These days it seems as though saving money for things is almost impossible. Paying rent? Balancing a social life? In desperate need of a hair appointment? Please don’t go into panic mode just yet friends! We use money almost every single day of our lives, whether it be in the form of cash or credit card and we want you to just take a minute and have a look at your spending’s. How many times a week do you buy your lunch? That’s close to $10-15 a day, right? Then another coffee date with the girls $5, or more if it’s your turn to shout?! We are not here for an intervention, just a few simple steps on how to budget and save your money considering all the little, unnecessary temptations that we can put towards bigger possessions. Saving and budgeting is not something that comes easy for most of us, so how can you get into the habit you ask? Read on and we’ll let you in on 5 of our hot tips.
Pay day: Once a week (or on the day you receive your pay) take some time to sit and look at your bank account, then subtract the things you need each week – like your phone bill, groceries, rent, petrol. This is called the budget you need for the essentials to live your lifestyle – the simple necessities. Now take a look at the figure you have left, take a quarter of that money and put it away into your separate savings account. This is the ¾ figure you give yourself to survive on until your next payday.
Cut corners: Anywhere you can, see if you can cut corners with your spending’s. Instead of buying your lunch every day, prep your lunch the night before or on your Sunday night for the rest of the week. Having leftovers for lunch is also a really great and easy way to not eat into your budget. On that note, when you’re in the store try and substitute to the cheaper brand. At the end of the day they all do the same job. Where else can milk possible come from? Is there really such a thing as a NO FRILLS cow – got you thinking didn’t I… One of my favourites to substitute known brands for is cleaning products, it doesn’t affect your taste buds!
Online: You’re probably thinking that your online shopping addiction has brought you to this blog piece. Online coupons are our absolute favourite and if you don’t know about them, then seriously have a look straight after this read! All things from beauty, fitness and food can be bought online from these kinds of websites, with some promoting up to 80% off the RRP. This is one of the best ways to help you save coin. We heart Groupon, Deals.com and Catch of the day!
Survival mode: Okay so what’s one overpriced indulgent item that we buy several of a day, every day? C.O.F.F.E.E. It’s safe to say that buying coffee could be a big culprit in diminishing our savings when you add the cost of this habit up at the end of the week. Most offices we work in have their own coffee machines, so instead of putting your hand in your pocket, wait an extra 30 mins until you get to work.
Take a step back: In this day and age social media can really have an effect on our pockets. Scrolling through our phone we come across celebrities, online clothing stores, new products every single day, places we want to book, and restaurants we would love to try. Everything is just a temptation that we feel we NEED. By taking a break from social media, it could really help you consider what you actually ‘need’ from what you ‘want’.
So start simple peeps, one step at a time, and make the small changes first. Like anything in life when you break it down into smaller bite size chunks it doesn’t seem as overwhelming as it did at first glance. We would love to hear from our LS readers on what tips and tricks you have implemented over the years or know about and are yet to give them a try, so feel free to leave a comment below,