photo:thistimetomorrow
My finances and I have a complex relationship. It’s taken me a few years to really work out how to manage my money in the best way and how to discipline myself into saving when all I want to do is spend spend spend! If you’re addicted to ASOS packages and living from paycheck to paycheck you need to take these five steps and manage that money!
There’s nothing more attractive than a girl in the green (we mean in your accounts obviously!).
1. Set up an automatic transfer between accounts
I have a small percentage of my monthly earnings automatically transferred into my savings account, so that each time I get paid I don’t even need to think about how much I intend to save, it’s already done for me. This takes the stress out of managing my earnings and I also hardly even notice the money going out.
2. Make it a challenge
Every once in a while, I vow to stay well away from Starbucks and put any money that I would have spent on a coffee into my savings instead. It’s a hard challenge as I am a rather hardcore caffeine addict, but it’s astounding how much money I really waste on coffee when in hindsight I could make one at home or at work.
3. Give yourself an online shopping budget
I love online shopping just as much as the next person, but it causes havoc with my finances. The amount of money I spend on delivery is shameful. How many of us promise ourselves we will return items and never do? Here’s what you need to do, because shopping online is suuuuuper convenient (maybe too convenient!) try to tell yourself you will only allow yourself 10 minutes on a shop and only buy what you want after completing a task or achieving something.
Make sure you actually have the money you want to spend too, if you’re a payday shopper budget beforehand with an app like Daily Budget.
4. Make your own lunch
I used to spend most of my earnings each week on food but at around $5 a day it was costing me way too much. Since starting to make larger portions of food at dinner time I’m able to save some aside and take it to work the next day.
5. Don’t forget to allow for the odd treat
In fear of sounding like the fun police I want to make it clear that I do love the odd splurge, it’s just important to be sure you can afford to make those purchases once in a while so you can really enjoy them instead of feeling guilty!