5

    Pay down your debt as much as you can without affecting any of your living expenses. Then save.

    Don't forget to treat yourself every so often for a job well done to make the sacrificing worth it.

    • Originality on 21/11/2018 - 20:43

      I was planning on paying my debt of half this month and half next month.
      Do you think I should do it like that?
      Or should I spread it out a little?

      I will try and treat myself. If there is some insane PC/laptop deal during the BF/CM deals I might buy something then.
      Because my current PC is freezing a fair bit. But I don't really have anything I want to get as a treat other than that.

      • Tech5 on 21/11/2018 - 20:50
        +13

        Pay it all off lol. Then you won't have money to spend

      • Scrooge McDuck on 21/11/2018 - 23:29
        +9

        I would advise against treating yourself. It sounds like you're coping with your depression by impulse buying which can trigger an addictively soothing reward response in your brain. It might be better to quit this behaviour cold turkey. And I would pay off your debt as quickly as possible.

        A much better alternative to cope with depression is to engage in a physical exercise routine. You will improve your physical health (your mental health will follow), feel a genuine sense of achievement, and improve your brain chemistry (and mental state). I recommend joining a gym or sporting team as the added motivation and socialisation will be of great benefit also.

      • DarthAntz on 21/11/2018 - 23:55
        +4

        treat yourself by paying off your debt. games can wait. commit to yourself, not a disposable industry.
        You dont have much time to game if youre working that much. Youre getting great advice here, spend whatever free time you have learning. Self study, reading, and learning about things you can actually make a life out of.

      • abb on 22/11/2018 - 17:25

        my current PC is freezing a fair bit.

        More likely to be software related. If it's often enough to bother you, (backup your data) clean all the dust out, wipe the hard drive and do a fresh install. You won't be able to do any online shopping for at least a few hours while you rebuild ;)

  • Caped Baldy on 21/11/2018 - 20:34
    -7

    I'd say spend on shares but that's headed down at the moment. Look for over things that can compound that money.
    Or just give it to me.

  • spiff on 21/11/2018 - 20:45
    +3

    Determine an amount you think you can save based on the monthly costs you mentioned. If you can pay down the debt faster, do that. Otherwise, take that monthly spend amount, factor in 10% for emergencies and another 10% for discretionary spending. Open up a ubank account, or any account with no physical card, and pay that account first. Try to have the mindset that you're the gatekeeper to your bank account and you have to fight off anything trying to take your money unnecessarily, including yourself. Apart from your debt, your monthly costs look reasonable. Keep them at the same level even if you start earning more.

    • Originality on 21/11/2018 - 20:50

      I feel that I want to lock away as much as possible.
      I wasn't earning a huge amount in my last job, so I am used to enjoying the $200-400 a fortnight I used to be left with.

      DO you think it'd be wise to set aside costs+20% and then put the rest in a no-card account?

  • Fier2 on 21/11/2018 - 20:45
    +5

    1.Try to pay all your debt first as it will help you to lower your stress.

    1. Find yourself a hobby that is not computer, videogames… as i noticed it could get you deeperin your depression ( no social interaction, nothing that motivate you ona daily basis,..

    2. Everytime you look at something and want to buy it just write the amount down and ask yourself: is it really worth to have it? Or should i just go somewhere for a day, week end or week for the same amount?!

    3. Look after yourself and stop thinking too much. Treat yourself time to time with a good dinner, a massage , a movie ,..and when you are ready see your gp about your depression .

    Good luck!

    • Originality on 21/11/2018 - 20:56
      +3

      Wonderful suggestions.
      I will look into picking up lapidary again.
      I haven't done it since I was 14, but I have a local club and I loved it ever so much.

      I am seeing a GP currently. They put me on some medication until I am comfortable seeing a psychiatrist.

      • Scrooge McDuck on 21/11/2018 - 23:43
        +5

        You could ask your GP for a referral to a psychologist. AFAIK, you can receive 10 sessions per year for free from Medicare. A psychologist can help you to learn some life skills and strategies for lifting out of depressive states and regaining control of your spending.

