Oo, I have an urge

But I don’t want to spend.

It can be hard to stop an urge, an impulsive appetite to spend money. One in which I am currently trying to take control of.

It is not that I spend a lot of money, but I have recently been looking for excuses to do it. Some are valid, some are downright stupid, some can be changed for a better compromise, but at the time, I don’t see that. I convince myself to spend money and I wonder why I am dipping into my savings at the end of the month. Not a good start.

I could blame a few of my impulses on the children, “oo that would look nice on him”, I could blame some on my laziness, “I really fancy a Mcdonalds, and I haven’t eaten yet, and I still need to pick up the kids from school”. But some do have valid points; “my kids need some jumpers, I need a new coat” and some I can just plainly blame on my husband! Ooooh I do love to do that one, because I know I will get it right back! Ooo the magic of marriage!

So in order for our family to spend less, but enjoy more and save money, how do we go about doing it?

Well, we have to fail a couple of times. We need to be able to try a few things and see if they work for all of us. I have failed so many times in trying to keep a budget sheet and control over what we spend. I haven’t set up the right kind of way of budgeting yet, but that doesn’t mean I will give up.

Photo by rawpixel on Unsplash

So, to keep costs low, I have devised a budget sheet on Excel. Due to the inconvenience of my husband and I working different days and times, sometimes it can be a chore to sit and go over the budget sheet, but it is of no use to anyone if we don’t stick with it.

For the past few months, I have been twinging it, making changes to better suit our individual needs. It still needs a few changes here and there, but it is better now than it ever has been.

The next problem when facing a budget sheet is actually sticking to it and this is where most of the problems occur. My husband and I…we are pretty much impulsive buyers, not so much as we will always put our wants before our needs, but more of a oo-i-did-something-good-today-i-think-i-deserve-a-treat kind of impulse. But the treat will always be something small, such as a coffee or a meal out at a cafe, or buying a ridiculously small amount of olives for £5. This is where small purchases tend to build up. And in my case, books are my weakness, especially those in charity shops (I know that my money goes to a good cause, but I can seriously blow the bank if I let lose in a charity bookshop).

So, as always, I like to keep changes small but effective. So building it into a habit will make it become easier to maintain and hold.

Challenge 1

Not to spend money in coffee shops and to go home and drink to my heart’s pleasure.

How much will I save?

Price of a coffee: £2.25

A week in coffee: £2.25 x 5 = £11.25 

A month in coffee: £11.25 x 4 = £45

What can I use that money for? Savings or in need of a new jacket for winter (although by the time I choose a jacket, it would probably be summer)

Photo by Jaredd Craig on Unsplash

Challenge 2

Not to spend money on books

How much will I save?

Average amount of money spent on books, based on last month’s expenditure = £40

(Although to be fair, I got a good range of books, but that’s besides the point)

How will I overcome this? Read the books I already have on my bookshelf. Enjoy the library once again. Reserve books at the library. Book swap anyone?

What can I use the money for instead? Savings or new shoes as my ones have holes in them (but books are more important to me than fashion.)

So at the end of the month, I should either be saving £85 in total which in 6 months, would amount to; £510 or in a year £1020. Hmm..doesn’t sound bad when you put it that way does it?

Challenge 3

Communication about finances

It may seem a small thing, but it is huge contribution to setting you up on the right path to finding financial independence, or out of debt at least! We both need to find a way in which we need to communicate our finances to each other, without it being a bore and a chore. This is definitely something that I need to muse over. But habits always have to start small and concise to lead to better future results.

So lets give it a go.


One thought on “Oo, I have an urge

  1. Eva says:

    Woah.. little things to do add up. I can so relate to your challenge number one. Instead of coffee I do tend to indulge on milk tea more often than not. And I counted the figures up, I do spend a lot on milk tea alone.

    What I got from this is, we should set our priorities most especially when it comes to finances. Buttt I doesn’t hurt to splurge on things once in a while. Just resist the everyday urge to spend a lot.

    Great post 😊

    Like

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