Spending Ban Progress & Some Tips!

I am now into my FOURTH month of my spending ban! I say spending ban, but I guess it is more of a conscious effort to save more! I thought I would share a few of the things that I have been doing that have really helped me work towards my savings goals. I'm no expert that is for sure, but I try my best!

• Sit down and work out exactly what bills/expenses you will have for each month. For me this includes things like petrol, phone bills, car insurance payments, CC payments, gym membership and personal training etc. If you pay something weekly work out the monthly amount. Deduct the total amount from your monthly income and you will get a rough idea of that amount left you have to play with. I then aim to save most of the excess!

• I withdraw cash for things like petrol and personal training and keep it in separate envelopes so the money isn't sitting in my account and is less likely to be spent on an impulse purchase.

• Open an online savings account with a high interest rate. I use UBank and I find it to be extremely useful. UBank have the option to set up financial goals and watching your savings progress is totally motivating. Each week on pay day I transfer what ever money I have left over to save straight away.

• Be realistic about setting aside some money for entertainment. I learnt early on that it is unreasonable to expect that I won't go out and about on the weekend and might get a coffee, or see a movie with my boyfriend. I put aside a small amount for this each week and leave it in my everyday account.

• Birthday presents have always been a source of weakness for me. I love love LOVE buying people presents and sometimes go overboard. Spending less on presents has been a real challenge for me and I still feel quite guilty about it but at the end of the day it has to be done.

• If you are an impulse purchaser, stay away from credit cards! My biggest regret was getting a credit card last year. Looking back at the statements it is obvious that I spent it up on clothes and other crap that I barely use now. It is a lot harder to pay it off than it is to spend it. My CC is currently covered in layers upon layers of sticky tape so I can't whip it out and use it!

• Bring your own lunch to work. Enough said. Have also stopped buying the shitty coffee from the closest shop as a pathetic attempt of a caffeine fix! Easy money!

• Have goals! My goal is to save as much money as I can for New York, pay off my small CC debt and start up solid savings in general. Without a goal things get wishy washy quite quickly and it is easy to loose track. Think of the thing you are most passionate about achieving financially and strive for it!

If all goes continues to go well I will be buying  delicious things like this Alexander Wang Deigo Bucket Bag when I am in New York. Come to mama. 

That’s about all I can think of for now, but if you have any savings tips I would love to hear them! Is anyone else on a spending ban?