If you have run out of money half way during the month then you really, honestly, need to look at your financial situation, you need to be truly honest with yourself and look at where you can make savings.
If you are continuously living in your overdraft or credit cards you must act now! You must STOP SPENDING NOW! Don’t hide your head in thè sand. Payday is great, you have a little spending spree then regret it for the rest of the month.
Did you know that your bank can stop your overdraft at any time and demand their money back?
Work out your budget
There is no time like the present. Sit down and look at your bank statements. Figure out exactly what money you need for bills and outgoings and how much you could possibly save each month. Make this a manageable goal.
Look at all the ways you could save money, set yourself some achieveable goals and stick to them.
I got a large whiteboard and wrote on it everyday for a month
I added what we earnt and what we spent.
I also collected receipts for everything, the interesting thing we were spending money on was eating out! 🙄
This helped us to assess how much we were spending on things like memberships, at the local convenience store, on lunches and coffee at work.
Make this a challenge for 3 months and you will not look back.
Stick to your budget
Making a budget and sticking to it has been a real challenge for us, we were changing habits and behaviours we were doing for nearly 30 years. Now we think about our spending all the time, if we want to purchase something, we decide how much we need it, how much use will it get, will we get bored of it in a few weeks and end up selling it or giving it away. I always think of the amount of hours I had to work to get the money to buy the item too. That helps us to put things into perspective 🙄
I’m not saying we don’t slip off the wagon every now and again, but the trick is to get back on the frugal journey and work hard to get our savings building up again.
Open a savings account
Make sure you have a savings account in place that is easy to transfer money to, I try to transfer money every month into our savings account because, it is very inspirational if you see your savings account build up each month.
You also need to consider your rainy day backup money. What would you do if the car broke down, or you need a new boiler/washing machine, having an emergency fund is essential as we are all only 3 months away from being homeless!
I’d love to hear about some of the things you have changed or cancelled that you were paying for and didn’t need