I’m forever saving money and then buying something expensive impulsively.
An iPad mini before a holiday, a £100 ASOS order, a trip to Disney World, a new car..
I’m currently battling with the temptation of dropping a grand on a rose gold Mac Book. I mean, I already have a Mac Book Pro. But a rose gold one will match my iPhone. So I totally need it, right? Plus my Mac Book Pro is old. It has dents. It’s lost a leg. It’s slow. All these things to justify spending over £1000 on a computer when I already have 4. LOL. That’s right. I own 4 computers already but want a new one.
I can’t help myself.
Since living alone, I’ve been trying to be much better about spending money. I started tracking what I was spending and was shocked to find that I was spending around £400 on food a month. Yes. £400. Just for me. This was mostly due to food for work. Prepared fruit, protein yogurts, fresh salads. I was spending about £8 a day on breakfast and lunch! That’s £40 a week. That’s £160 a month. The rest was buying fresh expensive fruit and veg. And wine. Yup.
Anyway. Point is – I’ve been trying to get better at spending money lately. Here are some things I’ve been doing differently.
Track what you spend.
For a few months, I used an app to track everything I spent in a month. Food, fuel, travel, entertainment and clothes. After doing this, I was shocked at how much I was spending so gave myself a budget to follow. Since doing this, I’m more aware of how much I’m spending and much more conscious.
Entering what you’ve spent onto an app really does make you more reluctant to buy something you don’t need!
Listing your outgoings.
I’d never sat down and listed how much it cost me just to live. Rent, council tax and bills. I wrote a post a couple of months ago about how much it costs to live alone.
Knowing this can really help you see how much you have to spend after all the boring stuff is taken out! It also lets you see how much you could potentially put into savings each month. Which leads me to the next point.
Have a savings goal.
Each month, aim to put some money into savings. I try to save around £250 a month, which equals £3k a year! Even if you’re just putting £40 a month away, it’s still better than nothing.
Think before you buy something.
If you get that urge to go onto Amazon and buy something, put it in your wishlist first and sleep on it. If you still really want it then, then buy it.
If it’s something that costs more than £50, wait a week and buy it if you still really need and want it then.
This stops you buying things on a whim that you won’t use.
Give yourself pocket money.
If you’re addicted to buying things – clothes, makeup, books, video games – give yourself a budget on how much you can spend each month on stuff like this. I usually allow about £100 for things like this!
Go through what you already own.
I have loads of makeup and clothes already. I always forget what I have until I have a clear out.
It’s sometimes a great idea to go through the things that you have under your bed, on top of your wardrobe and hidden away in other places. I often go through makeup to find mascaras and eyeliners I’ve not used and dresses I’ve forgotten about. Saves me buying new ones!
Hope these tips help you. How do you manage your money?
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