After a potential early pay day in December, many of us will be regretting the bad habits of our pre-Christmas spending as January’s pay day seems far away! To prevent carrying these practices into 2020, it is important to review the habits that inhibit us and cost us unnecessary amounts of money. Here are some ways to change how you spend.
Reviewing your spending is the first step you should take in order to find out where your downfalls lie. To recognise patterns of unnecessary spending, go through your bank statement and analyse where your money goes each month. More than likely you don’t realise just how much all the little purchases add up to and simple changes can really help to save money!
PLAN YOUR PURCHASES
Whether it’s food, clothes or technology, planning your spending is key to making savings and getting the best deal. Meal plan and cook/ freeze in bulk instead of picking up ingredients aimlessly in the supermarket, only purchase clothes when they need replacing and shop around for the best deals on technology to save more on bigger purchases.
BRING YOUR OWN FOOD
If you are a lover of a convenient meal deal, you may not realise how much money you are wasting. If the meal deal costs £3 and you buy one every day, that’s £60 a month! (based on 5 days a week for 4 weeks). Buying the ingredients and spending 10 minutes in the evening could help you save loads and, as a bonus, is better for the environment too due to less disposable packaging!
REDUCE YOUR ‘LUXURIES’
Going out for meals, subscriptions to things like magazines, next day delivery and unlimited plans on sim cards are all things that we like to spend our money on to make our life more comfortable, but aren’t necessarily things that we actually use as much as we think we do. Assess subscriptions and how much you actually use the service/ product. Look for websites that offer yearly delivery passes to save money on shipping costs. Consider how much data you actually use each month and shop for cheaper deals. These luxuries could be costing you a lot so consider their value for money and usage.