QUESTION: I am asking for your personal advice with regards to my disease in deplorable spending habits. I am a full-time student and a worker who earns $45,000 at the end of the month. My year's tuition is $180,000 and my monthly rental and food costs are $15,000 and $6,000, respectively. I have a company vehicle so I don't purchase gas, nor do I maintain it.

I am a part of a partner in which I throw three hands at $5,000 per hand. I receive six partner draws per year, which I use to pay my school fees.

My problem is that I have no savings because as I deposit money in the bank I seem to withdraw it the following day with the devious debit card (should I lose it?) I tend to spend on whatever I see that I like, and tend to party until my money runs out. If I have $15,000 on Friday it is finished by Tuesday.

I have no precautionary money. All I seem to have is transactional and speculative money, but I would like to develop a saving habit whereby I can generate an unlimited resource of financial wealth through saving. How do I do that? I am asking please if you could assist me to correct my bad spending habit.

- W. Roberts

PFA: There are some positive things about you. You are honest with yourself and able to diagnose your own situation. When you set a priority, you treat it as a priority as you have done with education. You recognise that you need to change and seem prepared to do so.

Importantly, you know that you must save if you are to have financial wealth, even if you have not been disciplined enough to practise what you know.

You can build on the above to correct your problem. One way to treat your spending disease is to put the money out of your reach, as happens when you throw partner. If there is one good thing about the partner plan it is that it takes money out of your hand and forces you to keep your commitment to save. Granted, you don't earn on your funds and it is a system based on trust, but it has been beneficial to you.

Ways to keep your money

You must find a way to keep your money out of your reach. However you eventually choose to save or invest your money, put in place an arrangement where the funds go to your investment account directly from your salary or your savings account.

But first, it is important to set clear goals and a time frame within which to achieve them. You should also know how much they will cost so you can know how much to save. Rank your goals in order of priority - your most important goal first.

Question every spending decision. Ask yourself what is the true value to you of the things you spend on. How much value does partying add to your well-being, for instance? Does it contribute to the realisation of any of your more meaningful goals? How else can you spend your time with friends without spending as you would at a party? Try to understand why you find partying so attractive.

Calculate wasted money

Determine if the things that you see and like really add value to you. Calculate how much the money you waste or overspend would be worth if you invest it. Compound that value over several years and decide if you can afford to lose that amount of money.

Make a budget. Set clear spending limits for each item or category of items. Stick to your budget. Review your spending regularly. Make yourself accountable for your spending to a trusted family member or friend.

Don't lose your 'devious' debit card; the finder may use it. Cut it up if you must but don't replace it with a credit card. Keep enough cash to make your planned purchases. Make a shopping list and stick to it.

Remind yourself of the benefits of saving: the availability of funds for emergencies, the ability to acquire the things that can really add value to your life, and peace of mind. Never lose sight of the bigger picture. Have the end in view.

Take the advice of Brigham Young: "If you want to get rich, save what you get. A fool can earn money, but it takes a wise man to save and dispose of it to his advantage." Build on your wisdom.

Oran A. Hall offers free advice on money management and personal finance. Email: finviser.jm@gmail.com.