Confessions of a Former Shopaholic and the road to redemption!!

futureproof_2

Hello there everyone!

I am long-term lurker and after reading and loving so many of the diaries on here I thought I would give it a go myself. Here are the basics about myself before I get onto my debt (as usual I procrastinate and put debt at the bottom of my priority list!)

I am a student and absolutely loathe hate and detest my course (law) Thankfully there are only another 10 weeks left and I am out into the real world :eek: albeit with a crap degree but I won't be using it anyway as it gives me nightmares

During my studies I stayed at home to keep costs down and also because the thought of living in student accommodation with people who have to lock their food in cupboards and can't wash dishes terrified me. Thank God I did because I dread to think what my debts could have been!

Have a wonderful OH and hopefully we will be buying our first house together when I get a job as we are both totally against renting and are happy to sponge off our parents for another while before taking the next step (also think it may be a struggle to get him to leave home as he is very much pampered by his mother- that will have to be sorted out ASAP! Why do mother's ruin their sons and then we have to get rid of all those bad habits?)

Anyway onto my debts (will post a full SOA when I have finished this post)
I have two credit cards- one is interest free and has £420 on it and the other is £470 but after a bit of a win on the bingo I am going to clear it! Also have an interest free overdraft of £1500 that never seems to make it towards the positive side of 0 (at the minute it is £-1300) To be honest the debt is all my own doing as I am a total shopaholic- my main downfalls are new look and la senza but I am also one of those primark shoppers- forget that 50 bargain items soon turn into a credit card debt Apart from a bulging wardrobe I have little to show for my £2000ish of debt

My goals for this year are to do the following:

-graduate: this is going to be in the winter as I missed two exams due to illness but hey I'd rather freeze in my photos than look like a sweaty betty!)
-save a few thousand for a deposit for a house
-find a job- any suggestions would be very welcome, I have no idea what I want to do next and would try anything (within reason!)
-keep this diary as a bit of motivation
- post all purchases I make on here so that I can actually see what I have wasted and you can all shame me! I honestly bow down in front of anyone that can complete the £100 clothes challenge

As I said my main job at the minute is to start thinking of a career path so all suggestions no matter how random are welcome! Hope you enjoy my wacky world of

futureproof_2

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 5
Number of children in household......... 0
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 530
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 120
Total monthly income.................... 650
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 42.5 This is my bill at £35 and another £17.50 I pay for half of my brothers contract- I took it out to get the free PS3 at Xmas for my OH so my brother took the phone and we pay half each
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 100
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 71.5
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 7
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 471

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Capitalone Card................470.......25........30
Barclaycard....................420.......10........0
Overdraft......................1300......0.........0
Total unsecured debts..........2190......35........-

Monthly Budget Summary
Total monthly income.................... 650
Expenses (including HP & secured debts). 471
Available for debt repayments........... 179
Monthly UNsecured debt repayments....... 35
Amount left after debt repayments....... 144
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,190
Net Assets.............................. -1,690
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

urg123

futureproof wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 5
Number of children in household......... 0
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 530
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 120
Total monthly income.................... 650
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 42.5 This is my bill at £35 and another £17.50 I pay for half of my brothers contract- I took it out to get the free PS3 at Xmas for my OH so my brother took the phone and we pay half each
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 100 Cut this out or limit yourself to 10 or 20 for a few months - it sounds as though you have a fair wardrobe. Give your cupboard a good clear out and I'm sure you'll find loads of clothes that you had forgotton about!
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 71.5
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 7
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 471

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Capitalone Card................470.......25........30
Barclaycard....................420.......10........0
Overdraft......................1300......0.........0
Total unsecured debts..........2190......35........-

Monthly Budget Summary
Total monthly income.................... 650
Expenses (including HP & secured debts). 471
Available for debt repayments........... 179
Monthly UNsecured debt repayments....... 35
Amount left after debt repayments....... 144
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,190
Net Assets.............................. -1,690
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Hi

It's great you have realised that you are on the slippery slope now rather than later (like me!). There are lots of ways in which you can work on saving money. The main thing is to focus on finishing your degree. You may hate it but it will be a great relief when it is over.

