Spending money/buying things bug...

[craig_t]

Ok so I am just wondering how other people out there look at things, there are a lot of areas of this forum which leaves it quite open, IE motors, computers etc. and maybe help me become better with my money.

So, my 'weakness' is cars/car parts and computers/computer parts.

I try to look at money and ensure that I have savings behind me, I have a figure I would like to get to but each time I get close I start spending money again and think to myself I need to enjoy some of the money I work for. I have a mortgage but other than that no debt, my car is mine etc. My main reason for wanting savings is a fallback, if I was to ever loose my job I want money to survive on while I find a new job, or if things were to go wrong with the house.

I will start off buying something little for £30 but then get some spending bug and want to buy something for £100, then £400 and before I know it I have spent £1000 in two days.

I don't really go food shopping, I mostly buy takeaways or occasionally do a full shop or just buy a few things in my local shop. So I don't manage my money there and could probably save money from that as I spend around £15 a day on food if not more. I also don't worry about the little savings I can make from putting my virgin box into standby instead of on or turning my PC monitor off instead of standby etc.

I tend to buy things I don't need, my graphics card is fine right now but because there is something better I feel like I want to buy a new one and with a new one I might as well get a monitor to go with it. While I am on changing the watercooling loop around from one card to another, I might as well buy some new watercooling barbs, tubing, rad etc to replace the ones I have now which look perfectly fine but I can make a new design.

What are peoples thoughts? How do you look at money? How do you control your spending, if at all? Do you allow set amounts of 'play money' each month/week? Do you have a goal of which you want to get to in savings? Or do you count down to the next payday as you have no money left that month? Do you start getting into a little carried away time once you buy one thing, like me? Do you have some strict routine with your money that allows you only X amount for food a week and so on?

 

[NexusK]

Get married and start a family and soon all your problems will be solved. No more spare cash.

 

[tcfreer]

Multiple Bank accounts keeps me safe.
1 - RBS. Bills Bills Bills
2 - Co Op - Pay arrives here
3 - Halifax - Food goes here
4 - Nationwide - Fuel Goes here
5 - First Direct - Fun money goes here.

I only recive a statement for the First Direct account.

The rest I check when I get the pop reminder on my calander to do a reconcillation of my accounts - which is always my day before payday.

Whatever I have left, I then make a descion about.
A - Splurge on crazy fun stuff
B - Save for even bigger save
C - Give to parents for Brothers wedding this year
D - Put into cash tin and look at christmas (Last year it had about £1k in there)

Thats my preffered method, but I do get paid every 4 weeks

 

[craig_t]

Get married and start a family and soon all your problems will be solved. No more spare cash.

I'm 23 and don't plan to get married for a long time yet!

Multiple Bank accounts keeps me safe.
1 - RBS. Bills Bills Bills
2 - Co Op - Pay arrives here
3 - Halifax - Food goes here
4 - Nationwide - Fuel Goes here
5 - First Direct - Fun money goes here.

I only recive a statement for the First Direct account.

The rest I check when I get the pop reminder on my calander to do a reconcillation of my accounts - which is always my day before payday.

Whatever I have left, I then make a descion about.
A - Splurge on crazy fun stuff
B - Save for even bigger save
C - Give to parents for Brothers wedding this year
D - Put into cash tin and look at christmas (Last year it had about £1k in there)

Thats my preffered method, but I do get paid every 4 weeks

So you have 'fuel goes here' 'food goes here', do you have a set limit or do you over comit the amount you put in there each month? Do you routinely eat the same things monthly, so your food spend never changes? Why don't you class food, bills and fuel as one?

 

[georges]

"You need a budget" sorts you right out, trust me. Get the program, then install the app on your phone and track everything you spend.


Then treat the YNAB monthly budget as your 'separate' accounts as above, to see how much you have left to spend on eg food for the month. Ignore your current account balance except to make sure you don't go into overdraft.

 

[craig_t]

"You need a budget" sorts you right out, trust me. Get the program, then install the app on your phone and track everything you spend.