        • AusGP on 21/11/2018 - 23:57

          Second this.

          Psychologist plus medications will work better than medication alone. Just be aware you may not find the right psychologist the first time but don't be disheartened as you do need to "click" well enough with them for things to work and sometimes it's no ones fault if things don't "click" - just seek a second psychologist if that happens.

          Also regular exercise suggested above is likely to be more effective than any antidepressant. It won't be a magical cure but if done regularly for a time should improve things.

          • resisting the urge on 22/11/2018 - 00:15
            +1

            @AusGP: For most people at this age (but maybe not the OP), meds and doctors can be overkill and even harmful.

            For many, all that is needed is to log-off/delete all the apps and use the mobile for making calls and txt only.

            No social
            No News
            No browsing web for pleasure

            Confine yourself to traditional media (not TV, that is near to as bad as social) and doing eating and sleeping in a decent routine, and regular exercise- ideally early in the morning. Doing half of that will have massive effect, and before you know it, you'll feel better and be socialising like humans normally do.

            Try not to do drugs of course, inc. alcohol. Over the long term all this will prevent you avoiding cancer and other diseases, obesity and of course, the effects of prolonged depression.

      • singlemalt72 on 22/11/2018 - 07:22
        +1

        Look at volunteering opportunities too. Your local council will have a list of volunteer organisations, one of which may match an interest you have, or provide experience for a future job.

        As well as doing good for the community you can interface with a lot of different people and set up new social networks (real ones, not internet ones) and I can tell you from experience it helped with my depression.

      • ozbjunkie on 22/11/2018 - 12:20

        GP are not necessarily the best people to oversee pharmacotherapy for mental disorders. They don't have the training.

        Psychiatrists do, but if all you have is a hammer… IE they throw medication at everything and your appointment may be very short.

        I second the suggestion below about a psychologist, there are good ones and bad ones, don't be afraid to find one that feels like a good fit for you. They will spend the hour talking about your thoughts, feelings, and behaviour, and may help to get to the bottom of your spending.

        I also second the recommendation below to stay off social media, and would add that you should avoid advertising where possible (download your tv, don't watch regular programming). If you are feeling uncontrolled in your spending, the advertising is doing its job.

        Exercise, eat right, sleep well, and appreciate yourself for the hard work you are doing.

        By all means get back to childhood hobbies, especially if they can provide you a bunch of interesting people to spent time with.

        Good luck bud.

  • chumlee on 21/11/2018 - 20:50
    +2

    By the 3rd paragraph i thought this was gonna be a get rich quick spam post

    Pay off your debt as fast as possible, then save up 6 months of savings as a minimum.

    I know you said you only want to do your currenf job for 4-5 months but you have gotten yourself into this mess so you need to own it and work your butt off til you're in the clear

    • Originality on 21/11/2018 - 20:54

      Yeah it was hard to word because I've never been in such a situation before.
      I'm here for genuine help. I'm not here to flex, trick anyone or anything like that.
      I feel so very blessed to have been given such an opportunity to turn my life around.

      I am planning on doing half my debt this month and half next month as next month is looking to turn in just a bit more than this last pay. (No guarantee though)

  • srsparky on 21/11/2018 - 20:57
    +6

    Check out barefoot investor book. It is actually pretty good, and provides guidance for your situation.

  • Diji1 on 21/11/2018 - 21:02
    +1

    I would pay as much as possible into debt as already suggested as soon as you obtain the money.

    Your story made me think of this podcast I just listened to where Sam Harris interviews author Johan Hari:

    https://www.youtube.com/watch?v=msP0-NqRhZE

    or

    http://podbay.fm/show/733163012/e/1542071333 (right click Download and select Save As ..)

