Too scared to check balance

tr7phil

EssexHebridean said:

Do remember that people on here are only trying to help - we see posts like yours a lot - and it's impossible to know whether the figure that "might be" a problem is £60, £600 or £6000 - or even more come to that!

I'd agree that an SOA is a good idea for you - and no, you absolutely don't need to post it here if you don't want to, but what you DO need is a properly worked out budget for your expenditure. Something to remember is that credit cards used effectively mean you use the card to pay for things you already HAVE the money for, and keep that money in your own bank account for an additional month. They're not meant to fund stuff that you don't yet have the money for as a routine thing - that way problems lie.

I'd suggest - put together that SOA with all your regular expenditure on it. That will then give you your monthly surplus - your true "disposable income" to deal with as you wish. use a proportion of that to start an emergency fund if you don't already have one. Of the remainder, initially save 50% - preferably somewhere you can't easily access it. Then allow yourself the balance to spend - but ONLY that. The deal is that anything from that money not spent at the end of the month, you get to add to your savings pot. And over time, you'll start to enjoy watching that pot grow more than you will enjoy frittering money on things - or at least, that's the aim!

There is literally NO reason not to do an SOA just for yourself - and if you're resistant to that, I'd suggest stopping to think why that might be. Please though - take the advice and help being offered in this thread while you're NOT in debt.

Absolutely this!  I have always and will always (fingers crossed, touch wood) pay off my credit card bill in full every month, but just lately (the last 3 or 4 months) I have found that I have not been able to do this until after I get paid.  Luckily I get paid on the 20th of the month and the credit card is due last day of the month but even so I feel slightly anxious about this.

TheAble

tr7phil said:

EssexHebridean said:

Do remember that people on here are only trying to help - we see posts like yours a lot - and it's impossible to know whether the figure that "might be" a problem is £60, £600 or £6000 - or even more come to that!

I'd agree that an SOA is a good idea for you - and no, you absolutely don't need to post it here if you don't want to, but what you DO need is a properly worked out budget for your expenditure. Something to remember is that credit cards used effectively mean you use the card to pay for things you already HAVE the money for, and keep that money in your own bank account for an additional month. They're not meant to fund stuff that you don't yet have the money for as a routine thing - that way problems lie.

I'd suggest - put together that SOA with all your regular expenditure on it. That will then give you your monthly surplus - your true "disposable income" to deal with as you wish. use a proportion of that to start an emergency fund if you don't already have one. Of the remainder, initially save 50% - preferably somewhere you can't easily access it. Then allow yourself the balance to spend - but ONLY that. The deal is that anything from that money not spent at the end of the month, you get to add to your savings pot. And over time, you'll start to enjoy watching that pot grow more than you will enjoy frittering money on things - or at least, that's the aim!

There is literally NO reason not to do an SOA just for yourself - and if you're resistant to that, I'd suggest stopping to think why that might be. Please though - take the advice and help being offered in this thread while you're NOT in debt.

Absolutely this!  I have always and will always (fingers crossed, touch wood) pay off my credit card bill in full every month, but just lately (the last 3 or 4 months) I have found that I have not been able to do this until after I get paid.  Luckily I get paid on the 20th of the month and the credit card is due last day of the month but even so I feel slightly anxious about this.

You know you can ask the CC company to change the due date - they will allow you to do this but only occasionally. So you could always get them to change the due date to the 7th for example if end of the month is too tight.

tr7phil

TheAble said:

tr7phil said:

EssexHebridean said:

Do remember that people on here are only trying to help - we see posts like yours a lot - and it's impossible to know whether the figure that "might be" a problem is £60, £600 or £6000 - or even more come to that!

I'd agree that an SOA is a good idea for you - and no, you absolutely don't need to post it here if you don't want to, but what you DO need is a properly worked out budget for your expenditure. Something to remember is that credit cards used effectively mean you use the card to pay for things you already HAVE the money for, and keep that money in your own bank account for an additional month. They're not meant to fund stuff that you don't yet have the money for as a routine thing - that way problems lie.

I'd suggest - put together that SOA with all your regular expenditure on it. That will then give you your monthly surplus - your true "disposable income" to deal with as you wish. use a proportion of that to start an emergency fund if you don't already have one. Of the remainder, initially save 50% - preferably somewhere you can't easily access it. Then allow yourself the balance to spend - but ONLY that. The deal is that anything from that money not spent at the end of the month, you get to add to your savings pot. And over time, you'll start to enjoy watching that pot grow more than you will enjoy frittering money on things - or at least, that's the aim!

There is literally NO reason not to do an SOA just for yourself - and if you're resistant to that, I'd suggest stopping to think why that might be. Please though - take the advice and help being offered in this thread while you're NOT in debt.

Absolutely this!  I have always and will always (fingers crossed, touch wood) pay off my credit card bill in full every month, but just lately (the last 3 or 4 months) I have found that I have not been able to do this until after I get paid.  Luckily I get paid on the 20th of the month and the credit card is due last day of the month but even so I feel slightly anxious about this.

You know you can ask the CC company to change the due date - they will allow you to do this but only occasionally. So you could always get them to change the due date to the 7th for example if end of the month is too tight.

It's not tight, it's just that I previously would pay the bill as soon as it comes.  I'm not in financial dire straits or anything of the sort, it just indicates to me that somewhere along the line I have spent an extra month's pay!  I am in fact gradually reigning it in again so should be back to normal soon.

sourcrates

I find an excellent way to avoid anxiety and such concerns about what I spend, is if I remove the credit card from the equation altogether, and just use my debt card instead, and with no overdraft, I keep living within my means, so much more relaxing.

TheAble

sourcrates said:

I find an excellent way to avoid anxiety and such concerns about what I spend, is if I remove the credit card from the equation altogether, and just use my debt card instead, and with no overdraft, I keep living within my means, so much more relaxing.

Couldn't agree more.

Brie

teaandcupcakesplease said:  i do spend time on the boards, this helps me a great deal reading others stories and good news outcomes but no i dont want to do a SOA- thanks

I think it's encouraging to see what others have achieved and see the variety of tactics that has allowed that to happen.

Mine has been to have a spreadsheet where I can track the various credit cards and their balances as well as how much needs to be paid back when.  In the past I kept a copy of this in my back pocket as a reminder that I should think before I spent.  It also meant that I could lessen any interest payments be being in better control of what I needed to pay on what day.

Other times I heard it suggested that you put your credit card in a container filled with water and put it in the freezer.  That way you have to be make very conscious effort to use it.

Good luck with it all.