Then treat the YNAB monthly budget as your 'separate' accounts as above, to see how much you have left to spend on eg food for the month. Ignore your current account balance except to make sure you don't go into overdraft.

But you need to buy it, after the 30 day trial?

 

[Deleted member 66701]

Earn more money than you can spend.

Job done.

 

[skaif]

I am exactly this. Waste money on stupid pointless things pertaining to cars and computers. I just decided one day that enough is enough and now I pay all my bills and save like a maniac. Want to get a decent car in a few years so that's my agenda. Focus on a goal and make it happen.

 

[craig_t]

I am exactly this. Waste money on stupid pointless things pertaining to cars and computers. I just decided one day that enough is enough and now I pay all my bills and save like a maniac. Want to get a decent car in a few years so that's my agenda. Focus on a goal and make it happen.

What if you reached your 'goal', then reached the next 'goal', then it gets to a point you want to enjoy something but have one more goal to reach?

I had a goal of:
Buy a house - Check
Buy a good car - Check

My only outstanding one is to reach X savings. Currently I am 60% there, but I can easily spend a lot of that on other things... And this is where I am struggling from stopping myself.

 

[Buffman]

Multiple Bank accounts keeps me safe.
1 - RBS. Bills Bills Bills
2 - Co Op - Pay arrives here
3 - Halifax - Food goes here
4 - Nationwide - Fuel Goes here
5 - First Direct - Fun money goes here.

I only recive a statement for the First Direct account.

This sounds like the least ideal way of managing your money. If in doubt you could put the above items into a spreadsheet and you'd get an idea how much you spend on average (I buy almost everything on card so easy to tell.

Best way to stop buying things is to wait a week or 2 each time you want something to make sure you want/need it. This forum is often a temptress of sorts tho.

 

[nicktay2605]

Earn more money than you can spend.

Job done.

People always live to their means though. I earn a reasonable wage and shop at reasonably expensive stores. I know that if I earned more I'd just start shopping at stupidly expensive places.

Also, if you've got a decent car and your own place I wouldn't worry too much, within reason obviously. You're doing much better than most people at 23. Heck, I'm 27 and I still rent (though admittedly out of choice). I think it's easy to forget that your 20s are the decade when you should be exploring, seeing the world, getting to know people, potentially meeting someone to marry, etc. We're expected to grow up so quickly and I try to make sure that I am still enjoying life rather than just getting through it. If that means a bit less money for when I'm older then I'll cross that bridge when I come to it, but for now I'd rather enjoy myself.

 

[skaif]

What if you reached your 'goal', then reached the next 'goal', then it gets to a point you want to enjoy something but have one more goal to reach?

I had a goal of:
Buy a house - Check
Buy a good car - Check

My only outstanding one is to reach X savings. Currently I am 60% there, but I can easily spend a lot of that on other things... And this is where I am struggling from stopping myself.

Fair enough, was just a suggestion!
So I'm assuming house paid off? Car paid off? No renovations planned?
If so set yourself another goal or Target.
If that fails set some aside for charity. Preferrably something that has a tangible, viewable outcome so you can see the good your doing. Makes you feel better about spending money at least! My outgoings are around 1.5k a month just on bills and food and general bits n bobs. Leaves very little to save so now I'm scrimping where I can!

 

[tcfreer]

This sounds like the least ideal way of managing your money. If in doubt you could put the above items into a spreadsheet and you'd get an idea how much you spend on average (I buy almost everything on card so easy to tell.

Best way to stop buying things is to wait a week or 2 each time you want something to make sure you want/need it. This forum is often a temptress of sorts tho.

It's not for everyone - I do use a spreadsheet aswell, but I like this way - it fit me personally

So you have 'fuel goes here' 'food goes here', do you have a set limit or do you over comit the amount you put in there each month? Do you routinely eat the same things monthly, so your food spend never changes? Why don't you class food, bills and fuel as one?

Yes - I basically have £100 for Fuel and £100 for food (I am single and don't have my own place). And I'm abit of pain with food, I do eat the same stuff basically every month. Or at least buy the same ingrediants.

