The Diary of a Reformed Spendaholic

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Reduce a Bill Challenge
2008-02-03 09:16:00
I'm joining the 'Reduce a Bill Challenge ' over at Working for Financial Freedom this month. I want to reduce the cost of calls from our home telephone. I will then put this money towards the mortgage overpayments.We currently have a landline account through British Telecom. Our last three quarterly bills have been, £172.44, £189.20, and £150.56. This includes line rental, broadband and calls. Ideally I'd like to reduce the cost of calls to zero as we do have free weekend and evening calls on our payment plan, however I'm trying for a 50% reduction first. The average cost of calls per month on the last three bills has been £17.42.The breakdown of our last bill was:-Calls £41.38-Line Rental £36.89-Broadband £49.44-Broadband overuse (!) £3.06-VAT £22.43Less a discount of £1.29 for paperfree billing and £1.34 for Friends and Family DiscountTotal £150.56To do:Look into Direct Debit DiscountAsk at work about accessing work emails on my pcOnly dial up work laptop at workHi...

February Net Worth
2008-02-02 17:09:00
Our February Net Worth figure is up £1,630 on last month to £31,963, mainly due to loan and mortgage overpayments.We moved nearer to our overall goal of a £400k Net Worth by £1,503.My total debt outstanding is now £21,913
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February Budget
2008-02-01 22:36:00
Here's the planned budget for February :Income-£1300 DH£1900 Me£118 Child Benefit£200 Extra Income£98 Re imbursed expensesTotal £3,616Outgoing-£1405 Mortgage - This is the monthly payment and a £600 Mortgage overpayment£100 Isa - Into a new Unit Trust ISA fund. (Retirement planning)£100 Holiday Fund - Portugal in August£606 Bills - All automatic monthly Direct Debits£21 Insurance - Life insurance£27 Annual Ins - This amount goes into the E Saver for buildings and contents insurance£904 Loans - Includes £413 Loan overpayments, this is dependendant on me making an extra £200 in February£200 Grocery - I overspent by £6 in January, so this figure needs to be stuck to£148 Work Expenses - £98 due to be re imbursed£50 Child costs - Mobile and sports subs£25 Gifts - Saving towards daughters 21st birthday£30 Misc - Anything for meTotal £3,616We are also automatically paying a pension contribution of £220 (£110 each) out of our 4 weekly pay.
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Daily Spends
2007-10-26 10:29:00
I'm back recording my daily spending on here for a while. The knowledge that I'm getting some extra money at the end of November has bought out the spending demon in my head and I can feel myself getting out of control.Thursday:Bread and milk £3.65
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Feeling positive
2007-10-23 07:46:00
I'm feeling much more positive this week, I think the fact that I've done some things on my list has helped.Bf is going to the NFL game on Sunday at Wembley, so we've decided that I'm going to spend the day doing all the Christmas shopping online. I've set the budget at £500. I'm buying everything with bf's credit card which he keeps a zero. The balance will be paid when my bonus money comes through in 4 weeks time. I know I shouldn't do it this way but with the wedding in six weeks time, a honeymoon to go on and then Christmas the next week I need to get everything done. Next year the Christmas money will be in a savings pot.
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If I was debt free..
2007-10-21 08:39:00
I've been tagged by fellow brit blogger plonkeeIf I was debt free right now, including the mortgage, all my spare money would be invested for the next few years so that I can live the life I want not the life I'm forced into through my debt.Living in the sun, in Portugal, and travel would be my priorities. My travel dream's include an extended stay in New York and a tour of the West Coast.Being debt free will be the biggest thing, outside of my marriage and children, that has happened in my life. It's that important to me.
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Receipt overload
2007-10-20 07:51:00
People who read this blog regularly will know that I love my spending diary or excel spreadsheet as it is. Well not for the last ten day's it appears. My purse is full of receipts, my diary has not been updated and I've spent money like it's going out of fashion.Some of it's gone on work expenses, some wedding expenses and some on the kids. I've even bought a travel book about Seattle! ( I plan to visit there eventually but not for the next few years) The cash method of grocery shopping has also gone totally wrong with me using my debit card to pay for things.I'm about to empty my purse, record all the expenses and then jump back on the straight and narrow. I'm scared of what I'm going to find though.

