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  • FIRST POST
    • sage12
    • By sage12 9th Jul 18, 9:12 AM
    • 1Posts
    • 0Thanks
    sage12
    I want to get out of debt/stop compulsive spending
    • #1
    • 9th Jul 18, 9:12 AM
    I want to get out of debt/stop compulsive spending 9th Jul 18 at 9:12 AM
    I知 useless with money. I知 addicted to shopping. I知 stupid with credit and I知 ready to stop.

    I have tried to break down all necessary outgoings and debts, I know it痴 a lot to ask but if someone could write me a plan, a budget, a suggestion, how to get myself out of this before it spirals.

    Please.


    All my debts:
    TSB Loan: 」7500 (Paying 」421 a month, 22 months left)
    Barclaycard Credit Card: 」4500 (Paying whatever I can afford each month. Normally not much)
    PayPal Credit: 」1100 (Minimum payments every month. Interest piling on like crazy)
    Very: 」278 (Minimum payments every month, again interest is killing me)

    All my monthly outgoings other than my debts:
    Phone contract: 」15
    Fuel: 」120
    Parking permit: 」35
    Internet: 」37
    Food/Household Shopping: 」70

    A bit of background: Live with my boyfriend, he is manager at holiday resort and we are provided with live in accommodation. He pays 」100 a month for rent (the resort covers council tax, gas, elec, literally everything else) He also pays for sky.

    I try and create budget plans for myself, but then I知 pay too much off a debt and get myself in debt by using credit card to survive until the next payday. Please can someone help me. I feel like I知 losing grip on my spending
Page 1
    • Ilona
    • By Ilona 9th Jul 18, 9:34 AM
    • 2,102 Posts
    • 7,191 Thanks
    Ilona
    • #2
    • 9th Jul 18, 9:34 AM
    • #2
    • 9th Jul 18, 9:34 AM
    Try cutting up your credit cards and closing the accounts. Then put your repayments at the top of your priority list for payment. It looks like your outgoings are not very much, your boyfriend pays for most of it, so there should be a lot left over to go towards your debts.

    You could work out a Statement of Affairs and post it here and people will give advice on how you can cut down your spending to release more cash to go towards the debts.

    ilona
    I love skip diving I've had some brilliant finds in skips, people throw out all sorts of useful stuff. I'm not afraid to knock on someone's door and ask if I can take something out of their skip. They always say that's ok, help yourself.
  • National Debtline
    • #3
    • 9th Jul 18, 9:42 AM
    • #3
    • 9th Jul 18, 9:42 AM
    Hi sage12 and welcome to the forum. I'm sorry that you feel you're in a rut with this, but it's a positive sign that you are asking for help.


    While I appreciate that you don't have a lot of the usual household outgoings due to the nature of your accommodation, it would nonetheless help folk here if you were able to post up a Statement of Affairs (SOA) as it just makes it that bit easier for us to have an overview of your situation. As it stands, we don't actually know whether you have an income of your own or are reliant on your partner to cover the outgoings referred to above? Link to SOA:


    http://www.stoozing.com/calculator/soa.php


    Pending your reply, you may find this guide to online tools for blocking/restricting access to retail websites of some use. The links are all to external websites so we cannot vouch for them:


    https://www.moneyandmentalhealth.org/wp-content/uploads/2017/09/Shopper-stopper-alternatives.pdf


    Dennis
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • dionysia
    • By dionysia 9th Jul 18, 11:39 AM
    • 76 Posts
    • 152 Thanks
    dionysia
    • #4
    • 9th Jul 18, 11:39 AM
    • #4
    • 9th Jul 18, 11:39 AM
    You'll get lots of advice on budgeting and the practicalities of paying off the debt here, but I'm another impulsive shopper/emotional spender and my suggestion is that you have to try to get a handle on why you spend and what it's doing for you. The advice to set a budget and stick to it is very good but it's not that helpful initially for people like us, because if we were good at not spending money we don't have we wouldn't be in this situation in the first place!

