Great 'How do you stop yourself spending?' Hunt

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  • clangnuts
    clangnuts Posts: 188 Forumite
    First Anniversary Combo Breaker First Post
    I try not to buy anything I don't NEED.
  • ElleR
    ElleR Posts: 43 Forumite
    I recently unsubscribed from emails to stop bargains being sent to me. The Body Shop offers were too tempting! And not going to any shops unless I actually need something and when that is I just buy what I need. It takes will power some days. :) I've been keeping a spending diary too for the last few months. The 'other' list was way too long to start with. I've got a lot better and have finally started building up my savings.
  • Willow92
    Willow92 Posts: 2,186 Forumite
    First Post First Anniversary Combo Breaker
    The only emails I get tempted by are the freebie ones :D
    Savings £8,865.22 £/15,000 Aiming to save enough for a house deposit.
  • stellar2011
    stellar2011 Posts: 33 Forumite
    SparklyJB wrote: »
    I used to have one bank account into which my salary went every month and then I would roughly work out how much would go out and how much I could freely spend which usually left me overdrawn as I never got it quite right! When I bought our flat a few years ago, I really wanted to take control of our finances and read about the piggy bank technique which I now swear by - I hold several accounts with two banks and each one has a specific purpose, i.e. holidays, food shopping, christmas/birthdays/special events and an actual 'piggy bank' for my little luxuries. Every pay day, my salary gets divided up between the accounts, with all direct debits coming out from the main account on same day each month so I know when to expect the money to leave. I then also know how much I have to spend on the food shopping each week (divide it by 4) and I use moneysupermarket.com to get the best deals (I am no longer a loyal supermarket shopper, I'm a deal hunter!).

    Only 2 of the accounts (piggy bank and food shopping) have debit cards so there is no chance of me 'accidentally' spending money from the other accounts whilst out shopping - and if I do see something I 'can't live without', I have to log on to my online account and transfer the funds, by which time I've probably already decided I didn't need it anyway! I also no longer carry cash to avoid small impulse purchases which all add up.

    Friends think I'm mad and a little bit obsessed (probably am, but at least I'm steadily saving each month!), but by using this technique, I know exactly how much I can spend on various things each month and I never go overdrawn anymore.

    Organisation is definitely the key!!

    See, I'd love to do this, and I'm full of admiration Sparkly for your efforts. I have the same problem with keeping a mental budget - but I'm easily tempted by travels, presents for people and right now the sales!

    I already have a few accounts with the same bank (household account for rent and bills, current account, ISA, e-saver). The e-saver is where I put my rent from payday until the day it's taken out - there's a three week lag. So I don't feel I can really use it to also save for holidays etc, although I suppose it wouldn't be too confusing.

    Is it quite difficult to open lots of these small accounts? Does it look funny on a credit rating? Should they be with different banks?

    Thanks all.
    here's to a stellar2013! :beer:
  • Blairweech wrote: »
    I keep a picture of my dream house in my purse, so I know where I *really* want to spend my money. I also think about how many hours I would have to work to pay for my purchase, which soon makes it not worth the effort involved![/QUOTE I started to keep my receipts for a month to see what I was spending on non essentials - Month 1 = 400.00 and after three months I am now down to 100.00 plus I walk to and from work so I have stopped carrying my purse, I am now fitter and finances are looking better..:A
  • I don't go shopping unless its for groceries and I make a list, whilst I always don't stick to it I try to. I will buy something that is on offer and will stock up on it but only if I know that I am going to use it.

    So I would say not to have cash in your purse/wallet or just have notes then you are less tempted to break into those.
    Total debt £[STRIKE]37864.78 [/STRIKECOLOR=purple][FONT=Arial Narrow][SIZE=1 [/STRIKE][STRIKE] £31681.03[/STRIKE] -[/SIZE][/FONT][/COLOR]£16700
    Paid off so far.....[STRIKE]£15495.84[/STRIKE]£20364
  • Brallaqueen
    Brallaqueen Posts: 1,355 Forumite
    Don't bring cash or cards with you to work unless you really, really need them. There is always someone in my office popping up the shop and the temptation is awful. If I have no money at hand it is easier to say no.
    Emergency savings: 4600
    0% Credit card: 1965.00
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
    surfsister wrote: »
    If I go to town I treat myself to a posh coffee

    That's the whole point really - making things a treat and savouring them, rather than it being just a mindless habit. I buy a coffee from the train station around once a month when I go to London for work - it's a real treat that I savour (although I enjoy the 5th coffee which is free most :rotfl:).

    I'm almost 50 and hope to retire to Spain at 55. To do so I need to pay off several mortgages, then sell up btl's and live off the equity until the pensions kick in. In theory :o. I need to pay off £72 a day to do this (admittedly I do have a few rental payments to help), so every £72 spent puts retirement back a day. So, for larger purchases I ask myself 'do I want xxxx or do I want to sit on my terrace?'. For smaller purchases it's 'do I want to spend on this, or use the £3.01 (approx :D) to retire an hour earlier.

    Having said that I have been known to shut up this voice with a nice dress. Especially when the Hobbs sale is on :rotfl:. Have also managed to justify buying new sofas on the basis the current ones won't last 5 years so I might as well buy them now and get 5 years use out of them :rotfl:
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • infj
    infj Posts: 68 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    As I mostly hate my job and the government keeps moving the goalposts as to when I can retire, I too find working out how long I would have to work to pay for something is very effective. The only things I have trouble with are chocolate (as my expanding stomach shows) and books. I use the public library a lot (until the government takes that away too anyway) but I have a bad habit of buying too. I do it the moneysaving way though - I have a budget for books and look for best price and I use GreenMetropolis to buy and recycle them.

    If anyone can solve the chocolate problem, my weighing scales will thank you!!
  • thatsean
    thatsean Posts: 992 Forumite
    See, I'd love to do this, and I'm full of admiration Sparkly for your efforts. I have the same problem with keeping a mental budget - but I'm easily tempted by travels, presents for people and right now the sales!

    I already have a few accounts with the same bank (household account for rent and bills, current account, ISA, e-saver). The e-saver is where I put my rent from payday until the day it's taken out - there's a three week lag. So I don't feel I can really use it to also save for holidays etc, although I suppose it wouldn't be too confusing.

    Is it quite difficult to open lots of these small accounts? Does it look funny on a credit rating? Should they be with different banks?

    Thanks all.

    that's up to you really. I run a similar system:

    Main account with Santander - Wages in, tuition fees and bills out
    What's left goes to a cashcard account with Santander - for day to day spends

    A s/o from my bills account goes to longer term "purchase/emergency" savings (the car i'll need when I finish uni, a savings buffer in case i lose my job etc) this is a Tesco bank internet saver

    Another s/o from my bills account goes to an "all about me" cashcard account, also with Tesco, this is earmarked for clothes, new gadgets, holidays etc.

    If I see something small and I can afford it from my day to day spends, then I know I can buy it without the risk of bills going unpaid.

    If it's something bigger, then I know I can buy it now, and defer a holiday - without my emergency fund being compromised.

    It takes a bit of discipline to set this up, but I've found it works, I've alway got the cash to take advantage of a sale that offers genuinely good value (5 tshirts for £22 in gap last week), yet by having on internet account, and only carrying my day to day cashcard, I stop myself from making a larger purchase without double checking that I wont screw up the best laid plans.

    Also, as life is for living, I keep a small balance (<£50) on a prepaid Mastercard to buy the odd latte or nice sandwich.
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