At Moolr, we always advise those on a tight budget to make detailed monthly plans of what incoming and outgoing money. Work out your budget and then plan your life accordingly. However, for many that appear to have a working plan written down, the figures do not add up at month-end. This is because most of us spend money on items without even realising it. Is your routine leaving you short of money?
We all need treats in life. It may be cheaper to make a coffee at home than get one whilst out, but we are not suggesting you live like a monk. Nevertheless, if you live on a tight budget, you may want to think about whether certain treats are wroth the while. Perhaps that money could be put to better use.
If treats are necessary for your routine, are you including them in your budget. If you have a Costa coffee every Tuesday and Friday, are you putting the cost into your budget spreadsheet? You should be, so you know where you stand financially. Also, by seeing ALL your costs laid out in front of you, you may be able to target areas where you can save money. You can target more efficient budgeting. If your routine is leaving you short of money this is important.
Have you also checked what you buy regularly as part of your grocery shopping? Take for example a regular purchase of a well-known fizzy drink that always finds its way into my shopping basket. Is this really necessary? Is it adding to my enjoyment in life? Probably not! And if it is, is there a cheaper way of buying it, perhaps as a large bottle or multi-pack? Always consider how you can make savings in your regular shopping routine without taking away from your enjoyment of life.
That book you want? Buy it 2nd hand – the words are the same! That computer game too? Likewise, and after you have completed it, sell it on. If you use a certain retailer regularly, check if you are making full use of discounts, offers or loyalty programs.
If you buy a magazine, subscribe and get a discount. If you like the occasional responsible bet, join a new bookmaker and get some free bets to cover your habit/routine. Write everything down so you can monitor spend and trends in your life.