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Sunday, 22 November 2020

Cutting Back On My Spending - The Changes I Made




Over the past couple of months, I have been making a conscious effort to cut back on my spending and build up my savings pot a little more. I am sure that you will have noticed from my blog or Instagram, but I am head over heels in love with anything that is high-end and designer, but that obviously means that it puts a dent in my pocket. Ever now and again I give myself a good talking to and realise that I have to make some changes to my spending habits and that is where I am at right now. So, I thought that I would write a quick blog post all about some of the changes that I have made in order to save a little cash and explain to you why I have made them.

 

Stopped Eating Out

I am a sucker for eating out and that is mainly down to the fact that after a long day at work the last thing that I want to be doing is cooking an elaborate meal. There are so many great food places near my home that serve incredible quality home cooked meals that are super healthy. Obviously, all of this yummy food normally comes at a price and it is hell of a lot each month when I look at my banking break down, so that is one of the first things that can gets knocked on the head!

 

Rounded Up My Spending

This is a super little thing that I do, but something that I think really does make a difference and that is rounding up my purchases, luckily for me, my bank does this automatically for myself. I bank primarily with Monzo and on this you can create savings pots and there is an option to round up your purchases and that extra money goes straight into your savings pots. Such as, if I run into Waitrose and spend £32, it will round the purchase up to £35 and put that extra £3 into my savings pot. It may seem minimal but when you think about how much you use your card; it really does make a difference.

 

Recorded My Expenditure

I am super good at recording my finances and I do have a spreadsheet in Google Docs that tracks all of my household incomings and outgoings. One thing that I do not tend to track is my erratic spending. I know that I spend a lot each month without having a graph to show that I have spent half of my income in the past month on Jimmy Choo shoes. If I am wanting to be very good with my finances, this is something that I begin to do because it really helps me to connect with the money that I am spending and to be honest it makes me feel a little guilty about it and forces me to check myself.

 

Said No to Big Purchases

I honestly must think that money just burns a whole straight through my pocket because I honestly will not think twice about dropping thousands on a handbag or hundreds on a jumper. I feel incredibly lucky that I am in a financial position where I can do this, but every now and again I need to check myself to get back to a financial savings level that I am happy with. Just a few months off those big purchase and I will be spending once again, but this really does make a huge difference and it isn’t like I don’t have enough designer items already!

 

Put Home Projects on Hold

As much as I love renovating my home, it can be bloody expensive and every now and again I have to remind myself that it is fine to put the breaks on and just save my money. I can spend seventy whole English pounds on a simple coffee table book, which I know is absolutely absurd, but if I have a vision for a room, I will spend money until I achieve what I want. I have taken a step back and noticed the biggest differences because this is one of my biggest expenditures each month!

 

I hope that you guys enjoyed this blog post. I think that it is so important to speak only about money and our cash flow because it is something that every single one of us has to deal with, whether we have lots of money in the bank or next to nothing. I have written blog posts all about how I earn money, what I money I earn from what revenue streams and I do that because I think that one step to equality is being open about the cash that we have and earn. For me, I have in my mind a certain amount that I am happy to have in my savings and if I spend a little precariously, I know that it is time to reign myself back in and begin to build it back up a little and that is what I have been doing.

 

Make sure to leave me a comment down below and let me know some of your money saving tips!

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