hoow do i stop spending?

snowqueen555

I need to know how to stop spending, I have a maxed out overdraft of £1500 for the past year, it needs to be cleared this summer.

What kinda things do people on here do to stop spending, its an addiction for me I think...

There just always seems to be a reason to spend extra, like a family birthday, christmas, new years, vet bills. Its tough

Thanks

rictus123

Put your money somewhere you cant touch it.

1 thing i do is onto youtube and put my headphones in, a nice tune and just think what life will be like 6 months down the line, debt free, savings building up etc, soon clears my head anyway.

January20

When I find something that I want to buy, I walk away from it. If I remember later on about it, it means I really want/ need it.

I always ask myself whether I really need what I want to buy.

I set myself a limit on presents for family and friends.

Not spending can become addictive too and now I find I question everything I buy. I also take shopping lists with me, be it to the supermarket or the city centre!

All I need to do now is train my 17 yo DD into not trying to spend my money. That's the hard one

Ames

A few things. Firstly, it depends on what your 'poison' is. If it's clothes/gadgets/household stuff, then I do the same as January 20. If I like something I leave it, think about it and go back in a few days, if it's not there anymore then it wasn't meant to be. Usually I find when I go back it's not as nice as I thought and I wonder why I wanted it in the first place!

Things like Starbucks are easy to make at home/work with a cafetiere or cheap coffee maker and a bottle of their syrup (last time I bought some it was less than a cup of coffee for a bottle of it).

If it's the act of buying that you're addicted to then car boot sales and charity shops are great, take a set amount of money and that's it. I find if I take a tenner to a car boot I come away with bags of stuff, if I take more than a tenner it's literally too much stuff to carry! There's even ones in winter, so don't let that put you off.

Also, little tips to gradually cut down spending. Have a piggy bank (I have 3). Put all your change in it, not only are you saving, but you're gradually cutting down the amount you have to spend, if you're like me you'll take a tenner out of the machine, buy what you want and waste the rest, this way you can save it towards something you really want/need. I'm about to start doing the same virtually - move any 'change' from my main account into a spare one.

When I first started cutting down, I moved all my money into a spare account at the beginning of the month, then transferred things across when they were needed - that was everything, for food/bills/petrol. It meant I had to think about spending, because I'd have to transfer the money first.

I've got an ISA which I move money into for yearly costs/debts at the start of the month.

Having a budget and separate purses for food/spends etc helped too.

Also, a spending diary is brilliant, you can see where it's going and then you feel sick that you're wasting money on something and so you cut it out.

I think that's all I've done.

Esqulax

See if your bank still does banking books.. if so, trade your card for one, and at the start of each week withdraw the money you'll need to pay any ills (if theyre not direct debited) and say £10 fun money. if you want a drink with your mates, its out of that tenner. if you have any left from your tenner at the end of the week, its a bonus! you can add it to next weeks tenner! if you want a big clothes splurge, you'll have to wait 3 or 4 weeks, and REALLY look for bargins!

webitha

i second the idea for the spending diary, when i first started mine last jan 1st, i spent a lot of time writing in it :rotfl:, but as the months went past, and i was reveiwing what i had bought, the items went down.
In june,i only had 6 things written in it, and that was the grocery shopping

dib-dab

Like Ames I also transfer money at the beginning of the month instead of waiting to the end and seeing what is left. So at the beginning of the month work out exactly what you need to spend for the month including presents, nights out etc Then put the rest of the money straight to paying off your debt. But as yours is your overdraft then instead of putting the money somewhere else like if it was credit card debt then call the bank and reduce your limit each month until it gets to zero.
And what I find really good is to only use cash - so instead of spending on a debit card then withdraw cash and then you have a much better idea of what you are spending. And when you have run out then that's it - you just have to say no to going out or whatever, just make up an excuse if you don't feel comfortable saying you can't afford it. Friends will understand. It is hard to stop spending when you are used to it but it will be worth it when you clear your overdraft. Good luck!

computershack

Two ways to stop spending:

1) Hand over all your finances to someone else.
2) Willpower.
3) Bankruptcy.

1 also needs 2 so basically it boils down to willpower. Nobody else can do this for you other than the Official Receiver and you don't want to go there. Even then, it only stops you spending until you get money in your hand again.

Bogof_Babe

I second the suggestion of charity shops. There is the added buzz of finding genuine bargains there, plus the fact that you can go out with a fiver and feel rich if you just stick to charity shops. I rarely go into normal shops now except for food and toiletries, and even then I stick to Aldi, Iceland and Asda.

mumcoll

I will pick something up that I 'want' and carry it round the shop in the basket for a while. Before I go to the checkout I will ask myself do I really want/need it. Quite often I will put it back.

It's strange it sort of satisfies the need to have it - I think I trick my mind into believing that I own it for the time it's in my basket but haven't paid for it. It's worth a try, even if it only cuts down the amount you buy.

Also, recognising the difference between need and want.

Lottebear

1. Set your self a limit
2. Take only cash with you.
3. One out on in policy, therefore you only replace broken and worn out things.
4. Sell off anything you no longer like or need and use only this money to use for new purchases.