When I first arrived at uni, I struggled a lot with the idea of planning out my budget for each month. As soon as my money came in, I would go and spend it on countless things I didn’t need, and things that were quite frankly overpriced and a waste of money. You’d think that after a year of living away from home, I’d have developed a sense for appropriate money allocation. Well, I was still struggling to feed myself at the end of the month because of pointlessly expensive fashion and food choices (no, you don’t need that organic Burrata imported from Italy! Who do you think you are?). At my lowest point, I even had to ask a friend if he could lend me twenty pounds so that I could literally sustain myself on buttered toast, potatoes and pasta for the next ten days.
While it feels amazing to feel like you have some spending power all of a sudden, it feels bad in equal measure when you can’t afford to go out with your friends and experience what Durham has to offer. What follows is some advice on how to spend responsibly from the least responsible person to trust your money with – at least I understand your woes (sort of).
1. Look at your account balance regularly!
Stop pretending like the money will magically still be there if you can’t see it going out of your account. It’s so easy to flash your card for anything, especially with contactless. Ideally, you should be aiming to mainly use cash, and only pick it up from the ATM when you have made a purchasing decision already.
2. Learn how to budget.
I still struggle with this, but budgeting is something that everybody who wants to improve their spending habits needs to practice. Seeing exactly where your money is going is quite shocking when you start doing this for the first time. You will quickly learn to spend much more sensibly in order to minimize the sense of dread before you sit down to have a look at where it’s been allocated.
3. Change your food shopping habits.
You can save a lot of money and also be friendlier to the environment by only going shopping when you need it, rather than doing weekly shops. I’ve had to throw out countless unopened containers of hummus in the past, which is honestly quite shameful. It also helps to diversify where you do your food shop. If you have preferences for certain products, you don’t need to give them up, just make sure you don’t do your whole shop in M&S because you walked in for their Salami (guilty). Don’t forget – yellow Tesco stickers are your friend! The bread section is often entirely reduced in the evenings, so that’s a great place to start. If you always carry canvas or plastic bags on you then you won’t have to buy new ones in the shops.
4. Try to avoid online shopping, unless you are looking for something specific.
There are so many sales and promotions online that can easily trick you into believing you need something that you really don’t. Especially when clothes shopping, leave your shopping basket in the online store for at least a day so that you can make a considered purchasing decision. Just because something is cheap, or reduced, does not mean it is something you should spend your money on.
5. Invest in Quality.
When it comes to electronics, staple clothing items, jewellery and furniture it helps to spend a bit extra. When clothes shopping, make sure the materials your clothes are made of are high quality. Always check the seams for loose threads to give you a sense of the longevity of the item. Think about care instructions, too. If you fancy investing in a cashmere jumper, consider whether you’re the kind of person who will make the effort to care for it properly. Some of my favourite brands for investment pieces are Ganni, & Other Stories, Paloma Wool, COS and American Apparel (RIP). It’s all about the cost-per-wear! Nevertheless, just because something is expensive doesn’t mean it is great quality and just because something is cheap doesn’t mean its rubbish. You can find some great deals on second-hand furniture and electronics at places like the British Heart Foundation on North Road. If a chest of drawers has survived around fifty years, it will be qualitatively good enough for your home.
6. Stick to Cash
When you go out, bring only cash with you and definitely always pre-drink! Not only will you save a lot of money, but you can also choose exactly what you drink – why would you not always have your favourite cocktail if you could?
The biggest takeaway from this article should be that spending like a responsible adult is not about giving up your indulgences. It’s about being more conscious of what you want those indulgences and investments to be. Rather than getting yourself five cheap items that will give you instant gratification, consider whether you will keep using and enjoying the things you buy in the future. This way, you can work towards treating yourself in the ways that matter more.
Image Credits:
https://pixabay.com/photo-791582/
https://me.me/t/banking?since=1461802417%2C299680%2C1.000000
https://www.etsy.com/listing/400436713/girl-tote-bag-organic-canvas-tote…
https://www.pinterest.co.uk/pin/59883870025819082/
https://unsplash.com/photos/j8C66j15nAk