    It's a couple of hours long without advertising but Sam spends the first 8 minutes explaining why you might want to support him on Patreon in his usual pleasant and well reasoned manner. (Obviously don't support him right now but you can skip to 8 minutes or thereabouts)

    • Originality on 21/11/2018 - 21:08

      I will certainly give it a listen.
      Its always great to hear how people have made the most of their life.

  • Changskies on 21/11/2018 - 21:04
    +1

    Sorry to assume this but it seems like you are heading down an illegal path?

    • Originality on 21/11/2018 - 21:07

      No, what I'm doing is completely legal haha. I'm doing a lot of analytic related stuff and patterns+math have always been my strong area so it's allowing me to perform well.

      • Scrooge McDuck on 21/11/2018 - 22:48

        Trading or online poker?

        • Originality on 22/11/2018 - 17:47

          Due to NDA/CA I can't mention names or stuff like that.
          But it's basically analysis and advice for businesses and social media influencers.
          Primarily in terms optimal times/audiences to target for advertising, advising on possible collabs that would bring in the most viewers etc etc.

          I do a lot of staring at numbers for most of my day and crunch some numbers for more difficult and confidential stuff. But yes and no to trading related.

  • [Deactivated] on 21/11/2018 - 21:09

    Maybe go see a free financial councelor (youth support), just to discuss and get ideas.

    Even if feeling depressed, suggest stay away from governmment or professional medical/psych help! You'll just be labelled, given drugs, and this approach sticks with you for life. Bad news.

    I've found taking tiny constructive steps (have to make a start) got me through most problems. And helped me toward achievements.

    I'm > 50, so I know everything <chuckle>.

  • [Deactivated] on 21/11/2018 - 21:13

    I would recommend annuities where you set a side a certain amount a week or month and accumulate, preferably compound monthly or even weekly,

    Also, what type of job are you doing seems like a lot, from an ordinary person’s perspective

    • Originality on 21/11/2018 - 21:18
      +1

      I am doing some analytic work for a friends business.
      I've worked with him free (I found it fun) for around 2 years now.
      He works with some large companies, influencers and others.
      I would love to talk about the details but NDA/CA unfortunately.

      This was a blessing in disguise because I was working for him to help pass time and remove my mind from the depression, then he decided to offer me a paid opportunity.

      • Scrooge McDuck on 21/11/2018 - 23:22

        You're fortunate to have such a great friend!

      • [Deactivated] on 22/11/2018 - 00:45

        I’m thinking if getting into an analytics field do you think it’s hard to get a job in this, want to get into this field as soon as I finish the degree

        • Originality on 22/11/2018 - 17:49

          Uhm, yes and no.
          Yes, it's hard if you're not wanting to put in LOTS of long days.

          However, it is really easy to climb up once you have your foot in the door.

          Just work hard in any way you can, even if its just helping a small business or investor out.
          Other than that, there's nothing to stress about. :) This is honestly one of the best industries I've been a part of.

  • idonotknowwhy on 21/11/2018 - 21:42
    +4

    Try joining a gym, and do weight training 3x / week. This will cheer you up. As for the finances, pay off your debts first.
    Another good hobby could be reading. Start with this book: https://www.goodreads.com/book/show/1052.The_Richest_Man_in_…
    And then: https://www.goodreads.com/book/show/998.The_Millionaire_Next…

    • dasher86 on 21/11/2018 - 22:34

      Huh last thing op should be doing is adding another expense. There is plenty of free work out options.

      • idonotknowwhy on 21/11/2018 - 23:03
        +2

        Nope, I usually make don't get involved in threads like this, but I completely disagree here.

        Fixing their mental state is far more important than fixing their financial situation. The debt is a symptom, not a cause.

        A healthy body is fosters a healthy mind. Weight training will provide physical and mental improvements, and results can be seen very quickly. The gym environment is uplifting with other people working out around you. Doing pushups at home is not as effective as bench pressing at the gym, especially when you're feeling down.

        As for the books, ebooks are cheap (assuming no piracy). That first book I recommended is an uplifting pleasure to read, and provides a refreshing perspective about money which I think will help here.

