Although my new year’s resolution was to save money, I have somehow landed £40 in my overdraft. Guess I am not as good at budgeting as I once imagined. However, a celebratory summer vacation is not out of my reach.
Most of the time I do not realise what I am spending my money on, which means it is money unnecessarily spent. In two months, I am going to save save save, without making any drastic changes. Here are the 5 steps how:
1. Get an App
Mental Maths can be boring at worse and depressing when you are figuring out that you will, in fact, go over budget if you buy an item you are desperate for. I personally recommend Spendee as you just sync your bank with the app and it monitors your spending for you. Plus notifications when you are going overboard.
2. Spend Cash only
If an app doesn’t work, you can’t spend money you don’t have on you. This has two benefits, you will definitely stick to your budget as you can no longer shop online, that’s right say goodbye to takeaways and Amazon. Additionally, you get to see all the money you have, and you will notice when cash is suddenly reduced. Therefore, it will make it easier when deciding if you really need the item; chances are no. This will help you stop buying regret purchases.
3. Cancel Memberships and Subscriptions
Gym membership is actually unneeded on a tight budget, let the world be your gym.
Netflix, Amazon, Apple Music and many more additional subscriptions. Now obviously I am not suggesting that you get rid of these things, because who could live without new realises like 13 reasons why in their lives. However, many of your friends or family will have accounts where they will have extra screens you can use. Alternatively, you can go half, all these extra pounds will add up.
4. Food is not a necessity
Of course, you need food to survive. However, you don’t need sushi and parma ham. While I always justify spending money on food as it is a necessity, it’s time to break that habit. Making pack lunches instead of eating out will always save you money, plus having a snack in your bag will mean you avoid spending £1.30 on a croissant.
5. You are already spending money on your water bill, why are you paying twice
Thats right, its time to stop buying bottled water. As painful as it is for me to say due to the stockpile of bottled water I go through a week, it’s time to make use of the Brita filter. Filling up your water bottle and carrying it around with you so no need to buy a bottle on the run either.