Struggling to stop spending money getting into debt again...

declutterqueen

Hi Guys,
Wondering if anyone out there has some tips for coping with excessive spending and Bipolar 2 disorder..
I have got myself into about 2.5k debt even tho I was made BR in 2009.. I just keep spending, mainly on stuff for the kids.. things they dont need...expensive toys and games.
I am a single mum too and I try and over compensate, I want to stop this and i want to start saving.I have a basic account and 1 credit card my dad gave me for emergency, but im using it for general spending.:eek:
I work full time and my income is good, I have about £500 spare everymonth I just blow it on the kids..
Has anyone got any experience of this and how to stop spending!!
I need a plan to stop me before it goes too far.

iwanttogoonholiday

i also find this very difficult ...i havent got kids though am currently 7 months pregnant but i do try hard to please my husband and hate saying no to things that he wants to buy as he works hard and it isnt his fault really the debts...i think maybe we just need to see the bigger picture that they will be happier that we arent in so much debt..also if you are buying new stuff all the time could u be selling their old stuff they dont use?

declutterqueen

yes I guess I could do, I have alot of clothes to sell, might put them on ebay, hard to find time to when i work full time, but i find time to spend it i guess, so instead of spending i could be sellin!

iwanttogoonholiday

declutterqueen wrote: »

yes I guess I could do, I have alot of clothes to sell, might put them on ebay, hard to find time to when i work full time, but i find time to spend it i guess, so instead of spending i could be sellin!

it might help to pay some money off and generally make you feel better - also might make u see how much stuff u are buying!:T

declutterqueen

Think today i have noticed it more.. house if full of stuff!! x

archer7

Congratulations on pinpointing exactly why you're spending, that requires a lot of honesty with yourself. £2.5k can be paid off relatively quickly if you have £500 spare every month, as there's also likely to be other things you can cut down on to increase that figure and pay off even more. I'm not a parent and I'm not a psychologist, but I've done my best, see what you think.

- Work out a new monthly budget and do it as quickly as possible so you don't put it off. Cut down on as much spending as possible, focus on paying this off ASAP. You've probably done this before, but if not, just ask around here and there'll be plenty of advice - post an SOA. Keep a bit of paper in your pocket with your budget figures on there. I usually keep a mental estimate of what I've spent, but it might be better to keep a little pocket notepad and write down all your expenses.

- Set yourself small rewards for meeting small goals. If you don't buy any toys for a month you might save £100 (more in the long run), so buy yourself something for £5-10 and make sure you budget for it.

- Have you worked out what you can sell? Go around the house and write down anything you're willing to part with, then check the prices on eBay. You'll usually get good prices on eBay and starting selling is ridiculously easy. However if you're REALLY desperate, places like CEX will pay for games consoles, games and DVDs etc and you can do it online.

- Are there any free or stupidly cheap things you can do with the kids? Hopefully you'll see them happier with no money required and feel a bit better about yourself.

- Have you worked out a to-do list? If not, grab a piece of paper and write down everything you need to do (sell some old stuff, work out a new budget etc). If you get stuck, just do what you can and leave it in an obvious place by the kettle or something - new ideas will come to you, but the act of writing the list makes a commitment to yourself. If you struggle to organise yourself day-to-day, write a to-do list for the day every morning and get into a routine of doing it.

- Have you tried asking a family member or friend to sit down with you and plan things together? It might ease the stress a little to have a time set when you're going to develop an "action plan" over a cup of coffee.

moneybuster

the kids will not lose out if you don't buy them any toys try it for a month recycle older toys and they will play for hours with them, the ones forgotten at the bottom of the toy box:D

well done for finding the route of your spending a few simple adjustments and you will be fine.

declutterqueen

Thanks for your input, I will defo take on board some of that goods advice, I have re done my budget and have worked out I can use £300 a month to pay off the debt, this will take me 6-7 months. I will have a look around for things to ssell, and games also.. they do not play with half of the stuff, It will be xmas soon and they wont need anything, I am going to put a note in with some small bits of usefull things at christmas to say.. you have been having stuff all year so instead of big toys this year i will put some money in your savings accounts. they will have lots off family anyways.
Thanks again

malcolmffc

Put the credit card in the freezer, so it really is only available for emergencies. Don't buy any non-essentials on the spot - force yourself to leave and think it over for at least 24 hours to see if you really want it. And try avoiding shopping centres altogether!

Lily_The_Legend

Hi declutterqueen, if you look above this thread there is a link to 'Mental Health & Debt Guide: Free booklet for depression, bipolar & anxiety' which might help you.

declutterqueen

I will try the card in the freezer :-) and I will try and put on hold any purchases, its going to be tuff!! Thanks guys