Extra Income
2007-10-19 08:08:00
So far this month I've made £136.15 in extra income. £86.91 has come from doing a daily click through on cash back sites, £3.14 in interest, £12.22 from Amazon and £33.88 from Ebay.I put a few things for sale on Ebay and some sold however it wasn't great. The postal strike in England can't be helping but things didn't sell as well as I thought. I haven't really got the energy for Ebay at the moment anyway and it can be quite time consuming.
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Being too busy - Updated
2007-10-18 07:52:00
Now I think I'm quite an organised person but at the moment I'm feeling like I might combust. Here's my to do list, which doesn't include all the usual things I need to do, for the next seven weeks:Visit registrar - DONEDo table plan - DONEBuy shoes for weddingBuy children's shoes for weddingBuy gifts for best man and one bridesmaidBook practice hair styling for wedding - DONEBuy an outfit for a conference dinnerOrganise a staff Christmas night out for 170 people - DONEDo 4 weeks rosters for 170 staff for the whole of December as I'm away from workOn top of all that we have guests for the next two weekends! I think writing it on here will help
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Debt Update
2007-10-14 09:37:00
Current debt:Loan 1 £12,152Loan 2 £11,400CCard £1,709Total = £25,261I'm not going to reach my original goal of under £20,000 left at the end of the year. I should however reach my mini goal of under £23,000 left, with all my credit card debt gone and 50% of my debt paid off, hopefully! My work bonus came in and I'm not sure of the final figures yet. I should have enough to achieve the above, pay for Christmas (£500) and pay my half of next summer's holiday (£350).I'm hoping that the second half of paying off my debt's will be easier and quicker as there's not as much interest being added every monthPaying in cash for Christmas and holidays is a new concept for me but this is the way forward. I'm never using a credit card for personal use again.My goal in 2008 will be to aggressively pay off loan number 2.
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Savings
2007-10-11 17:01:00
Today I'm feeling amazed about the amount of savings I've managed to accrue in the last couple of months. Without even noticing the difference in my budget I now have £200 in an ISA, £300 in an Emergency Fund, £25 in my dream saving account (for travelling) and £307 in a Share builder account. This is the most in savings I've ever had.I know that some people will say that I should be paying all my spare money off my debt but I'm reducing that by approximately £800 a month also. Doing it this way is very motivating. I can see the money building for my future at the same time as reducing the debt from my past.Boomie from The Wastrel Show once posted on her blog about how she started small and finished big, this is the post I re read if I ever feel low or unmotivated. Reading this picks me straight back up again.
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Extra Income
2007-10-09 08:01:00
So far in October I've received £8.70 through Amazon sales, £3.14 in interest, £54.56 from a cash back site. I've sold some things on Ebay, however I'm waiting to work out how much final total is after fees and postage costs. We have a postal strike here in the UK so I can't post anything until Thursday.
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Shopping and Daily Spends
2007-10-07 08:12:00
I finally went to the shops yesterday to look for my daughters dress for the wedding, it was planned last week but we didn't go as she felt unwell, and we came back with nothing.Admittedly Saturday is not the best day to go, it was so busy, however this was our only time available. I spent all afternoon in a daze, as I'd forgotten what it's like getting caught up in the consumer rush that is Saturday afternoon's. I felt sick watching people hand over their credit card's to pay for 3 or 4 items in a shop, I was wondering if they could really afford it. Am I getting a phobia to shopping? I hope not. I seem to have gone from one extreme to another!I did spend some money though £14.97 on lunch, which was lovely. I paid in cash which felt great. This is the new me, cash only no more credit cards.We still have the problem of no dress though, time to search the Internet I think!
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My addiction
2007-10-04 07:28:00
There is one thing that so far on my debt payoff quest I've not been able to let go of, and that's magazines. I love them! In my spending heyday I would buy 15 a month at full cover price. I would also keep them all for ages. Even though I have a fairly clutter free house there would always be a stock pile of magazines somewhere. I realised how ridiculous this was but couldn't quite let go of them.To feed my addiction I've reduced the amount to seven of my favourites every month and buy them all on subscription which reduces the cost by a least 33%, often more. Annually I'm paying £168 per year, £14 per month. This keeps me happy and keeps the expense low. I still stockpile them, I'm sure it's a comfort thing. I also make sure that I read them cover to cover, in the past I just used to flick through them. Is there any one thing that you've not been able to let go of?
More About: Addiction , Addict

