Hedgesparrow stretches her wings again

hedgesparrow

I've been here before. I would get obsessed, make some progress and then the rest of my life would fall apart. I've tackled some inner problems since then but now I've reemerged, my debt is worse than ever before. I'm going to take a deep breath and start again.

I'm pretty good with the household budget because Mr Hedgesparrow and I both pay into that. Our food budget has been £100 a month for years and years. However I'm absolutely shocking when it comes to my own personal spending and presents for other people.

I've made up a new budget that gives me £80 present money (to include saving up for Christmas) and £100 personal spending a month. It will leave me £120 a month to pay off my debt.

Personal spending includes going out, clothes, toiletries, books, craft materials and miscellaneous.

I intend to post once a week (so I don't crash and burn), every Monday and update on how that is going.

I finished my Christmas shopping in November (I LOVE buying presents) so this month the £80 should be able to go on the debt fingers crossed.

Last week I spent £0 money on presents (which is just as well after the above statement!)

Last week I spent £20 exactly on lunch with a friend and some craft materials.

January2015

hedgesparrow wrote: »

I've been here before. I would get obsessed, make some progress and then the rest of my life would fall apart. I've tackled some inner problems since then but now I've reemerged, my debt is worse than ever before. I'm going to take a deep breath and start again.

I'm pretty good with the household budget because Mr Hedgesparrow and I both pay into that. Our food budget has been £100 a month for years and years. However I'm absolutely shocking when it comes to my own personal spending and presents for other people.

I've made up a new budget that gives me £80 present money (to include saving up for Christmas) and £100 personal spending a month. It will leave me £120 a month to pay off my debt.

Personal spending includes going out, clothes, toiletries, books, craft materials and miscellaneous.

I intend to post once a week (so I don't crash and burn), every Monday and update on how that is going.

I finished my Christmas shopping in November (I LOVE buying presents) so this month the £80 should be able to go on the debt fingers crossed.

Last week I spent £0 money on presents (which is just as well after the above statement!)

Last week I spent £20 exactly on lunch with a friend and some craft materials.

Are you sure you have had your LBM ?

£80 present money per month - who on earth do you buy presents for that costs that much every month. That's just under £1,000 a year on presents.

£100 per month personal spending money. Again, that's £1,200 a year. What are you getting from that. Is it stuff you 'want' or stuff you really need?

I appreciate that even when debt busting you need to budget for gifts. I have eleven grandchildren (don't buy my grown up children and their partners gifts any more) and I don't spend £1,000 a year on them for Christmas and birthdays. I budget £30 per month to cover gifts to them. This works out approx £15 each child for birthday and the same for Christmas. A little flexibility - some gifts costs more, some cost less. I buy the gifts when I see bargains, e.g. Argos 75% discount sales.

For personal spending I allow £10 per month. That really is just for me to spoil myself if I want to. If we need new clothes (need, not want) we have a saving pot of £23 per month to cover myself and my husband. That builds up and we buy what we need ony when we need it.

I appreciate your debt levels are nowhere near ours, but think how much quicker you could clear your debt if you drastically cut back on the present and personal budgets and threw the extra cash at the debts.

January2015

Sorry - meant to say, I don't mean to be critical and I applaud you for dealing with your debts, but I do think you might want to have a hard think about some of your priorities in the present and personal spending categories if you want to clear your debts as quickly as possible.

Bobarella

Good luck Hedge sparrow. You are doing the right thing getting back on the debt busting trail after your break. Really hope you can nail it this time.

Bob

hedgesparrow

January2015 wrote: »

Are you sure you have had your LBM ?

£80 present money per month - who on earth do you buy presents for that costs that much every month. That's just under £1,000 a year on presents.

£100 per month personal spending money. Again, that's £1,200 a year. What are you getting from that. Is it stuff you 'want' or stuff you really need?

For personal spending I allow £10 per month.

Hi January, thanks for reading. Your personal spending is very impressive. I think a good part of my spending is definitely wants not needs but I am hoping by starting off slow I can build up my money saving skills.

The presents are for friends and family, and it works out at about £20 per person for each birthday and christmas with a bit over for weddings and christenings that pop up each year. I'm worried if I try to run before I can walk I'll fail and give up.

The truth is I've been in debt before and paid it all off and then gone straight back and spent it all again! I'm like a yo-yo dieter when it comes to money saving. I'm not saying that's what other people are doing, I think they are just better at this than me and hopefully, with practice, spending less will become a snowballing habit for me. I've failed before and this time I'm determined slow and steady will win the race and I'll actually learn something. I've started reading your diary - I'm sure I'll pick up some great tips.

hedgesparrow

Bobarella wrote: »

Good luck Hedge sparrow. You are doing the right thing getting back on the debt busting trail after your break. Really hope you can nail it this time.

Bob

Me too Bob! Thank you

hedgesparrow

Okay, Monday update.

I'm having a meeting with my husband every Monday to keep me accountable. He holds my hand figuratively while I login to online banking and look in my wallet.

Last week I went to a bring and share dinner with 25 friends and spent £10.33 on my contribution - the non alcoholic drinks for everyone. So I'm under for this month so far but this is the season for festivities so I'm not feeling smug yet...

I didn't spend anything on presents as per my plan of already being finished.

Month to date:

£30.33 - Personal Spending
£0 - Presents

hedgesparrow

Arggh - I've realised I've posted this whole thread in the wrong place, not under debt free diaries - is there a way to get it moved?

Upsidedown_Bear

hedgesparrow wrote: »

Arggh - I've realised I've posted this whole thread in the wrong place, not under debt free diaries - is there a way to get it moved?

If you PM one of the board guides they will be able to move it for you

hedgesparrow

Upsidedown_Bear wrote: »

If you PM one of the board guides they will be able to move it for you

Thank you Upsidedown Bear, I've sent them a message.

hedgesparrow

Late with my post from yesterday. I'm getting confused about what I've spent each week but I can tell you what I've got left!

Still haven't spent any extra money on presents so the £80 is still complete.

Personal spending: Have £58.11 to last me to the end of the month.

That works out as me spending £11.56 this last week. I went to my work Christmas do (which I'd already paid for the meal in November) so this was the drinks.

Going to see lots of folks over Christmas so might end up going on the odd meal out if people don't want to stay in every night. I think this should do me.