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Day 19 ‘Number-crunching’

Ten ways to save money

I’ve always clashed with money, my attitude of ‘you only live once’ has seen me spend too much. It got to the stage where I was fed up of not having any savings and wanted a deposit for a house. I knew one day I would get old and having security mattered more than a brand new tv. I also wanted to control my spending because my bipolar sends me manic and I spend without thinking about consequences. Over the years, I’ve managed to reel in my spending and I’m no longer in debt. Here are my top ten ways to help you save.

  1. Overdraft: Get rid of it, you don’t need it. Overdrafts can cause more debt each month as your wage pays off the overdraft and the fees. Credit cards can lead to debt but if you limit your credit, they can improve your credit history and are the safest method for online shopping.

  2. Piggybank: An old fashion method but seeing those pound coins filling up in a see-through jar is very satisfying.

  3. Spending diary: Jot down everything you spend your money on, and if you don’t use cash, it will be easier to track your spending through your account. Jotting down what you spend your money on will help you figure out where you can safe.

  4. Table: Draw a table either by hand or on excel and jot down your outgoings and incomings to visually see where the money is going.

  5. Subscriptions: Go through any outgoings that aren’t necessary, do you need that TV package, or could you watch all your shows on Netflix and BBC?

  6. Split: Have bank accounts that represent where your money goes: one for your bills, savings, luxury items and days out. By separating where the money goes will make sure you have enough for savings, and something left over to spend on yourself.

  7. Pocket money: Limit how much money you allow for yourself each month after you put aside for bills and food, that way you can put aside savings.

  8. Savings: Putting money aside without any objective won’t work, because you’re not working towards a goal; you need to have an agenda, like saving for that ideal holiday or house.

  9. Cold turkey: Stop shopping for yourself, only spend on the essentials like food and hygiene. You will find when you return to shopping, you will appreciate it more.

  10. Charity Shops: If you’re willing to have a good rummage, there are a lot of treasures waiting to be brought in these shops. It’s surprising how much designer gear people give, and some of it hasn’t even been worn.

Saving doesn’t have to be taxing as long as you adopt a positive attitude and not say ‘I will start saving tomorrow’. It’s rewarding having extra money put aside and being able to dip into it for a treat or emergency. When you have saved up for your dream holiday, and not maxed out a credit card to pay for it, it’s even more rewarding.

I am challenging myself to write a 500-word post a day for 30 days. I will choose a random word from the dictionary and to make this challenge more complicated; I will use the same word to create posts on Twitter and Instagram. I will create a haiku for twitter and post a photo on Instagram. If the word I choose is too obscure to make a post, I will choose another word. 

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