Saving That Money Honey

 

With summer fast-approaching, restaurants soon re-opening and the prospect of many nights out on the horizon- it might be useful to start putting some of that money in your pocket rather than spending it on online shopping. As a self-diagnosed shopaholic, I've had my fair share of spending problems. I like to think that this experience makes me a very good person to write a blog on saving. Just because I've made mistakes, doesn't mean you have to! 

My first tip is a splitting method- this works best if you have a steady income but you can adapt it to fit any money you receive. This method varies from person to person but it essentially just means splitting your money so that you don't end up spending it all. I split mine in quarters- 25% for spending, 25% for clothes, 25% into my savings, and 25% for any Spotify payments/ bills/ essentials like self-care products. It is up to you how you split your money and what you put it towards, but try to make sure at least a quarter of it is going towards some long term savings- you never know when  some extra cash could come in handy :)

This second tip is for all you fellow shopaholics out there, and it's a pretty simple one: set a budget. If you're going for a nice shopping trip, set yourself a budget. Either take cash or set a limit to your card, just don't let yourself go over that limit. Window shopping can be just as fun if you walk away with no huge purchases. And it can be quite a nice feeling knowing your mini spree hasn't broken the bank!

Next: buffer money! As a business student I like to treat my money like stock, and as many business will tell you, a buffer stock is an extremely important safety net. What I mean by this is, set a lower limit to your spending, and when you hit it: cut yourself off! For me, I do this by freezing my debit card, but a slightly easier option is to put it into a box under your bed and refuse to touch it until you're above the buffer line again. It can be so easy to spend all your money, but making sure you have a safety net means you'll never spend more than you have. 

Talking of spending more than you have, try not to spend more than you save. I know the splitting method is flexible but if you get paid on a weekly basis like me, putting it into more simple terms of half savings, half spending can be a sure way to build up those savings fast! You'd be surprised how much you can save just by splitting what you get. 

Finally; treat yourself! This might seem a bit unproductive, but try putting aside a couple of quid a week when you're managing your money. After a couple of months, take that money and splash out a little! Rewarding yourself for managing your money so well could be the key to making sure you stick to it in the future. 

Money management is different for everyone, so just try to figure out what works for you. Some things will, and some things won't. Every purchase should be well thought out- and when you hit that budget- stop! Remember- just keep smiling :)