I’ve come to the conclusion that I am absolutely shocking at saving money. There’s so many reasons I should be saving right now and yet there’s so many things I’m spending money on. I do impulsively spend, not huge amounts but if I want to buy things, I don’t hold off on it. So I decided, no more. I’ve put together a few handy tips for anyone out there who also struggles to save money if they’re an impulsive spender. I hope it helps!.
I think this one is so important. You need to have a little courage for this one and have the strength to fight the urges to spend which I’m going to chat a little more about in a minute. Work everything into your budget; your bills, any debts (we’ll move onto this one in a minute), groceries and generally daily life.
This one needs to be realistic, there’s no point giving yourself £20 spare for the week when you’re used to spending £100, it’s too easy to cave and dip into your savings. I usually give myself roughly £75 p/week which I’ll use for day-to-day and groceries but as I become more strict on my savings I push myself to have some left every payday.
Paying of debts
This is one I rarely see mentioned in these types of posts. A lot of people struggle with debt and it may sometimes feel a little overwhelming. I can only speak from experience and my debts aren’t massive, I have a couple of low limit credit cards that I use to build my credit. However, over Christmas they we’re all almost maxed out and since then I’ve been working with my budget and seeing what I can spare and dividing it out between them to pay them off.
I can’t remember where I saw this technique to give credit but I came across this idea on another blog and it’s worked really well for me. As I mentioned when speaking about budgeting try to put some money aside if you’re struggling with debt to pay this off. For example if you have £40 spare a payday and 4 credit cards, I recommend dividing these between your different credit cards etc and paying an equal amount of each one (so £10), once one is paid off still keep up with that £40 and just add your £10 to the next card making it £20 being paid off instead of £10. This is a really effective solution but if you’re really struggling you should reach out for some debt advice.
Take advantage of saving schemes
There’s plenty of services your bank can offer for your savings. I’ve tried a few different accounts but I find myself caving and transferring my money out into my current account. I personally use the Locked pots on Monzo, this way I have the peace of mine that I can’t dip into those pots. I’m not sure if you can do this with other banks but it’s definitely worth using if you’re struggling to leave money aside.
Allow yourself a treat
At times I feel like I’m a bit too all or nothing when it comes to saving so this one has really helped with my impulsive shopping treats. What I’ve started to do is put away £10 a payday into a savings pot which I allow myself to use only on myself. It’s specifically for treats. The longer I save for the better the treat. This helps to ease how restrictive your saving is.