As we start 2022 and look at the damage the festive season had on our bank accounts, we’re really evaluating our spending…
Don’t get us wrong, the Christmas period is supposed to be enjoyed! Whether you’ve been splashing the cash on gifts for your loved ones, going out for drinks with the girls or even treating yourself – you’ve worked for your coin so should spend it however you please.
However, if looking at your bank balance is a toxic vibe you just don’t need RN, then this post may be the one for you. Check out below some of our go-to budget hacks that will allow you to manage your money whilst still enjoying yourself.
50 20 30
A tool used by a lot of people but one you may not have heard of is 50 20 30, surprisingly it’s not just a random selection of numbers!
50 20 30 is a great way to organise your money, 50% of your wages goes towards essentials such as rent, food shopping, your phone bill etc. 20% of your wages goes into your savings, whether you transfer the funds into a separate savings account or store the cash in a safe place at home. The final 30% is your disposable money so can go towards updating your wardrobe, repurchasing any used up makeup/skincare, going out with friends – anything!
Of course you can change the percentages to whatever suits your financial situation better, but this rule has proven super successful and means all your bills are paid, you’re still managing to spend your money on things you like AND you’re saving – winning all round!
Meal Plan Before You Food Shop
Many of us go to the supermarket and pick up anything and everything, only to come home and realise you don’t actually have anything that would work to make meals…
Before you head out for your food shop, decide what meals you’d like to have that week and make a note of all the ingredients you don’t already own.
Not only does this make food shopping ten times easier, but you come away with food that makes actual meals rather than the usual selection bag of crisps, oat milk and avocado shop. You can then add on any other treats you want whilst knowing you’re sorted with meals for the week ahead!
x3 Rule
This rule is a bit brutal but, honestly, it works. If you’re wanting to purchase something that isn’t a necessity like treating to yourself to a new pair of shoes or updating the décor in your living room, ask yourself if you can afford to buy it three times…
Even though you won’t actually be purchasing three pairs of the same boots, this rule allows us to really look at our money. If you can’t really afford to buy three of whatever you’re looking at, then maybe reconsider if you actually need what you’re looking at.
On the other hand if you can afford to purchase the item three times, then treating yourself to it wouldn’t hurt your finances massively! Don’t get us wrong, it’s important to treat ourselves every now and then, but if that means scraping for pennies and counting down to the next payday – is it really worth it?
Cash Envelopes
Online banking and contactless payments have made shopping so much easier, which can often lead to us spending more than we’d like to without even realising it.
If you’re treating yourself to a shopping trip, why not take out a cash amount that you’re limiting yourself to. This way you can only spend as much cash as you have and will help prevent over spending! It’s also a great way to really evaluate if a certain purchase is worth it, as you can physically see the money decrease and allows you to prioritise what you spend your hard-earned cash on.
This tip can also work for a variety of things, such as putting money away for any upcoming birthdays, if you need to repurchase your moisturiser or getting a new mascara because yours is as dry as the Sahara… Divide an allotted amount of cash to named envelopes and put whatever amount you choose into each. This way you’ll always have an emergency amount of cash for any last minute purchases without the worry of going overboard with your bank card!
Alternatives To Going Out
If the pandemic has taught us anything, it’s how to have fun at home. Now the world is opening up more, we’ve been using any and every excuse to go out for drinks, dinner, bottomless brunch – you name it!
A fun way to manage how much you’re spending on food and drink is to have dinner parties at home. Take it in turns and let your inner hostess come out, you could do a themed night such as cooking your favourite foods, ordering a delicious takeaway, preparing yours and your besties fave drinks – you could even get the fancy plates out!
Whether this is every now and then or becomes a monthly tradition for you and your friends, hosting dinner and drinks at home is a great way to cut back on spending whilst still enjoying delicious food and the company of your besties. It also means you can dress as comfy as possible so any excuse to rock up in joggers, we’re there!
You’ve worked hard for your money girl, so spend it however you like. But if you are wanting to watch your cash and find new easy ways to budget, then hopefully some of these tips and tricks will come in handy!
Happy saving doll x
