Is it better to consolidate?

Pop_Sox

thanks for the offer, but I tried the blockbuster one, they never had any movies i wanted, and sent me some very strange ones in their place!

Pop_Sox

Should I do anything with my £800 savings, i.e. pay my overdraft off right away, or keep it for emergencies?

spendthrift66

Mornin PS - (it's a lovefilm one - but they're probably all the same!)

As to your question - I'm sure that people say pay off debts wherever possible - I think it's because debt costs more interest than savings earn. If your overdraft is 'free' then maybe chuck that £800 at your highest costing credit card? Unless you're anything like onedayiwill who said they liked the psychological boost of being in the black every month? I'm sure you'll get more advice but it doesn't seem to make sense having money earning less than you pay?

Pop_Sox

Have used my savings to clear overdrafts on smile, keep logging in to internet banking to see the accounts actually in credit LOL what a novelty!!!

I had a question about the spending diary. Do I put everything in there - such as grocery shopping and petrol even though this is included in my SOA or do I just put extras to the SOA outgoings?

I think I have identified where my money was going.... online shopping - going back over statements from the bank and CCs, there is paypal here, amazon and a few others there - smallish amounts but sometimes have spent as much as £200 a week - yesterday I had an email from cybercheckout offering £10 off orders over £30 and was on the submit page of checkout about to buy my son a basketball hoop!! - managed to stop myself on this occasion, but I am a right sucker - I think because I am getting something cheap I need it - whereas I can really do without - there is a play area five minutes from our house with a basketball hoop.....

It is going to be hard to break the habit I think... specially as I don't realise I'm doing it half the time :-(

medman

Morning PS

I think you've had some really good advise on this thread and using savings to clear expensive debt it a really good move.

It sounds like you may have discovered where some of the money is going, Internet spending is so painless and easy!! My OH is also a complete sucker for a bargain....brightly coloured stickers and BOGOF (or Buy one get one you don't need that will just wait in the fridge until it's thrown away).

The spending diary can be a real revelation, just for a short time keep a record of everything you spend (everything) and then when you look back it's a real eye opener.

It sounds like your two year plan should work, good luck and best wishes.

MM

Tr@cker

I agree with the last posters bit about psychology and personally i'd apply the same thing with consolidation-IF you can rid of the cards-or at the most have just one on the current best deal. With just one creditor you only have the one to deal with if things go t*ts-up.

Pop_Sox

I know what you are saying about internet spending. It doesn't seem like real money.

Yesterday, I was about to buy a new scout shirt for my son as he has just moved up from cubs, they were £17.50 eek but was getting quite a big one, hopefully would last for a couple of years! But just as I was about to buy thought I'd have a look on ebay, one came up yesterday night, worn once (you know what kids are like for starting a hobby then getting fed up!) and I got it for £8.49 with postage. But then I started browsing ebay and was about to buy some other scout stuff which he really doesn't need, i.e. trousers - he can wear school trousers and cosmetics (got a drawer full I haven't even opened!! Managed to restrain myself again. I suppose after a time it becomes second nature, or does it? Will I ever learn?

Buying the shirt made my spending diary quite high for that day as also had to pay £30 for scout camp this summer (worth it for a child free five days!!!). However yesterday only spent 50p on a coffee at college!

It seems a very long journey, I hope I can stick to my resolve.

postingalwaysposting

Pop_Sox wrote: »

I know what you are saying about internet spending. It doesn't seem like real money.

Yesterday, I was about to buy a new scout shirt for my son as he has just moved up from cubs, they were £17.50 eek but was getting quite a big one, hopefully would last for a couple of years! But just as I was about to buy thought I'd have a look on ebay, one came up yesterday night, worn once (you know what kids are like for starting a hobby then getting fed up!) and I got it for £8.49 with postage. But then I started browsing ebay and was about to buy some other scout stuff which he really doesn't need, i.e. trousers - he can wear school trousers and cosmetics (got a drawer full I haven't even opened!! Managed to restrain myself again. I suppose after a time it becomes second nature, or does it? Will I ever learn?

Buying the shirt made my spending diary quite high for that day as also had to pay £30 for scout camp this summer (worth it for a child free five days!!!). However yesterday only spent 50p on a coffee at college!

It seems a very long journey, I hope I can stick to my resolve.

yes pox, you will learn and it is hard at first, i was an ebay addict before i came to this site, i would bid on something i wanted and if i didnt win i would then buy about 5 other things minutes after the auction ended because i lost it... now i only sell on ebay except buying my face mask which is only avalible in wholesale

it will be easier and eaiser not to spend and there will come a point when you wont want to spend for fear it will spoil your no spend day, it just needs time, also do set aside £5 a month for a treat even if its only your fave choc bar, we all deserve a treat once and a while, you will soon be debt free... good luck

lynzpower

Pop_Sox wrote: »

I know what you are saying about internet spending. It doesn't seem like real money.

Yesterday, I was about to buy a new scout shirt for my son as he has just moved up from cubs, they were £17.50 eek but was getting quite a big one, hopefully would last for a couple of years! But just as I was about to buy thought I'd have a look on ebay, one came up yesterday night, worn once (you know what kids are like for starting a hobby then getting fed up!) and I got it for £8.49 with postage. But then I started browsing ebay and was about to buy some other scout stuff which he really doesn't need, i.e. trousers - he can wear school trousers and cosmetics (got a drawer full I haven't even opened!! Managed to restrain myself again. I suppose after a time it becomes second nature, or does it? Will I ever learn?

Buying the shirt made my spending diary quite high for that day as also had to pay £30 for scout camp this summer (worth it for a child free five days!!!). However yesterday only spent 50p on a coffee at college!

It seems a very long journey, I hope I can stick to my resolve.

Heres a few tips

Cosmetics you havent opened- you can sell these on ebay
theres a mystery shopping thing called Ayton Moon where the products (cosmetics, cleansers, toiletries) have all been rigorously tested, and ready for the market ish but they want people to test them further. yuou write a small report and they send you the proiducts for free
Before you buy anything on ebay ( eg the scout shirt) ask on your local freecycle - you never know someone might be giving one away, do ask.

Once youve started getting into the swing of selling on ebay, youll be astounded how little you want to buy. Ive been a sucker for ebay myself, although the habit is almost broken, and now I only tend to spend whats in my paypal account ( not a lot at the mo, havnet sold for a couple of months since I became DF- need to restart it! )

think about doing a car boot sale, pretty fun, moneymaking day out and clear your house out in the process!

Pop_Sox

Spending Diary not going too well, at £118.31 for five days, although that includes this weeks big shop, petrol and £38.89 which were one off expenses for my son's camp it still seems a lot.

Today in Asda I had to have a reality check again. Got to checkout and had a dvd, a book and some Aussie hair stuff which was on special (I have got four bottles in the bathroom cupboard) in my basket. Took them all out, and the shop came to £22 ish, if I had left them would have been more like £50. God knows what I spent before I started being "careful".

This is really difficult, when I got home I felt like I had forgotten something because I had only got stuff on my list. I am feeling quite despondent, as my spending has clearly been out of control, and I am in lots of debt probably from buying lots of sh 1 2 I don't need :-(