Natural born spendthrift seeks redemption

Naturalbornspendthrift

There, I've said it. I am a spendthrift. And I need help.

Over the past 2 years I've taken a huge paycut after a bought of ill health. I now work part time and have reduced my income by more than half. It's a pity I've carried on spending like I earn a full time wage!

In terms of debt, I have slashed a lot of it this year but just as I was starting to see the light at the end of the tunnel, my car has packed up and needs repaired. I don't have the money for it so it's going to end up on a credit card. It's hit home that I need an emergency fund to cover these situations!

My trouble is that I am great at budgeting, paying my bills on time, searching out deals for things like insurance and utilities but absolutely crap on frivolous spending. I have depression and quickly fall into the trap of buying "little" things for a tenner or so here and there as a pick me up. The problem is the feeling doesn't last and then I am back in the same place.

I'm also very generous with money as far as gifts are concerned (and to be honest my family always expect a lot will be spent on them) so I lack discipline there too. Often I plan ahead, get a gift at a great price but then a few days before giving it, feel guilty I haven't spent enough then spend another £20. :mad:

My plan is to record my thoughts (and spends) in this online diary which I anticipate will become a gin soaked affair with a large serving of chocolate along with it! If you made it to the end of this post, you clearly have more staying power than me- I need you!

Naturalbornspendthrift

Right then. Today I woke up full of enthusiasm to begin my debt reduction adventure. It didn't quite go to plan...

My car is going to have to go to a specialist engineer and this will cost about £2000 to fix! I don't have £2000. I don't even have £200! So I need to make some tough decisions, do I put it on a credit card or SORN the car until I save up enough to pay for repairs?! Either way, I feel like all the progress I have made paying off my debt is going to be reduced to nothing!

There were lots of positives today though:

1. Signed up for BT broadband. It's going to cost me £29 a month for broadband, line rental and TV. Way cheaper than what I am paying with Sky each month (about £60)!!! I also got £200 cashback via topcashback so as soon as it comes through I will be using it to pay some of my credit card.

2. The garage I took my car too didn't even charge for the diagnostics! They waived the fee! I was so impressed with this- especially as they aren't getting any money out of the situation as the car has to go back to the manufacturers. I bought them some cakes to make up for it, so grateful to them.

3. I had a day off work today and I am dying to so some decorating round the house but I have loads of half finished projects. I am definitely an ideas person rather than a completer/finisher! :rotfl: I resisted the urge to go to a well known DIY store and instead actually finished a painting project I started a month ago. May do another coat tomorrow but since I already had the materials it's cost me nothing!

Onwards and upwards...off for a gin and tonic once I get the little one to bed!

belleandthebudget

Best of luck with the saving! I find writing down my thoughts and things I'm doing, plus checking in with other diaries, is the best way to stay on track. I just can't do it on my own.

That's a blow about the car though. Definitely calls for a G and T.

Naturalbornspendthrift

Hi Bella, thanks for reading.

Strange isn't it?! Making yourself accountable (even online) for your spending habits seems to make a huge difference! I like to read other peoples diaries when I feel my resolve crumbling. What is it about being in debt that makes life feel like it's going slowly? I feel like I am obsessed with money- living payday to payday and frantically checking online banking every day. It's not a nice way to live.

Today I pottered about in the garden and did some house work. I swear as soon as I do one thing my toddler has created more mess, it's like Groundhog Day in this house!

Still having a massive fight with the manufacturers of the car regarding it's repair. I've had to take legal advice which thankfully I get free as part of my RAC cover. Apparently I have a really strong case under the Sale of Goods Act. I just wish it wasn't such a fight to get what's I am entitled too. I've spent a grand total of 3 hours on the phone today and feel totally zapped.

Naturalbornspendthrift

Morning all!

Onwards and upwards today, lots to do (and hopefully none of it involving arguing with a German car firm...)

Thought I should mention a bit more about myself, I'm 20-something and live with my husband and our 3 year old (a.k.a the toddlerist).

I work part time in the local hospital which is quite stressful though my colleagues are great and the patients are fabulous too! I really enjoy my work but find the hours tiring since I was poorly last year. Before that I had always worked full time!

