Life of a ‘soon to be’ reformed fritterer 6 March 2021 at 8:52AM in Debt free diaries 26 replies 1.7K views

Munchin

Morning all,

Shuffling back quietly into MSE land  . I’ve had a few debt diaries here and thanks to the support of the wonderful diaryland people I managed to clear my debt twice.

I’m starting a new diary because I have a tiny amount of debt (iPad died at Xmas) but to be honest the frittering habits that keep bringing me back into debt are still there and that is what I want to fix.

I want to stop my frittering and focus on only buying ‘needs’ not ‘wants’. To give you an example, this week I went and got knew prescription sunglasses (£74) because I sat on the old ones - oops. They are a ‘need’ because I need them for driving but I probably could have got them cheaper. For me the issue was that once I spent the money on glasses I then spent money on a new purse, running leggings and an iPad cover. I can easily justify why I bought them but honestly they were not ‘needs’.

I’m hoping to use this new diary to keep me accountable and ensure that I only buy ‘needs’ until I can manage my life without frittering like a mad thing. So for every purchase I will have 3 questions -

Do I ‘need’ it? (Honestly, I probably don’t)
Do I need it now?
If I don’t need it, why do I want it.

Hopefully by the end of the year my spending habits will finally have changed for the good and my savings will have vastly improved.

Munchin

Today’s plans - my aim is for an NSD

• Pick up cake for sis
• Shopping for Mum/Aunt/Uncle
• Christening

MFdreamer

Good luck! I’m most definitely a reformed fritterer. Used to be terrible with my spending 🙈 becoming a single parent was a wake up call for me and I used my divorce settlement to clear my debts and start to be more mindful of my spending.

YNAB app has really really been life changing for me. It keeps me focused on my spending and I reconcile it to my bank account daily. I have given myself a “fritter” allocation each month so that I don’t feel deprived but it’s so much easier for me when there is a written down limit of what I can spend on what each month. The app makes it so easy and allows me to move money from another budget pot if I want to overspend on anything.

Also having financial goals helps me to stay on track. My “big” goal post divorce is to be mortgage free before I’m 40 and then I have smaller goals for a proportion of that to have been achieved by key dates which I track in a spreadsheet. This helps keep me focused on sticking to my YNAB.

I’ve become a bit of the reverse of what I used to be to be honest now! My boyfriend doesn’t understand why I won’t buy a bike this month (I have the money in my savings to do it) and am insisting on waiting until next month when I can build it into my monthly budget before spending it 😂🙈 it’s definitely a big mindset change for me!

Good luck xx

Munchin

Thank you MFDreamer - really helpful ideas and nice to know that i can be a reformed fritterer   

I use YNAB but honestly not the way it should be used - I’m a bit heavy on the whamming from different pots to cover the frittering but I like your idea of having a frittering category. I’m an all or nothing person which is my downfall.

I think I need to really focus on having financial goals so that I mark my achievements. Will pop over and subscribe to you diary and cheer you on in your journey.

Munchin

Also I love the idea of being more mindful in everything - but that is still a work in progress.

Seasidegal58

I'm so pleased to see you're back posting Munchin!  Have subscribed (or is it 'bookmarked' now!)
Good luck with paying off the last of your debt.  I'm a real YNAB fan too!

The 3-step mantra is an excellent idea!

How is the pup?🐶

Munchin

Hi SSG - thank you for the welcome back 

Pup is still adorable and spoiled but has been amazing company in lock down - found lockdown 3 tough..  I’m going to go catch up on your diary ..I was dipping in and out but have lost track of everyone.  I see you have a pension update so will have to go and work my way back to see what I’ve missed.

I did spend money today but not frittering. Diesel for the car and sun loungers for the garden (£45 for 2 - Dunelm). I tried to buy them last year because we have none but because everyone was at home you couldn’t get them for love nor money. I’m getting ahead of the crowd and I’m hoping I’m not jinxing the summer.

I have a few jobs that will need some money this year, in the next month (if I can find motivation) I need to hire a skip. I have a shed to clear out - family use it as a dumping ground and I can’t get the car in or store anything so going to clear it out.  I am also replacing the hearth in the living room (70s chic must go). Hopefully that is the only big jobs for this year.

So my plans on the money front -

• Debt free (aim Aug 21)
• New hearth - £2,000 (July 21)
• Emergency fund -£10,000 (June 22)
• New to me car - £8,000 (Nov 23)
• Rewire house - £4,000 (May 23)
• Total - £24,000

Munchin

No spends today  .  I’m hoping to manage a full week of NSDs.

Friend sent me details of a spa break, so that was nice to nosy at over lunch. Nice to look at but no plans until after lockdown.  I made a point today of taking my tea breaks outside just to get some fresh air. I think every day is like ground hog day during lockdown.

elbree

Hi Munchkin! 👏 Good luck in your mission. I too love to fritter but find if I'm 'allowed' to fritter small amounts then I can control bigger spending! Well done on the NSD. 

foxgloves

I've been a shocking fritterer in the past, Mr F too, pre-LBM of course. Our system now is to have a 'Personal Spends' allowance each month. Initially we had £60 each, but since becoming mortgage free more recently, I've increased it to £100. We have household Savings Pots for stuff too, inc clothes, so our monthly spends money is for absolutely anything we fancy buying, or we can roll it over for a bigger purchase at some point. This does mean we can buy coffees, magazines, make-up & candles, etc (me!), & enjoy the feeling of a little bit of a fritter, without doing any harm to our budget. The only rule with our Personal Spends is 'When it' s gone, it's gone''. It works for us anyway.
F

Munchin

Hi Elbree & Foxgloves - thank you  .

 I bank with Monzo and have set up sinking funds to cover annual expenses (rates & insurance) and monthly expenses such as yoga (pre lockdown), clothes etc. I am going to allocate money to personal spends and will try out ‘when it’s gone, it’s gone’ - rather than robbing Peter to pay Paul  .

I’ve also been thinking about the purpose of my money to help me save & stop frittering. I do have a decent for me salary and should have more in savings to show for it. So my goals - I think £10,000 represents a lot of security to me, I want to have a security blanket so that I don’t worry so much but I’m a born worrier. The house needs totally rewired but I’ve been advised I can put it off for a year. I love my car but it is 8 years old ... I will keep driving and maintaining until the cost of repairs get too much (hope to get 3 or 4 more years). Finally, the living room needs a new hearth (open fire), I was thinking I will replace it this year but this might slip to next year.  In non house reasons - I want to go to a spa, have lovely holidays, meet friends and enjoy the fun things in life - which I can do if I spend mindfully. So I have lots of reasons to stop frittering. Putting this here to remind myself when I’m in a fritter mood.

NSD 3 today  .