Staying debt free

katejo · 1 April 2015 at 4:08PM

steveouk wrote: »

Hi,

Thank you. I did actually use YNAB trial version last year and yes I think it is good but I am trying to move towards cash spending so that it hurts to spend! Also I had way to many different accounts last year and yes YNAB drew them altogether but in actual fact there was no need for many of the accounts. So I have gone from 5 credit cards to 1, and 5 current accounts to 1. Things were way too complicated!

I think maybe I could use the principle of giving money a job by thinking in advance what my spending will be for the month and dividing up my cash spending money maybe into some envelopes?

I just need to stay away from the credit card as much as possible though there are time when its cheaper to pay by card eg train tickets!

Cash works fine on YNAB. I use it regularly

steveouk · 1 April 2015 at 4:10PM

Yes I suppose its a good scary rather than a bad one. Also I am kind of looking forward to the end of the year...finally hoping for congrats from the other half. She says she is holding her breath which is fair enough given my track record.

I do have to keep resisting purchasing some things though like a new phone or tablet computer both of which I don't really need as such. both the phone and laptop I have at the moment work ok so no need to replace them!

I would like some new clothes but will wait until next month and also think I will ask for vouchers for the shop I like for birthday/Christmas then can get what I like without having to worry so much about the cost.

Pixie5740 · 1 April 2015 at 4:13PM

KirstyO wrote: »

Do I need it?
Can I afford it?

Can I get it cheaper elsewhere?

Pixie5740 · 1 April 2015 at 4:18PM

steveouk wrote: »

I do have to keep resisting purchasing some things though like a new phone or tablet computer both of which I don't really need as such. both the phone and laptop I have at the moment work ok so no need to replace them!

I would like some new clothes but will wait until next month and also think I will ask for vouchers for the shop I like for birthday/Christmas then can get what I like without having to worry so much about the cost.

What is that you get out of buying things even when you can't really afford them? Many people buy things just because it gives them a temporary buzz. Then again some people are thrilled when their purse/wallet remains closed.

steveouk · 1 April 2015 at 4:21PM

I suppose for all of us it can be an element of keeping up with the joneses and just wanting or feeling we need the latest thing.

joeblags · 1 April 2015 at 4:35PM

don't think buying cakes will put you back into debt? lol

just don't buy anything you don't need, if you have no debts don't go living a life of buying nothing so you don't become in debt. if you work there is nothing wrong with spending money on items you might want unless its a computer you said above that you don't even need lol, see far to many people saving every penny for when they are retired, but what about living now when you are able to live a life without wearing nappys and been fed soup because you have no teeth

Pixie5740 · 1 April 2015 at 4:39PM

steveouk wrote: »

I suppose for all of us it can be an element of keeping up with the joneses and just wanting or feeling we need the latest thing.

Does keeping up with the Joneses or owning the latest thing feel better than being debt free and saving up for things you really want? For all you know, the Jonses might be up to their necks in debt.

steveouk · 1 April 2015 at 4:49PM

Yes you are right buying cake etc does not break the bank but spending £5 on average Monday to Friday is £100 plus meals and the theatre etc that can add up! Anyway in terms of having money for the things I want what I am also trying to do is withdraw or set my spending money a little higher than maybe it could be then try to have a little left over each money and keep it aside at home as a kind of reward fund or just to allow for going a little over some months. I just need to be very good for the next 6 months to build a base amount of savings etc. I just want to be able to budget now for Christmas etc.

andyfromotley · 1 April 2015 at 5:43PM

Stay away from shops. Seriously, when i am bored i sometimes wander around the shops in town, i often spend £10/20/30 on nothing in particular!! I am trying to go elsewhere at the moment, country walks etc.

Don't take your wallet/cards out with you.

Going to the movies, take enough for two tickets. Potential overspend NIL!

Pub take enough for what you think you need, it prevents you deciding to get an extra round in or stop off for a curry on the way home.

You get the idea. Avoid spending situations!! It definitely helps me.

enthusiasticsaver · 1 April 2015 at 11:54PM

Use cash rather than cards then you cannot overspend.

At the beginning of the month work out what all the bills are - including paying off credit card bill. Divide what is left into savings and spending money and then the spending money needs to be divided again into essentials - ie food and fuel, and desirables - treats, clothes and entertainment and if it is not set aside do not spend it.

The only way to manage debt is not to succumb to it unless you have a very clear purpose - ie interest free for buying a large item and budgeting to pay over a fixed period. Then you know you are living within your income.

And honestly - £15 for an easter egg is extortionate and I would not buy it. Look for tokens or coupons or pick up a nice one for a fiver in a supermarket.

Staying debt free

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