I've always had debt (but always saved too- go figure!) but last year I was off work for 3 months with ill health. My savings were used up paying day to day expenses as I was only getting SSP which is a tiny amount so my reserves dwindled to nothing. I then started using credit cards for essentials like food and fuel.

I don't have a huge amount of debt but given that I work part time and seem to be terrible with wasting money, it stresses me to think they are hanging over me, and stress makes my condition worse! Vicious cycle really!

Today's to so list:

1. Cancel Sky TV and broadband
2. Chase tax rebate (£60- every little helps)
3. Chase company who owes me £300 for freelance work I did in March!! The cheque has been "in the post" for several weeks.

Primula

Hello, oh my goodness you sound exactly like me, I'm good at paying everyone absolutely on time, always try and shop around for insurance etc now, will be really good with food shopping, and then BANG, I can blow it all in one stupid shopping trip - I see a "bargain or two" and that's it, skint again! Good luck on your journey. xx


Oh, and I do exactly the same with gifts too, and end up buying far too much, trying so hard to stick to a budget with that too, but it's not easy is it
.

rockm87

Hi!

and welcome, don't forget to update your signature with your debt, and if you fancy posting a statement of affairs, we all maybe offer some advice.

Definitely keep a little spend diary, and maybe even resort to carrying round cash as your 'spend' money, that way you can visibly 'see' what is left.

I would also work on your budget, it maybe isnt quite realistic, and you maybe forgetting things and then having to resort to over spending. (i.e. having a budget just for gifts throughout the year, so you never over spend).

I'd let your family know, it's empowering when people say they are budgeting, and looking after their money, that way you get a bit of understanding when giving people gifts, and if not, they need to get a grip and stop being so materialistic!

Naturalbornspendthrift

Primula your post made me laugh, you know me too well already! I got paid on Friday and spent an hour organising my budget for the month. I then recieved an email from a well known department store telling me that their summer sale was on and couldn't resist looking! I was trying to justify why I needed a new dress in a million different ways before realising that's exactly what got me into this mess in the first place. I didn't buy anything and I am going to unsubscribe from promo emails as they come in!

So far we've had a nice weekend, yesterday we went to a local music festival. It was a lovely day and we had great fun, you weren't allowed to take any food or drink in tho so we got round that by packing a full picnic and eating it a couple of fields away from the entrance, we didn't need any other food while we were there (everyone we were with had kids with them so we weren't staying late) and walked there and back (5 miles in total!) so overall not too spendy!

Rock I must figure out how to update my signatures! I am rubbish with technology so this may take me some time. I need to do an SOA but in all honesty I feel afraid, I know that there will be a surplus at the end of the month but I don't know where that goes! It's embarrassing!

Today's jobs are to meal plan and do a weekly shop, tackle some of ironing mountain and tidy my tip of a house! Hope you are all up to something a little more exciting than that!

spendaholic1986

Hi natural born spender!

You sound so similar to me with your spendy ways! I also spend lots of time finding the best utilities deals only to blow double my budget in the supermarket on a Saturday! I also struggle with keeping my spending in check with presents for family and friends (the spending an extra £20 last minute really struck a chord with me)!

I also feel like I'm obsessed with money, always checking online banking and my budget spreadsheet, can't wait until my debts are paid off and I can stop living payday to payday!

i have started shopping online for food, maybe you could try that if you don't already do so? I found it stops the impulse purchases :-)

Good luck with everything!

foxyloxy11

Meal planning definately a good idea. I do one and shop on line. Try to avoid shopping when hungry though as all sorts of extras end up in the basket! However as it's online I always go back the next day and go through my basket. This way I have had time to think 'do I really need it?'
Good luck with your debt journey. I like reading other peoples diaries..it keeps me motivated!

elly68

Hi i feel ur pain ,I have a tendancy to dish out money on gifts ,and we are in debt so this year i just got the inlaws andpartners a next voucher done £10.00 no more it has taken a huge burden off my shoulders and they can pick what they want .the kids got smyths ones . Happy journey ope your car gets better soon i suppose the real question there is do u need it at all