Flat Eric tries again ....

Flat_Eric

ZTD wrote: »

Do you know the reason why you're spending?

Yes I know why I spend but I don't have the solution to help me stop !

I know that when I was unhappy in my last job, thats when I ran up all the debt.

I am a lot better now but still spend too much and make use of the overdraft and credit card for non essentials without following the mantra of do i need it / can i afford it.

chickywiggle

Flat_Eric wrote: »

Yes I know why I spend but I don't have the solution to help me stop !

I know that when I was unhappy in my last job, thats when I ran up all the debt.

I am a lot better now but still spend too much and make use of the overdraft and credit card for non essentials without following the mantra of do i need it / can i afford it.

much like me lol

Flat_Eric

Over half way? through my first week now and have already fallen off the no spend wagon..... £16.49 spent without due thought or consideration :mad::(:mad: Ordered on spur of the moment the other evening without sleeping on it first.....

So options - could write off the challenge and just continue with my bad habits or could put it down to first week nerves and start again....

so yep - starting again well not starting again but extending finish date to (drum roll please...) 29th February 2012 :j

Flat_Eric

So the challenge didn't get off to the best of starts but hey who said it was going to be easy ?? The whole point is that i learn from it.

I can't expect to wake up and suddenly be allergic to spending money :rotfl:

Anyway time to report my thoughts on how I am going to manage this challenge.

The idea of course is that I stop spending money without considering first whether I can afford it. When I was in my teens, I was given £10 pocket money a month off my mum and dad and £1.50 of my neighbour (75p on wednesday and 75p on saturday) for feeding the cat. So time for Flat Eric to get pocket money!

£10 a month
and £2.75 a week (which is what £1.50 is in today's money) £10.00 would be worth £18.30 but thats too much.

This pocket money can be spent on whatever I choose - but I feel the sum is sufficiently small so that if there is something I really want then I will need to save for it.

First month's pocket money to be received on 1 september (£10) andweekly pocket money of £2.75 - I may even set up a standing order for the £2.75 with my bank although if I set it up twice weekly at £1.37 odd I think the bank may be :doh: :rotfl:

Flat_Eric

A little while since I last posted - nearly a month in fact.

My efforts so far have been pretty rubbish and this month hasn't got off to the best of starts for which my bank balance needs some serious first aid!

I will not give up though!

chickywiggle

Flat_Eric wrote: »

A little while since I last posted - nearly a month in fact.

My efforts so far have been pretty rubbish and this month hasn't got off to the best of starts for which my bank balance needs some serious first aid!

I will not give up though!

it's really hard work isn't it!! have tons of overspend but think we'll be digging into the £500 savings this month as going away for 3 days and for some reason there's not as much excess cash this month.

**she says zipping off to update her diary she has neglected for 2 days**

keep it up tho I've been assured it gets easier.

Igamogam

Flat_Eric wrote: »

A little while since I last posted - nearly a month in fact.

My efforts so far have been pretty rubbish and this month hasn't got off to the best of starts for which my bank balance needs some serious first aid!

I will not give up though!

I am in fits and starts too Flat Eric - dont give up. I do believe its all worth it in the end:)

clippy_girl

hi! i think the pocket money idea is really good as you will have to have some pleasure in the next 180 days! not sure of what your circumstances are- eg more expenditure than income, excess left for debt etc... but if you could afford it, why not try yourself on £10 a week? whilst yes that is £40 a month that could go on debt, it is certainly a tiny proportion of what you were spending and would be enough to get a treat each week (or save for a bigger item). i definetly believe if you are too strict you will fail.

i give myself £40 week guilt free spending which i know is a lot but it keeps me on track and to be honest i work bloody hard for it! i challenge myself to try not to spend it but obv i do ocasionaly buy chocolate, book, cd etc... i am saving the left overs to pay for weekends away etc... where the £40 is not enough

Flat_Eric

chickywiggle wrote: »

it's really hard work isn't it!! have tons of overspend but think we'll be digging into the £500 savings this month as going away for 3 days and for some reason there's not as much excess cash this month.

**she says zipping off to update her diary she has neglected for 2 days**

keep it up tho I've been assured it gets easier.

Yes it is hard. For as long as I can remember, I have always relied on the credit card or overdraft to fund my latest "must buy". Its very hard to change this mindset.

clippy_girl wrote: »

hi! i think the pocket money idea is really good as you will have to have some pleasure in the next 180 days! not sure of what your circumstances are- eg more expenditure than income, excess left for debt etc... but if you could afford it, why not try yourself on £10 a week? whilst yes that is £40 a month that could go on debt, it is certainly a tiny proportion of what you were spending and would be enough to get a treat each week (or save for a bigger item). i definetly believe if you are too strict you will fail.

i give myself £40 week guilt free spending which i know is a lot but it keeps me on track and to be honest i work bloody hard for it! i challenge myself to try not to spend it but obv i do ocasionaly buy chocolate, book, cd etc... i am saving the left overs to pay for weekends away etc... where the £40 is not enough

When I did the challenge previously, it was no spending full stop. I failed pretty much before I started.

I agree I need to allow a sum of money for guilt free spending so that I don't lose heart but I don't want to be too generous.

I am inclined to be quite strict with myself certainly as we approach xmas because I don't want to have the credit card hangover that I am still paying for.

I'm still number crunching but thinking of something along the lines of £15 a month guilt free plus £6.50 a week which I am saving in bus fares because I have been walking instead (they put the fares up and I refuse to pay!). Although I am thinking of saving the bus fare money for a kindle!

I'm also thinking of extending the end date of my challenge ?

ZTD

Flat_Eric wrote: »

Yes it is hard. For as long as I can remember, I have always relied on the credit card or overdraft to fund my latest "must buy". Its very hard to change this mindset.

When I did the challenge previously, it was no spending full stop. I failed pretty much before I started.

I agree I need to allow a sum of money for guilt free spending so that I don't lose heart but I don't want to be too generous.

You need to analyse more deeply why you spend. If you consider Spending = Pleasure and Not Spending = Pain, then you have a problem to ponder. I'm not saying this is you, but some people approach "spending diets" as a good way of flogging themselves.

Flogging yourself probably leads to good definition in the old biceps, but it's no way to be on.

Why do you want the Kindle?