Confessions of a Serial Spender.

Lucy1982_2

I have been using this site for just over a year, and at first I did really well. I cut back on loads of things and really made a dent in my debt.


But then things went a bit wrong and I was diagnosed with Depression and Stress in June 2007. Which I guess is where things built up again. In August 07 I consolidated my debts (again) and paid off the last of my old store card (and cancelled it), paid off my Lloyds Overdraft and reduced it to an emergency £50 which I now rarely go into. But I didn’t paid off my A and L OD which was at £450, and was paying that off slowly with Amazon and Ebay sales.


The in Nov 07 my laptop died, and rather than save up for one, I got a cheap one on finance with Curry’s, I still have my A and L OD and the Loan. I guess things came to a head in Feb 08 when the cam belt on my car went and I had to pay out £350 (which I managed between my savings and help from Mum) But I was left with nothing in case of an emergency, which terrified me.

So once again I ended up at the bank, my MOT was due in March and I was terrified that I wouldn’t have enough money for it. I sat down with the man in Lloyds and we went through everything and I ended up consolidating again (I know!!) and got a credit card (for emergencies only). I paid off my laptop and the A and L OD (and closed the account). Car passed it’s MOT at a cost of £130 which was fine, and I ticked along ok.


Now here is the real issue. I can afford the loan repayments, so I am not really in debt crisis. But I have a spending issue/problem/compulsion.

Since I have had my ‘emergency’ credit card I have run up a bill of £303.27p :eek: which just makes me want to cry, some is on petrol, but most has been on a shopping trip over the Bank Holiday. I have now taken the card out of my purse and left it at home where I can’t use it. Which I guess is a start. I have access through my on line banking to pay amounts directly off the card so will be doing that.


I have a diary running on here, but it really doesn’t seem to be helping me all that much. So I thought running this as a diary and confessions page, might keep me on the straight and narrow.


I don’t drink or smoke, I rarely go out and only have 2 regular ‘spends’ in my life, my weekly Slimming World Class (£4.50) which I am not prepared to give up and my salsa dancing lessons which cost £6 a week. This I am willing to give up if I have to, but I have a big dance night on the 13th June which I need to practice for as it will be the first time I have danced in front of my Mum.


So what to I spend money on if it’s not going out? Well as far as I can work out, mainly on food. I am dieting, so buy loads of fruit and stuff like that, then there are clothes which I go through phases of buying. I know I need to stop, but can’t seem to help myself sometimes. I know it is a leftover from my depression, but it makes me feel so guilty I need to do something about it.


So this is my SOA:

Total Debts: £13,333.10

- Loan - £13,029.83
- Credit Card - £303.27

Pay - £1100.16

Rent - £240.00
Contact lens - £10.00
RAC - £9.90
Car Insurance - £32.38
Car maintenance - £100.00
Petrol - £120.00
Mobile - £20.00
Loan - £284.34
Xmas/Birthdays - £20.00
Internet - £12.49
Spending money - £80.00


Total – £929.11


Leaving – £171.05


I know that I am budgeting a lot for my car maintenance but I what to get to about £600 and then cut this back to £50 a month. I currently have £300.25 in savings, my car tax is due at the end of this month and my service in July.

As for current funds…. I have £55.41 CR available in my account (£96.65 if you count the OD) and I have £20 cash on me. I get paid on the 20th, and between now and then I am having my hair cut and coloured (£20) and I need petrol (£20 at least!) So let see how little else I can spend!!!


So that is me, Serial Spender, Compulsive shopper


Welcome to the journey and sorry for the length of the post!

Lucy1982_2

Oh and today's spend is already £8.76p :eek:

shopaholic2008

just wanted to say good luck i to need to cut out the unnessecary spends so if you find anything that works for you let us know

thevinternet

Hi Lucy,

First of all, well done for posting on here and 'confessing all' so to speak, it's not an easy thing to do at all.

