Happy new year and welcome to the year of Getting It Together!! I'm thinking about doing a little mini series of 'get it together' posts where I'll share life advice from good and bad experiences, as I try to get it together as well.
In a day of major consumerism, it's hard to not fall in the trap of buying unnecessary things instead of saving up for something worthwhile - trust me, I fell into it too! If you follow me on instagram, you'll know that I made 30 ASOS deliveries in one year (and that's just one online store) which is completely ridiculous. My boyfriend is constantly telling me I'm addicted to online shopping, and of course I deny it and try to defend my purchases, but reality soon hit me in the face when I realised just how much crap I buy. The worst part is that most outfits get put on once then they stay in my closet until the day I decide to have a clear out and give it to charity. So, it's not even economical or sustainable and I'm honestly too skint to keep seeing my money go down the drain ... which brings me to budgeting.
I'm no newcomer to budgeting and saving, I've done it ever since I started making my own money, but that doesn't mean that I was ever good at it! Until last year, I was constantly dipping in and out of my savings every month because I just didn't know how to limit myself. Budgeting can be such a taboo topic, but it's just about being realistic and honest with how much you can afford to spend so that you don't end up in a mess. Everyone probably has a budget (or should) it's just higher or lower for different people .. and that's okay.
So Here’s How I Do It
1. Get yourself separate accounts/cards - one for normal spending and another for saving. I basically have 3 accounts, two with BOS (current account and a savings account) and I also have a Monzo account which I use to set my weekly budgets and for travelling abroad. Monzo is amazinggggg, find out more here.
2. Figure out your bills - Before you get paid, write out all of your bills due to come out until your next pay.
3. Set a weekly/monthly budget - I use weekly budgeting as it's easier to manage and change when necessary. Write out all of your expenses that you are likely to have each week then add it up til your next pay (travel, food, any planned dinners etc). This will be your budget.
4. Be smart - If you don't use up all of your money in the week, instead of using it on pointless things, put it into your savings account. If you use more money in the week, take this out of your next week's budget.
5. Save - After you have added up your expenses and bills, see how much money you have left and you can put this money aside into your savings account. It doesn't matter whether it's £10 or £100, something is better than nothing! If you're saving up for something in particular (e.g. holiday) you're going to want to figure how much money you need to put aside each month to reach this target. This might affect your weekly budget and you might have to decrease it, so be aware of this.
It's always good to have 'emergency' money set in your budget incase something comes up, so figure out how much money you want to have for this and keep it in your current account to save yourself from dipping into your savings.
5. Use shopping as a reward system - rewards are so fab, they keep you motivated and disciplined. So for me, instead of impulse shopping I challenge myself to save up a certain amount of money, go to the gym more often or other things and then I get to spend some of my savings for shopping at the end of the month or something. Outfit repeating is not a crime and tbf, no-one will remember.
However, if you are a frequent shopper then you can set this in your budget and just make sure you don't go over it.
And that's it! Super simple and trust me, you will thank yourself when you start adulting properly and don't have to rely on a million credit cards/overdrafts. I hope this post was useful, much love x x
Until next time,