I need to not spend in 2017 to pay off debt - help!(29 Posts)
I need to not spend in 2017 to pay off debt (apart from groceries and essentials for DC's) I have deleted Amazon and Next apps off my phone and replaced with a budgeting app. I can be really impulsive and need to replace my spending with saving. Any tips? Or a thread where a few people are having "no spend" weeks/months I can join?
I'm with you op. And I need dh to get on board with this too.
Will not spending for a year pay off all your debt? If so YANBU and that will be a great achievement. If it will take years and years even with no spending then set up a budget with increased payments to debts and reduced splashy spendings and make it more realistic to achieve long term. You can't go forever not spending it won't happen.
Have you got the best deals on your mortgage, electricity, gas, phone, tv and broadband?
Set up another account and transfer money into it as soon as you get paid.
Plan meals and focus shopping on your plan.
If your kids are young and you take them out regularly, find free activities that go on in your area. Local libraries, museums, parks and council websites have information.
I went from £20k of debt to now around £5k over 3 years by ruthlessly going through my direct debits and making them cheaper and deleting what I didn't use any more. I then applied for ppi and challenged a decision made by lloyds through the ombudsman. In the better weather I do carboots by buying bags of clothes for £10 then splitting them I make about £150 a week which pays food and petrol. I don't use a credit card anymore I pay cash for everything, I try and keep a tab on my bank account it's been a long work in progress but I'm getting there and this year I think will see all debt gone !! You can do it but it takes discipline and tenacity -these attributes were sadly lacking in me but they have been cultivated now good luck !!
Thanks for the tips and inspiration, also good to know I'm not alone. I have recently changed broadband and got a new gas and electricity deal, also recent mortgage etc. I think I need to really meal plan and maybe do online shopping or limit it to Aldi with no interim sainsburys dash mid week (lethal!). Also buying treats for DC's - Christmas has made me realise that it really is the small things that they love.
Good idea re: free kids activities. I will look into that today.
I'm in same boat OP...DS out for the day so it's my job to get spreadsheet 100% up to date...and start tracks everything! Good luck to us all x
On the debt management threads there was some advice to set up direct debits to pay off minimum credit card payments plus £10 each month. This will chip away at the debt (assuming it's credit cards).
Start by working out exactly how much you owe.
There is a long running frugaleers thread in credit crunch. Loads of tips there.
I aim for three no spend days a week. Anything more than that is an absolute bonus.
Set small goals at first, so you get in to the habit. Save £100, reward yourself with something. Save another £200, reward yourself. Then increase the goal.
Get used to checking balances, it is nice to see the savings pot grow.
I'm interested in this too OP. We need to save for a deposit and with our outgoings, the only way will be to not buy anything at all.
I thought about this and decided that I would not buy ANY new clothing at all. Anything I get will be because it's needed...and from charity shops only.
In terms of stuff like food...I'm going to have a veg patch...and will be packing flasks/picnics when we need to go anywhere.
The MSE forums are really good for this. I paid off £7k worth of debt with some of their debt free challenges. The Payment a day and NO Spend Days challenge was really helpful to me. Soon you will be a DF graduate and you can move over to the savings board.
If you can do it in a few strict years it is totally worth it! I had a two years in a tiny flat etc to pay off my post grad studies loans and so glad I did.
Did the same again with a young DS to save house deposit.
Use things like tesco vouchers to pay for the odd trip out.
Hunt second hand selling sites for things you need
Thank you to everyone for replying, I will check out the MSE forums. It's inspirational to hear that it can be done (well done!) and I feel really motivated. I will look for the frugalness thread also. Nice to know I'm not alone!
Can I join you too? I really want to save for some home improvements in a couple of years time. I don't want to get into debt for this so saving is the only way.
Put money for food, bills and leisure in physical potd each month
Get a debt charity to negotiate all your debts to affordable amounts (CAP are great)
Remind ypurself that ypu already have everything you need..coats shoes clothes etc.
Cut off ALL direct debits and services for things you dont need..ie apart from phone internet bills rent/mortgage
consider ditching car and resolve to hire cars if needed.
cook in bulk and add beans on toast type meals and porridge as breakfast amd therafter aim for £1 a day.
NEVER buy lunch at work or out..be hungry or buy a piece of fruit from a supermarket.
