Seriously Irresponsible Spender....Need advice please

in_a_pickle9

Hi All,

I am 25 and have never been responsible with money......I would love to be able to budget and have control over my finances but I just can't seem to learn........every month I draw up a spreadsheet with my income and expenditure with every intention of following it but never manage to follow it!!! I'm so frustrated with myself.
I have quite alot of debt, alot of it is due to drop off my credit file or is statue barred but the newer stuff I am paying monthly and would love to try and get it cleared off.
I am moving in with my partner next month and we are going to save for 6 month to rent a house together somewhere......however I've never saved a penny in my life, I just never stick to it!! I always end up spending and spending and thinking "I'll worry about it after"....not good as I end up borrowing money on a monthly basis and I have only just managed to pay off pay day loans and got through my first month last month without a payday loan!!
My wage is different every month as I get paid commission but I should still be able to get through the month and save.

My spending habits are beyond a joke, I buy random things that I don't always need/use and just spend spend spend and then a few weeks after payday....I'm broke, worried, anxious and stressed and generally borrowing money!!!

So what I was hoping for is inspiration, tips and advice on how to stick to a budget plan and build up a a decent amount of savings, I would love a rainy day fund and also savings so we can be comfortable to go rent a house in 6months time and buy the furniture we need.

Here is my SOA as it is now whilst I am living alone....



Monthly Budget Summary Amount(£)
Total monthly income 1,600
Monthly expenses (incl. HP & secured loans) 1,127
Available for debt repayments 473
UNsecured debt repayments 638
Amount short for making debt repayments -165
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -1,271
Net Assets -1,271
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 1600
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1600
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 450
Management charge (leasehold property) 0
Council tax 75
Electricity 40
Gas 40
Oil 0
Water Rates 20
Telephone (land line) 13
Mobile phone 45
TV Licence 12
Satellite/Cable TV 0
Internet services 10
Groceries etc. 200
Clothing 60
Petrol/diesel 0
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 20
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 7
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 0
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 20
Haircuts 15
Entertainment 0
Holiday 100
Emergency Fund 0
Total monthly expenses 1127
Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
credit card min payme 500 50 0
wonga payment plan 411 59 0
moorcroft 200 39 0
rossendales 20 450 0
Iqor 60 20 0
sky debt 80 20 0
Unsecured Debt totals 1271 638 -
Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 0


HERE IS MY SOA FOR WHEN I MOVE IN WITH MY PARTNER WHICH SHOULD BE FROM SEPTEMBER PAY DAY

Summary

Monthly Budget Summary Amount(£)
Total monthly income 1,600
Monthly expenses (incl. HP & secured loans) 857
Available for debt repayments 743
UNsecured debt repayments 638
Amount left after debt repayments 105
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -1,271
Net Assets -1,271
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 1600
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1600
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 410
Management charge (leasehold property) 0
Council tax 0
Electricity 0
Gas 0
Oil 0
Water Rates 0
Telephone (land line) 0
Mobile phone 45
TV Licence 0
Satellite/Cable TV 0
Internet services 0
Groceries etc. 160
Clothing 60
Petrol/diesel 0
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 40
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 7
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 0
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 20
Haircuts 15
Entertainment 0
Holiday 100
Emergency Fund 0
Total monthly expenses 857
Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
credit card min payme 500 50 0
wonga payment plan 411 59 0
moorcroft 200 39 0
rossendales 20 450 0
Iqor 60 20 0
sky debt 80 20 0
Unsecured Debt totals 1271 638 -
Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 0
Comments on the results

talana

My first tip is that you've posted this on the wrong board!
Repost over on the Debt-Free Wannabe board and there will be plenty of people offering advice.

My spending habits are beyond a joke, I buy random things that I don't always need/use and just spend spend spend and then a few weeks after payday....I'm broke, worried, anxious and stressed and generally borrowing money!!!

But I'll tell you now, nothing will work unless YOU start taking control and changing your attitude to money.

Maybe see you on the other board.

in_a_pickle9

Ar Thankyou.....I will post in the other board x

poorgirl-54

reduce ur outgoings, unecessary items:clothes/haircut etc reduce ur grocery bill


i used to do that too, to keep spending and buying things you dont need, e.g. impulse buying, and feeling guilty afterwards. I removed myself from the situation, stop going to shops,- shop ban except for food, you have to be very strict with yourself.

Yorkie1

Try leaving your cards at home and only going out with a certain amount of cash. It's amazing how that will control your spending because you are always aware of it.

If you need to do a bigger food shop, is your OH any better at budgeting? Make sure you take a list after having planned your meals for the next week. Whatever goes into the trolley, have a proper discussion as to whether a) it's on the list, b) whether you will eat it during that week, c) do you need it, d) do you need to buy that version of it (i.e. is it the Finest range, the standard range, own brand, etc).

Faith177

One thing I find works me is having two accounts one for bills one for spending. I transfer the amount needed for my bills into my bill account the day after payday. After I set up the account I throw away the card so I can't touch that account.

Then what ever is left in my spending account is mine for the month. I then just split this amount into 4 and give myself a weekly budget.

Hope this helps