Thursday, 22 January 2015

A Shopaholics Guide to Managing Money


Okay so does anyone happen to remember my post a while ago on what I planned to improve on this year? Well one of the things I wanted to get better at was managing my money and just taking better care of my finances in general. I'm so bad at buying things as soon as I see them instead of waiting a while or thinking as to whether I really need the item. As a blogger it can be even harder because I'm constantly thinking about what new make up and products I could incorporate into my blog posts! Even though its early days and I probably still have a long time to go before I can give myself a well deserved pat on the back I have actually been finding myself spending so much less than I normally would on a day to day basis. So even though I'm as far away from a money management expert as you could possibly get I do have a few tips that might come in handy to some of you.

Avoid unnecessary expenses. You all must know what I'm talking about here; you know those little everyday spends that you could so easily go without. For example, I worked out that for the whole of November and December a huge whack of my wages went on food, and I don't mean as in a big weekly food shop. Nope, I'm talking about those sandwiches I bought from Cafe Nero on my lunch break or the £3.50 Starbucks that I just had to buy on campus in order to see it through that afternoon lecture. This month I've been buying in lots of different foods to make packed lunches every day for university and for work and its really making a huge difference. I would normally spend anything from about £3.00 -£7.00 a day on food and if you work that out on a weekly basis it gets pretty scary! Instead I make sure I'm perfectly stocked up on snacks before I leave home for the day.

Learn to say no. This is something which is so hard to do when your young because at this point of my life I have the freedom of being able to do pretty much anything. University is only 6 months a year really and I only do a few days in my part time job so normally when I have a couple of days off it results in me making plans with my girlfriends or going out somewhere with Lewis. Obviously I don't tend to prepare for these events and just fork out for them as they come but more recently I've been consciously making plans with people that put less strain on my finances like having a night in instead of going out. If you feel like you really can't afford that night out with your friends or that lunch with the boyfriend then just explain politely your situation and suggest other ideas, most of the time people will happily compromise because really they just want to spend time with you.

Setting a budget. At the start of this month I calculated what part of my wages would be going on separate things. So for example if my travel expenses for the month were £100 I took that money out of my bank account and put it in an envelope. I thought that this was such a good idea that I decided to get an envelope for each of the things I had to pay for that month like insurance, food, socializing ect. I also gave myself a limit of money that I could spend on whatever I wanted which I transferred into a different bank account so that when that money was gone I wouldn't be allowed to buy myself anymore clothes or make up. Simple! This method works really well for me and I always find I have a little bit of money left over in my bank account at the end of the month, but its just a matter of finding what helps you stick to your monthly budget.

Use those loyalty cards and vouchers. This is pretty straight forward, but I've found that if me and Lewis want to eat out I can always find a voucher or a discount code in my purse. I have a Tastecard which offers a discount of up to 50% off so when I want to eat out I always look on the website first to see what places are included and will usually find somewhere. It makes me feel so much better knowing that I got good quality food for less! Another method I've been trying out recently is that if I want some new make up that I don't necessarily need I'll normally see if I have enough points on my Boots or Superdrug card to pay for the item. If I do then I'll happily treat myself and it always feels so much better knowing that I got that new blusher without actually spending any money!

So that's how I have been working on managing my money and for now I seem to be staying on track. I just hope that I can keep this up for the whole of 2015 and save some money for some overseas adventures and possibly even a house !

How do you guys keep in check of your finances? Are you as bad with money as I am? 
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10 comments

  1. Good tips! I'm definitely guilty of spending without thinking!

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    1. Oh me too! Hope they help a little at least :) xxxx

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  2. I'm soooo bad at spending but I'm making a big effort to be better this year - will definitely be using some of these tips to try and help! x

    Charlotte / coloursandcarousels

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    1. Yup this will be the year I finally try and actually save up for lots of fun stuff haha! xxxx

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  3. Thank you so much for sharing these tips, I really need them as I'm so bad with money ♥
    Amy xx

    Perfect Imperfections

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    1. You welcome! Hope I helped at least a little bit haha ! xxxx

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  4. I'm not too bad with money, I sometimes wish I was slightly more spontanious and bought things when I saw them. Such good tips though, I always forget about vouchers/student cards etc until it's too late x

    Through New Eyes | Beauty Blog

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    1. Wish I could be good with money haha! Well done you must be very strong willed :) xxxx

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  5. These are really good tips, I like the envelope idea. I'm not bad at spending money in that I won't spend money I don't have and I'll never leave myself without money to pay for bills etc but i cannot save for anything ever because I always end up frittering away my savings. Food is a massive one!!

    Lots of Love,

    What Abby Loves

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    1. Aw I'm the same Abby can't ever seen to save! And I don't even have bills or a house or anything to pay for at the minute its frustrating that I keep spending money on unnecessary things haha :( xxxx

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