Budget, budget and budget some more
One of the best ways to stop yourself splurging on things you don’t really need is to set yourself a strict (but realistic) budget. The easiest way to do this is to work out your disposable income — simply start with your monthly salary and take off any definite outgoings, such as mortgage/rent, food shopping, electric and gas bills, etc. This will leave you with the amount you have left to spare. To start saving those all-important pounds and pennies, give yourself a certain proportion of this to spend each month, and a certain proportion to save.
If you’re not sure how much to save and spend, a good rule to go by is the 50/20/30 rule. 50% should be spent on essentials (such as rent and household bills), 20% towards savings, and 30% on anything else.
Hit that unsubscribe button
If you enjoy the occasional (or regular as the case may be) online shopping binge, then getting constantly bombarded with marketing emails from your favourite shops won’t be helping the cause. While it might be nice to have a scroll through the latest must-have’s, it can lead you down a dangerous path to overspending.
To stop yourself impulse buying items you really don’t need, hit that unsubscribe button on the marketing emails in your inbox. While it may be difficult to wave goodbye to your daily update from that clothing store, it will make all the difference to your savings. Bye frivolous spending, hello booming bank balance!
Shopping trip? No thanks!
It may sound obvious, but if you want to reduce your spending, simply don’t put yourself in situations that involve splashing the cash. If you don’t have enough money in your budget to go on a shopping trip, then don’t go. If an expensive meal out will leave you out of pocket this month, then eat at home. It might be difficult if your friends or family are inviting you out, so try and suggest cheaper alternatives, such as a fun dinner party at home or an afternoon walk.
The same goes for your weekly food shop. If you regularly spend way beyond your means in the supermarket, it might be worth trying online shopping instead. The great thing about this is that you get a running total so you can closely monitor the cost of your shop. Plus, you avoid the temptation within the aisles to grab a packet of chocolate biscuits or crisps that you could live without!
Once you’ve got your spending in control thanks to a few habit and lifestyle changes, you can start to enjoy well-managed finances that will lead you on a path to a stable and secure future.
*Collaborative post
Great ideas! I've recently been using Monzo to separate my money out so that I don't overspend!
ReplyDeleteThat's a good idea!
DeleteI am definitely in agreement with you on clicking the unsubscribe button, it is so easy to fall into the marketing trap of needing things you don't really need x
ReplyDeleteIt certainly is.
Delete