        The second book is not as enjoyable to read but I found it really helped me stop wasting money on things I didn't need (and didn't really want).

        As for paying down the debt, it's much better to remove this burden than some stupid suggestions above about buying stocks, etc.

        Buying individual stocks is effectively gambling (read "The little book of common sense investing" by Bogal) and the last thing you want to be doing when you're emotionally distressed.

        • Scrooge McDuck on 21/11/2018 - 23:47
          +1

          Agreed! OP's challenge is with impulse buying not regular expenses.

          A gym membership would be well worth the cost for the equipment, facilities, structure, motivation and social opportunities.

          • Originality on 22/11/2018 - 17:50

            @Scrooge McDuck: I will definitely look at buying a years membership at my local one.
            Which amazingly is directly 300-400 meters down the street facing me :)

        • dasher86 on 22/11/2018 - 07:21
          +2

          A gym will only work if OP is interested in it.
          Many more tales of people joining a gym only to quit and have an ongoing contract membership they do not use.
          There are free running groups available. There's a whole load of other options to get a healthy body other than 'gym' or weight training.
          As for me I'd rather take up martial arts, but that too also costs money.

          As for ebooks I glossed over that in my reply.

          • idonotknowwhy on 22/11/2018 - 10:09

            @dasher86: Yeah, running is a great way to get an impact injury and there are limits to how far you can progress before you do yourself damage.

            Weight training is easier to make measurable progress with, especially for the first 6 months.

            People quit who join the gym and then don't go are usually trying to lose weight, and they make the mistake of spending ages on the treadmill (boring, pointless cardio) instead of changing their diets, restricting calories, and lifting weights (allowing them to retain and gain a little strength, while also increasing their metabolism).

            • abb on 22/11/2018 - 17:34

              @idonotknowwhy:

              running is a great way to get an impact injury

              And deadlifts are a great way to get a musculoskeletal injury ;)

              Plenty of bodyweight strength exercises available to OP without spending a cent. Push-ups, dips on a chair, rows under a table, etc.

              (I actually prefer a bit of strength and a bit of cardio, but each to their own)

  • TheBilly on 21/11/2018 - 22:18

    Pick a hobby you will enjoy. Invest in it upfront and dedicate yourself to it. I dont spend any money because I am out riding my bike which is "my hobby" and I hate going to shops or sitting in front of the computer which forces me to not spend. I spent money on a bike and gear upfront but now I have done that I am going many years strong in this hobby and am saving my money that would otherwise have been wasted on something else.

    Before this I was a video game addict and spending real money in on game currency and buying characters etc. spending ALOT.

    I think being addicted to something is ok, as long as it is the physically and mentally a healthy choice.

  • [Deactivated] on 21/11/2018 - 22:23
    +1

    This might get a lot of hate but maybe try some of Jordan Peterson's video on self help and depression or his book.

    Note I'm pretty impartial about him, I've just heard some people turn their lives around from this.

  • Ryanek on 21/11/2018 - 22:28

    You're cooking blue meth aren't you.

    • Originality on 22/11/2018 - 17:50

      hahahaha.
      Blue is over-rated. its the black meth that makes the money ;)

  • [Deactivated] on 21/11/2018 - 22:31

    1. You Must stay healthy; avoid junk foods and exercise regularly - good physical activity helps keep depression away. Health issues and related costs are the last thing you need right now. You don’t need to buy expensive food to eat healthy.

    2. You’re living costs are way too high for your income - look for house/flat share near public transport. I have a decent income but I still rent a room only in a house with strangers and pay 160 per week, all expenses paid. No electricity, gas, water, internet, nothing. Only rent, food, mobile and the occasional my share of chores. I get to save/invest nearly all of my monthly income for the future. Yes not having full privacy sucks, but what you will get in return financially is unbeatable.
      You could even go further and rent a place and sub lease your rooms to others(international students) for even greater savings and possibly an income, but that will require you to manage the house so probably not a good idea at this point without too much time to spare in your day.

