How to stop spending money? Good idea or bad?

williewonder

I have two online current accounts which are easy assessable. I could keep my main one which my weekly benefits get paid into, the other account, delete it from my phone and cut the card up so when I transfer money weekly  (£100 a week) I have no access to it. Can’t open a new online banking without a debit card, can’t go to the cash machine without ordering a new bank card. So this will make me save. Does this sound like a good plan? I spend money on impulse alcohol drinking and then expensive takeaways when drunk.. What are the advantages and disadvantages of doing this?

Brie

A similar thing used to be suggested for those with impulse buying.  Rather than cut up the card the idea was a put it in a plastic tub, fill it with water and stick it in the freezer.  that way when you wanted to use the card you had to actively go through a long process to get to it and hopefully during this time sense will kick in and the spending would be avoided.

elsien

I thought you had a financial deputy – do  your benefits not go to them?
if your deputy is happy for you to have £100 a week and they still have large amounts of savings left to go on the holidays you keep talking about, I don’t see a problem with you spending the money that you do get each week?

A couple of days ago, you were talking about spending over three grand on a holiday to Mauritius next year – on that basis, you appear to be saving quite adequately already.

williewonder

I am saving a lot of money monthly in my social services account. My money is very complicated as I have a court appointed person who looks after my money and he gives me £160 a week to spend how I want. I only have to get my food out of that which is £60 a week. He pays all my bills and I’m saving £560 4/weekly in the social services account. I want to save £400 a 4/week month in my own account a month with the money I get. I’m spending £160 a week on beer and takeaways and coffees out with my support staff.at the moment, Plus my food. But I know I if I can keep to a budget of £60 a week I can save nearly £1000 a month for my holidays. but no willpower. I have to take staff on holiday with me so I calculated the cost of the holidays for them.

williewonder

Also I have to pay for support hours at £18 a hour if over my 31 hours social services pay for already. So if I go on holiday I have to pay extra which I forgot to calculate.

williewonder

I'm on a section 117 aftercare so thankfully don't have to pay county hall for my support hours and I get 31 hours a week paid by social services.

elsien

You’re probably failing because it’s a bit all or nothing. Instead of cutting the things you enjoy out completely, it might be more effective for you to just to cut them back a bit instead. 

phillw

williewonder said:

I spend money on impulse alcohol drinking and then expensive takeaways when drunk.. What are the advantages and disadvantages of doing this?

It's fine as a short term measure, but you'll get bored. So you need to work on your impulse control.

It's certainly possible to radically change your behavior if you want to though.

pridehappy

I guess it would work, however, have you considered a savings account? You’d earn interest on your money too so it would help it grow, whereas most current accounts offer very little.

If you’re starting with small amounts, a regular saver is likely to be the best option especially if you don’t wish to withdraw from it easily and you can setup a standing order to automatically move the money each month. There’s plenty out there, although for no access, I’d most likely recommend something like the first direct regular saver, with a decent interest rate too. Or, check with your existing bank to see if they can offer anything to suit your needs.

theoretica

Putting money out of reach is one way of not spending it, if you are sure you won't run yourself into problems, but what will you do instead?  I find one of the strongest ways of stopping doing something is not concentrating on the thing which I am stopping, but actively replacing it with something else.  Find cheaper and absorbing ways to fill your time so you don't lapse into boredom spending. Make sure you have the food you want to eat easily available and you won't be so tempted by takeaways.

adindas

williewonder said:

I have two online current accounts which are easy assessable. I could keep my main one which my weekly benefits get paid into, the other account, delete it from my phone and cut the card up so when I transfer money weekly  (£100 a week) I have no access to it. Can’t open a new online banking without a debit card, can’t go to the cash machine without ordering a new bank card. So this will make me save. Does this sound like a good plan? I spend money on impulse alcohol drinking and then expensive takeaways when drunk.. What are the advantages and disadvantages of doing this?

Well it is very simple really; do not spend. Alternatively, do not have money accessible to you. If you are still far from pension age, you could for instance put it in your pension, give it to your OH, to manage it etc.