    There's lots of books and podcasts about the emotional side of spending; you need other ways than shopping to entertain yourself/self-soothe but I find there's ultimately just a lot of saying 'no' to myself about things that in the moment I feel like I really really need (even though objectively I am very well supplied with material possessions and 'need' very little). Does your boyfriend know about your debt situation? It will be really helpful for you to have his support in stopping yourself spending.
    June 2017: owe 」16,818.
    June 2018: owe 」13,263.
    • Christoph2390
    • By Christoph2390 9th Jul 18, 12:35 PM
    • 4 Posts
    • 2 Thanks
    Christoph2390
    • #5
    • 9th Jul 18, 12:35 PM
    • #5
    • 9th Jul 18, 12:35 PM
    Hi Sage12

    First of all, it is great that you have recognised you have this problem, and you are willing to get help. I was in a similar situation to you 2 years ago. If I had credit, I would spend it. Even if I didnt NEED anything, I would find something to waste it on. I have found Stepchange to be a massive help if you decide to go down a formal debt plan.

    As mentioned above, fill in a SOA. You dont mention how much you make per month in your post so it would be difficult for us to really give advice.
    • Mnd
    • By Mnd 9th Jul 18, 3:11 PM
    • 573 Posts
    • 679 Thanks
    Mnd
    • #6
    • 9th Jul 18, 3:11 PM
    • #6
    • 9th Jul 18, 3:11 PM
    1 vital piece of info people will need to give worthwhile advice is your income.

    If you complete the SOA as suggested, you will get the help you have asked for
    • Anoneemoose
    • By Anoneemoose 9th Jul 18, 8:18 PM
    • 1,926 Posts
    • 2,299 Thanks
    Anoneemoose
    • #7
    • 9th Jul 18, 8:18 PM
    • #7
    • 9th Jul 18, 8:18 PM
    You'll get lots of advice on budgeting and the practicalities of paying off the debt here, but I'm another impulsive shopper/emotional spender and my suggestion is that you have to try to get a handle on why you spend and what it's doing for you. The advice to set a budget and stick to it is very good but it's not that helpful initially for people like us, because if we were good at not spending money we don't have we wouldn't be in this situation in the first place!

    There's lots of books and podcasts about the emotional side of spending; you need other ways than shopping to entertain yourself/self-soothe but I find there's ultimately just a lot of saying 'no' to myself about things that in the moment I feel like I really really need (even though objectively I am very well supplied with material possessions and 'need' very little). Does your boyfriend know about your debt situation? It will be really helpful for you to have his support in stopping yourself spending.
    Originally posted by dionysia
    This is so me. I知 I think of something I 創eed and usually just order it. We have some credit card debt (perpetual pay off, spend, pay off spend again). It痴 on 0% for a long time so we are chipping away at that, but we have a decent income with not that bad outgoings so we should be able to clear it quicker. We constantly overspend on our budgets- mainly groceries and 素un money. We have limitations with the groceries and food though and it痴 so hard to try and get a handle on it.

    Please can you tell me which books and podcasts you would recommend.

    OP, sorry I have no advice, apart from maybe looking at using YNAB or something similar. You池e definitely not alone though!
    • sammyjammy
    • By sammyjammy 9th Jul 18, 8:55 PM
    • 4,352 Posts
    • 4,711 Thanks
    sammyjammy
    • #8
    • 9th Jul 18, 8:55 PM
    • #8
    • 9th Jul 18, 8:55 PM
    Is this you OP? I thought I recognised your post from some time back?



    https://forums.moneysavingexpert.com/showthread.php?t=5798830
    "You've been reading SOS when it's just your clock reading 5:05 "
    • Ilona
    • By Ilona 10th Jul 18, 12:59 PM
    • 2,102 Posts
    • 7,191 Thanks
    Ilona
    • #9
    • 10th Jul 18, 12:59 PM
    • #9
    • 10th Jul 18, 12:59 PM
    Is this you OP? I thought I recognised your post from some time back?



    https://forums.moneysavingexpert.com/showthread.php?t=5798830
    Originally posted by sammyjammy
    The opening post from both threads are identical, (Feb 2018), copy and pasted. There was a lot of help on the first thread.

    OP, have you made any progress with your Statement of Affairs? Have you taken note of all advice given to you? Only you can help yourself, you need to show that you are proactive and want to sort out your finances.

    Sit yourself down, get out all your paperwork, write lists of what you owe and to whom, interest rates. And write a list of all your incomings, and see how it balances out.

    If you feel this is too daunting for you to tackle contact Stepchange for help.

    ilona
    I love skip diving I've had some brilliant finds in skips, people throw out all sorts of useful stuff. I'm not afraid to knock on someone's door and ask if I can take something out of their skip. They always say that's ok, help yourself.
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