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  • FIRST POST
    • ImpulseSpender
    • By ImpulseSpender 11th Oct 18, 5:21 AM
    • 19Posts
    • 29Thanks
    ImpulseSpender
    Curbing my Impulse Spending...
    • #1
    • 11th Oct 18, 5:21 AM
    Curbing my Impulse Spending... 11th Oct 18 at 5:21 AM
    Hi everyone,

    I have been stalking these forums for the past few days and thought I'd join and do a diary. I find "reporting in" makes me more accountable which in turn helps me to stay disciplined.

    I have the following debt below which I am eager to pay off and not have the niggling feeling in the back of my mind. Plus as I'm 24 I seriously need to think about credit scores for mortgages etc.

    Credit Card A 258.78 0% Interest - This will be paid off on 22nd of Oct
    Credit Card B 3144.96 0% Interest until 21/03/2021
    Credit Card C 3564.05 0% Interest until October 2021

    My currently salary situation is a bit of an odd one. Before August my salary was 1900 per month however I am currently seconded to a project and have been in Australia since August which comes with an additional 1000 per month allowance meaning my salary per month is 2900. I am returning to the UK in two weeks where this allowance may potentially continue for another 3 months.

    This additional allowance has been an actual god send and has allowed me to also start savings as well as paying off my debts. As my IF periods are for another 2-2 and a half years, I figured saving made sense.

    My question is, if I am paying 100 each off card B and C each month and saving 300 a month, should I really be decreasing the amount I'm saving (say to 100 per month) and increasing the amount I pay off my debts (say to 200 off each debt per month)?

    I'm really hoping my allowance will continue for the next 3 months and I should know by Friday if this is the case. When I'm on my normal salary of 1900, after bills and debts have been paid there isn't a huge amount left over however I definitely need to re-examine my spending because I know I'm a big spender. I have already started to re-examine my spending and there are a few areas I can cut costs.

    I'm planning to update this diary every few days so I can discuss and use it to encourage me to cut my spending! Reading everyone else's diaries and success stories has also inspired me.

    I've also started an anonymous blog to keep me super accountable which if you're interested can be found at wordpress and is called The Impulse Spender, it won't let me post the URL

    Thanks for reading!

    Impulse Spender
Page 1
    • beanielou
    • By beanielou 11th Oct 18, 9:26 PM
    • 57,364 Posts
    • 234,817 Thanks
    beanielou
    • #2
    • 11th Oct 18, 9:26 PM
    • #2
    • 11th Oct 18, 9:26 PM
    If I was you I would chuck as much as you can at the debt.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • ftbwannabe
    • By ftbwannabe 11th Oct 18, 10:34 PM
    • 184 Posts
    • 622 Thanks
    ftbwannabe
    • #3
    • 11th Oct 18, 10:34 PM
    • #3
    • 11th Oct 18, 10:34 PM
    Welcome! I'd be inclined to prioritise debts, with a small emergency fund on the side so that if (when) unforseen stuff happens it doesn't mean you have to reduce that month's debt repayments. Eg, to cover car or dentist or broken things (not shoe sales or, in my case, books :-)).
    If you do an SOA, you might find that helps you cut spending.
    saving for house-buying costs 1475
    emergency fund 150//1330
    debts 1229.6/17,483 | Outstanding Debt: 16,253.40
    • ImpulseSpender
    • By ImpulseSpender 11th Oct 18, 11:30 PM
    • 19 Posts
    • 29 Thanks
    ImpulseSpender
    • #4
    • 11th Oct 18, 11:30 PM
    • #4
    • 11th Oct 18, 11:30 PM
    Thanks guys, I'm gonna follow your advice and chuck as much as possible at the debt while still keeping a smaller emergency fund.

    In good news, my mum is currently using my car whilst I've been in Australia, I'm going to let her continue to use it when I come home as its not essential for me to have a car. This means she's going to pay the loan repayment of it (which I pay to my dad) of 100 a month. Which frees up another 100 to throw at my debts!
    FD CC - 157.75/258.78, Santander CC - /3564.05, MBNA CC - /3144.96, Savings - 300/5000
    • ftbwannabe
    • By ftbwannabe 12th Oct 18, 8:47 AM
    • 184 Posts
    • 622 Thanks
    ftbwannabe
    • #5
    • 12th Oct 18, 8:47 AM
    • #5
    • 12th Oct 18, 8:47 AM
    Yay! It is weirdly fun once you focus on clearing them, you see bits of money like that 100 & have extra reason to celebrate. Have you looked into what snowballing is? You pick a card to prioritise clearing first, usually the one with the smallest balance, & throw everything you can on that one (while keeping up minimum payments on the rest). It's satisfying as you can focus on deadlines to clear one at a time, instead of feeling weary about how long it will take to clear everything in total. There are a few spreadsheet templates around that you can plug your info into & see exactly when you can be free of each debt.
    Good luck!
    saving for house-buying costs 1475
    emergency fund 150//1330
    debts 1229.6/17,483 | Outstanding Debt: 16,253.40
    • ImpulseSpender
    • By ImpulseSpender 12th Oct 18, 9:34 AM
    • 19 Posts
    • 29 Thanks
    ImpulseSpender
    • #6
    • 12th Oct 18, 9:34 AM
    • #6
    • 12th Oct 18, 9:34 AM
    Ah I've heard the term snowballing but never actually looked into what it means. That sounds like a good idea, I'll have a look into doing that, thank you for the suggestion!
    FD CC - 157.75/258.78, Santander CC - /3564.05, MBNA CC - /3144.96, Savings - 300/5000
    • FiftyQuid
    • By FiftyQuid 12th Oct 18, 10:07 PM
    • 15 Posts
    • 29 Thanks
    FiftyQuid
    • #7
    • 12th Oct 18, 10:07 PM
    • #7
    • 12th Oct 18, 10:07 PM
    Hello! I know you've come to this decision already but for what it's worth, another vote here for throwing as much at the debt as possible. It's good to have a little put by but debt repayment certainly the priority.