The next thing you have to do is go and have a cup of tea and try to chill out a bit. Yes, you are spending again. It's ok, we all fall off the wagon from time to time - it doesn't mean that you are a spending addict, but I understand your concern. However, this time is different to when you were spending before. The difference is, that this time you better understand the consequences, and you know how to stop and start cutting back.

How do I know you know what to do? Because you've done it once before.

You need to cut up that credit card. It doesn't mean that you've cancelled the account, you aren't going to tell the CC company that you've cut it up. But it will stop you spending on it.

Then you need to work out a set amount of money that you need for a week. Every Sunday afternoon, you can toddle off to the nearest cashpoint and take that amount out. Go back home and put it in a very safe place where only you know where it is (kitchen cupboard, etc). Then place your debit card in a mug of water in the freezer. Do not touch it again until the following Sunday, when you can take it out in the morning, defrost it and start again.

Every day take some of your weekly stash out with you, but leave the rest at home.

Anything left over at the end of the week can go in an emergency piggy bank.

You won't spend, because you won't be able to. Easy access to funds is a major problem for people like you and me - we need to control it.

Good luck with everything Lucy - you have the power to turn this around.

V xxx

LilDevil

Could you give your emergency card to someone to look after (such as mum) - I gave mine to my sis and she really would not let me use it unless it was a dire emergency!!

Lucy1982_2

They are all really good suggestions thanks!!

I will give them a go. I like the idea on only carrying a small amount of cash that way once it's gone it's gone!

As for the cc, I think I will try freezing it as I have slight paranoia about something happening to my car and if I cut it up I will be helpless! Which would mean I can't use it for any everyday spending, but could defrost it in an emergency, which is what it was for in the first place!

I think my problem is I spend to sometimes cheer myself up and this needs to stop, maybe I should go for a walk instead or something.

skint_spice

Lucy1982 wrote: »

I think my problem is I spend to sometimes cheer myself up and this needs to stop, maybe I should go for a walk instead or something.

especially if it's food you buy - then the walk would help you burn off a few pounds whereas even healthy food is just going to add weight if you aren't burning it off. which in turn will make you more down about things and make you spend to cheer yourself up...

I left my card at home for ages as I couldn't trust myself and mainly deal in cash/use debit card. I never froze it but had to take the bottom drawer out of a chest of drawers to get to it so really couldn't be faffed!

thevinternet

Lucy1982 wrote: »

They are all really good suggestions thanks!!

I will give them a go. I like the idea on only carrying a small amount of cash that way once it's gone it's gone!

As for the cc, I think I will try freezing it as I have slight paranoia about something happening to my car and if I cut it up I will be helpless! Which would mean I can't use it for any everyday spending, but could defrost it in an emergency, which is what it was for in the first place!

I think my problem is I spend to sometimes cheer myself up and this needs to stop, maybe I should go for a walk instead or something.

Good for you. Or have you got a bike? Maybe you could go for a nice daily bike ride whilst the weather is nice.

Of course, if you don't have a bike, don't go out and buy one!!

Freezing the CC is an equally good idea - it's just finding what works for you babe. Keep posting on here too - it helps me to do that when I'm feeling spendy.

Best of luck,
V xxx

Lucy1982_2

albertross wrote: »

Credit Card - £303.27
I currently have £300.25 in savings

Pay it off.

I know that perhaps I should do this, but at the end of the month my car tax is due which is about £120. I would rather pay for this out of savings than pay off my card and then have to put something back on it.

That may seem illogical, but it's how my brain works.

I will then get to my service in July and anything I have left over will go towards my cc.

thevinternet

Also Lucy - just look at your title 'Fantastically Fervent MoneySaving Super Fan"!! That's quite some name you've got to live up to, so crack on and show us how it's done!!!

Lucy1982_2

I think that is almost part of the problem, I 'know' what I am doing, but forget how to do it...

If that makes sense!!

I need to get back to basics I think.