The hardest thing for me is training not to buy things just to make myself feel slightly better..but if i do its now biscuits or wine, never mugs i dont need or clothes i dont need.
buy three chickens a month and freeze them.if you are a meat eater.
buy lots of cheap tins of tomato, cheapo pasta, beams and longlife milk in bulk then get used to.living on whats in the house.
lentils are your friend
Dontt feel guilty about not paying creditors (debts) or extending terms etc..they are screwing you...so screw back.
get an account that wont let you overdraw and charges hardly anything for missed dd...eg Coventry Building Society basic account .. £5 for missed DD only.
CONCENTRATE ON MAKING MONEY TOO ...saving will only.make you max your soare money back..getting a £7k pay rise or second job will.eat.up debt!
Look back through your bank statements to see what you spent on. I used to have a mental block about spending on train fares to see people, on spending in charity shops, and on presents - these were things I had to spend money on didn't I? Well, not really - they still cost money. If you have a phone deal, make the effort to ring people up for a proper chat rather than going to see them. The brutal truth is that supermarket clothes/Primark can be cheaper than a charity shop these days, but only for one specific thing at a time - they are very good at getting you to buy a lot of things. You have to be mentally tough to stick to your aim if you go in there. i have to say I still buy from charity shops as I find them easier to stick to my budget in, but only specific things that I know I need, not just browsing.
Say thank you for any present you get and mean it, then put it away for regifting. Ask for wine and vouchers if people ask what you want, as these are the easiest to regift. Chocolates and plants are quite a good idea as well though i can't keep plants alive and chocs go off. Smellies are much trickier as so many people are allergic to them.
Using budgeting software and making it part of your life is my top tip. I got YNAB when you could get it as a one off payment rather than a set amount each month as it seems to be now and about twice a month i allocate my incomings against items ( bills/ food/ savings/ clothes / days out etc) i go through my bank statements and record spend against this and move money around to cover unexpected spend. Now if I fancy a new dress, I check the budget to see if I have or can free up the cash and how much I can spend, rather than just getting then realising the spare cash I thought I has was actually savings to cover the car's service etc. It is so much less stressful knowing exactly what I have, Moore end of month panicky moments. I can also run reports to see how much I spent on certain things over the past year etc so I can more realistically budget. I still feel skint, but at least the debt has gone and I am working towards having a months income as a ' buffer' for emergencies to avoid dipping into savings. Menu planning also really helps. Batch cook every weekend and in a few weeks you will have a week or so's food in the freezer made up of a variety of dishes. Replacing a few meals each week with these home made 'ready' meals saves time and cash.
I found ynab helpful also their Facebook page was good. Draw or print out a thermometer and draw in the amount you owe, then colour in every time you pay a chunk off... until you reach your goal, stick it up somewhere obvious.
Do not do not do not buy any more clothes or shoes. I'm on a year off buying such items for me and the bare minimum of dc.
Don't go to shops just to wonder around.
Get all cc on a 0% interest rate and as soon as income comes in pay them off first - pay the very maximum you can. The maximum.
No more toys or hobbies - just until debt paid off and savings have increased.
Increase income, cleaning, babysitting, gardening, delivery, etc.
Also use cash to purchase everything that isn't automated. Surprising how quickly it slips through your fingers.
Some great tips there thanks -allthebestplease-
I used to wash my hair every other day. Now I wash it every third day. This makes shampoo and conditioner last much much longer. And it makes absolutely no difference to how my hair looks.
A much more minor tip than some of the other great advice on this thread! But it was money on toiletries etc which seemed like the biggest waste to me so I was pleased with the change.
I looked at how much I spent in 2015 on "stuff".
Roughly speaking I spent £1500 on clothes. And £800 in a year in boots. On toiletries. How I managed this I'll never know. This year it's been a lot lot less. Will be spending Monday looking through old bank statements to see how I did this year.
I'm on a no spend on clothes or toiletries unless something has been used up/needs replacing or it's spent with vouchers.
Have decluttered wardrobe. And have things listed on eBay.
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I aim for three no spend days a week.
I think I am going to follow this tip as it seems to be a manageable one. I can't do no spend weeks as I take the toddler swimming and to a toddler group every week and they cost money but three days is more doable.
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