    3. Hoping you already applied for Newstart allowance?

  • Some Human on 22/11/2018 - 00:15

    So…nobody’s going to call troll on this?

  • garetz on 22/11/2018 - 00:22
    -1

    First of all, why do you equate being depressed with poor financial expenditure/habits, one does not necessarily lead to the other, there are alot of depressed people out there who dont go into huge debt by buying crap.

    You have to see a therapist and deal with the depression, then get some basic money management ethos going.

      • Originality on 22/11/2018 - 12:29
        +2

        No actually.
        I've been suicidal since I was 8.
        Literally countless attempts. Been in an out of hospital more times than I can remember.

        It's not "self diagnosed". I've been seen by countless physiologists and Councelors, had GP's try different anti-depressants/anti-anxiety medications and much more.
        Recently got a referral to a psychiatrist and new medication which is doing me some real good for once.
        I am currently on Paroxetine. (which sucks for my sleep but does wonders for my mental health.)

        I can barely even sit in a car without having to fight my own mind and body to jump out.
        My struggle is real, I (profanity) despise the fact that you felt the need to undermine my struggle and tell me how much worse off your "friends" are.

        Don't you ever tell someone what their mental health battle is or isn't. You have NO RIGHT to do so.

        • Originality on 22/11/2018 - 12:42
          +2

          Also because you felt a need to claim I dont have "true" depression.
          http://imgur.com/xjp5LyV
          Theres my medication. One of about 5 different things I have to take each morning just prevent myself from overdosing again.

          • Samsungnote10 on 22/11/2018 - 14:34
            -1

            @Originality: im sorry to hear that you have true depression,

            thanks for uploading the pic

        • garetz on 22/11/2018 - 12:53
          -7

          Asking for help then shitting on the people trying to help you is not going to be conducive to your well being. True noone has the right to tell you how you are feeling or thinking, but it seems you are just not open to receiving help, and that may be your main problem you need to overcome.

          • RecklessMonkeys on 22/11/2018 - 13:18
            +5

            @garetz: OP asked for help. Not judgement.

          • try2bhelpful on 22/11/2018 - 13:36
            +5

            @garetz: Seriously dude, get off your high horse here. If you can't say anything constructive then get off the forum and stop trying to diagnose other people you don't actually know. Funnily enough this isn't all about you.

          • Originality on 22/11/2018 - 14:04

            @garetz: I asked for financial and situational advice/help. Not for you to tell me what my struggles are or aren't.

            • garetz on 22/11/2018 - 16:40
              -1

              @Originality: People cant help you if you are deluded, you obviously need professional help, people on ozbargain are not professionals, you asked for help, but then when people offer help what do you do ? Say you dont understand me, of course we dont understand you, we dont even know you, you just gave a small amount of biased information about yourself, then expect people to what ? Tell you exactly what you want to hear. Well unfortunately the world doesnt work like that, go seek professional help, thats the best advice anyone can give you. I know i am arguing with someone with depression who is self confessed suicidal and has mental problems, so there is no point in continuing to argue with you. See a specialist.

    • Originality on 22/11/2018 - 12:32
      +2

      "there are alot of depressed people out there who dont go into huge debt by buying crap."

      You're trying to claim all people with depression are the same.
      I buy "crap" because when I get it, it gives me a burst of temporary joy that I have a new item.
      I buy stuff I don't have or thats better than what I have because my mind craves joy, so the few days I get out of new things drive me to buy more.
      Its just like a drug addiction, but this one helps me not feel like killing myself.

      • garetz on 22/11/2018 - 12:55
        -1

        Not quite, i am saying the exact opposite, i am saying not all depressed people feel the need to go into a debt spiral. You should treat your depression and need to buy things that gives you as you say temporary joy as 2 different problems, and not blame one on the other. You need to separate the two as you are treating them as the same issue which they are not.

