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Budget, Money Saving & Debt
Support with everything money related: Budgets, Banks, Benefits and more       
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Anonymous
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Spending habit
Anonymous 1968
10th Jan '19 - 21.12
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How do I stop spending money on unnecessary things!? I am not exactly in debt but spend little amounts and often and convince myself I need it or it’s ok to buy it or that I deserve it and I could have so much more in my savings which are abysmal. It is almost like an addiction that if I am down if I am not spending. Help! Don’t know how to be happy without it.

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Rhian

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Rhian
11th Jan '19 - 9.18
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Can you set yourself a weekly budget, withdraw the cash and stick to the cash? 

I think that contactless and easy internet shopping has a lot to answer for with little spends that add up to a lot. It’s so easy to tap that card or click ‘checkout’ and it all mounts up very easily. 

There are lots of budgeting apps too, so are automatic so you can link them to your bank account (be sure it’s a legitimate company if doing this) and it will give you more of an idea of what you’re spending on. 

Ultimately, I think you NEED to treat yourself every now and then so please don’t feel guilty about that, but perhaps you could set a treat budget every month and then once it’s spent, you can’t go over it? 

What about setting up a direct debit into your savings account? Of course make sure this wouldn’t leave you short first, but lots of people save this way. A small direct debit of £50 per month could add up to £600 a year which could be used towards a holiday or home improvements or a rainy day. 

I think when it comes to finances, you have to take control and be accountable for what you are spending. It’s hard and you will need some will power but I think having a treat to look forward to can really help. 

Good luck x

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11th Jan '19 - 15.44
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I could have written this post myself. I’m rubbish at not spending money, but I sometimes try to stop myself by thinking of Martin Lewis and his money-saving mantra: “Do I need it? Can I afford it?”

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Archiebear
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Archiebear
11th Jan '19 - 17.45
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Yes I will try those suggestions thank you both. Hopefully I can be a bit more strict with myself going forward xx

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Amber
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12th Jan '19 - 15.11
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Good luck!!  I am just the same, and it’s really having an impact on our finances now – especially as we are trying to buy a house.

I’ve just opened up another bank account that I can access online but that doesn’t have a card (so to spend from it I would have to log in to my bank and transfer the money to another account).  I have started to transfer our ‘spare’ money into that account rather than leaving it in my usual and very accessible bank account!  It’s just tricky enough to access that I think twice about spontaneous purchases.

Would something like that work for you?

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Archiebear
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Archiebear
13th Jan '19 - 21.18
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Amber said
Good luck!!  I am just the same, and it’s really having an impact on our finances now – especially as we are trying to buy a house.

I’ve just opened up another bank account that I can access online but that doesn’t have a card (so to spend from it I would have to log in to my bank and transfer the money to another account).  I have started to transfer our ‘spare’ money into that account rather than leaving it in my usual and very accessible bank account!  It’s just tricky enough to access that I think twice about spontaneous purchases.

Would something like that work for you?  

Yes that is a great idea! The extra effort required could really make me think twice before just buying stuff. It is just so easy to spend nowadays it is scary and how we justify it. Before I read your suggestion I was considering drawing out in cash what I can spend on myself but obviously this doesn’t work with online shopping. I am also possibly changing jobs which would mean less pay but less work and want to spend more time with my son for a bit and also for mental health reasons so am in dire need of getting control of my finances. Thanks for all your help xx

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