Money Management Consultants?

bovrilbadboy

Hi All,

Apologies for the username. My humour has no boundaries. 

In these 12 months, I have moved out and spent a huge amount of money and realised how much my ex controlled the finances, for the greater good.

I have spent a huge amount of money and I need to put in barriers to stop me from using my Credit Card/pointless buying etc. I also need to change my mindset on spending. 

Is there such a thing as a money management consultant/counsellor or any really good apps that map your spend? 

EssexHebridean

Possibly the two most effective things you can easily do:

Look up Martin’s Money Mantra on the main MSE site. Essentially “Do I need it, can I afford it” but with different versions depending on your financial position. 

Spending diary. Good old notepad and pen will serve you here, and it is literally as simple as write down every single penny you spend, whether it’s a coffee on the way to work, the weekly shop, or an impulse buy of a new piece of tech. 

Of course THE most effective way of stopping using a credit card is to cut it up, and remove it from apps etc… 

Starting now - challenge yourself with ANY non essential purchase to walk away from it for at least 7 days. No noting it down, or setting yourself reminders to return, just walk away, making a mental note of when that 7 days is up. 9 times out of 10 you’ll forget all about the item. 

MEM62

bovrilbadboy said:

Is there such a thing as a money management consultant/counsellor or any really good apps that map your spend? 

Basic common sense is you friend here.  Start with not spending more than you earn.  

EssexHebridean

MEM62 said:

bovrilbadboy said:

Is there such a thing as a money management consultant/counsellor or any really good apps that map your spend? 

Basic common sense is you friend here.  Start with not spending more than you earn.  

Seriously?! This sort of comment is really unhelpful, and is best left unsaid, unless you actually have some helpful advice to back it up with. it would be like me telling you that being an Olympic sprinting record holder is easy, you simply have to run faster than Usain Bolt. It's factual, but it still doesn't mean it's achievable for you, nor does it in any way guide you towards ways you may, theoretically be able to achieve the target. 

MEM62

EssexHebridean said:

MEM62 said:

bovrilbadboy said:

Is there such a thing as a money management consultant/counsellor or any really good apps that map your spend? 

Basic common sense is you friend here.  Start with not spending more than you earn.  

Seriously?! This sort of comment is really unhelpful, and is best left unsaid, unless you actually have some helpful advice to back it up with. it would be like me telling you that being an Olympic sprinting record holder is easy, you simply have to run faster than Usain Bolt. It's factual, but it still doesn't mean it's achievable for you, nor does it in any way guide you towards ways you may, theoretically be able to achieve the target. 

Yes, seriously.  Keeping money simple is the key and spending less than your income is the basic starting point.  The failure to do so is the starting point of most peoples woes.  If you are not doing that then no solution, remedy, plan, pathway, app or anything else is going put you on the straight and narrow.  

Maybe it is stating the obvious but sometimes the obvious seems all to easily forgotten.  

MrFrugalFever

bovrilbadboy said:

Hi All,

Apologies for the username. My humour has no boundaries. 

In these 12 months, I have moved out and spent a huge amount of money and realised how much my ex controlled the finances, for the greater good.

I have spent a huge amount of money and I need to put in barriers to stop me from using my Credit Card/pointless buying etc. I also need to change my mindset on spending. 

Is there such a thing as a money management consultant/counsellor or any really good apps that map your spend? 

Would you mind elaborating a bit more as to the extent of your situation, that way we could try to assist with a more tailored approach.

Whilst common sense must prevail ‘mem62’, spending and lack of control of finances can actually be an illness for someone.

I had zero education about money management, didn’t even know what a pension was until 25 and had little concept of what borrowing large amounts and the consequences were much further down the line. I could sit and point fingers at several people, organisations, groups etc but ultimately it was my hands putting the chip & pin in every time.

It’s taken a huge shift in my personal life and a number of years being legally and contractually bound by an IVA to completely change my mindset and thought process on money, I’m now almost too scared to spend it which is the polar opposite to how I was originally.

To the OP - perhaps, depending on your situation, a reality check of what COULD happen should you find yourselves going down a slippery slope will help deter before it’s too late?

The biggest thing that I can advise, echoing the above, is always ask yourself the question do I NEED this or do I WANT this? If it is want, take a firm step back and analyse because the chances are, you can live without it quite comfortably.

TripleH

1  Don't look online for any paid services to help you manage your budget.

2. Prepare a monthly statement of accounts for last 5 months so you can see how you've spent money.

3. Prepare a budget for how you can live a life but clear down the debts.

4. Maybe setup a new basic bank account (no overdraft) and use that to run your finances in the shorter term until you get a handle on things. By all means keep your main account (but give the card to your parents / break it in 2).

Transfer your wages less an amount to pay off the credit cards each month. Use the basic account to pay your bills and living expenses knowing once you've spent it, it's gone there is no other source of funds until next payday

5. I'd cut upcthe credit cards and see if you can transfer them to 0% deals to see if you can get them paid off quicker.

kimwp

Buy an RFID blocker for your credit card and tie it in with an elastic band. If you want to spend, you have to take the elastic band off first. May as well print out Martin's money mantra and stick it to the blocker as well.

kimwp

MEM62 said:

bovrilbadboy said:

Is there such a thing as a money management consultant/counsellor or any really good apps that map your spend? 

Basic common sense is you friend here.  Start with not spending more than you earn.  

At the very least unhelpful. Spending less than you earn is a midway point, first thing is understanding what you earn and where your spending is in relation to that.

bovrilbadboy

Sorry for the delay in coming back to you all. 

Firstly, thank you for the helpful comments, even the “common sense” post is accepted but not actually that helpful in terms of answers lol. I am looking for processes here to change my mindset but I get the core point. 

So this will come across bad but this is why I am kind of asking for help. I’m not in actual debt, but I can’t account for £30,000 these past 12 months really. My credit card is clear and I’m in zero debt, it’s about saving and making progress. 

My living costs per year are around £35,000 NET, £6k on school fees for my daughter and the rest I am wanting to save. My man maths says that I need £60,000 a year gross to live and I earn around £110,000 gross, which in net terms is £70,500. Meaning I should be saving £29,500 a year. I don’t have holidays, I don’t really drink much, I don’t smoke, I keep healthy, my car I bought outright but basically I am not moving forward since being single. I literally work and then look after my daughter, that is 99% of my life. Whilst sounding very boring, I do get a huge emotional reward for being involved with my daughter, something which I enjoy throughly. 

I have severe ADHD so writing things down is actually more difficult than one thinks, for me personally. So whilst I don’t think I am thick, I certainly struggle in aspects of life where others wouldn’t. 

I know I can lower my food bill significantly but that’s the easy part, it’s about learning a technique that really makes a difference. 

Kakiste

I find with ADHD- post it notes are incredible for organising yourself and also doesn't seem as overwhelming as ledgers/notebooks etc. 

It's brilliant that you've realised you need to change your mindset before you got yourself into debt. I ended up with £50K of debt and it's taken me years to get back into 'only' 4 figures of debt.