        • abb on 22/11/2018 - 17:39

          i am saying not all depressed people feel the need to go into a debt spiral

          And not all people need help with their budget. But that's irrelevant because we're not here to discuss all people, we're here to advise OP.

          Are you an accredited expert in treating depressed people? If not, well, OP's experience is of buying shit due to depression, so take their word for it.

  • Samsungnote10 on 22/11/2018 - 01:35

    Im not even remotely in high income bracket.and no bad debts

    But using your macbook example, my last two laptops i paid $420 and $850

    Puts things into perspective

    Wouldnt even remotely consider a $3k to $6k laptop

  • PlasticSpaceman on 22/11/2018 - 08:01

    14 to 16 hours a day doing something that's ok but not really what you want to do is not really sustainable, and will not be helping with your depression. I would talk with your boss and see if you can reduce the amount of time you're working for them. It will no doubt mean a drop in income, but it will free up your time to relax and do something that you truly enjoy.

    I suspect that you are under estimating your monthly outgoings - $200 per month for food is unlikely unless you are living off ramen noodles - in which case poor diet is another likely contributing factor for your depression.

    So. Advice.
    1. Talk to your boss and discuss reducing your hours. Doesn't have to be immediately, but maybe in a couple of months go down to (say) no more than 12 hours per day and then in 4 months make it 10 hours then in 6 months make it 8. You can still be flexible for them - eg if it's important you can put in some extra time, but work towards a normal 8 hour (or even less if you want to consider making this a part time job and take up something else as well) day. That might make this work far easier to consider doing long term and it means you are building up your career history.
    2. Create a budget, and try to stick to it. In that budget include funds for entertainment, as well as saving for a holiday.
    3. Pay off the loan as quickly as you can. Don't stress about it though - even if you drop your income by half, it sounds like you'll be able to pay that off pretty quickly.
    4. Once you have paid off the loan, look towards saving money. Join a super fund and put money into that. Start to buy some shares in 'blue ribbon' stocks like banks.
    5. Look after yourself. Make sure you eat well and get some exercise. Actively try to keep in touch with your friends - not just through Instagram etc but by physically catching up for dinner etc. If you are depressed, talk to people you trust about it. I am sure that there are people in your life who care a lot about you and would want to help in any way they can, even if it's just being there to listen.

    You are young, and have a great future to look forward to. Enjoy it!

  • PJC on 22/11/2018 - 08:29
    +1

    You need a cheap hobby. If a hobby gives you some inner peace, that reduces your depression.

  • bremo on 22/11/2018 - 08:36
    +2

    Buy a copy of and read the barefoot investor. You won’t regret it’s has heaps of super practical advice for people in your situation.

    • Muimuimorris on 22/11/2018 - 10:07
      +1

      I agree with Bremo. Two books that turned me off wasting money are: 1) Barefoot Investor for Families by Scott Pape and 2) Spark Joy by Marie Kondo. Super practical tips on what to do to help you curb your spending and how to better manage the money you alreaady have.

  • RecklessMonkeys on 22/11/2018 - 10:27
    +1

    Check out the Kogan Mobile deals elsewhere on Ozbargain. $130 a month for phone and internet seems pretty hefty.

    I agree with others that you must address your depression as well the financial matters.
    Exercise is proven to have a positive effect on mood and stress management, but getting started can be tricky - and must resonate with you, otherwise it won't be sustained.
    Keeping things simple is a good way to do this. I suggest push-ups and squats. No equipment or gym membership required! Try it as soon as possible, but take it easy initially, as you don't want to over do it. You'll find you get better at them quite quickly, and it can have an immediate effect on your mood.

    It sounds like you might be trading, which can wreak havoc on one's emotions. Since you're at it for long hours, you might considers taking regular days off.

    Also - be kind to yourself :)

    Best of luck.

