Flat Eric tries again ....

Flat_Eric

In August 2010, I decided to attempt a 130 day no spend challenge. details here

Then I started this challenge then I attempted this challenge and then finally i tried this

You will not be surprised to read that I wasn't very successful in my challenges and instead of persisting with them (the one retailer, one month, no spending ban challenge in particular) I chose to forget about them.

I have been following this very interesting thread
which has given me a lot of food for thought. It reminds me how poor I am with my money and how I have a very frivolous attitude to it. I see any money I have as money to be spent including money that isn't mine - overdrafts/credit cards etc.

Its approaching almost a year since I started my first challenge. I find this quite shocking particularly as my spending habits haven't changed one iota.

I have decided that I am going to start afresh and begin a new challenge.

The basis of my challenge is that starting tomorrow, for the next 180 days, I am not allowed to spend any money on any unnecessary items.

When I get my pay at the end of August, rather a lot of it will get eaten up by my overdraft. This is simply because I have spent far too much on Ama$on and far too much on my hobbies (cross stitch and reading).

I don't need any more books, certainly don't need any more craft supplies and have enough soap and toiletries to open up my own shop! I have well stocked food cupboards and generally could survive very well without spending anything other than paying for the essentials.

Unlike my very first challenge, I'm going to relax the rules a little bit so that I don't set myself up to fail from the very beginning.

The basis of my challenge is that it starts tomorrow, 14th August 2011 and ends on Friday 10th February 2012. So a total of 180 days.

In my next post I shall detail the *rules* of the challenge (for want of a better word) and I shall set out what I aim to achieve.

Please feel free to join me in this challenge. 180 days might seem a bit crazy but I'll explain more about that in another post. Even you just want to join in for a week or two or perhaps a month then you are more than welcome :j Thanks for reading. Flat Ericxx

Hovel_lady

Good luck and look forward to hearing more

Flat_Eric

The aim of this challenge is simple. I want to be able to appreciate the value of money again. Something which I refer to in the first challenge I attempted here.

I don't want to rely on my credit card to fund Christmas and spend the next 9 months paying it off (like I did for xmas 2010). nor use the credit card to pay for the grocery shopping because I've spent the money on unnecessary items and I'm too overdrawn to fund the food bills.

I want to save enough so that firstly I can have a holiday and secondly have the money to enjoy it without worrying about what everything costs.

I know what I'm spending all my money on because I keep a detailed spreadsheet but despite seeing in black and white that I'm spending quids on unnecessary on-line shopping, I continue to spend money like its going out of fashion.

Its got to change.

ZTD

Flat_Eric wrote: »

I know what I'm spending all my money on because I keep a detailed spreadsheet but despite seeing in black and white that I'm spending quids on unnecessary on-line shopping, I continue to spend money like its going out of fashion.

Its got to change.

Do you know the reason why you're spending?

Flat_Eric

I don't want to set myself up to fail before I start as has happened in previous challenges but I have to realise that unless I set some basic ground rules, I'm going to attempt the challenge with gusto for a short while then slowly but surely revert back to old habits....

I don't want to be too strict with myself but at the same time, I don't want to be too relaxed.

The basic aim is that from tomorrow until the 10th February 2012, I will refrain from spending any money with any of the following retailers or items.

Ama$on
on any cross stitch related stuff
books
other crafts
ebay

This list may get added to!

added 14/8/11 - no lush purchases!

chickywiggle

goood LUCK!! Think I may join you (nooo can't not spend on fleabay....mustttt buyyy)..... lol.... will detail my challange on mine in a bit. think a bit of lots of challanges in one is in order.

Marru

Hi FE, I am going to start in September looking into putting my income into pots leaving something for treats and fun stuff. Haven't figured out the percentages as yet, need to update my budget for that.

More about this idea from fellow MSEers blog HERE.

I thought it would be more achievable if you had a budget for everything including some for treats.

Flat_Eric

one of the aims of this challenge is to reduce / stop relying on my overdraft. so going to record details here each month to see how my overdraft will reduce over the coming months....

Back in a couple of weeks :j

Flat_Eric

I think its day 3 of the challenge today and its early days. As the challenge draws to a close next year, it will be strange to think back to these early days because the 10th February seems such a long time away at the moment.

I don't regret starting the challenge on sunday and before all the finer details were worked out but thats only because its hard to change the mindset from spending as I pleased without thought or reason to stop spending altogether (Well on non essential items anyway).

I've already had my will power tested. I am reading a book from the library at the moment. Now I am making very slow progress with it and I know I won't finish it before its due back. Its unlikely I will be able to renew the book because its a relatively new book and when I borrowed it, I was given a shorter loan period than normal. Anyway, I was very tempted to orderit from ama$on this morning. Justifying this because (1) it will give me lots of ideas for future authors (to hire from the library of course!) and a donation gets make to charity for each copy sold. Its early days of the challenge - one early slip won't matter. Anyway, I have arrived at a solution that tickes all the boxes. :j

I have accumulated £12 odd in nectar points so have ordered an amazon voucher. When this arrives, I shall order the book. This means I won't have spent any money yet I will get the book.

I feel this is a sensible solution. My overdraft/credit card don't increase and I get the book I want!

Thoughts ?

chickywiggle

a very good solution!!

p.s. discovered yesterday i can use my nectar points @ vue cinema so they are paying for me to take toddlerwiggle to see the new thomas film. (not till september but its onky got 2 showings so need to book in advance really).

jwil

Hi Flat Eric, great challenge!

I do bingoport and survey sites to earn amazon vouchers - I then use these as guilt free spending. As you can see from my sig, I've had £155 in vouchers so far this year so it's kept me well in books without spending money (other than those I buy at car boot sales). Once I've read the books, I usually resell them so it helps bring in a bit more cash too.