confessions of a spendthrift!

ravilious_fan

I'm not really sure where to post this.. I had a look on the budgetting board but couldn't see anything similar. Maybe if this is the wrong place someone at MSE can move it?

Basically I want to get on top of my finances more. It'll be a New Years Resolution (which I'm hoping to start before the new year!). The trouble is, I'm a spendthrift It doesn't seem to matter how little I have in my account, it's like it burns a hole in my pocket. I really admire people who can save.

I don't know why I'm like this. I've done a lot of cod-psychology on myself, lol, wondering if I'm buying happiness but I'm not particularly unhappy. I just love buying things. It's not big purchases, either, it's usually little things that add up: books, cds, cheap clothes on EBay, etc

I'm not in debt (unless you count my deferred student loans), but I never, ever manage to save anything which always leaves me feeling vulnerable, having zilch in my bank account.

Is anyone else like this, and did you manage to change? Is it possible to go from being a spendthrift to a saver?

asparagus1968

welcome!
some ides:
complete a Statement of Affairs (www.stoozing.com) post it here, or not


set a budget for everything


set up a direct debit for an emergency fund and a savings fund to leave your account on payday


have a look at some of the challenges on here

Kitten868

What about the savings board? Build up a savings pot every time you want to buy something stop yourself and transfer the money you would have spent to the savings pot. You won't be able to spend it as it won't be in your account.
I'm with you - Amazon is cheeky!!! Take all your saved cards off of websites?
I spend money like water too. But there's debt too

tealady

Hi
I am a bit of a spendthrift as well so what I do is make my savings a debt Y+IYSWIM. Basically I have a direct debit set up saving a fixed amount each monthe. I then say to my self it is not saving but a bill to be paid.
The other thing I do is have all my regular bills paid out of my bank as soon as possible, that way I know whatever is left is mine to spend or save as I wish
HTH

Bobarella

I think it is possible to create the habit and go from being a spender to a saver. Much of what we do is about repetition. Once you start saving you will probably want to continue. Is say set yourself a goal for 2016 now and then decide how you are going to make it happen.
One of the challenges a lot of us do on here is the save £1,000 challenge as an emergency fund. I completed mine in August and haven't been tempted once to spend it. It's funny how I now feel x y or z aren't worth buying if it involves using those funds rather than money I have in my monthly budget. Good luck.

determined_new_ms

I went from being a complete spend thrift to being a saver after getting debt free, but it did take time and repetition. I joined the virtual sealed pot challenge and every Friday rounded my current account down to the nearest £10. Over the year this then becomes my Christmas money. I also would transfer a certain amount in to my savings account - several virtual pots Christmas/birthdays/car/holidays/emergencies and long term savings. As I did it on payday I didn't ever really see this money as mine and whatever I had left was mine to do as I pleased.

foxgloves

Hi, Yes it is very much possible. I was a shocking spendthrift & was in debt from the age of 19 to 46! Then the famous lightbulb moment struck, debts were repaid & I now have an emergency fund, a car fund & put regular amounts of money aside each month towards car bills, holidays, clothes, going out, presents & household maintenance. I was a terrible fritterer of money but there is now simply no bag of tat I could come home with that could make me feel as happy as finally being in control of my money.
It is very much possible to change your behaviour if you really want to do it.
F x

ravilious_fan

Thanks for your replies. I'm not very au fait with the sealed pot challenges or virtual pots..

tealady wrote: »

Hi
I am a bit of a spendthrift as well so what I do is make my savings a debt Y+IYSWIM. Basically I have a direct debit set up saving a fixed amount each monthe. I then say to my self it is not saving but a bill to be paid.
The other thing I do is have all my regular bills paid out of my bank as soon as possible, that way I know whatever is left is mine to spend or save as I wish
HTH

Alvin Hall recommends to save 10% of your income. Is that about the amount you set aside for savings? I have quite a low disposable income (£190 a month) out of which I have to buy clothes (hence EBay!) and top up my mobile, and pay for bus passes. But I also spend far too much money on things I could really manage without.

datlex

Ravilious fan, you only mention one bank account. Do you have a savings account or indeed more than one? I find it helps to divert money at the start of a pay period then what is left you can spend. It means you don't have to worry about the temptation to spend what is there as it is your spending money. If you are concerned about easy access accounts still being tempting put things in a longer notice account.

ravilious_fan

Hi, yes i have three accounts - one for grocery shopping, one for me (that's the £190) and the other is an easy access savings account. Whenever I put money into the savings account it always ends up getting spent on something. I think the balance at the moment is less than £5.

I've never had a longer notice account. Perhaps I should look into it. Can you still withdraw from one of those type accounts in case of a real genuine emergency. And can just anyone open an account like that or would you need a certain amount of money in order to open it.

Sorry for the daft questions, I must be the most unsavvy person in the world when it comes to money. But I am trying to get better at it! I have started listening to Money Box on the radio, and I hear about people with portfolios and shares, and so on and it's like those people are in another world to me.

tabby_cats_mum

I'd recommend you look at financial management software. I was a spendthrift, never any savings but I can honestly say YNAB changed my life. It's amazing how once you've allocated money to a purpose you suddenly don't want to spend it.

I personally use YNAB but there's free stuff out there and if you search this forum you'll find some excellent software which people cleverer than me have created.