You don’t need me to tell you that when it gets to January suddenly everywhere you look there are adverts for new savings accounts, endless voucher offers and people discussing their dwindling bank accounts. But after opening a super high credit card bill – fyi not too super high, just double the usual bill – I have decided that I need to sort things out – to spend less money and think more about each and every purchase. I should tell you that mortgage payments, food and bills all go out of the ‘house’ account so my credit card is only used to buy the less essential things- clothes, books, trips away, presents, beauty products and weekday lunches. So you see there really is no need for me to be spending so much money. In fact at the moment, half my money goes to the ‘house’ account and most of the rest goes to my credit card company, with a small amount going into savings – not good at all. Clearly this has to stop, so here’s my plan…
Credit Card is only for ‘special’ purchases –
From now on – or at least until I get my spending under control – my credit card is only for special one-off purchases. I’m talking to book holidays and weekend away or train tickets. I’m also allowing myself to top up my oyster card as this is essential for getting to work. Although hopefully I can get back to walking soon and therefore won’t need to be topping up my oyster as frequently as I am now.
Cash Purchases –
From now on it’s all about making cash purchases. I’ve set myself a limit of what cash I can spend from now until I next get paid – 15th of February, which is about three weeks away now. I’m not going to tell you what it is as I don’t want to tempt fate but I’ve factored in the various things I’ve got planned and worked out how much I can spend each time.
Track everything –
The next part of my plan is to track everything that I spend. I’ve downloaded an app on my phone and I’m going to input everything into that so that I can keep track efficiently.
So there we go, that’s my plan to sort out my finances. I’m seriously hoping that some accountability will help me curb my spending, because right now it’s pretty much a case of buy what I like. And although I do pay my credit card off each month, I don’t ever end up saving much after that. So hopefully things are about to change. To be honest I’m actually quite excited. The last time I tracked my spending like this was when I was travelling – $10 a day for my last month in the US of A. Not sure if I’m going to see much Mac and Cheese in my future this time though!
If anyone’s got any hints or tips then do let me know, I have a feeling I might need all the help I can get!