After what seems like a lifetime, my exams are over! For now at least… Anyway, I have at least two months of summer and I’m slightly (extremely) stressed about money. Just because my exams are over unfortunately doesn’t mean that I’m stress-free. It doesn’t help that I’m not well enough to work regularly at the moment, and I’m going to be relying on blogging for my summer income. I’m very anxious about money most times, but it is very stressful knowing that I’m not able to work. I’m trying to stick to my own little ways of saving money.
- My main way of saving is to always put 20% of my income straight into my savings account. If I’m ever in any trouble, I can move money back into my current account. I try not to do this very often, but sometimes needs must.
- Any spare change I have, mostly coins, I put in my moneybox. This started out with me keeping all of the coppers I collected, and I ended up getting £14 over a few years! This doesn’t seem like much, but it is really handy! Also, it was very exciting for me when I started doing this when I was seven years old.
- If I’m wanting to save money, I try to stay away from online shopping. I can be quite impulsive, so a quick look on asos can lead to me spending a lot of money on things that I maybe, technically don’t really need. As much as I might convince myself that I need these things, I definitely don’t, so I find that avoiding online shopping is the solution. If I absolutely need to buy something online, I’ll usually add it to my basket or keep the tab open then wait until the next day.
- Lists!!! I make loads of lists, as you can probably tell from this list. If I need to go shopping, I’ll make a list of what I need, and I will try my best to stick to it. Obviously, I can easily get distracted and buy other little things. One bad habit I have is that I sometimes buy things that I don’t need, or even want, just because it’s a good price. I have been noticing this a lot lately, and I’m trying my best to be aware of it. So by making a list, it helps me to stop buying things just because they are cheap.
- Ok this one sounds kinda nerdy but I keep a spending log. This began when I tried to start bullet journaling (and I disastrously failed, by the way). So, I made a spending log on an Excel spreadsheet instead, and it’s worked! Visually being able to see what I’ve been spending my money on is really helpful. I can see what I’ve been spending too much on, and it lets me know how much I may have to spend for the next month as well. I am guessing that it will be even more useful once I start university.
- Another way I track my spending is through my debit card, monzo. It is a mobile bank that shows you exactly how much you’ve spent, where you’ve spent it, and how much you have left to spend. It even shows you a pie chart! As above, seeing a visual representation of how you’re spending your money is helpful. You can set spending targets for each category, for example, you can limit how much you spend on entertainment or eating out. If you are really determined to stop spending money, you can freeze your account from the app (but a downside, I guess, is that you can unfreeze it just as easily). You can also put your money into a separate pot, which acts just like a savings account. An added bonus is that the card is bright pink! (This isn’t even sponsored, I just really love monzo!) They’re generally pretty cool in that they’re working to improve financial inclusion, giving everyone access to banking.
- I haven’t actually tried this next tip yet, but I do think it would be helpful. So whenever you spend money, you round up and save the change. I’m not entirely sure how to explain it in a way that makes total sense? But basically, if you spend £1.50, you would round up and save the remaining 50p.
So hopefully, with the income from blogging and Instagram, and by following my own tips, I will be able to save up enough money so that I’m in a position not to stress this summer (well, that’s the aim in life too). We’ll see later if I’ve been successful!