Frugal grocery shopping
2007-10-02 07:26:00
Here's an article from The Times about the frugal food chain Aldi who also own Trader Joe's in the US.''Frugal ity is the key to Aldi’s success. It has one store format – about 1,000sq metres in the UK – and the industrial-style buildings are constructed to bemaintenance-free for 15 years. Each store has the same internal structure withfour aisles, one selling a range of nonfood products on special offer. Storesare run with minimal staff levels, with often only three people on duty at thesame time. All are trained to do a range of tasks, from operating the check-outsto stacking shelves''Full article here: Advance of the cut price stores
More About: Shopping , Grocery

October Budget
2007-10-01 18:35:00
I should have £2,093 coming in during October so my budget will be as follows;Savings including share builder £250Debt Repayment £800Bills and fuel £600Grocery £150Wedding fund £250Misc £43If I can make £150 in extra income then this will go towards the debt repayment. At the moment 38.22% of my income is going towards the big pay off. Debt at 1st October £26,080.
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September Extra Income
2007-09-30 14:08:00
The final total for September is £142.64 which I'm quite pleased with. The break down is as follows,£22.89 Amazon£81.22 Cash Back sites£38.53 Boot SaleWith my current job I am unable to work overtime or fit in a part time job so I need to find others ways of bringing in extra income. If I can earn an extra £150 a month it will really help with accelerating the debt pay down.Items listed on Ebay and October £150 challenge starts tomorrow.
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No credit cards...Grocery shopping
2007-09-29 07:32:00
Well I've come to the end of my trial using the envelope system for grocery shopping and the good news is that I came in under budget at £198.17. I'm going to use the system going forward with my own little adaptions.Use an old wallet for the money instead of an actual envelope. Keep this wallet in my handbag. Use a piece of paper inside the wallet to keep track.The reasons for this are, 1, the envelope got really tatty and 2, for convenience. I left the money at home one day and spotted our regular toothpaste on sale so had to go back and buy it the next day as I refused to use my debit card! As I often bulk buy items I need the money on me at all times.This has been a good exercise in using cash only instead of debit/credit cards.October's system will be a little bit different as I'm trying to lower my grocery spends even more. I'm doing a large online shop for £75 and then having only £75 in my wallet for the rest of the month.
More About: Shopping , Credit Cards , Credit , Cards , Grocery

Ebay..to create extra income
2007-09-28 14:15:00
In the past I've sold children's clothes on Ebay , making myself a little extra money. I stopped doing this about two years ago when the pressures of the day job and then renovating our house got too much. Lately I've been toying with the idea of starting up again.An Ebay business is suited to my skill set and I'm looking for ways to earn extra income that will fit around my job. In my favour I have a good feedback score over 1200 already so I would have buyer confidence. If I was to start this I need to ask myself some questions:What would I sell?Is the Ebay market saturated?Do I want to pay for start up stock costs?Do I have time?Am I too late? Have I missed the Ebay boat?
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Shopping
2007-09-27 07:16:00
This Sunday I've got to go shopping and it's making me feel nervous for some reason. I've got to go because my daughters need dresses and shoes to wear to my wedding in a few weeks and I've put it off for long enough now. I've got my spending habits under control lately, however I've achieved this through not entering shops. I've not been putting any temptation under my nose!I'm a little nervous that the old me, who liked to buy them everything they wanted will surface. To counter act this I've written a list of items needed with a budget amount next to them and I'm taking wedding fund cash only, no credit cards. I've got a £10 voucher for a coffee bar which will buy us a snack at lunchtime.
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New car..
2007-09-26 07:50:00
Before you think eek she's buying a new car, I'm not. It's a new company car that my firm are giving me before Christmas. I've had my present car for four years now and that's the limit my company will allow me to keep it.A company car is a job benefit no doubt, I don't have to pay for insurance, road tax, breakdown recovery, repairs any thing apart from approximately £50 per month towards personal mileage fuel. I do however get taxed on it. It costs me on average, according to Comcar, tax of £800 per annum. It is a company benefit worth on average £4,000 per annum.Tax at 22% per annum:07/08 £82808/09 £788= £65.66 per month09/10 £788So all in the car is costing me in tax and with personal fuel between £110-£120 per month. The best thing definitely is having no worries about repair costs.

