Impulse Buying

gizmorat · 16 July 2015 at 10:42AM

I essentially did what poppasmurf_bewdley and greensalad have suggested.

In more detail.

Write down a shopping list of what you need then only buy what's on the list when you shop.

Have a separate list of stuff you want with the date next to each item, if you still want it (and have budgeted for it!) a month after you wrote it down then buy it, otherwise cross it out.
Every time you add something to this list, look at the previous items. For those that you bought, do they still give you benefit?
For those that you crossed out, how do they look in hindsight? Why did you think you needed them?

I used to have a weakness for tech gadgets, this method killed it stone dead.

Intangible experiences like festivals, holidays, days out, meals out and so on are more difficult, you have to be much more reflective and honest about what lasting benefit you got and even what aspects you enjoyed.

If this soft method isn't for you then the next step up is a forward budgeting method, which will give you concrete stops on your spending.

greensalad · 16 July 2015 at 11:04AM

Also I keep a Pinterest board called my 'wishlist' where I pin items I would like. I rarely buy from it, but if there is something I REALLY want I generally wait a few months, keeping it on the board and looking at it regularly. Then if I have wanted it for a few months and have some cash I can consider buying it. Though I try not to, as debts come first.

It also works well as a Christmas list!

rockm87 · 16 July 2015 at 11:06AM

I have a pinterest board (which is private, so only i can see) If I see something I want I pin it the board (for those unfamiliar it saves the link, with a photo so you can save it and view it later in one place).

then when payday rolls around and I have a budget to spend on whatever I like, I look through the board and see what off my list I want to buy, once the impulse has gone I generally delete alot of the stuff on there (it can be products, services, tickets anything).

Sharon87 · 16 July 2015 at 11:36AM

I've started using YNAB app to see what it's like. But after the free trial I don't know if it's worth buying for 60 dollars!

I have a job interview later. I will resist the lure of Oxford Street which is a short walk away from the company so I won't be tempted! I have enough clothes and shoes!

I've also started ebaying a few items and one already has a bid.

I have also balance transferred from the card I usually spend on and I have set up a direct debit to pay the balance off in full every month to stop me overspending on it. It's a tesco club card credit card and pay for my groceries on it sometimes to get points. But paying it off in full every month will prevent me from spending more than I can afford on it

greensalad · 16 July 2015 at 11:57AM

Sharon87 wrote: »

I don't know if it's worth buying for 60 dollars!

This is so funny. You don't see it being of value to spend £30 on budgeting software that is going to help you get out of debt but impulse-buying festival tickets it SO worth it.

Sharon87 · 16 July 2015 at 12:14PM

greensalad wrote: »

This is so funny. You don't see it being of value to spend £30 on budgeting software that is going to help you get out of debt but impulse-buying festival tickets it SO worth it.

I guess, it's just I didn't expect it to be so much! I've only ever bought one piece of software more expensive and that was Microsoft Office, which was needed for work (and tax deductible)

I guess I will see what it's like to use for a month and then decide.

ShirePiskie · 16 July 2015 at 12:17PM

Hi Sharon

I'm a YNAB convert - take part in the online tutorials, you might win a free copy - but it is DEFINITELY worth the investment. You can usually find a 10% referral code on their forum, or somewhere on here.

If internet shopping is your Achilles' Heel, can you change your card to a cash card only so you spend in cash in person, but can't use it online? I would guess any rewards/ cashback you might be getting from using a credit card would be outweighed by debt, have a think!

Of course there's the old 'freeze your card in ice' trick so you have to wait for it to defrost to spend, but I would agree with others, you really need to find a way to change your mindset, but maybe you can 'trick' your brain in the meantime with some of the ideas you've been given.

Good luck!!

ShirePiskie · 16 July 2015 at 12:26PM

Also, have you read this? -

http://www.moneysavingexpert.com/family/stop-spending-budgeting-tool?_ga=1.114707207.1882939827.1422870718

spendaholic1986 · 16 July 2015 at 12:47PM

Hi Sharon,

I am currently trying to control my spending and have found that having a goal really helps! For me its buying a house with my partner. Whenever I want to spend on clothes/weekends away etc I just think is it worth not getting a house? The answer is usually no! Think about why it's important for you to pay off your debt.

Also if online shopping if a problem for you have you considered a hobby? I took up sewing and crocheting (i'm rubbish) to keep me entertained while watching TV in the evenings instead of online shopping on my ipad! I also now browse the MSE forums daily to keep myself entertained (sad).

Also, if you haven't done already unsubscribe from all the shops e-mail lists, I always used to think 20% off amazing...but 20% off something you didn't plan to buy in the first place isn't a deal!

Maybe start a diary on here? I have one and it's helping me become a bit more accountable for my spending!

Good Luck

determined_new_ms · 16 July 2015 at 12:52PM

OP really sorry but it sounds to me like you haven't *quite* had your LBM yet. I spent years *thinking* I was playing off my debt but was just spending on my cc each month also - so debt went down a bit, up a bit, stayed the same alot etc etc.

Then New Year's day sitting with my best friend and her husband and we were discussing resolutions and I realised I had as much debt as I had had in April the previous year when my nan had passed away and I was given some money which paid paid off the majority of my debts. I made the decision then and there I was going to pay it all off.

But in order to do this I changed the way I used my money. I spent less than £100 on clothes that year, grocery spends reduced drastically, we stopped going out as much (reduced by about 90% of things that cost money to do), looked for lots of free events and things to do, we did go to a festival that year but we raised the cash to do it from selling things and it really was on a shoe string. I think we took 90% of food to eat, drinks and only spent about £10 each.

It sounds like your income means you can afford the lifestyle you are living but you can't without sacrificing clearing your debts and therefore accruing interest each month.

Everyone's lifestyle is different, I live in a small town, near the beach and countryside with my partner. It sounds like you are single living in London? And I'm probably a bit older than you! However there are threads by people living in London who have managed to clear debt and still be young and single and have fun. Look up London Girl's thread for inspiration

Impulse Buying

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