There are two ways to save more money. The first is to earn more, and the second is to spend less. Unfortunately earning more money is not a realistic option for most of us, at least not one that can be achieved immediately. Spending less however is something that most of us have the opportunity to do and one can that we can benefit from almost immediately.
We all prefer to spend our money in different ways, and as such must cut back in different departments if we want to save more money. For me a large part of what I used to spend my money on was food, particularly meals at lunch. As a student I am often not at home for large portions of the day including lunchtime. I soon developed the habit of buying ready-made on-the-go lunches. Depending on where I sourced my lunch from I would typically spend £3-5 on lunch every Monday to Friday. That adds up to a total monthly expense of £60-100 per month. Once I realised this I swapped my regular on-the-go lunches for sandwiches that I would prepare at home for as little as £0.50, saving myself as much as £90 per month.
For me it was lunch, but for you it could be something entirely different - perhaps you spend to much on nights out, shoes, clothing, expensive dinners, or any number of 100 other things. I’m not saying you should cut back entirely. I often forget or can’t be bothered to prepare my lunch in advance. Sometimes I simply choose not to, and allow myself to indulge in the finest £3 meal deal that Sainsbury’s has to offer. You may not want to cut back at all in your spending, and that’s okay too. It’s our choice as individuals to decide whether we prefer to save for the future or spend and enjoy today, but I think there is a happy medium to be found. I save money where I can, but I also don’t hold back on enjoying a night out with friends.
Saving money and cutting back requires discipline. If you would like to learn more about self-discipline then check out Simple Success Hacks.
Read the next Four Railroads article which covers Recommended Reading for those interested in getting started in investing.
We all prefer to spend our money in different ways, and as such must cut back in different departments if we want to save more money. For me a large part of what I used to spend my money on was food, particularly meals at lunch. As a student I am often not at home for large portions of the day including lunchtime. I soon developed the habit of buying ready-made on-the-go lunches. Depending on where I sourced my lunch from I would typically spend £3-5 on lunch every Monday to Friday. That adds up to a total monthly expense of £60-100 per month. Once I realised this I swapped my regular on-the-go lunches for sandwiches that I would prepare at home for as little as £0.50, saving myself as much as £90 per month.
For me it was lunch, but for you it could be something entirely different - perhaps you spend to much on nights out, shoes, clothing, expensive dinners, or any number of 100 other things. I’m not saying you should cut back entirely. I often forget or can’t be bothered to prepare my lunch in advance. Sometimes I simply choose not to, and allow myself to indulge in the finest £3 meal deal that Sainsbury’s has to offer. You may not want to cut back at all in your spending, and that’s okay too. It’s our choice as individuals to decide whether we prefer to save for the future or spend and enjoy today, but I think there is a happy medium to be found. I save money where I can, but I also don’t hold back on enjoying a night out with friends.
Saving money and cutting back requires discipline. If you would like to learn more about self-discipline then check out Simple Success Hacks.
Read the next Four Railroads article which covers Recommended Reading for those interested in getting started in investing.
Comments
Post a Comment