PAY OFF DEBT
You need to pay off any debt you have because it will only get worse and any interest you have will only increase. You need to pay off anything you’ve borrowed straight away and think of spending that money as your number one priority over anything else.
Opening up a savings account was the best idea I had ever come up with – and I’m FULL of great ideas 😉 At the beginning of every month I like to come up with a realistic amount that I would be able to save (I do this by subtracting how much I normally spend a month on food, netflix payments, phone bills etc. and making sure I leave enough for a few social events). Once I have transferred a sum of money into my savings account – IT BECOMES UNTOUCHABLE. I leave any money in my savings and never take it out. I then, for the rest of the month, work around the money I have left myself to use.
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WHAT YOU HAVE IS WHAT YOU HAVE
Don’t spend money with the thought that you might get more in a month for your birthday or for christmas, or with the thought that you might get a promotion or a bit more from your student loan – SPEND ONLY WHAT IS IN YOUR BANK. Don’t go into your overdraft with the mindset that it “doesn’t count” or that it’s “more money” because you DON’T have that money!!
To help manage my spending every month, I like to write in my calendar on each Sunday how much money I should have in my bank at the end of the week. If ever I go over the budget, I change the budget for the following week so that I have less to spend (OBVS). But this is just a way to visualise and keep track of how you’re doing each week to make sure you reach the end of the month – and that you’re not just left with emergency tomato soups you’ve had kept in the back of your cupboards for years for your dinner!!
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BREAK DAYS + PACKED LUNCHES
I always tend to spend so much more on weekends and to be able to do this, I’ll have days of the week where I just won’t spend any money. On Sundays I’ll buy a loaf of bread (SO CHEAP) and some chicken and ham and that will be enough for packed lunches at work everyday of the week. Dinner I will have bought too, so I’ll have enough ingredients to cook 3/4 times a week which allows me most days to go to work, come home have food and not have spent any excess money on take outs or snacks or any random things I don’t need. That’s another tip in itself, cook and make packed lunches more!! I have saved sooo much having done than for the past year! It’s also really easy to pack left overs from dinner the night before and I get SO excited for lunch when I do that lool! If you spend £3 on lunch everyday – in on month that would be £60 – when I make my own sandwiches it’s not even £3 a week for the ingredients!
BE REALISTIC AND SMART
Of course over the month you’re going to want to buy clothes and go for dinners and things. So definitely be smart in that you should leave yourself a little bit of money to have some fun otherwise YOU’LL GO MENTAL just living frugal for days and days on end. In terms of clothes – DON’T just buy something because it’s on sale because that’s not saving as much as we would like it to be!! Before you buy anything, never impulse buy – wait at least 1-2 days, and if you still want it then – then that’s more a justified reason to buy it!
These are some tips I’ve learnt over this last year of living on my own in London so hopefully it helps with anyone else! ❤