I just can't stop spending!!!

Mnemosyne74

I previously posted reagrding my debt so you may recognise my tale of woe, however I thought it best to wait a month and track all of my expenses. I currently have a loan for £5000 with an additional £2000 insurance coverage. I am trying to sort our the coverage at the moment as I think it may have been sold to me wrongly. I also have a £1500 overdraft and am £1500 into it!! My monthly expenses for May looked like this. It's obvious where the problems lie but it's very difficult for me to control my spending due to my lifestyle. I simply don't know how to save! I'm not sure what my options are either. My job is very demanding so it's not possible to get a second one. Please also consider that I have a flatmate and we currently split all bills down the middle so it's not as easy as telling me to cancel things when that would not really be fair to her.

I am REALLY miserable and suffering from horribly stress over this. Any suggestions how I can budget without totally sacrificing my life?


Rounded to the pound

Monthly Salary 1200

Loan - 165
Rent - 310
Council Tax - 95
Bus Pass - 35
Mobile (9 months left on contract) - 35
Gas/Leccie (3 months worth) - 110
Sky - 10
Lovefilm - 6
Groceries - 110
Gifts - 20
Overdraft Fee - 13
Drinks - 20
Haircut - 20
Bank Penalty - 25
New Clothes - 50
Dinners out - 25
Buses to Glasgow (where my partner lives) - 15
Beauty products - 20
New duvet and sheets - 80

kazwookie

Groceries - 110


Is that for 1 of you??

Horace

I can see where you can cut back straight away:

Drinks
Meals Out
New Clothes
Gifts
Haircuts
Beauty Products
Duvet & Sheets (surely you don't buy a new set every month? - these can be bought relatively cheaply in Dunelm Mill)
Bus Fares to Glasgow - perhaps your boyfriend could visit you more often?

Thats £230 saved each month.

Why are you paying for Sky and Lovefilm? - surely you have films on Sky?

As has been said before £110 a month on food for one person is a little excessive.

beckseven

I know that you probably don't want to hear it but as the person says above you really need to cut down on the luxury items. As you seem to like your clothes why don't you try ebaying all your unwanted clothes. Stuff like Karen Millen, Top Shop, Coast, Warehouse etc always does quite nicely on ebay and you could get quite a sizeable amount back to put on your overdraft and maybe save on your Bank penalty charges. I was a clothesaholic and some of my debt was spent on clothes in my pre children days, and spray tans and expensive haircuts and beauty treatments to make myself feel better. To be honest it never did because I always knew at the back of my mind I had the debt. Beauty products at £20 is excessive-what brands are you using? You need to downside your brands and start buying them in somewhere cheaper such as Wilkos. If you need a clothes fix you can get the latest fashions in Primark for a fraction of the price. To get control back you are going to have to downsize your lifestyle or you will come unstuck. Try inviting people round for drinks or cooking instead of having meals out. It's not nice at first but once you start to get control back of your finances you will feel so much better. Good luckx

Jen151

Hiya, you could cut down on monthly clothes and gifts. plan your weekly meals and take a set list to the shops, so you can cut your monthly foodbill down. £20 a week can be enough for one with the right planning.

Also, try the rainbow rooms training academy for a haircut, you can get it done for 14 quid there

try leaving your bank card at home and go out with a set amount in your wallet

you can do it! :beer:

Conor_3

Mnemosyne74 wrote: »

It's obvious where the problems lie but it's very difficult for me to control my spending due to my lifestyle. I simply don't know how to save! I'm not sure what my options are either. My job is very demanding so it's not possible to get a second one. Please also consider that I have a flatmate and we currently split all bills down the middle so it's not as easy as telling me to cancel things when that would not really be fair to her.

I am REALLY miserable and suffering from horribly stress over this. Any suggestions how I can budget without totally sacrificing my life?

Its too late for that. Everything you can cut out to give you an extra £200 a month is what you probably count as needing in order not to sacrifice your life as you put it.

Carry on and the Official Receiver will help you control your spending eventually.

Unless you're working 60 hours a week, it's always possible to get a second job. Plenty of people in this country work 60 hour weeks. And if you're working 12 hour days, you've not got time to go blowing your money on rubbish.