In 2018, more of us are living beyond our means than ever before.
By us, I of course mean me.
Instead of walking to the train after impromptu drinks, I catch Ubers. I buy clothes online and forget to return them. I order my coffees and lunch on ‘jump the queue’ apps that add however many cents to my order with every purchase.
Every month, without fail, the money I set aside in my savings account slowly but surely makes it’s way back into my everyday account (especially during the week before payday).
I’m not alone in my overspending.
A recent study found more than 25 per cent of Aussie millennials are currently living pay-cheque to pay-cheque, Bandt reports. Mamamia also asked millennials how much money they’re saving – most said that between rent and living expenses, they don’t always meet their lofty savings goals.
In an effort to put some discipline around my spending, I came across the ‘highlighter money trick’ from financial advisor and author Manisha Thakor on Refinery29.
Basically, Manisha says the idea is to track your spending for a month, and then go through and physically highlight any purchases in your budget that didn’t bring you joy.
Anything that didn’t make you happy, you can cut from your spending without feeling like you’re missing out.
Side note – Here’s The Barefoot Investor Scott Pape’s best financial advice for women. Post continues after video.