The 'Better Late Than Never' September NSD Challenge.'

ab_saver

Glad you think I'm organised marmite - I'm not so sure. I feel like I'm cheating a little by allocating my spend days as days when I'm going out for meals with friends (happening far more than necessary at present) or otherwise have to spend but then overspending on them. I think maximising NSDs will be great for things like not buying coffee and snacks at work, but the other half of the battle will be reining in the spends on the spend days...

Nargleblast

Today was NSD number 1 for me.

Since OH and I became debt free last year things have relaxed a bit. We switched to a joint bank account and I took over all the finances, but, although I balance the account to the penny, and check it every day, I have lost the NSD momentum. For this new version of the challenge I am just going to focus on my personal spending. Household bills and food supplies are essentials, a necessary evil, but I can try and regain control of the little incidental spends. When reaching for cash or debit card, I should be thinking "do I really need this? Can I make do with something I already have? Or can it wait for another time?"

Nargleblast

ab - organising when you are going to spend money is part of the battle. It gets you thinking about what you are spending money on and when.

marmiterulesok

ab_saver wrote: »

Glad you think I'm organised marmite - I'm not so sure. I feel like I'm cheating a little by allocating my spend days as days when I'm going out for meals with friends (happening far more than necessary at present) or otherwise have to spend but then overspending on them. I think maximising NSDs will be great for things like not buying coffee and snacks at work, but the other half of the battle will be reining in the spends on the spend days...

Doesn't sound like cheating...more common sense tbh.
Why do you think you overspend on those days?

Nargleblast wrote: »

Today was NSD number 1 for me.

Since OH and I became debt free last year things have relaxed a bit. We switched to a joint bank account and I took over all the finances, but, although I balance the account to the penny, and check it every day, I have lost the NSD momentum. For this new version of the challenge I am just going to focus on my personal spending. Household bills and food supplies are essentials, a necessary evil, but I can try and regain control of the little incidental spends. When reaching for cash or debit card, I should be thinking "do I really need this? Can I make do with something I already gave? Or can it wait for another time?"

It sounds perfectly reasonable my dear Nargle.

Well done on getting #1! :j

Nargleblast wrote: »

ab - organising when you are going to spend money is part of the battle. It gets you thinking about what you are spending money on and when.

Absolutely.

marmiterulesok

I've just realized that I spend some money on Wednesday as an 'extra' spend,so am only at #4 in fact.

Nargleblast

Further updates from Chateau Nargle - my DS moves into student digs at university on Saturday, so OH and I will be alone for the first time in 18 years ( apart from the times the boy was on school trips, or when he went on holiday to Greece with his mates two days after his 18th birthday).

The university is in a city only 20 miles or so away, so he will be able to get back for weekends now and then (e.g. When he runs out of clean socks)

A new addition to the household is a genuine Narglehound, Molly the border collie. She is now 9 months old and an absolute delight, even if she is bonkers. Senior cat Albert keeps hew in her place. Junior cat Patsy has said "sod that for a game of soldiers" and moved out to become an outdoor cat. We put food out for her every day, and hope she comes back indoors when the weather turns nasty.

So, on this Autumn Equinox evening, I look forward to getting back into the NSD way!

ab_saver

marmiterulesok wrote: »

Doesn't sound like cheating...more common sense tbh.
Why do you think you overspend on those days?

Well partly because I'm used to putting things off for a few days, and am not that prone to impulsive buys (unless I'm hungry!!). I think I'm savvy and careful with the costs of the things I do buy... but not everything I buy is necessarily a "need". I think I'm pretty good with the bare minimum needs for day to day living and keeping them on budget, but little treats here and there add up. I have a habit of sitting and waiting a couple of days but then buying my considered purchase anyway (e.g. it'll be good for x's birthday, was reduced, got cash back etc etc). I know I got a bit overexcited when I got my first payslip (after 6 years as a student on a very very tight budget) and that that isn't sustainable. Essentially I'd put a lot of spending off until I got paid and then made a lot of purchases in quick succession. In spite of this it's looking like I will pay off my student overdraft by the end of the year (hopefully November). I want to get into and maintain sensible habits now I have money of my own - so I can save for things important to me (e.g. house, wedding) not fritter it away and wonder where it's gone.

Nargleblast

ab you could draw out a few quid every week for your "treats kitty", and when it's gone then you have to wait till next week before spending any more. If you are careful, you could find yourself with a bit left over in your treats kitty, which could be put into savings, or used to take advantage of special offers on essentials.

ab_saver

nargle that's what I've tried to do now- allocate a "treats" budget. I've also taken the advice of a friend of a friend in a similar job who said to put things I wanted as treats on a list and allow myself 1-3 (depending on cost of item) each month. I've done that so I have a list of "allowed" treats - and anything else must either go at the bottom of the list (currently full until April!) or displace something from it. I think putting something on the list is a good way of forcing myself to think about things and also prioritise them - which ones do I get which month. I haven't yet had a chance to put this into practice. Once I'm back in the black (hopefully v soon) I'm planning to set up standing orders for not long after payday to a help to buy ISA and a regular saver so that money isn't in my account long enough to be spent. Once I have savings I'm very good at leaving them alone; I saved for my time studying abroad even on a student budget and once it was in the savings account it didn't come out until I emptied it to book my flights!

I do like your idea of setting a treats budget as well and any left over at the end of the month going into savings - I think I'd find that really gratifying (and also puts purchases in sharp perspective...) It'd also stop be trying to justify 2 expensive treats in a single month by saying it's only 2... In that vein I should probably set an "eating out" budget.

Thanks for all the advice! I'm a new poster but have been lurking for a while.

ab_saver

Woke up and had a brainwave - what I was struggling to express was that whilst all my expenses on my spend day were ones that were needed, some were things I just didn't foresee and could have done -e.g. OH's sister's birthday (it's the same day every year and we've been together 5 years...). I think I need to add a virtual envelope for gifts for friends so that I know when I need to buy a gift the money is there and doesn't eat into my other categories. Off to go and update OnTrees...