Trying to figure out spending limits on fun stuff

PinkTwirl

Hi,

I'm just wondering what the best way is to debt free? Is it possible to go 18 months without any treats? Should it be one treat a month, and cutting back on everything luxury, say £40 a week for food, etc?

I am still trying to work it all out. Maybe things like clothes and fancy meals are out, I can understand that, but is every once in a while ok? What about chocolate, alcohol, etc? The reason I ask this is because I am wondering if I am deluding myself still.

I'm worried like hell about my debt and want to clear it, I'm not looking for anyone to make decisions on how I should spend my money, I'm just wondering if I am still living in cloud cukoo land, wondering what everyone else does (or doesn't) and trying to make that LBM stick which I am having real problems with at the moment.

Thanks

~Beanie~

PinkTwirl wrote: »

Hi,

I'm just wondering what the best way is to debt free? Is it possible to go 18 months without any treats? Should it be one treat a month, and cutting back on everything luxury, say £40 a week for food, etc?

I am still trying to work it all out. Maybe things like clothes and fancy meals are out, I can understand that, but is every once in a while ok? What about chocolate, alcohol, etc? The reason I ask this is because I am wondering if I am deluding myself still.

You definately can't go without treats for 18 months, you would soon get bored and have a blow out. Same with clothes and fancy meals. The way to do it is to set an amount each month for these items and stick to it.

For example, I budget £20 per month for clothes at the moment and when it builds up, I go out shopping, or buy stuff on EBay. I budget £90 per month for food, that is just for me and the cat, I don't know how many you are feeding.

Try filling in the SOA calculator and see how much you can afford to budget for each category each month:

http://www.makesenseofcards.com/soacalc.html

I would definately go bananas if I couldn't have chocolate or alcohol!!

doodledo_2

I suppose it depends on what you consider treats really.

I do still have chocolate lol and the odd bottle of wine but not much else.

Its all reletive to your wages and debts too I suppose as some of us may have more room for treats than others.

I do think there needs to be balance though between debt paying and having a life. It's definately a tough call.

clearmydebts

Hiya,

Just wanted to say hi! Maybe if you pop up your SOA it would be easier to see what your outgoings are, what you have to service your debt, and what you would like to keep for treats.

I personally wouldn't be able to do without any treats for 18 months but then I won't have my debt paid off as quickly as other people so I think it is an individual thing.

PinkTwirl

Hi,

Thanks for the replies. I did wonder if I did have any treats in the next 18 months (that is the timescale that I calculate I can save around £19K and my debt is around £21K). Once it gets down to the £2K overdraft I won't worry about that because half the month it should be in the black any way (until the bills are paid!) Then I can take 6 months to save some money towards a car which I will buy hopefully in 3 years (after remortgaging if necessary) so will have another year to put to it and then I can get into a flat of my own instead of staying with my dad. 18 months for the basic debt, 6 months for most of the car money, and then 10 years to pay back what is left over, should be ok in theory. Just so long as I can get another job when my contract ends (that is my BIG worry at the moment).

I will do the SOA, I have got money for treats, but I'm beating myself up for having had about £20K of treats so far and don't think I'm entitled to any more! :rotfl: Guess I'm kind of angry at myself for being so stupid. it definitely was because I wasn't happy, but well, with new things the happiness only lasts about 5 mins anyway.

It's good to know that my treats seems reasonable (in moderation I know).

PinkTwirl

My outgoings are;

Mortgage £647 (Edit: I will get £390 from Northwood every month = 257 which I had already used in my total)
Council Tax 58 (until someone rents my flat from me)
Water & sewage 26
Orange 32
Car Insurance 25
TV licence 11
Virgin 30

HFC for sofas 47
Petrol (roughly) 240 (got 120 miles to drive each day to somewhere really awkward)


Abbey 110
Lloyds 105
Halifax 56
Barclaycard 12
Overdraft interest (lloyds) 36
Overdraft interst (A&L) 5

Total is; £1053 out every month

Salary - think it will be around £1850 as in new job (£29K salary) but not signed up to the pension. Still have pension scheme money from old company that I worked with but going to wait until I get into another company permanently as I don't want to be hopping around pension schemes all the time (might get something independently anyway) but need to try to get on my feet now. I will put some extra money in later when I can afford it (maximum payments in 3 years time I think).

That's it

Miss_Piggy_2

If you try and go without treats for god knows how long, you will be VERY miserable!
I'm on a DMP but still "treat" myself every now and then. It depends what you consider a treat. To me its a bottle of cheap wine on a Friday night, but then I'm easily pleased! Or a new book (from a supermarket, not a bookshop!). Its a case of lowering your standards I suppose. When I was using credit like it was going out of fashion, a treat would be a bottle of Baileys or a pile of books from Waterstones!
Its up to you and what you can afford I suppose!

Miss P
xx

PinkTwirl

Heck,

I just realised that 18*8?? only pays about £15K.:(

I need to save £21K to pay debts plus £8 for a new car. I'm going to be living with my dad for the next 4 years at this rate.

clearmydebts

Hiya,

What do you spend on food? There seems to be a fair bit left over for you to pay off debts and have a good time as well. How much on treats seems sensible to you?

We will soon tell you if it seems unrealistic!

PinkTwirl

Hi,

Well, I have been spending about £20 a week on treats I think. I seem to be spending in total baout £70 in the supermarket each week. Also, in terms of entertainment etc not much but clothes I would say before I was spending abuot £60K a month. I might cut out the clothes.

Need to try to stick to a food budget. I just wander in supermarkets though!

doodledo_2

£20 a week isn't unreasonable I don't think on your salary.

£70 a week in groceries is high but depends how many you are feeding?