Saving Money When You’re A Serial Spender

Finance by  Ariana Smith 09 June 2018

Saving Money

No one’s perfect, and we all spend money irresponsibly sometimes, but when you spend more time looking up ‘How Much Is Miranda Cosgrove Worth’ than you do taking care of your own finances, you might have a problem. Not to worry, here are four tips to get you started on the road to saving more money.

Check Your Bank Account Regularly :

Checking your bank account might be something that scares you, especially if you’re a serial spender like a lot of us are, but it simply must be done. Getting into the habit of checking your bank account regularly can drastically improve your financial situation without you even having to put in much effort. Becoming aware of your finances gives you a lot more subconscious control over them. Set a goal to check your bank account at least once a day, which shouldn’t be too difficult with the advent of mobile banking making the process incredibly smooth. In fact, there are even bank accounts such as Monzo that will send you texts telling you how much you have left and how much you’ve spent that day. Perfect for the serial spender.

Create An Untouchable Savings Account :

A scary but highly important step for many of us looking to become better savers is to create an ‘untouchable’ savings account. This account cannot be accessed without putting some work and thought into it, and you certainly cannot just swipe your card and spend to your heart’s content. Not having the money in your bank account instead of having it ‘out of sight, out of mind’ and stashed away in an untouchable savings account will help you to track your spending, save more, and be more responsible with your money.

Cut Down On Unnecessary Spending :

A somewhat obvious step towards saving money is to cut down on unnecessary spending. We spend so much in our everyday lives that we don’t even realize or think about it, but every coffee, sandwich, an extra pair of shoes, water bottle and lip balm add up and make a serious dent in your bank account. Using apps that track your spending can help with this, but the important thing is to become conscious of your spending. A popular hack is to allocate yourself a certain amount of cash per day that you can spend, and leave your bank card at home for the day when you go out. This way, you become a lot more aware of how much money you have and how much you actually spend because it’s all in the palm of your hand.

Embrace Minimalism :

Minimalism is the concept that less can actually be more, and that the clutter and junk we tend to waste our money on because we think we ‘need’ it actually isn’t necessary. Embracing this lifestyle can help to teach you to become more conscious and ethical with your spending, and help you to save a lot. Many people have found that minimalism has revolutionized their spending, so perhaps it’s time for you to give it a try too!

There’s no quick route to becoming a better spender. It’s a learning process that, like everything in life, takes practice. Hopefully, though, this article gave you some inspiration and helped you along the way.

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Ariana Smith

Ariana Smith is a freelancer content writer and enthusiastic blogger. She is a regular contributor at The Daily Notes.

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