12/ 01/ 17
I’m quite proud to say that I never have and never will (hopefully) had an overdraft. It wasn’t until recently that I thought this was normal, until my friends told me about theirs. I haven’t changed my bank account since I opened it when I was 16 years old so I have never had the option on my account to go into an overdraft. So I thought I’d share my tips on saving and budgeting money. Now, I’m a VERY VERY, no seriously, VERY organised person so this list might get a bit intense haha but it works!!!
Now as I say I don’t have an overdraft so this list isn’t about paying it off or paying off debts or anything but the tips I give can probably be applied to helping pay those off too.
Get a diary!
My diary is my saviour to keep track of all my incoming and outgoing’s rather than forgetting about that pesky internet or phone bill.
Be honest with your income.
I always hear lot’s of people say ‘Arghh i’m too scared to check my bank account’ you have no idea how much this stresses me out, I can actually feel the grey hairs sprouting just thinking about not knowing how much money I have in my bank. Keep checking each week how much you have so that no nasty surprises can creep up on you, and you can go out or buy things in peace without worrying about how much or how less money you have.
Have multiple savings
I have two ways of saving, I have a savings account and a savings tin/pot. Every month the day I get paid I put in the same amount into my savings account. This is my main savings or my more ‘serious’ savings at the minute it’s for buying a house but also it’s there if anything goes wrong such as with my car so I know I can get it sorted without trying to scrape money together. My savings tin is for fun things like at the moment it’s for spending money for holidays I have coming up and I’m saving up to go to Amsterdam with the girls in June. I don’t have an exact amount I put in here every month which is explained in my next tip.
Learn how to budget and stick with it
Now this is going to be a lengthy paragraph as I’m going to go into exactly how I budget. Every single month. In my diary I have a page for each month and each month I write down all of my outgoing’s and I mean ALL of them. This includes all my bills, what I put into my savings account, right down to the moisturizer I buy every month. Then once I’ve taken all of those out whatever’s left I divide it by 4 so I have a weekly budget. Now at the beginning of the week I make sure I withdraw my weekly budget in cash (It’s much harder to part with cash than it is paying for things on card – trust me!).
At the end of the week whatever I have left over (if any) I put half of it into my savings tin and I keep the other half which means I have more cash for the week after which in turn means I should have more left over at the end of the week after to, and I repeat the process. Keep half put half in my tin. This should have a knock on effect and will start to not only build up your savings tin but also your current account!
Don’t buy things just because they’re in the sale!
I used to be a sucker for this! It’s hard to say no to some bargains I’ll admit but If you don’t love something enough to save and pay full price you’re probably not going to get much use out of it. My tip here is to go online, put all the things you really love in a wish list then when a sale crops up, instead of scrolling though all of the items to find a pointless bargain head straight to your wish list and see if any of those have gone into the sale. If not, don’t waste your money or time!
Contradictory to my last tip (or even this whole post) It’s important to treat yourself… every now and then – as long as it doesn’t skint yourself out for the rest of the month! You’ll find budgeting and saving is so much easier to stick to If you allow yourself a few treats here and there.
If you see something and think OH EM EFF AND GEE I want no, I NEED this item it’s so NICE! Don’t buy it straight away. Leave it a day or a few hours to think on it, ask yourself if you already have something similar or when, where and if you will get a chance to wear/use it. I know it’s hard not to click that add to basket button straight away, but I have been using this tip only recently and honestly every time I do leave myself some time to think on it I always end up not buying it.
Allow yourself money for nights out
Instead of buying something you don’t necessarily need why not spend the money on a day or night out? That way you’re not buying something useless that’s just more clutter you are spending your money on memories (If you’re sober enough to remember them that is). Honestly just think there are more important things to spend your money on and having fun is definitely one of them.
I hope this helps, and I’d love to know If you have any tips! Don’t be afraid to comment below.