Great 'How do you stop yourself spending?' Hunt

13567

Comments

  • I've given up stopping myself from spending. I'm an impulse buyer and expensive gadgets are my weakness. I then panic and sell them for less than half the original price.

    I did however spend money on a software from the microsoft downloads page - quite a complicated piece of kit worth £60. However I took out a lovefilm rental which paid for the cost of the software, so I didn't spend the £60 on it.

    I did a debt snowball, which is where you input interest rates, money owed etc. and how much you need to pay minimum against your credit card debt/loans etc. and it works out the quickest way to repay your debts using a calculator that is pretty complex. OBVIOUSLY you need to set aside a sum of EXTRA money you will be paying a month for all the debt - for it to work. It tells me exactly what sum of money to pay into the different debts. It also lets me continue with fixed repayments to debts where I can't pay any extra without incurring penalties.

    I did that, and I'm quite happy that I will pay off all my debt by July 2014. The downside is that I haven't quite stopped spending.

    MY ADVICE IS:
    1. Keep a credit card and switch to 0% when you can. To give you a healthy credit score, keep spending small amounts and repaying them with your debit card immediately.

    2. If you think of taking out a loan or buying with a credit card, REMEMBER you are BORROWING from MONEY YOU HAVEN'T EARNT YET. The danger is that you will forever be in debt if you SPEND before you have the money to pay for it.

    3. KEEP A LIST of items you would like to buy. Write down how you feel about the item and what you'd do with it etc. DREAM about owning it. MOST often, we only want to PLAY with a product, hold it, feel the thrill of using it - within 24 hours our interest in that item has gone and we realise that WE DIDN'T REALLY NEED IT.

    4. Most things you find USEFUL are bought after trial and error. Often using gadgets make you realise that you either like them or not or whether they are useful or not. KNOW that anything you buy will become out-dated soon after purchasing it. SOMETHING new will come along and steal the show.

    5. NEVER buy from an app-store, it is ADDICTIVE and a waste of money. Seriously, will you use those apps you bought in a weeks time?

    6. DON'T SIT AT YOUR COMPUTER at home and browse. BROWSING is dangerous. NO COMPUTER, NO INTERNET SPENDING. The way things are these days, people buy more from the internet and less in a shop. REMOVE THE TEMPTATION. THROW OUT YOUR COMPUTER. I used to get headaches every day, and discovered that NOT sitting in front of a computer one day CURED my problem.

    7. What you own or what you wear and how you look DOESN'T make you attractive. It is HOW YOU FEEL INSIDE and whether YOU SMILE. Buy smiles off people - they are free and will make you happier.

    8. DON'T END UP LIKE ME. £55,000 IN DEBT! NOW £35,000. ONE CREDIT CARD, ONE DEBIT CARD, only 3 items on interest-free payments, only 1 on an interest repayment.

    9. I refuse STORE CARDS, I only use store cards that are NOT CREDIT CARDS. I use sites like QUIDCO and wait for sales to buy clothing.

    10. DON'T BUY UNLESS YOU NEED TO. DON'T BUY JUST BECAUSE THERE IS A SALE AND THE OFFERS LOOK TEMPTING. YOU WON'T SAVE MONEY IN A SALE BECAUSE YOU ARE BUYING STUFF YOU DIDN'T NEED.

    11. For me, I suffer from an addiction to spending. It is real. It exists but I have suffered with little peace of mind.

    12. LIFE WILL GO ON.. you will be left high and dry.. BEING IN DEBT IS ACCEPTABLE .. NO! IT RUINS YOUR LIFE .. DEBT + DIVORCE = SUICIDE!!!!!
  • Twit_Head
    Twit_Head Posts: 706 Forumite
    First Anniversary First Post Combo Breaker
    I'm on a DMP (debt management plan) because my finances went bottom up a couple of years ago. (Mainly due to loss of income, but also made impulsive purchases sometimes.)
    I live to a very strict budget, with every spare penny going to pay off the debt. I've learnt now how retailers etc work to capture your interest (and cash!)
    If only I'd known then what I know now :o , and could foresee how hard it is plugging away to repay debt!
    My idea of a treat now is a coffee in a supermarket cafe.
    Moral - before you spend do you really need/want it and are you prepared to pay the REAL price?
  • Pisces
    Pisces Posts: 224 Forumite
    I ask my husband if I should buy whatever it is I'm desperate for, not because I need permission, but because I can always rely on him to question if I really need it or remind me that I already have something similar. It stops me in my tracks every time.
    Go your own way..

    Virtual sealed pot challenge member #103
  • Spend time and work out what you earn per hour - net. For rough guide, just take you net pay and divide by 150. Say it comes out as £10 per hour. When you are thinking of spending, instead of just thinking shall I spend £30 on this top, think would I spend 3 hours at work in exchange for this top?
  • babyshoes
    babyshoes Posts: 1,771 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    For any item over about £2 I go away and come back to it later - whether that is the £3 item I come back to at the end of doing other, needed, shopping, or a larger item I will come back to another day.

    I have also started reviewing my basket in cheapy / pound shops on my way around or when I get to the queue, and ask myself if I actually need or really want each item. Quite often I will take something out just before I get to the tills, usually thinking 'naaah, I don't need that'...
    Trust me - I'm NOT a doctor!
  • browneyedbazzi
    browneyedbazzi Posts: 3,405 Forumite
    I've been Money Tipped!
    I find that thinking about things in terms of how long I'd have to work for them is a good system...I even used it with my nephew when he was little and didn't understand money/prices - but appreciated the time I spent with him. He used to ask me 'how long would you have to work to buy me...?' If it was more than an hour or two he'd usually say he didn't want whatever it was that much. He's 15 now and I doubt he'd answer the same way but it was sweet when he was little!
    Common sense?...There's nothing common about sense!
  • alevin
    alevin Posts: 7 Forumite
    First Post First Anniversary Combo Breaker
    If I see anything I really really want, I don't buy it straight off.Even though the object of my desire might be at a super sale price, I give myself a fourteen day cooling off period. By this time I've usually gone off the idea and fixated on something else.More money in the bank, less crap in the house!
  • I ask myself if I really want it in my house and picture any cluttered area at home that I'm having trouble clearing out. Often the thought of adding to it is enough to put me off.
  • Willow92
    Willow92 Posts: 2,186 Forumite
    First Post First Anniversary Combo Breaker
    I just can't afford anything so I can't buy much... :p
    Savings £8,865.22 £/15,000 Aiming to save enough for a house deposit.
  • I keep very little cash in my current account. Knowing your debit card will be declined for impulse purchases is a great disincentive to spending.

    Looking at the spreadsheet I know when money will be needed in the current account for direct debits and bill payments. The day before, I move money from my savings into the current account.

    Same goes for grocery shopping. The money stays in the savings account until just before I head for the supermarket. I only move enough for that day's shopping - and I'm a very canny shopper, taking careful note of value for money!:D
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards