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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I suck with money, I have a home and a child, so the food, bills etc are always paid, and he always has everything he needs, but I am so bad for impulse buying the rest away. Not good at all! I need to take up some of your advice, and get the app!
Erin || MakeErinOver
I’m super bad as well, but I’m getting a little better each month! I use a tracker in my bullet journal to see what I’m spending and it’s all colour coded so I can see if I’ve bought too many clothes, or beauty products, etc each month. I always try and save about £150 a month for holidays and then anything else is just added extra for a ‘rainy day’ fund! I’ve done well this month, but can’t wait for pay day tomorrow… 🙂 Tania Michele xx
This was such a relate able post, my weakness is Amazon. I’m always finding cheap things that I defo don’t need but want and somehow I’ve added it to my basket and checked out. I purchased this kitchen tool, like a julienne cutter and I haven’t used it since, oops! Have a lovely Weekend 🙂
tipscapsule.blogspot.com
As the owner of 4 TV’s (two people), 5 laptops (yet again, two people) and a hundred pairs of shoes I can’t wear (high heels and back issues do not mate!), I can honestly admit that I can’t stop spending money either.. Combine that with an aggressive debt repayment scheme, and you’re in for a fun ride.
I think the tracking is the most important thing. And not just general tracking, but every single thing you buy. There’s so many apps that will actually do it for you that there’s no excuse! I got a shock when I went through my spending and saw exactly how much I spent on nibbles beyond my usual weekly shop!
And if you feel the need to spend? Agree with yourself on a one in/one out policy. If you buy something new, you’ve got to either sell something on ebay, or chuck something unusable in the bin. Often that stops me from buying unnecessarily (and stops me from hoarding stuff!)
I did a big Marie Kondo-style declutter a while ago and it has been so good for reducing what I buy! She is all about only having things in your house that bring you joy, so I now only buy things I really love/need
I think clothing is my biggest problem. I am really trying to ensure I save and buy quality items instead of Forever 21 stuff which fall apart in 3 weeks but this so hard! Can you tell what the tracking app is – I think that would help!
I think stepping back and assessing what you already have on a regular basis is a great way to curb spending. I’ve taken to shopping my own closet to keep from buying new things that I may already have or don’t need.
I never track what I spend and I really should. I just spend and then run out when it gets close to pay day…very bad I know! Pocket money is such a good idea – still treating yourself is important I think otherwise you’ll end up splurging!
Amy xx
http://www.callmeamy.co.uk
I am just absolutely awful with money. Just now I online-shopped for three lipsticks.
Great tips! Tracking your spending can be a big help 🙂
I never had issues with spending too much on other stuff as I buy what I need and I use what I buy. So, even if I have 20 pairs of shoes and I work from home, when I’m going out or at a meeting, I will alternate between shoes and all are used. I think the spend was justified.
In my 20s I got married and we bought a flat that we’ve renovated, we did that again in our 30s with our house. So must of the time I had to be careful on what I spend because we have to spend money on making our home better. Sounds boring :))
Great tips. I’m a nightmare with money! I’m forever spending too much, even when I’m supposed to be saving for a wedding. Oops! I use my bullet journal to keep on top of spending. I log everything I spend, and all my income, and colour code it by category; food, shopping, fuel, bills etc. That way I can see, at the end of the month, where most of my money has gone. Last month, I realised I’d spent a hell of a lot of on fast food so I’ve been very strict this month on that. x
All great tips I try really hard to save money. I rarely buy clothes and if I need something I will save up for it. If I don’t have the cash then it’s not mine to have Lucy x
These are great tips! I think I need to start tracking my spending in an app too. When I did my no spend month I was astonished by how much I was spending on food, and that wasn’t even counting my sisters spending! I also just started having $50 go direct deposit into a completely different account. By the end of the year I should have about $500 saved. I plan to use that, plus my taxes in February, to get a car. I’ll be pinning this for future reference!
These are such great tips! I’m currently sitting trying to write myself a budget plan, and hating every minute of it! I’m such an impulsive buyer, definitely need to step back and see what I already have a lot more!
Thanks for the tips
Annie xx
I’m just the same- I am good at resisting a ton of dresses on Lindybop and then I go and buy 3 dresses on Ebay in a week and then a load of pins on etsy! Useless!!! Good tips. I DO save £300 a month into a savings account for a our house deposit but still I could save more if I wasn’t so blooming weak!