My main comment relates to your clothing budget - cut it and you have an extra £100 per month to focus on the debt.

Join the challenges :
NSD (no spend days)
£100 a year for clothing (hard but may be a great way for you to break the habit!)

Have a good hunt around this site.

urg x x

EDIT:
Once you have finished your course - gather your books to sell to students going up to the next year or list them on Amazon - I made about £300 doing this!

beanielou

I suggest you can cut your clothing spends too.
You are in a really great position that you have no day to day living expenses ie rent/mortgage,council tax ect & your debts are really low.
What are you going to do if not law then?

futureproof_2

beanielou wrote: »

What are you going to do if not law then?

I have absolutely no idea- if I didn't think my mum would murder me I wouldn't even finish the course I hate it so much. I would love to do something with children but I also love the idea of owning my own business. I am open to any suggestions!

As for the £100 a year on clothes challenge- I honestly couldn't. It would be like a 40 a day smoker going cold turkey!

urg123

futureproof wrote: »

IAs for the £100 a year on clothes challenge- I honestly couldn't. It would be like a 40 a day smoker going cold turkey!

Okay - why don't you see if you can manage a month without spending a penny on clothes. i am going cold turkey on cosmetics and products - its quite an achievement when you do complete it. Go on - give it a go!;)

urg x x

poorandindenial

Hi there

I am sorry you aren't loving your course, I did law at uni and although I loved it never wanted to practice it. Anyhow I just wanted to reassure you that it is still a pretty marketable degree and gives you loads of transferable skills. Lots of people think of it as a vocational degree but really it is a degree like any other (as you will well know) so hang on in there and good luck for the world of work.

What sort of field are you thinking you might go into?

I am also a reformed shopaholic and probably used to spend £350-500 a month on clothes (and another £100-200 on cosmetics), now I spend next to nothing and am loving 'shopping' from all those things I forgot that I owned in my wardrobe. Give it a go, you might just like it.

futureproof_2

urg123 wrote: »

Okay - why don't you see if you can manage a month without spending a penny on clothes. i am going cold turkey on cosmetics and products - its quite an achievement when you do complete it. Go on - give it a go!;)

urg x x

I did manage to go all of January without clothes shopping but that was mainly because I had no money at all- if my OH hadn't put fuel into my car I wouldn't even have got o uni. This sounds good but in the first week of February I went mad, mainly because my student loan came in and also because I hadn't had retail therapy in so long (mad loosely translates as 7 pairs of shoes and several items of clothing and all I absolutely needed was a dress for a dinner I am going to at the end of the month)

futureproof_2

poorandindenial wrote: »

Hi there

I am sorry you aren't loving your course, I did law at uni and although I loved it never wanted to practice it. Anyhow I just wanted to reassure you that it is still a pretty marketable degree and gives you loads of transferable skills. Lots of people think of it as a vocational degree but really it is a degree like any other (as you will well know) so hang on in there and good luck for the world of work.

What sort of field are you thinking you might go into?

I am also a reformed shopaholic and probably used to spend £350-500 a month on clothes (and another £100-200 on cosmetics), now I spend next to nothing and am loving 'shopping' from all those things I forgot that I owned in my wardrobe. Give it a go, you might just like it.

My main problem is that as well as hating the course I haven't done very well in it- I'm sure that the two are related! Would seriously consider any field, I have no idea what I wanted to do- always thought that I wanted to do law but I have hated it for the last 2 years! Never really considered anything else and now I am stumped

poorandindenial

I am sure that the two are related. The bits I hated I did crap in, the bits I liked I did well in.

I'll send you a PM and outline what I have done since I graduated

Give some serious consideration to the public sector. If you don't think you are going to do too well then it may be worth taking a not quite ideal job to get some work experience under your belt, ideally something that can show relatively quick career progression (possibly admin in a large company or organisation (more about that in my PM) where there are likely to be opportunities for someone bright and motivated)

tiny_courageous

I totally get the primark thing - it's far too easy to walk out of that shop with bags and bags of stuff! Just a thought but you could have a look at ebaying some of it - I've found that some primark stuff that is Brand New With Tags actually sells really well. Maybe challenge yourself that you will only spend on new clothes whatever you manage to make on ebay?