    When I was clearing a lot of debt I also did car boot sales, eBay selling, Amazon Marketplace selling etc. as much as I could and I picked up every penny I saw on the street to put into a pot and found a use for all spare change.

    I know you've got this if you commit to it As you know I'm also trying to recommit to things too.

    Best of luck.
    • ImpulseSpender
    • By ImpulseSpender 12th Oct 18, 11:49 PM
    • 19 Posts
    • 29 Thanks
    ImpulseSpender
    • #8
    • 12th Oct 18, 11:49 PM
    • #8
    • 12th Oct 18, 11:49 PM
    Thank you FiftyQuid, I feel so committed and motivated to clear this debts. I already feel so much more in control than I did a few months ago.

    Definitely going to have a clear out when I get back from Australia, throw some things on eBay. I did that years ago and made about 150.
    FD CC - 157.75/258.78, Santander CC - /3564.05, MBNA CC - /3144.96, Savings - 300/5000
    • ImpulseSpender
    • By ImpulseSpender 13th Oct 18, 7:21 AM
    • 19 Posts
    • 29 Thanks
    ImpulseSpender
    • #9
    • 13th Oct 18, 7:21 AM
    Saturday...
    • #9
    • 13th Oct 18, 7:21 AM
    So today wasn't a great day for spending. I did intend to have a NSD but due to unforeseen circumstances this wasn't possible.

    I went to a dumpling festival with my friend which we had already paid for months ago meaning we didn't need to pay for food. We both got a green tea each which actually for two pots only set me back 3.28 (current exchange rate). We then left the festival and went for a wander around Sydney. I started to feel ill and realised I needed my inhaler (I'm asthmatic), I checked my bag and due to my stupidity I'd forgotten it this day. I never normally forget it, so annoyed with myself! My friend and I jumped on a train home (already paid for, similar system to oyster card) and I started to feel worse. I realised there was no way I could make it to my destination station and then change trains and then walk. I decided to get off at an earlier station and get a taxi which cost me 12.21. While on the train and in the taxi I started to get a real bad red rash on my neck and chest. Once I got back and had taken my inhaler I realised I needed antihistamines for my rash so had to pop to the local shop to get some. Antihistamines, cookies and a fruit drink set me back 11.04.

    So all in all I spent 26.53 which is really annoying because the majority of the spending could have been avoided if I'd just remembered my inhaler!!

    Anyway in good news, I started using YNAB and I LOVE IT. The first hour was so frustrating but then I found a really good beginners video for YNAB on Youtube by a guy called Nick True. I can fully see where my money is going and how I can truly budget for different things. I'm a bit addicted I think, I keep wanting to budget when it's all done

    Does anyone else use YNAB? Any tips for using it?
    Last edited by ImpulseSpender; 13-10-2018 at 7:23 AM.
    FD CC - 157.75/258.78, Santander CC - /3564.05, MBNA CC - /3144.96, Savings - 300/5000
    • ftbwannabe
    • By ftbwannabe 13th Oct 18, 12:28 PM
    • 184 Posts
    • 622 Thanks
    ftbwannabe
    I love YNAB. The app is probably the most important part of my saving/spending changes so far. There are quite a few posts & threads about it in the forums, I bet you'll find lots useful! My tips are to enter each transaction manually + as soon as you make it, & to use the 'budget flexibly' way, eg swap between categories as you need.
    I got a year free with my student id, but I will 100% pay for it in future years.
    saving for house-buying costs 1475
    emergency fund 150//1330
    debts 1229.6/17,483 | Outstanding Debt: 16,253.40
    • litepay
    • By litepay 13th Oct 18, 2:53 PM
    • 32 Posts
    • 28 Thanks
    litepay
    I'm also a YNAB user, but I'm on the old desktop version, YNAB 4. It has a mobile app so I'm entering everything in it. There are three categories that depress me when I check my balances: groceries, eating out, and fun. I spend WAY too much on it. Oh, and holidaying...

