Confessions of this Shopaholic

Saving_Pots

Hi guys,

I’ve been lurking on these boards for a while now building up the courage to start my own diary. 

Unfortunately, I am a self-confessed shopaholic.  It is getting out of hand now, which is saying something when you actually recognise it yourself!  I’ve always been a spender, but I am now spending beyond my means.  My credit card debt continues to grow and something just has to give.  I also have no savings left… so I don’t have much choice now.

Last December I transferred the balance from my Santander credit card to a 0% MBNA card with the intention of clearing it within the interest free period.  Fine, no problem.  My mistake was not cutting up the original card!  - so now I have doubled my credit card debt because I just keep spending.

House bills etc are covered with the joint account/budget which we’ve recently put in place due to my half’s change in jobs.  My husband doesn’t get involved in my finances and has no idea how much I actually have owing on cards.  He already makes comments about the amount of deliveries that arrive at our house!   There are some things we can definitely improve together as a couple though such as meal planning (and sticking to it!!) so not to waste food.  We do throw away quite a bit at the end of the week. 

I’ve been very fortunate to have secured a couple of promotions and pay rises over recent years that I have really relaxed in what I’ve been spending.  I massively impulse buy, particularly with almost everything arriving next day!  But then the guilt and anxiety follows, knowing how much I am literally just wasting.   We are also a really social couple, and it feels like it’s even worse now off the back of Covid because everyone is just wanting to meet up, for meals, drinks, bottomless brunches, gigs etc. 

As part of our joint account/budget we do have a social ‘pot’ for when we are out together as a couple, but when I’m out on my own I need to fund the social events myself. 

I am studying for my professional qualification and really do need to revise, my plan is to qualify six months earlier than expected and to do this I really should use my exams as an excuse to opt out of plans or to attend them but not drink!  My qualification I am self-funding so I do need to put the effort in so that it isn’t a complete waste of money, because it is expensive.  I pay £250 per month plus exams are £150-200 each depending on the paper, and I have 8 exams left!

I’d love to clear my credit card debt by the time I sit my final exam next November.  My Lloyds loans finish early next year but if I can I will try and overpay to get them down too.  It’s the Santander credit card that has the high interest rate on it. 

So, I plan to set myself a daily allowance that I can roll over or throw onto debt (above the normal repayments AND overpayments) but just so I can control my spending.  Get myself back into good habits of saving money up, of making the money stretch further.  Just taking that extra pause beforehand.  And I want to deal in cash.  I just don’t have any reign over it when I don’t see the money leaving.  It sounds silly but I’m less likely to break a note, covid has made us all cashless and I’m literally spending blind and hoping for the best! 

I will come back and update my debt balance.  I need to try and get into my MBNA online account but I estimate the MBNA cc to be £4k and the Santander cc to be £4,200. The 3x Lloyds loans total £1850

 

Today I have made some small changes.  I brought a flask of soup into work from home which is a big improvement because I do normally pop to the shops and then overbuy because I'm hungry and I have no plan!  I also gave my 30days notice to cancel my gym membership.  We have a treadmill at home and I own (and do ride on weekends) a bike which I will utilise.  Saving me £29.50 a month in my gym membership and I can exercise whenever suits me around work and study.  Currently still at work revising, hoping to check an exam off the list next week!

Saving_Pots

Morning all, 

Tried to get into work early as it is really busy at the moment and I have so much revision to do.  Hoping today will be a NSD.  Brought my supplies in from home including porridge in a flask!  Waiting for the delivery of another thermos flask so that when the weather turns I have two to bring in both porridge and soup.  I have a load of tins of soup and some soup in the freezer i've batch cooked previously to use up.  

So I haven't found the paperwork for the MBNA credit card account but I did log into Santander and found the balance transfer amount and applied the monthly repayments (as its 0%) so my debt is as follows:


Lloyds Loan 1 - £979.94 with 5 repayments remaining
Lloyds Loan 2 - £378.49 with 6 repayments remaining
Lloyds Loan 3 - £491.98 with 7 repayments remaining
Santander CC - £4,147.87 - trying to find the APR on this card but can't see it on my online statements...
MBNA CC (0%) - £2780.00 aprox need to register for online services

So I think the first (and biggest) one to tackle is the Santander where the repayments aren't fixed and the interest is more than likely higher.  I've got the minimum payment to come out by DD this month which they've said is £85.  The loans will finish early next year on their own but I'd like to send additional amounts if possible just to free up some monthly cashflow.  The repayments of these loans each month total £350!

I've had a look at my cash to take me up until payday (25th) where I will then give myself a daily allowance of £10 for spending.  I need to book an exam in for next week, I'd normally use the credit card but I have enough to cover it and I need some fuel. 
Plans until payday - out Thursday evening with the husband at a show but the tickets are paid for and as I covered them he will cover dinner beforehand.  Meeting a friend on Friday for an afternoon out, again the tickets are covered, then husband is picking us up and we are going to stay at their place for some drinks and a curry so need to pay for my train ticket over to meet her (£3) and my curry as i'll take a bottle of wine from home with me.  Then nothing else planned except lots of revision.

