Impulse Buying

DD265

I sympathise.

I can go for weeks with seriously minimal spend, and then I splurge on one thing and open the floodgates.

YNAB can take a little getting used to but once I got to grips with how I needed my budget to work it's a good tool. I don't update it daily and I probably ought to input into the app as I go (maybe that's my downfall?) but I can use it to see whether I'm on/off track.

Around Christmas I did an exercise based on something called Will It Make The Boat Go Faster? By Ben Hunt-Davis, an Olympic rower. We've been following the program through work and the entire premise is pick a goal - in Ben's case the boat needed to go faster - and then every decision you make needs to contribute to that goal or be something that you genuinely have no choice in.

https://www.youtube.com/user/OlympianBen

I achieved my goal so I am drifting a little bit before choosing the next one but I'm sure the same approach will work.

Sharon87

ShirePiskie wrote: »

Hi Sharon

I'm a YNAB convert - take part in the online tutorials, you might win a free copy - but it is DEFINITELY worth the investment. You can usually find a 10% referral code on their forum, or somewhere on here.

If internet shopping is your Achilles' Heel, can you change your card to a cash card only so you spend in cash in person, but can't use it online? I would guess any rewards/ cashback you might be getting from using a credit card would be outweighed by debt, have a think!

Of course there's the old 'freeze your card in ice' trick so you have to wait for it to defrost to spend, but I would agree with others, you really need to find a way to change your mindset, but maybe you can 'trick' your brain in the meantime with some of the ideas you've been given.

Good luck!!

Thanks for the advice. For the cards and online purchases - I still do buy stuff online that I need, so trying to get a card I can't use online won't be an option. The card in ice box doesn't work as most places save your card details!

I will have a look for a referral code for YNAB.

I think a goal might work, like say clear my debt before I'm 30 or 31. I think 31 is more of a realistic goal, so it's about £300 a month on average to achieve that, which is realistic. And if I can afford more then I can pay more.

I'm in the lucky position of having cards that keep offering me 0% deals, so I'm hoping this continues so I don't pay any interest on my credit, only the balance transfer fee.

lee111s

Sharon87 wrote: »

Thanks for the advice. For the cards and online purchases - I still do buy stuff online that I need, so trying to get a card I can't use online won't be an option. The card in ice box doesn't work as most places save your card details!

I will have a look for a referral code for YNAB.

I think a goal might work, like say clear my debt before I'm 30 or 31. I think 31 is more of a realistic goal, so it's about £300 a month on average to achieve that, which is realistic. And if I can afford more then I can pay more.

I'm in the lucky position of having cards that keep offering me 0% deals, so I'm hoping this continues so I don't pay any interest on my credit, only the balance transfer fee.

Clear your internet history along with cookies and cache - this will remove any saved details such as credit card numbers, passwords etc.

engineer_amy

lee111s wrote: »

Clear your internet history along with cookies and cache - this will remove any saved details such as credit card numbers, passwords etc.

Unless you have a good memory and can remember your credit/debit card details when required!


I know my debit card details, plus the work credit card details and 2 of my boss's personal credit card numbers as im always doing his shopping for him.


I don't know my own credit card numbers, which is a bit of a benefit, as if I am at home and tempted to buy something online, I will often not want to get up and dig out my card, so I have to think, is there sufficient funds in my current account (so I can use the debit card). If not, the item doesn't get purchased.


This generally works for me as I only keep the balance of my current account running at a level that will cover my direct debits for the coming week, plus a little extra for emergencies. all the rest is swept into a spare account as soon as I get paid, and each weekend I work out what I need to transfer back to cover the DDs

Sharon87

I could easily remember my debit card numbers. And as I mentioned I do buy things online that are necessary. Also online is usually cheaper than a shop for the items I do require - for example a replacement iphone charging cable, why buy from Apple store when I can get a sturdier one with a longer cable from Amazon for a third less! For the record I only have an iphone 5, my contract expired ages ago and now I'm on a sim only plan - I can be MSE when it comes to things like this!

I do have a fair few current accounts. I use HSBC as my main spending one, Natwest is now only used for my transport on the underground (I get 1% cashback on contactless transactions) - I use my debit card if I don't have enough work lined up to make a travelcard worth it. I also cycle money through Halifax to get the £5 Reward (which goes straight on a credit card once I receive it)

I'm good making a plan of paying off debts, it's just the impulse spending needs to stop. I just need to sit down and think what my outgoings will be for the next 3-6 months. For example I will need a haircut in that time, I may need a new winter jumper/cardigan when winter arrives. If I think ahead of what I need and plan for it, instead of going shopping on a whim and buying 3 winter jumpers, plus a tshirt and a pair of shoes, that might help.

rockm87

If you get rid of your internet you could save a fortune?

Sharon87

I've decided on an incentive to pay my debt off early. A new tattoo! I do want one in the near future. So once my debt is paid off I will save up for a tattoo. Will cost a few hundred quid I reckon.

Sharon87

rockm87 wrote: »

If you get rid of your internet you could save a fortune?

Not really. It means I would never find a job and be even more skint! I had an interview today which was advertised on Facebook so getting rid of the Internet would be plain stupid. Besides I live in a house share so I think they want it too!

lee111s

engineer_amy wrote: »

Unless you have a good memory and can remember your credit/debit card details when required!


I know my debit card details, plus the work credit card details and 2 of my boss's personal credit card numbers as im always doing his shopping for him.


I don't know my own credit card numbers, which is a bit of a benefit, as if I am at home and tempted to buy something online, I will often not want to get up and dig out my card, so I have to think, is there sufficient funds in my current account (so I can use the debit card). If not, the item doesn't get purchased.




This generally works for me as I only keep the balance of my current account running at a level that will cover my direct debits for the coming week, plus a little extra for emergencies. all the rest is swept into a spare account as soon as I get paid, and each weekend I work out what I need to transfer back to cover the DDs

The point is, if you're (not you) are going to those lengths to spend money you don't have, you have a serious problem that needs addressing

Sharon87

This evening will be a test of my spending control. I have a work's party, well sort of, it's like a networking event. If it's free drinks, that's great, if not I will have to ensure I don't spend much or at all! One because of the price of drinks and the second is when I'm a bit tipsy my self control for buying things doesn't exist much. Luckily I don't drink that often, but I did buy a pair of New Rock boots on ebay when I was tispy (edit: actually a bit more than tipsy...) - even though they were a bargain, I didn't really need them!