Tuesday 2 September 2014

Yet another blogger spending ban


My name is Janet, and I'm a spendaholic.

I love to shop. I love the thrill of finding a dress that makes me look good, or the feeling I get when I walk out of a bookshop with a bag full of new things to read.

I work really hard at my job and it pays me a decent wage in return.  You'd think, to look at my pay slip, that I couldn't possibly have any money worries, but of course it's not as simple as that. I'm terrible with money - slightly less so now than in my twenties, but still pretty bad - and I have a lot of debt. Come the end of the month, I'm always short on cash. And sometimes, if some miracle has occurred and I'm not counting the pennies, instead of trying to save what's left I embark on a mad spending spree.  As if it's a requirement to have an empty bank account come pay day.

How many times do we say to ourselves, "I need this bag/that top/a new cake tin," when we already have bags aplenty, a wardrobe that's so full it won't close, and plenty of old cake tins? We have become very good at convincing ourselves that without stuff, our lives won't be as good.  That the pretty dress will make us happy forever and ever, rather than ending up in a charity shop donation pile a few months down the line.

The idea that, "I work hard, therefore I deserve a reward," is what I often use to convince myself that spending money is not just my right, but a treat. I almost never stop to think that maybe, if I didn't spend so much on 'rewards', I wouldn't have to work so hard.  That perhaps happiness comes not from staying on the consumerist treadmill of work-buy-work, but from calling a halt and seeking out experiences that enrich my life rather than buying products that don't.

I'm also concerned about the labour practices of major clothing retailers, about the amount of waste created by consumerism, and about how to reconcile my political beliefs with spending huge amounts of money in what is undoubtedly an unethical industry.

So, this autumn, I'm embarking on a new spending ban. I first tried this in the autumn of 2011, and it worked incredibly well.  In that instance, I imposed a total ban on all spending other than essential food and drink.  For a while I was able to really alter my spending habits, but as soon as I'd finished I fell back into my old patterns.  In autumn 2012 I tried the £100 Challenge, imposing no limit on what I spent money on, but spending no more than £100 a week.  Again, in the short-term I was successful but as soon as I finished, back I went to splashing the cash.  And so, as September begins, I'm going to give it a third go.  I have some new rules this time, ones which I hope will make it easier to maintain the ban for a longer period than previously:

My Rules
1. No limit on essential food & drink spending, but I'm nevertheless going to start looking for ways to reduce our grocery bill, such as shopping at Aldi more.
2. Spending money on a date night a week allowed, be it a meal or a trip to the cinema or a takeaway.
3. Any spending on secondhand goods is allowed. I hope this will allow me to scratch the shopping itch while keeping costs down and being kinder to the environment.
4. Buying gifts is allowed.  Previously, I found doing the Buy Nothing/£100 Challenge in the run-up to Christmas really challenging, as I like to spread my spending over the whole autumn.
4. There are a few essential items I am allowed to buy, if I can't find what I need secondhand: winter boots, a jumper (how can I have no jumpers? How is that a thing?!), new tights and a new bra.
6. The spending ban to last from 1st September until the end of 2014, with one week off for good behaviour during October half term.

Spending bans are pretty common in the blogosphere and I appreciate that they're perhaps not the most interesting thing to read about, but blogging about it is the only way I know I'll be held accountable and therefore stick to the rules - trust me, I know what I wily minx I can be!  So apologies if this gets boring, but fingers crossed this third crack at a spending ban means I'm able to cut my spending dramatically and get some debt paid off, while also being a bit more eco-friendly in my buying. Wish me luck!

15 comments:

  1. Oh man I am the WORST at money too. I do the exact same thing. Oh I have $100? Must. Spend. $98 of it. Now.

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    1. That's me exactly! I was bad with money when I earned almost nothing tending bar and I'm bad with money now I earn 3 times what I did then. Regardless of what I have, I always want to spend ALL of it, plus a little bit more!

