Stop the Splurge

3wisemonks

I'm starting this diary because I need to get on top on my spending and some small debts.

Background:
DH was in charge of finances for the first few years, only he was dreadful but I wasn't much better and together we built up debts over 50k. In 2007 he had 6 CCJs and we were on the brink of losing our home. So I joined MSE and used the information and tips on here to pay it all off by 2014. I then promised myself we would never get into debt again.......I got a new job which increased our monthly income by £500 a month and so we kept living frugally and saved for holidays having not been anywhere for 10 yrs. So we saved and went to florida, I then changed jobs again and increased my pay by £300 and so then we saved and went again and again. In between holidays my nan sadly passed away but she generously left me a chunk on money that we paid off some of the mortgage and had a new kitchen (the kitchen was the same one that when we bought with the house 15yrs ago the agent said it was unuseable). As my income increased we have become a little less frugal each time but in the last 2 years I think I've developed a shopping addiction.....yesterday I was going to have a NSD and then spent £700 😨 - 0% for 36 month. I spend hundreds for pounds a month on stuff and 'bargains' I don't need. Its been particularly bad since lockdown. We need to buy bits for repairs on the house in first lockdown and I would have to spend hours trying to get onto DIY websites to order these things and I think it freaked me out so now I'm buying everything in sight apparently!

Debts:

I learnt to drive and we bought a car on finance which I felt was something we needed and the payment was easily manageable and will be paid off in June/July.
We also bought a sofa on 0% credit though we had the cash to buy it - awfully i have no idea how much for or for how long....I think around 3000k for 2.5 yrs. 
CC 1 - £1500 - 0%
CC2 - was zero but I have somehow added £1012 to it since Christmas. I have no idea how.
Mortgage - £45,888 - although we are in the process of moving and this will increase to £150,000


Heres ironic part.....we have £14,000 in savings. If I don't spend like a loonatic we can save a minimum of £1000 a month. Last month I saved this and spent less than I have been but with the shops opening soon and my complete inability to keep myself in check I have decide to try keeping this diary. MSE really helped last time and I really did change the way I thought about money but these last 12 months what had started as a minor blip every once in a while has turned in to an all out addiction.

My goal is small to start with:
*2 NSDs a week.
*Pay half off CC2 off at the end of this month.
*Save £500 (this seems mad with debts I know but I cannot bring myself not to save).
*Do not add to debt 0% or not!
*Max shopping bill £70
*Sell some junk - the loft is bursting but I haven't had much luck selling - I will try though!

Need to get this under control.

londoner2019

Good luck with your journey! You're right, it takes so much discipline to save and cut down debt, but one moment of weakness feels like it's all been undone. 

I know many on here will tell you to use your savings to wipe out the debt, but if they're on 0% then you might be alright. It sounds like you can afford the monthly payments, and afford to save at the same time. 

See if you can find out the sofa payment details - it will help give you peace of mind to know when you have paid that off.

But don't beat yourself up too much about the spending - look how far you've come from your first LBM!

NeverendingDMP

The good news is you have spotted it early enough and made a diary to help you fess up if you have a whoopsie. 
Good luck with it all. Moving house will throw the  budget off a bit but if you can be really strict the car finance and one credit card will be gone by summer by the sounds of it.
Selling items from the loft now will make the move less stressful too!

Four_Seasons

Good luck, I will be cheering you on x

3wisemonks

Thank you! 
Yes, Londoner it's was a few moments of weakness and on a slipper slope down. I know I've put the sofa stuff in a 'safe place' but must track it down! The whole savings thing I know is silly but I just can't bring myself to touch it.

Neverending the car finance is no problem, I was actually in a massive car crash that wrote off my car and we had to buy this one at a few thousand extra though its not got any mod cons but the cheapest 7 seater we could get near us at the time but I love the car nothing flash at all but she's my little beast and hope to keep her for a long while yet. I'm saving for new brake pads and front tire but that will be from the normal car fund once its built up. The credit card yes I must just get rid of, I will use all the money from the loft stuff I sell hopefully! 

Thanks Four_seasons!

Today I have spent:

£9.99 on a screen protector.
£8 a face mask brush - using a gift card though.