The Little Things...
2007-09-23 21:20:00
Regular readers please forgive me for changing my template again, I promise never to do it again! It's one of the fun things I can do that doesn't cost me any money and I do think that I've now finally found a template that I'm happy with.Here's hoping:)
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Challenge Update
2007-09-23 16:55:00
I've finally held my boot sale and it didn't rain. A grand total of £38.53 made.I've sold a book for £7.21 after postage on Amazon this morning and requested another GPT site payment of £26.54. So this brings the total made this month to £123.90.Challenge target of £108 achieved.As you can see I've added a chart to my sidebar for tracking any extra income I generate. I'm setting myself a target of £150 per month for the rest of the year. I'll be doing all the usual, Ebay, Amazon, Mystery shopping, GPT sites and anything else legal!
More About: Update , Halle

Emergency Funds
2007-09-21 22:55:00
I now have £200 saved in my Ef, I also have another £150 saved in an ISA which is separate and is towards mine and the bf's future goals. This is the first time Ive started a proper savings plan in years. It feels good to start building up some cash instead of repaying debt. I am however still in two minds as I keep thinking that I would be better off with this £200 paid off a credit card.As this was starting to niggle me I'm going to set my Emerge ncy Fund goal as £500 only. This will give me some money for a minor emergency and will not halt my debt pay down too much.
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Challenge Update
2007-09-20 08:23:00
I moved a little bit nearer to the target of £108.00 with a cheque form a GPT site for £11.34. This leaves me with £56.38 to make a the car boot sale on Sunday. (weather permitting)My debt total has reduced to £26,091 this month so I will be down less than £26K in October.The cash only buying of grocery is working out all right so far, I'm finding ways to avoid spending money by using up things in the cupboard. I only have £34.11 left in the envelope though to last me until the 30Th.
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Christmas...
2007-09-18 08:21:00
Thanks to Louise at Journey to Eliminate Debt and Krystal at Give me back my Five Bucks for posts about Christmas . It's reminded me that I need to get moving on the shopping. I'd forgotten about it with all the wedding preparations I'm doing.Bf and I are off to New York for the honeymoon (a gift from his parents) however we don't want the pressure of buying gifts for everyone while we're there as we are planning on a total 'visit the sites' relaxing time. This does mean that I need to buy everything we need before December 5Th.My Christmas Shopping method:Make a listSet a budget for each personResearch items on the InternetAllocate one day for the Internet shoppingBuy from the Internet using cash back sites for refundsThis method stops you wandering around the shops aimlessly looking for gifts and it also stops any extra 'that's so cute I'll get that for ...' purchases that used to be a part of my Christmas shopping in previous years.

Procrastination
2007-09-17 08:35:00
Things I haven't done this weekend:List items on EbayUpdated this blogAny household jobsSlept muchPlanned my daughters birthday dinnerWrapped my daughters presentsAny meal planningAny grocery shoppingI now face a long week of work, tired and with a big list of little tasks that need completing! I also dislike the fact that it's still two weeks until payday. Gosh I'm in a bad mood this morning.Why do we do this sometimes, procrastinate, it just makes things harder in the long run!
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Challenge Update
2007-09-14 20:15:00
I was very pleased to receive a cheque this morning from a GPT site for £26.34 taking my total made towards the challenge £40.28. This leaves only £67.72 to go with sixteen days left in September.I think I might do an Alternative Income challenge every month from now on. I'll have a think about the targets and post them tomorrow. If I do my daily click throughs for an hour, not missing any days I can usually generate £100 per month. However sometimes due to work pressures I don't have the time.I love the idea of passive or alternative income, (doesn't everyone!) it will definitely beat the passive interest I've paid for the last twenty years!!
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Daily Spends
2007-08-23 08:20:00
So far this week I've spent -£1.95 on coffee!-£1.55 on milk and bread-£8.99 on some school trousersI'm a little bit worried as my Jade plant (money tree) has died! Do I buy a new one or try and rescue it?
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No more spending
2007-08-22 08:21:00
Prompted by a post by Louise a Eliminate My Debt who is not buying any clothes for a year, I've been thinking about my own lack of spending and how my mindset has changed.When I think back I didn't used to get up every morning thinking about what to buy but when I left the house and went to work something used to come over me. It was like I was on automatic pilot. Going to the shops in my lunch hour was just what I did. Spending money in the shops was just what I did. I would come home every day with a new item. At weekends me and the girls would go shopping and I would buy them anything they wanted. All of this spending was done on a credit card.Every year as the debt went up I would consolidate the amounts into a loan. I can't even remember how many times I've done this!I don't need a therapist to realise that this came about from being very spoiled as a child, getting everything I wanted, my parents divorcing when I was 14, and my Dad's business then going bust. This obviou...
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