In November my friend and I set ourselves a challenge of taking out £20 cash per week and trying to live off that allowance rather then carelessly spending money by tapping your card here and there. As Christmas was approaching and we wanted to start buying presents we thought it would be a good test to see how sensible we really are. Needless to say we both failed , but we gave it a good shot! Christmas shopping just got in the way.
Here’s what I propose
Maybe go and fill your car with petrol, do a food shop and then adopt the £20 a week rule. If you think you’ll struggle then maybe £30 would be a better starting point, but it teaches you not to use contactless for everything! It’s actually a really good trick on the mind to only allow yourself to pay in cash, because you won’t overspend. You can see the money in your purse you physically have and it’s a fun challenge too.
Here are some more tips for saving:
1. Do you have a savings a regular amount going into your savings every month? If not sort that out.
2. Have you got a help to buy ISA set up with a bank? If not .. sort that too! You’ll be grateful in the future. It’s an easy way of saving money with a little help from the government too.
3. Plan your meals. It’s far most cost effective to go and do a ‘big shop’ and cook as many meals as you can from scratch, it’s healthier and cheaper. If you’re going to the local shop every day to buy a meal deal the cost is really going to mount up! So remember to prep your lunches.
4. If you’re not using your gym membership, iTunes account, amazon prime or Netflix then just cancel them for now. You can always reboot your memberships later down the line. If you’re not going to the gym it’s a total waste of your money, plus I’m sure the guilt of not going will just make you feel bad!
5. Get rid of shopping apps on your phone. It’s too tempting to scroll through the ASOS app during a tea break and add lots to your basket. If you’re trying to curb your spending habits then getting rid of shopping apps is a MUST.
5. Keep track of your spending. With most online banking apps you can set reminders to be sent to you when an amount higher than a number that you set has left your account. Equally, you can set up a reminder so that you know when an amount of money over that chosen amount has gone into your account too.
Some of these things sound obvious but it will be surprising how these tips can actually save you money (and time) now and in the future.
Have a great day!