Hoping that will leave me a bit of money to be able to make a small additional payment of around £50 to the Santander card before payday.   Fingers crossed!!  

Saving_Pots

Lovely sunny morning here, off work today and revising for my exam which I booked in for the end of next week!

Went out last night with my husband, our tickets were already paid for and he took me for a really nice dinner (and paid).  When we got to the venue I thought I'd get us both a drink, as the dinner was a bit more expensive than what I had paid for our tickets.  Ordered a gin and tonic (double - it was date night) and he just had a can of pepsi.  £13!   I couldn't believe it.  It wasn't even a full sized gin either as it was in a small plastic cup.  Gobsmacked.  

So this weekend's plans... out this afternoon with my friend (again, tickets are already paid for) then back to stay at their place and order a takeaway.  Taking a bottle of wine from the cupboard with me and will just need to contribute to our dinner and my £3 train fare over to meet her.
  
Revision all the rest of the weekend and a bike ride on Sunday with my friend.  Hubby is out tomorrow night so I'm going to cook myself a nice dinner.  Normally I'd order in, but it actually takes longer and there's some things he doesn't really like so I'm going to make myself a thai curry I think...I have prawns in the freezer.

My direct debits went out today for the credit cards, the Santander payment I expected to be £85 and it went out as £50 so I can definitely send an additional £50 payment to this card before payday on Wednesday.  

Really crawling to payday now.  Can't wait to start a fresh pay month with my new daily allowance.  

rigare11a

Hi Saving Pots, 

 Your situation sounds really similar to mine, where you have some joint responsibilities with your partner but many of your own too. Like you shopping was/is my downfall (that's a work in progress), I maxed out some mail order shopping accounts etc and then got a loan to pay them and then maxed them all out again now having the loan and the shopping accounts to pay back. Terribly I would not pay a bill so I could buy something I don't need (also stream of parcels arriving at the door)

I know what you mean about the social commitments too, they really add on the spending. I was really honest with my family and friends and said that I needed a break from the spending but would always be willing to do at home stuff or where I can plan in advance and work in to the budget.

I will be here cheering you on and following along I will bookmark your diary! 

Have a great weekend 
Rigarella

joedenise

@Saving_Pots - I think it would be a good idea to set your DD for the Santander card as a fixed sum rather than letting them take the minimum payment as, of course, that will go down each month (as long as you don't spend on it!).  Perhaps set it at £100 per month; you can always send extra over if you have it to spare.

Also definitely worth telling friends and family that you need to save some money and can't afford to go out as often but like @rigarella suggests things at home.

Good luck.  Have bookmarked your diary to follow your progress.

Saving_Pots

Thanks @rigarella for reading, it is hard as you do get wrapped up in the social things.  I think I will definitely use my exams as a reason to decline invitations.  Our calendar is just packed full of stuff and it actually makes me feel so overwhelmed.  I don't mean to sound ungrateful particularly after months of social distancing and lockdown, it's not just financially but I'm tired and work is regularly busy and with my exams and a family there is very little downtime!    I will come and have a read of your diary!

Thanks @joedenise for stopping by, I think that's a really good idea about changing the minimum repayment to a fixed amount!
I have actually today applied to balance transfer the Santander card to Barclays on a 0%.  Unfortunately they won't transfer it all but they will transfer £3,600 which means that I am not chasing my tail with repayments and interest!  The 0% is for 24months and it was a minimal transfer fee.  So both the credit cards will be on 0% and just the balance to clear from Santander and close. 

Been MIA for a couple of days as my exam moves closer (it's Friday!) currently in our local library to get a bit of quiet to revise as I'm on leave from work today but the husband and children are at home. 
Could've studied from the office as no one is in there today but it's an hour round trip so saved myself the mileage! 

It's actually really nice here, I don't know why I haven't come to this library before and we've lived here four years.  It's smaller than the usual one I use but I've managed to pick up a couple of books.  I love reading, and it stops me from both spending and snacking!!  The library card actually was my husbands idea.  I'm a nightmare (well I was) for subscriptions... particularly subscription boxes.  Little monthly gifts to myself LOL.  I was in a gin club that sent me a delivery every month, a wine club also, and most recently a book club.  I used to have two (albeit second hand) books delivered with biscuits and coffee every month for almost £20.  Madness.  Best part - not read any of the books they sent.  Not even one.  

