Scaring myself out of spending!!!!

frazzmunch

Morning all....:D

I had come to the conclusion that I needed to find a new way to put value on things and decide whether they are worth the money..mainly to help me stop spending...:o..so I have come up with a ploy which i thought I would put on here in case it is useful for anyone else!!!

I have worked out what my hourly rate of pay is after I have taken off the percentage required for my fixed expenditure and now work out how many hours I have to work to pay for each item.....

I can tell you it has really brought things into focus:eek::eek::eek: it is a shock tactic which has really helped.....those pounds which slip through the fingers every so often suddenly feels like an awful lot more when I think of how many work hours I will actually have to put in to cover them!!!;)

Anyway, just thought I would share...:D

LilacPixie

oo not a bad idea actually, especially if your income is lowish/essential spends high.

CathT

I have used the demotivator tool on here before and it really does shock you! Think I should try it again so thanks for the reminder ;-)

getmore4less

I found annualizing costs across catagories helps a lot

eg: weekly take away, £10pw is £520py which is a holiday

or doing value comparisons

meal out == £25 == weeks shopping

Brallaqueen

That's a good idea - I'm using it to justify taking back a very nice work suitable tunic I bought in a moment of weakness (£28!). Almost five hours work that dress cost me...

Bravepants

Well rather than scare myself, I thought I would have a plan where every time I spend money on something for myself I would pay the same amount of money off the mortgage, on top of my normal overpayments. So far I owe the mortgage account about £500 though! ;-)

black_taxi_2

you see lottery winners buy the big house ect

but forgetting the extra living costs/upkeep and because they stopped work or the wage doesnt relate to size of property the money drains away.

or the person who gets promotion wage rise

takes on more financial comittement and ends up worse off(that was me)

it is what you SPEND

all the best