Tomorrow won't be a NSD. I had planned on shopping tonight after dinner but I have a poorly tooth and so took a short nap then had a bath. So I will be shopping tomorrow instead. Just a few bits from our favourite cheap supermarket and some free treats from the VIP club for the pet shop. 

I'm hoping Friday will be my NSD, although Monday was a NSD.

I have £58.71 in my daily account but I'm pretty sure my £40 fuel isn't showing so that leaves £18 for shopping which is going to be very tight 🙃 I need milk, coffee (not essential), hotdogs, jacket potatoes, beans, rolls, sugar and deodorant. The food is to feed 11 for a garden picnic with another household so that's definitely go to make it tighter perhaps no coffee 😆

Thelaughingcat

Just swung by and seen this - I’m doing the same!  Paying off debt but saving at the same time so I don’t fall into the frugal/binge cycle and build up a good habit of saving.

You’ve got this (even if that is a super tight  food shop budget this week!).

3wisemonks

Supermarket trip didn't go great..... I spent £20.28 and still forgot a couple of items I need for dinner tomorrow and haven't been to the pet shop yet so may pick those up, a few more pounds will be needed there. The fuel hasn't come out of my account yet so means I haven't had to dip into another pot. 
I have also had to buy a new wing mirror for my car £11.99 out of the car fund pot though. A lovely 4 x4 came round a blind corner on my side of the road so I had to get too close to the wheelie bins someone decided to leave halfway in the road.... frustrating but could have been worse!
Had a bad nights sleep with DHs snoring I'm torn between napping and going in the loft but I think napping is going to win!😴🤤 at least I can't be shopping if I'm asleep!

Thelaughingcat

3wisemonks said:

...at least I can't be shopping if I'm asleep!

This is now my new mantra.  

‘Nap your way to solvency’...there’s a bestselling self-help book there, I’m sure 😁

Gutted for you on the shop total, but you’ll claw it back from somewhere.  It was very ambitious!

3wisemonks

It was, wasn't it! Terrible day today, a chunk of money on diy materials and some cheeky wool. I've also found my other diary so thought I should continue there as my dates are a little off although my original figures were less than the reality in the end when I added it all (numbers are just not my thing!) 

Nap your way to insolvency 😂😂😂 this definitely needs to be my game plan!

3wisemonks

Okay so it's been a few years.

I did not get on top on things and it got worse!

We paid off the car and then bought another.

Our no longer new to us house increased to 190000k but we've paid off around 50k (I need to check figures). It's a super low interest rate that will end next year and we are hoping to move again when it ends maybe for the last time.

Debt (not including mortgage) is all on 0%
We have a boiler that it's just ticking along and I will not focus this.

My focus will be the credit cards and not creating more debt. I need to not fall into the trap of trying to subdue my depression with buying things but I also need to allow myself a budget else I will cave and once I do that's it.

Cc1 is £917.62 
Cc2 is £9290.06 (current minimum £92)
Cc3 is £3901.74

I also have a few trips away that need to be finished paying for and total around £1800.

I will start with CC1 as this 0% ends soonest and I don't wish to get another transfer.

Outgoings including minimum payments is £2385. My wages cover this.

Dh wages cover shopping, fuel and Miscellaneous. This is where the problem comes in. He can earn anything from £400 to £1000.

We spend around
£70 -120pw food
£40-60pw fuel
£20pw clubs
£50pw dog food
Total £250

I can't think of any other absolute necessities. 

So at a minimum we should have £150 pw to overpay but I want to keep £50 for things like clothes, shoes etc.

At this point I'm going to aim for £50pw overpayment. Then at the end of each payment month (19th for me). Put any left over to the cc debit.

I think I've covered everything. Really hoping I can stay on the wagon, right now I feel like I'm clinging onto the back as the horse driving has been bitten by a horse fly 🫢

3wisemonks

And £300 on Klarna.

This week's wages are low for dh due to bank holiday so it'll be a tight week. £504.

We have a day out planned on Sunday so will take a picnic to save some pennies. Not planning a weekly shop this week just a fruit top up.

That will hopefully bit it spending wise