    I don't have any tips apart from this: give it 2-3 months to fully understand how to work with it.
    • FiftyQuid
    • By FiftyQuid 13th Oct 18, 5:28 PM
    • 15 Posts
    • 29 Thanks
    FiftyQuid
    Oh poor you. I'm sorry it turned out to be a costly day. But you didn't have a stack of choices and your health is always number one priority right? You'll make up for it.

    I don't know what YNAB is but now I need tp find out!
    • ImpulseSpender
    • By ImpulseSpender 14th Oct 18, 8:38 AM
    • 19 Posts
    • 29 Thanks
    ImpulseSpender
    ftbwannabe - I agree with you, I can seriuously see it becomming a key part of my budgeting/spending life.

    Litepay- The mobile app is super useful when your out and need to record spending, you don't risk forgetting to enter spending later!

    Fiftyquid - You should have a look into it. You can use it for 34 days free, I've been using it since Friday but will definitely be paying for it once the free trial ends. I think I read it is 5 a month but I could be wrong.

    Today was a very chilled day where I didn't do too much. I had to get small amounts of groceries which came to 12.23. I'm trying to use up all my tinned stuff before I return back to the UK in less than two weeks so groceries shouldn't be too much of a big spend over the next two weeks.

    Lunch is made for tomorrow so should be a NSD which would be my first since starting this diary, its taken me long enough!
    FD CC - 157.75/258.78, Santander CC - /3564.05, MBNA CC - /3144.96, Savings - 300/5000
    • FiftyQuid
    • By FiftyQuid 14th Oct 18, 10:10 AM
    • 15 Posts
    • 29 Thanks
    FiftyQuid
    I've just bookmarked the site and I'll have a good look either later or tomorow. Thanks!
    • darwins_mum
    • By darwins_mum 15th Oct 18, 7:30 AM
    • 446 Posts
    • 2,838 Thanks
    darwins_mum
    Ynab
    You can extend your 34 days to 90 days for free by simply emailing them.
    Nothing is so fatiguing as the eternal hanging on of an uncompleted task
    Crazy Clothing Challenge 2015 48.58/200
    • ImpulseSpender
    • By ImpulseSpender 15th Oct 18, 8:15 AM
    • 19 Posts
    • 29 Thanks
    ImpulseSpender
    Thank you Darwins_mum, I'll try that.
    FD CC - 157.75/258.78, Santander CC - /3564.05, MBNA CC - /3144.96, Savings - 300/5000
    • ImpulseSpender
    • By ImpulseSpender 17th Oct 18, 8:38 AM
    • 19 Posts
    • 29 Thanks
    ImpulseSpender
    Not a huge amount to report on since Sunday. I had a NSD day today woo!

    I have been looking at internet and tv deals yesterday as since our contract ended with Sky we're paying 77 a month I found one with NowTV for 33 a month so I'm going to ring Sky when I'm back in the UK and haggle our price down. If they can't match 33 I'll be leaving them.

    Feel like I'm in a bit of a limbo at the moment. I leave Australia on Tuesday next week meaning once I'm back in the UK I can do a good ebay sort out and hopefully make some extra money to put towards my debts. I'm also eating random food at the moment to try and use whatever I have left.

    Lunch is made for tomorrow and I know what to take in on Friday so hopefully will be two more NSDs coming up. Plus I get paid on Friday (yay) which means I can do my budgeting for the rest of October and November on YNAB. Is it sad that I actually get excited to see where I can spread my money?
    FD CC - 157.75/258.78, Santander CC - /3564.05, MBNA CC - /3144.96, Savings - 300/5000
    • SSDD23
    • By SSDD23 17th Oct 18, 9:40 AM
    • 306 Posts
    • 656 Thanks
    SSDD23
    I don't know which NOW Tv things you are looking at, but if you go through the options to leave on the passes they sell, they offer you half price several steps into it. I've done this continuously since I started using it, and pay 7.50 a month for the Entertainment and Movie passes just a thought
    Money made in October: 68.63/50.00 // October NSDs: 12/15
    Total Debt: 5408.90 Total Repaid: 1477.50 Total Savings: 50.00
    • ImpulseSpender
    • By ImpulseSpender 17th Oct 18, 11:09 PM
    • 19 Posts
    • 29 Thanks
    ImpulseSpender
    Ah thank you SSDD, we currently have a sky movies package but we've said we're happy to remove this to save costs but if we can get one with NowTV for that price then maybe we should just consider moving to NowTV full stop.
    FD CC - 157.75/258.78, Santander CC - /3564.05, MBNA CC - /3144.96, Savings - 300/5000
    • SSDD23
    • By SSDD23 18th Oct 18, 8:40 AM
    • 306 Posts
    • 656 Thanks
    SSDD23
    It's definitely worth looking into - it'll ask you about three times if you're really sure you want to quit then offer you the good price for a few months. I'll apologise in advance if it's somehow stopped but I did it 1 or 2 months ago for the 3rd/4th time
    Money made in October: 68.63/50.00 // October NSDs: 12/15
    Total Debt: 5408.90 Total Repaid: 1477.50 Total Savings: 50.00
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