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Wednesday, 2 January 2013

How to be money savvy!

As it is now 2013 (scary!) and lots of people have thought of new years resolutions, I thought I would help some of you! I know a lot of people aim to be better at saving money so I thought it would be a good idea to write a post to help! I have nothing in particular to save for, although I would love an Ipad! However I know my friends are saving for holidays, my sister is saving so she can buy a new house in a few years and a wedding (my sister got engaged on new years eve eve! Her boyfriend was going to propose on New years eve, a year to the day they found out they were pregnant, but he couldn't wait! Aww!) to prepare for! Here are a few of my tips for being savvy with your money!


Image from Tumblr

Establish the difference between want and need - Although sometimes it is good to buy things you just want,(the other day I bought a new bag, I didn't need one but sometimes it's nice to treat yourself!) you really need to think about a few things. Are you going to use/wear this item? Is this worth your money? I went shopping with my cousin the other week and we went into a store, she picked up two peplum tops in different colours and bought them, she told me she already had them in about 5 different colours so she wanted more. However once she purchased them she said "I don't think I really needed that." Something I do in shops is try everything on. Literally everything I like the look of I try on, however when I find things I like and that fit I sit down and consider whether I would wear something and whether it is worth the price. 

Imagine your bank balance in your head - I constantly know how much money I have. If I'm shopping and I am going to spend £50 in Topshop for example, I will think "okay, I have £960 in my bank and it will go down to £910 if I buy this, do I have enough for the other items I want to buy?" I never buy anything if I can't afford it. I always imagine what my bank balance will be if I buy items, that way I always know how much I have left to spend!

Image from Tumblr
If you want to save, set a limit each month - I always do this, although I am slightly obsessive with saving. If I just got paid and have £1000 in my bank, I will set a limit, for example. "This month I cannot go below £700." It just means that if something goes wrong or my work messes up my pay for the next month, I always have something to fall back on. Each month I increase the limit, so the next month I might not go below £750, therefore you are saving up more and more money gradually! I don't understand when people get paid £200 a month for example and spend it all so the next month they get paid £200 and the cycle continues! 

Keep receipts and write down purchases - Sometimes you don't realise how much you spend on tiny menial items! When I write down everything I buy, I notice that I spend a lot of money in Costa and Starbucks, which adds up each month! So by simply not going to Starbucks just because I'm a bit bored, I'm saving money!

Those are just a few of my tips! Obviously some people may not agree with them or want to do it differently, which is cool, each to their own! 




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13 comments

  1. I do the whole bank balance in head counting when I'm shopping - it really helps to put things into perspective as to whether I can afford an item! Also, I don't understand people who can't save any of their money either x

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  2. I'm really bad at going to caffe shops. It needs to stop really. I'm also saving up for a house, and have never been good at saving. Luckily I have a supportive boyfriend who is extremely good at saving. :)

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  3. I've set savings as one of my goals for this year as I'm terrible at it! I'm saving for a macbook & eventually a house for when I leave university :) xx

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  4. Great tips, I've read this twice now :') x

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  5. Great tips. With my wedding in 7 months I am on the money saving train! Even after my wedding I will try to be even more money savvy!

    Leanne @ Leanne-Marie | Beauty, fashion & lifestyle. xx

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  6. I love this idea for a post and all your tips, I'm terrible with money! xxx

    www.megsbudgetboutique.blogspot.co.uk

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  7. I have a terrible habit of burying my head in the sand when it comes to my finances! Hopefully this year I will be better at saving! x

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  8. Great post, perfect for the start of a new year, my main goal is BUDGETBUDGET

    Sophierosehearts x

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  9. Great post! I definitely will be using some of these tips. I find if I try and use cash instead of my card I can keep track of what I am spending easier. x

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  10. I'm definitely going to have to keep these in mind this year! I'm terrible with money, and really need to sort it out! I was so close to running out of money at uni last semester, and that just cannot happen again! :)

    http://somesparkleandshine.blogpost.com

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  11. This is a great post! I should really start writing down just how much i spend as I think it would be a shock to the system as i spend way too much.

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  12. This is a really good post... certainly made me think about my money lol
    Georgia
    Www.ramblingsofgeo.com
    X

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  13. Great reading this!
    I am also a little saving obsessed. My top tip would be to get yourself online banking and open an account dedicated to saving. I then immediatly move the money I want to save as soon as I have been paid. That way I know how much I have for the rest of the month.

    Liz
    http://ww.aspirationsofglam.blogspot.com
    xxx

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