5 Money Saving Mindsets
If you find yourself in daily bad habits of spending this is probably why it’s difficult for you to have money left over each month for savings. There are lots of ways to save money or just cut down some costs even if you are on a low income, a student or work part time.
Working out your budget is not all about the numbers, it’s also the mindset that goes hand in hand to help you achieve your goals. So here are some ways to start thinking about your money.
Money = time
Every penny you have is earned through your time and this isn’t invaluable. If there is something you want to spend on then work out how many hours you would have had to work to afford it, is it still worth it?
If a top is £25 and you are paid minimum wage of £11.44 an hour then you would have to work just over two hours to afford this one top. So ask if you would work the overtime for the item and this should tell you how much you really want or need it.
Wasting food is also wasting your money
The UK is reported to waste around 9.5 million tonnes of food each year which has an estimated value of £14 billion.
Breaking this down, each person on average in the UK wastes around 140 meals per year.
Now, simply the food waste is a big problem but if you take this and think about how much money you waste when you throw out food then this could help you cut down.
It’s often items like bread, fruit and vegetable which go off quickly, however there are lots of ways to preserve these items to last longer. Alternatively, making use of your freezer could massively help too.
You may hate it, but meal prepping is one of the best ways to cut down your waste and make sure you don’t overspend at the supermarket because you will know what you need. If you meal prep this will also cut down the extra trips to the shop where temptation is strong and help you take in lunches to work so you stay away from the cafeteria, local shops or going to eat with a coworker, the break room should work just fine!
You have enough
With our easy access to social media and viewing others’ lives we start to think we need more than we really do. It’s easy to be influenced but this also means we might spend more and on things we don’t really need or want long term. This includes anything from, technology, clothing, kitchen appliances, and more. Micro Trends are a clear indication that trends move so quickly that the waste of products, money and time is extreme with what was popular last month not being popular anymore and a new thing every one ‘must’ have.
When you are thinking about buying anything, make sure you look at what you have and remember that those items are enough and you don’t need a new outfit for each event or even a new swimsuit each summer.
Telling yourself you have enough and that in a few months you may not be wearing the item could help dissuade you from spending the money.
Picking a priority
When you are trying to save it may mean you feel like you are cutting areas out and scraping by however there are choices to make when saving.
Making a list of what you would rather spend your money on each week or month could help, whatever is at the bottom, cross it off and don’t spend on that this month.
This could mean you can still go out with your friends but you can’t replace your bedroom décor this month or that you have to cancel a subscription.
Don't be vague with your goals
Saving money, making sacrifices and living on a small budget is not easy and it does take a lot of discipline. It's important to make sure you can still enjoy your life and you still see your friends and family each month in ways that fit into your new lifestyle.
To help with your new budget, be specific about what you want and when.
Ask yourself and write down;
How much do you need or want to save?
When do you need the money by?
Why do you need to cut down costs?
Set yourself specific goals so you know what your aims are and this will help you stick to it and remember why not spending that £20 will be worth it.
