Is being terrible with money a medical condition?! Spending pattern help.

hereagain22

Drawingaline said:

Budgeting is like dieting. You know what you should do, but you need to willpower to stick to it.

I use ynab. I like being able to see my priorities. If I spend too much on food I need to shift money from another place, if it is my holiday category I am saying, this food is more expensive to me than a holiday. Zero based budgeting is a change in mindset from tracking to making your money work for you. It isn't for everyone and many people cope well budgeting in other ways. However I think having a look at the website at the '4 rules' would be a good starting point. Even if you don't end up using the software those rules may give you an idea of how budgeting can be.

Monzo is quite a good idea with its 'pots' and can be used a little like the software in ynab and many people find it works well for them.

Yes totally agree - it is like dieting which I am also shocking at so I can see where I am going wrong haha! 

Thank you I am looking at YNAB

TheAble

I wouldn't use credit at all if I were you. It can be useful in moderation for some, but for others who can't manage it well it will be a cause of strife. Stick to cash and a debit card, which should also help you to budget.

FluffyBabyPenguin

There seems to be no end of credit offers when shopping online. Paypal, Klarna, I'm sure there's a bunch more. They want you to pay with them so they'll eventually make more money off you in interest! Pretend they do not exist, do not consider them to be an option. Maybe that's easier said than done, but there are always going to be new temptations and "offers". I think of them as "Anxiety Money". Nothing is worth it!

If you are needing credit to put petrol in your car right now, that sounds stressful, but you can and will get to a better place with your money. 

MsPennyMinder

Have you tried sitting down and considering what your spending triggers are?

Look at a list of the things you've bought in last month and think hard about what you were thinking/feeling that made you buy it... when deep down you knew it wasn't actually helpful. Try to be aware of that and the next time you are thinking/feeling something similar, stop. Think twice about what you are about to buy. Seriously ask yourself, can this wait? Spending, I find, tends be more linked to how we are feeling, than we realise.

 I'm unusual in my family for being the most financially aware/conscious/sensible. I got it from watching family member end up in bad financial situation and never wanting to be in that situation myself.

How does spending make you feel?

And if you overspend, you know you can return stuff for a refund yeah?

Monsternextdoor

I am in this club. 

I can be shocking with money

Shopaholic_no_more

hereagain22 said:

Thank you I can relate to your name lol! 

Right - why are some people so organised with money and some not. 

Totally with you on the shops splurge I used to use credit cards that way. I have run up more credit card debt so need rid of that.
Definitely the can deal with it later feeling there. I used to really enjoy going out shopping, now it's more ordering online but I get that buzz from a parcel turning up and something new and shiny to use/wear! 

 I will check it out, thanks. I will try to post updates and you share yours too! We got this lol!! 
x

Morning @hereagain22

So I have had a very low spend weekend….when I go to Tisco’s now I only ever use the gun so I can see exactly how much I’m spending….my YNAB has told me how much I have left for a particular week (I’ve roughly budgeted £70 a week at the moment but this includes food and litter for 2 cats and I am striving to get this down) and I actually overspent by 5p so very happy with that! 
This overspend has been taken from next weeks food budget so I’m always watching the total. I do also shop at Oldi but not keen on their fruit and veg tbh. So everything else I get from there but fruit and veg from Tisco’s.

I check YNAB every…single…day as this keeps my mind focussed on exactly how much I have. 

If I need a particular thing I check my budget first….if the funds are not there I wait until they are.

 Sometimes I need to move my category amounts around but this is the beauty of it….it helps you budget for real life situations.

My plan is to build up and get a whole months worth of  extra earnings behind me so I am more prepared for any unexpected bills and only then am I tackling my credit cards.
At the moment I am just paying the minimum required while I build that backup!

I have tried in the past to keep whacking money at them but this never worked for me because not having those funds behind me inevitably led me to having to use the CC so it was a vicious circle. 

I have a wall calendar at home (old school!😆) and the day my CC payment is due I write the INTEREST payment only in big red letters on that calendar so it is a constant reminder of how much your OWN HARD EARNED MONEY is being taken from these companies due to my lack of willpower….it is working for me! 🙌

How was your weekend?

Shopaholic_no_more

Btw, I am also currently assessing how much I am able to put on another card which is offering 0% for 18 months. I am planning on doing this in stages so I don’t overwhelm myself with payments that I can’t keep up. In other words work out exactly how much I can comfortably pay for the 0% so that it is all definitely paid off when the term comes to an end. Small and steady is definitely the key….for me anyway 😊

JadedAngel88

I just thought I'd add what I'm doing atm.

I am absolutely useless with money, I used to be the type that once my bills were paid, I would just spend on random poop that I didn't need, want or whatever.

So I started watching the cash envelope stuffers on YouTube and in January that's how I sorted out my money. It is probably the best thing I ever found and it does require some discipline but however you deal with money issues, discipline will be needed. 

I have the cash envelopes for groceries etc and I have digital Sinking funds. I have both monzo and starling accounts as I like my sinking funds separated. One has long term savings like Christmas etc and the other has more monthly ones. I did originally have them in cash but didn't like having that amount of money in the house. For my cash envelopes, they get the money and once it's gone, that's it, no more till next month. It is incredibly easy to do and can be done entirely digitally.

I wish I'd found it years ago, I would have saved so much money.

lionatus

hereagain22 said:

theoretica said:

Would it work to make spending a bit harder for yourself?  Get your husband to hold onto the cards/passwords and only have a bit of cash on you? 

I'm not sure as hubby is somewhat partial to a spend himself...lol! We are doomed haha! 

Thanks

My mum has that problem. I'm not advertising it but an account that has 2 accounts would suit maybe? There's nothing to stop you transferring from the bills/budget account to your main USE account but it'd help maybe. RBS/Natwest have that which is what my mum uses but then there's an argument when someone transfers bill money into the use account... SO, will you spend when you have it or will you transfer from the other/bills account? Not sure but that kinda account might charge a fee too

Graham1982

One thing I do to stop impulse purchases is the following:

If I am going to the supermarket to buy groceries and I look in the electronics/tools section and before leaving the house I had no intention of buying a games console or screwdriver set or whatever, if it gets to the point where I pick one of these things up, I ask myself, "When you were leaving the house this morning, were you intending to buy a X?" If the answer is "no" then I put it back down.

My luxury small items are games (for PS4 etc). I do captioning work for REV which is paid weekly. So, if I feel like I want to buy a game, my thought process usually goes: "Oh I really want that." I then watch a review or two on YouTube later in the week and if the game is reviewed well then I consider buying it. If not, then I don't. Either way I buy it with the money earned from REV which I see as disposable. If the money could be put to a better use and I decide I don't want the game, then I do so, if not I buy the game.

I think in both scenarios I give myself a calling off period - in the supermarket, if I decide that the unplanned for item is needed, I will remember this the next time I am in the shop but invariably, this isn't the case, I forget and alas the unnecessary purchase is avoided.

That may help, it might just be a ramble.