Diary of an (soon to be former) Impulse Buyer

Sharon87

So I started a thread on the Debt Free Wannabe forum asking advice on impulse buying and got some good tips. So I'm going to use this diary to help me keep track of everything.

You can find the thread here:
https://forums.moneysavingexpert.com/discussion/5287205

Lets start off with the basics.

I have multiple credit cards with more debt than I ever had. Nearly all of it is either on 0% or low balance transfers, all except my overdraft, which I have gotten into bad habits in using.

My first task is to clear my overdraft, which has a limit of £1200. This past 2 months at the end of the month it's been about £1000 into the overdraft. The interest rate is 17.9%. I used to have a 2nd overdraft, which I've now balance transferred and I won't be using that overdraft again. I was going to reduce the overdraft, but now that my landlord wants us to move in October, I am going to keep it there for emergencies, like using it as my deposit until I get my current deposit back, and I will use my will power not to use it.

I have started using YNAB to manage my finances, I have put every account into it and started creating a realistic budget. The only thing that will alternate are my wages and how much I put in my savings/towards debt. I work in TV and most only last a couple of months or even weeks, so right now I'm looking for a job and have a couple of things in the pipeline. I'm lucky in that I am rarely out of work. I had about 2 weeks unemployed last year. But being on contracts means I need to build an emergency savings fund or I will be using overdraft! I have £107 in my emergency savings so far.

I started my 'no impulse buying' a few days ago and so far so good. But obviously it's early days yet. My aim is to spend more of my time at the gym, which will mean less time being tempted to spend money and help me lose weight at the same time.

I will eventually write down a list of items I want/need this year and decide when I might need them and whether I can afford them or whether it's worth buying it or not.

So wish me luck and if you have any extra advice to add please feel free to say.

fermi

Good luck.

Sharon87

So I have put together some non essential spends that I need to budget for. Don't have firm costs for some of the future ones, will see how much work I get to decide that.

I know some people think I shouldn't have a social life when I'm in debt, but if I don't I will lose the will to pay it off! I'm also chatting to a guy and we're organising a date for next week, so may need to budget for future dates if it goes well! I've been single long enough...

July spends
26th July – date - £15
31st July – birthday drinks - £10

August spends
Train fare to Cambridge plus drink to take along
Day out with best friend and her sister – can be done cheaply, will most likely go to parks in London.
Day out with old uni friends – haven’t seen in ages – unknown cost. Budget for meal and possibly something else to do in London.

September spends
Dad is visiting me – need to budget for things to do.

October spends
‘back to the future party’ – budget for drinks and possibly outfit

Other spends
Will need a haircut before the end of the year
May need a new jumper for the winter
Budget for future dates if the first one goes well!

Sharon87

So to pay off debt I need to earn money, so I have another interview tomorrow and I got some self employed transcribing work today. So that's about £50 for just over 3 hours work .

That's kept me off of online shops, but also out of the sunshine too I think I need to go out and enjoy the sunshine before it goes away, but that means I may spend money! Oh the dilemma!

Sharon87

So I've had a mixed couple of days. I resisted going to the cinema even though I wanted to, but I did buy more food than I intended at tesco.

But the best news is I have a new job. The contract takes me up to October so that's a decent sized contract in my industry. And I got the rate I asked for, £25 a week extra than my previous job so that means extra cash to go towards debt/savings.

I also sold some tshirts on eBay for more than expected so that's another £15 after fees or so that I have put into my isa.

Sharon87

I've had a bit of a mixed week. I started my new job this week, but all 3 days I've bought my lunch out. I received my payslip from my old job and I'm going to have a pretty lean month. Next month's pay will be amazing though! So I've got to survive on just over 1k for this month. I have £100 in my emergency savings which I may need to use (that is the reason I started saving after all).

So for tomorrow I have already made my lunch to take into work and I am going to continue to do this, or if there are days when I forget/can't make anything I just buy the £1 sandwiches from Boots.

I am also going to not buy any more tinned/frozen items this month, unless it's a real bargain in the reduced section (eg 30p pukka pies or £1 for 400g chicken breast). I do have an almost full freezer, so will use most of this up. I will meal plan to ensure I do stick to this! I plan on only buying fresh things like fruit/veg/bread. I am going to stick to between £15 and £20 a week.

The only tricky thing is August is very busy socially! I have plans every single weekend, some days are cheap/free, others are not. This is where I wish I budgeted for some of the things that I have planned. One of my plans is to go to the cinema with my friend - so I got free tickets using my Nectar points (1000 for 2 tickets - special offer).

I will try my hardest to stick to my wages for this month, plus my £100 in savings. I will just look forward to end of August when I will be getting about £2100 after tax - I missed payroll for my new job this month, so will be getting more than I would normally.