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  2. I've not heard of a spending ban among bloggers, but then I don't read that many blogs on a regular basis. To me, £100 a week seems like a lot, but to be honest I've not really thought about monitoring what I spend. On the whole I'm a saver not a spender (incredibly indecisive too, which more often than not leads to 'don't buy' rather than 'buy') so maybe that works out better for my bank balance?

    Good luck with your venture!

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    1. Thanks :) Yeah before I started the £100 thing, I thought it would be plenty. But once I'd done my grocery shopping, filled the car with petrol so I could get to work, and bought the stuff that's always needed but I never really noticed spending cash on, like new shampoo, a book of stamps and some writing paper, a birthday card for a friend, a Saturday paper, I'd suddenly find I'd spent almost £90 in a week and hadn't even really left the house!

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  3. Ooh, good luck!

    Even though I'm really good at budgeting and at STICKING to budgets (*looks smug*), when I went part-time I started using a money tracker app on my phone to help me get used to my lowered income - if there's more than a fiver left at the end of the month, there is a bit of me going, "Ooh! I can buy a treat! What can I get for £XX?"; I've had to give myself a bit of a talking to about it because I DO still want to save!

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    1. Just out of interest, which app did you use? I've tried them in the past but not managed to stick to it as I didn't find the one I had very user-friendly. Instead I try and make a note on my phone of everything I spend.

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  4. I was shockingly bad with money until three years ago when I realised that I was having to earn the money I wasted and I hated my job! I find your blog interesting as a fellow teacher and jaw pain sufferer and know exactly how stressful the job is. At the same time I moved in with my now husband and housing costs halved. We decided to save one salary to buy freedom. He will finish his phd next year and I will be looking to do an nctj journalism qualification. Cannot wait!

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    1. Oh wow, are you an alternate universe version of me?! My partner is in the final year of his PhD at the moment and once he's done, we intend to look again at our finances to see if we can afford for me to pursue my dream of an MA in Gender Studies. I really need to be better at remembering that every penny I spend is a penny less towards the MA.

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    2. Very similar! My partner in final year of Art History PhD which was funded. It has been a dream for him and seeing him that happy has inspired me to go for it myself! Only difference is I'm Primary-currently on maternity leave but still trying to save up. Good luck MA in Gender Studies sounds great.

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  5. Good for you. Both myself and my husband work part- time and we love the freedom this brings us. For me, I'm doing a Masters whereas my husband has found mountain biking again. My frugal heroes include frugal queen, no more spending and just a little less. My quality of life is better since down spending. I feel less of a need for stuff- I'm even weaning myself second hand shops and takeaways. I've spent more time outdoors, learned stargazing, bird watching, crafting and generally being more content with all the things I do possess, rather than lusting about the next sparkly thing.

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    1. Thanks for the tips. I'm a huge convert to working part-time and this year have reduced my hours even further (I was doing 0.9 FTE but now am on 0.8). I love it, and it's worth every penny I lose in my pay slip to have that extra time, energy and freedom.

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  6. Looking forward to reading how you get on with this - good luck! I used to be terrible with money - I got into a lot of debt in my 20s but have since managed to get myself out of (most of) it, and I think I'm pretty good with money now. With that said, for some reason I enjoy reading about others getting their finances under control, I guess because I know how liberating it is, and I'm always rooting for them!

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  7. I need to know how you get on with this. I am appalling. I sit here complaining that I'll never own a house but I'm making absolutely zero effort to try and save up for one and I know that a few years ago I was making about £7k less a year and still managing to get by and be happy!

    I don't feel as if I spend loads on clothes make up etc etc so what in god's name am I spending my money on?!

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  8. I'm trying to get better at not spending money, but I have just ordered new trainers and do need new towels, pillows and clothes for the massage course I am starting which is soon and another expense. I really need to save money.

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  9. LUCK! :D I'm looking forward to seeing how it goes. I've never undertaken one of these spending bans but I know that I should. And you're right about accountability; at the start of every month, I make some vain attempt to spend less, and on better value for money things. But it's all in my head and I barely quantify it. Result: failure at the end of the month.

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