Fuel, well I know how much I use a month in my car, and I have the what if money from the previosu months if I decide to do anything more in a month

Apologies for the spelling issues

 

[craig_t]

This sounds like the least ideal way of managing your money. If in doubt you could put the above items into a spreadsheet and you'd get an idea how much you spend on average (I buy almost everything on card so easy to tell.

Best way to stop buying things is to wait a week or 2 each time you want something to make sure you want/need it. This forum is often a temptress of sorts tho.

I have 3 accounts, one was my spending account, then I have sandander 123 current and credit card. I am in no debt with the credit card, it pays itself monthly and it is only used for the cashback offerings. But then after a while I got used to just using my 123 account to buy everything too....

I do wait a few weeks sometimes, tell myself I do not need it but it is a want and that's where I fall down.

People always live to their means though. I earn a reasonable wage and shop at reasonably expensive stores. I know that if I earned more I'd just start shopping at stupidly expensive places.

Exactly, I have had multiple payrises through my career progression and I am on over double what my first real wage was. I'm way over the average and always tell myself that when I get a payrise that extra money will go to savings, overtime will go to savings, on call will go to......... well, yeah that doesn't happen and this is where my problem lies.

Fair enough, was just a suggestion!
So I'm assuming house paid off? Car paid off? No renovations planned?
If so set yourself another goal or Target.
If that fails set some aside for charity. Preferrably something that has a tangible, viewable outcome so you can see the good your doing. Makes you feel better about spending money at least! My outgoings are around 1.5k a month just on bills and food and general bits n bobs. Leaves very little to save so now I'm scrimping where I can!

Suggestion taken, but I am struggling to keep to working to a goal of saving money. House is mortgaged. Car is paid for. I plan to do my bathroom out, that's it. That could cost me £800, but me being me and my I want not need it's looking close to £4k, but I still have money left over to 'play' with and waste.

 

[Gaverick]

Lock your savings away in a non instant access ISA.

 

[nicktay2605]

Suggestion taken, but I am struggling to keep to working to a goal of saving money. House is mortgaged. Car is paid for. I plan to do my bathroom out, that's it. That could cost me £800, but me being me and my I want not need it's looking close to £4k, but I still have money left over to 'play' with and waste.

This is my main issue. Whenever I look at buying something I look at all the choices, then realise that if I get something on the cheap I'll only end up with buyer's remorse. The phrase 'you get what you pay for' is nearly always true in my opinion, so I always spend way more money on purchases than I possibly need to.

 

[skaif]

I have 3 accounts, one was my spending account, then I have sandander 123 current and credit card. I am in no debt with the credit card, it pays itself monthly and it is only used for the cashback offerings. But then after a while I got used to just using my 123 account to buy everything too....

I do wait a few weeks sometimes, tell myself I do not need it but it is a want and that's where I fall down.



Exactly, I have had multiple payrises through my career progression and I am on over double what my first real wage was. I'm way over the average and always tell myself that when I get a payrise that extra money will go to savings, overtime will go to savings, on call will go to......... well, yeah that doesn't happen and this is where my problem lies.



Suggestion taken, but I am struggling to keep to working to a goal of saving money. House is mortgaged. Car is paid for. I plan to do my bathroom out, that's it. That could cost me £800, but me being me and my I want not need it's looking close to £4k, but I still have money left over to 'play' with and waste.

Dude it sounds like your pretty well off to be honest. Short of paying your mortgage off, enjoy it! At the end of the day if you earned it, enjoy it. Work hard, play hard etc

 

[skaif]

Or, try this. Make a list of all your wants. Split them into high value and low value. Set little challenges for yourself, like dont spend anything or splurge for a week or 2. Then choose something from the list and treat yourself?
Just an idea!

 

[doofer]

The best things I've seen that sum up money/spending are:

£5000 is a lot to owe but little to own.

When you see an item that you want to buy because it's been massively reduced- £600 reduced to £400! You haven't SAVED £200, you've just SPENT £400.

 

[Guest2]

23 with lots of spare money for cars and computer parts, I recommend traveling. Much more worth while