Payday tomorrow so I will update my budget later, see when I can realistically close the Santander card once the balance transfer has happened.  And the beginning of my spending allowance.  Whatever I don't spend from this allowance I will also chuck towards the credit cards.  I just want to put some kind of control on the spending really because it can get out of hand!  

astrocytic_kitten

I’m a (recovering) shopaholic… and even though I don’t drink coffee, a second hand books/coffee/biscuits subscription box sounds amazing 😂 I started using my local library a lot on my debt free journey, mine has a big online offering including ebooks, audiobooks, and newspapers/magazines which might be worth you checking out too if you’re interested in that sort of thing.

It took me a while to figure out the best way for me to have controls on spending without feeling so restricted I’d go on a binge, I’m sure you’ll get there too. Subscribing to cheer you along!

Saving_Pots

Thank you @astrocytic_kitten the concept of the subscription box is great but it was just a very expensive coffee for me in the end lol

I am a spender, and while I've worked hard to earn a good income I am just wasting it.  Hopefully this daily 'allowance' will help me have some control over my spending and make me think twice about impulse purchases, which got me into this mess.

Today is payday!   

Budget has been updated and feeling positive.  Back in the office today so out came the flasks.  Porridge in one, and a tin of soup in the other.  I am expecting a non spend day today with my exam looming I have my head down.

Looking at my budget and my credit card debt - my MBNA credit card is set for the minimum repayment with a 0% interest rate so that will go out as £70 this month, the Santander card £3,600 is being transferred to Barclaycard 0% so I need to clear the balance where interest is charged as soon as I can. 
I don't know the Barclaycard repayment for this month just yet as I only requested it yesterday but I am left with £530 to cover this and send to Santander this month.

Anything leftover from my daily allowance for social stuff/purchases etc will also get sent to the Santander card too to get that closed quicker.  Hopefully by the end of September this will be clear and all credit card debt on 0% interest.

Do you think if I'm left with the 0% cards it would be better to overpay on my bank loan, where interest is charged, to get them down quicker?  They are due to finish early 2022.

joedenise

If you are sure that you can pay off the debt on the 0% cards within the time they are at 0% then yes overpay the bank loan but if you are unable to pay off the 0% within the right time frame then I would overpay the CCs as I suspect the bank loan is at a lower rate than any CC and also you only have another few months to pay off the loan.

Saving_Pots

Wow - there must be something about this time of year where I slink back over to money saving expert and try and get a handle on things!   Perhaps its the excessive-ness (if that's even a word) of the summer and the desperation to get back into a September routine and cosy up for the Autumn.  

Either way, I'm back...

I wish I could say i've made a considerable dent in my debt, or that I have changed my spending habits ... but unfortunately I cant.  It's what happens when your head is still in the sand, and I need to keep checking in here to be accountable and remain focused and motivated.  Unfortunately my debt has increased, and my savings are still non existent.  

My LBM has come when I was reviewing my online spending and during August (bearing in mind we are still in August) it is currently just over £500 on Am@zon!  It is seriously disgusting. I couldn't even really tell you what I've had for that.  

So i'm taking control!  I've cancelled all my subscribe and save subscriptions with them, as although they're cheaper in the long run alot of them are things I don't use so i'm basically now stockpiling!

I've also discussed it all with my husband, as per my original post last year he doesn't really get involved in the finances.  I control our joint money, and i'm responsible for my own money.  We have had some works done around the house jointly and our summer abroad holiday, but even the joint finances aren't looking as healthy as they should. 

I've asked him to change my Am@zon password and i'm going to go back to my original idea of having this daily cash allowance. Blind spending online or on my card is just so dangerous for me. 

I didn't grow up with much money at all, it's fair to say we financially struggled pretty much all of the time.  And I think when I we finally got to a place of financial respite I've just gone a bit wild.  I don't have anything to show for this hard work and it's frightening. 

Anyway, enough - I'm hoping to be inspired by the debt free diaries, and really be accountable and reduce my debt.   

Saving_Pots

GCSE results are out today and my 16yr old daughter can now finally relax.  She has been so nervous but she has passed all of them and got into her first choice college.  We are going out for dinner to celebrate tonight but they are family joint spends and budgeted for.  

Today is payday so I have transferred my contribution to our joint account for household bills, joint social and joint savings.
I need to withdraw my weekly cash allowance, I'm limiting myself to £10 per day which I will hopefully be able to have some non spend days and add them together.  My friend is staying Sunday so I will need some spends for that although she is about to get married so might be quite happy to stop in and I can cook.  

We had our Sunday roast on Tuesday this week for a number of reasons, so I currently have the leftover chicken bones simmering away to make a stock which I'll freeze until needed.    Chicken soup is so much nicer with proper homemade stock.  I look forward to that for lunches when the weather turns.  It's miserable today so it probably won't be long. 

After the bank holiday weekend I'm going to properly work out how I can get this debt repaid!  and go through the freezer and defrost it all.  I'm a nightmare for just shoving things in and hoping for the best, so we probably have a load of meals as well in there...