What are the pros and cons of being thrifty with money?

DX'd - Other
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I am very impulsive on spending money…I got my pay every month and spent it on wants instead of needs.I buy gaming console,digital games,and some on smoke.

For me,if I can be more thrifty,it would be awesome because now my father…who is the pillar and breadwinner for our house is sick…we can afford his medical fee,but I thought if I spent more unnecessary money…what if I needed them in the future for kids(if I ever have them),or when I am physically sick and need lots of money?

What are the pros and cons regarding spending the money you get from work every month?Are you a thrifty or do you spend your money unnecessary most of the time?

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I think it’s important to be sensible with money , but not so thrifty that you suck all the enjoyment out of life . It can be hard to get the balance right. Some months I spend more money than others. I’m not in debt though.

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Im the last person to give advice on money. 4 days after my 2 weekly benefits and ive already burned thru that and the overdraft. Im gonna be visiting the food bank again thursday to tide me over.

Im smoking like a trooper since not boozing so thats £70 for starters on rollup tobacco. And with a fibre broadband package and clearing credit cards, this bloke is brassic again.

Plus i get way too impulsive and buy too much crap off amazon at 2am in the morning when im up.

Thank God my monthly PIP is due this payday.

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If you receive your monthly check via direct deposit you should open a savings account with an automatic checking-to-savings transfer on the same day you receive your check. Try 10% (you can change it). Never touch the savings account (pretend it doesn’t exist).

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@anon17132524 is right. Put some in a savings account every paycheck. That should help.

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I’m on SSI and have a bank account. If I have too much I am disqualified for Medicaid. If I have too little I have overdrafts and may not be able to pay for things. I can’t save too much or too little money for that reason and often have to spend money on things I don’t need while not having enough money for things I’d like to have.

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I have a savings account as well as a current account.

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I guess I’m fairly thrifty. The only thing I really spend money on regurally is food, but there are ways I can save on that. I’m able to save up for other items this way.

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I save and invest like 20% of my income each month. I’ve been doing this for years and years. The only things I ever seem to spend my money on is essentials like rent, groceries, utilities, rental property insurance, things like that, and books.

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