This week, it was announced that we will officially be in a recession in Autumn. I am still not a financial advisor, but I am happy to share the knowledge I have acquired and share my practices. This time I will focus on saving money with habits. This post follows my earlier posts about bills and food.
By habits, I will be exploring day-to-day tasks that aren’t bills or grocery related. This is social activities and events and miscellaneous purchases.
Do you need it or want it?
My mother taught me this lesson a long time ago. As a child I would ask for toys and things, and receive the response “Do you need it or want it?” It got me thinking about my true intentions of asking her, and 100 % of the time it was a need, but still. Honestly, I couldn’t tell what I needed, but as an adult, I’m more aware of what’s a basic need for myself. And I really don’t like how I NEED to buy these things.
If I don’t do any exercise, I notice my mood and motivation generally drop. I don’t appreciate my existence, without exercise. Those endorphins work. This means my gym membership and gymnastics membership ARE necessary. I go twice a week to the gym and once a week for gymnastics. One day session for gymnastics is £5, but a monthly membership is £25. This means, unless I go to the gym 4 times or less in a month, that £25 is worth it. And it is! Gymnastics is a £15 membership for the month, and it gives me fun cardio, flexibility and an extended social life. I’ll never get rid of it.
This can be applied to things like Spotify and Prime. I don’t use Prime at all, I’m happy writing for my deliveries from Ebay (not a sponsored post). So, I stopped paying for the prime membership, but I listen to podcasts every day on Spotify, as well as listen to my playlists, so it’s a keep. They will feel like sacrifices, because you think they might be handy to have one day. But, if they are losing you money now, whilst you wait for that future date, wouldn’t it be better to put that money for something you need now?
Mindful treating
You ever go shopping, and that little voice goes “Go on, treat yourself. You deserve it”? How many times do you actually listen to it? Every time? How about every once in a while, you didn’t listen to it. That would save you money in the month. I’m not saying sacrifice everywhere, and never be happy or live your life. It’s called Mindful treating for a reason. Just give it a second thought. Will the material thing be still on your mind 24 – 48 hours from now? Is it better, than making a memory instead? I normally ask these questions to myself, before doing one of those random spontaneous purchases.
I’m not trying to guilt trip you, but just encouraging conscious spending. Our wallets are getting tighter and tighter each month, and who knows for how long. If you want a peace of mind, then you will need to make decisions that assist that. If you want to make the most of life with memories, then make decisions that help you make memories. When in doubt do things in moderation, and change your habits to suit you and your lifestyle because life is never consistent. So, your habits now, don’t have to be the same in the next few months.
Moral of my story:
- Need or want– Check if what you will spend money on is a need or want
- Be mindful– It’s ok to treat yourself, but there is always a moderation aspect
- What do you want to achieve- This will determine your expenditure after your main expenses are paid.
