Managing your spending is fundamental to making any progress in your financial life. Way too many people write to me to tell me that they are struggling with this issue. The best way to get a grip on spending is to set up a system that prevents you from spending money that you should be saving or using for essentials.

This method takes no skill whatsoever. It's like bowling with bumpers in the gutters. Sure, you can still somehow screw it up at the very end of the lane, the ball can take a sharp left and only knock out a few pins, but you’ll significantly reduce your chances of that with the bumpers.

Here are the steps to get a grip on your spending.

Step 1: Know how much you need to spend to meet your monthly obligations (Hint: look back on what you spent over the last few months and pick a number)

Step 2: Know how much you need to save so your future self doesn't hate you because they're broke and can never retire.

Step 3: Decide how much you want to spend on fun and nonsense (Hint: Usually, it's whatever is left after bills & savings)

Step 4: Choose to separate your spending or keep track of it with a budgeting tool.

If you want to be able to "control" your spending, you have to choose either track your expenses by keeping a budget (gross) or separating your spending into two different accounts.

Step 5: Use your current checking account for your monthly obligations (bills & life)

Step 6: Open up a new checking account for the non-essentials, discretionary, fun & b.s. spending and use it!

Pro tip: Work on building up a one-month buffer in the bills & life account. You might have to practice austerity until you get that buffer.

Step 7: Decide how your paycheck (or self-employment income) will get split into your accounts.

You can separate your spending from the source (usually HR can do this if you just ask them) or have your paycheck hit one account and then make your transfers (you can set up automatic transfers with your bank).

Step 8: How to not screw this up

Just look at your fun & b.s. account balance before you spend money. It literally takes the effort of unlocking your account with an online app using YOUR FACE or your thumbprint - it’s easier than pushing a button; it’s ZERO effort. Just look at your accounts before you buy a new paintball gun or camera or whatever the fuck you're spending money on.

Lay of using credit cards until you can be trusted not to overspend - otherwise, use a credit card that allows you to put a spending limit on it.

Don't bring your bills & life card to a fun & b.s. situation. Leave it at home if you’re going out.