  • huggzz2u on 22/11/2018 - 10:59
    +1

    It’s difficult to break habits I would suggest to see a psychologist your GP can get you discounted rates on a mental health plan and maybe some for free. Find one that you like. Pyschologist are like doctors you should give yourself a fighting chance and shop around for one you feel comfortable with. I was studying psychology and found myself in a rough patch. I never thought I’d need one but he has helped to remind me things I’d forgetting and told to stay on track.

  • try2bhelpful on 22/11/2018 - 11:34
    +2

    Good for you in recognising you have an issue and trying to fix it.

    • I would try to understand what are your worst "trigger" spending habits. These are the ones you need to minimise first.
    • With websites what I do is go through the motions of purchasing then just not buy at the last minute. I leave abandoned carts all over the place. I usually find that I can get the same product cheaper if I wait a little bit longer, so it is just a bit of a "window shopping" game. You can do the "this is how I would use it" followed by the "this is just going to clutter up my house and lay abandoned" discussion.
    • Tidy up your house, you will probably find you have a bunch of stuff you forgot you had that can act as a substitute for buying new.
    • If you absolutely feel the need to shop then wander down to an Op Shop and browse - you can't get in much financial difficulty there.
    • I would join the local library - they have books, DVDs, etc. It costs nothing.
    • If you have a smartphone there are plenty of freebie apps you can use to help yourself get fit.

    Best of luck with your future.

  • sheepzpal on 22/11/2018 - 15:22

    You earn more than 10k a month…. Your financial situation seems a lot better than most other 24 yr olds here…

    • DiscoJango on 22/11/2018 - 15:57

      its called a humble brag disguised as a mental health issue

      • Originality on 22/11/2018 - 16:30

        Yeah you're right man. I decided at 8 to have severe suicide and depression issues just so at 24, 16 years in the future I could flex my 10k earnings that I knew were totally coming 16 years in advance.

  • Tightpocket on 22/11/2018 - 15:30

    Log off or even delete your social media account, this way you eliminate the need to have the latest off everything and you feel better when you stop comparing yourself with other people on instagram/facebook.

    If i'm almost homeless, I wouldn't even think of getting a laptop..its time to save up and pay the debt first and foremost, after that save up for rainy days, after that actually save up for your future.

  • DBBROS on 22/11/2018 - 15:31

    I'm no good as a financial advisor but for your depression, find a good GP, stay away from alcohol and get a motorcycle

  • DiscoJango on 22/11/2018 - 15:57
    -3

    lol

  • [Deactivated] on 22/11/2018 - 16:57

    Talk to GP and get a referral to registered psychologist. They can help with your depression and any other related concerns such as the spending.
    Maybe not the easy answer, nor the fastest way to deal with your problems. But a permanent and ongoing solution, ie. Psychologist can use psychotherapy to help both your depression and bad spending habits, as a permanent fix.
    10 registered psychologist visits per year available free under medicare, just get referral from GP

  • zooter on 22/11/2018 - 17:08

    This is completely ridiculous….

    Your total income = 10,000 (assume before tax)
    After tax income = between 6000 to 7000 (depending on what exactly you do)
    Total expense per month = 1770
    Surplus per month = between 4,000 to 5,000

    Easy enough to pay off your bets in 6 months or so even if you just pay back 2500 per month

    AM I missing something here?

    • abb on 22/11/2018 - 17:41

      This income isn't permanent as its requiring complete attention from me for 14-16 hours a day.

      • Originality on 22/11/2018 - 17:52

        Yeah, I also have a bad spending habit and want to make the most of my situation.
        I don't want to just make good money for a period of time and waste it.
        I've been there before. I was given a large sum of money as a victim of crime from when I was 8-9.
        Managed to waste it on other people in 3 months and the only reason it took 3 months was my daily eftpos withdrawal limits.

  • HeWhoKnows on 22/11/2018 - 18:04

    If you have identified your problem already (Depression) then go get some help

  • Moderatorscrimshaw on 22/11/2018 - 18:05

    Req: Thread closed.

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