Trying to save money is about as much fun a dieting. It also follows the same trajectory. You make a careful budget save, save, save and then get sick of living like that and you go on a shopping spree and blow your budget to smithereens.
Just like most dieters who follow too strict a diet are likely to eventually crack, and binge, most savers need a release.
Maybe it’s time to completely rethink how we manage our money, much like we’re now realising we need to rethink how we manage our food.
Too much deprivation leads to eventual rebellion.
Cheap online shopping disasters. Article continues after this video.
What if we could spend more, to save? What if by spending smarter in the short term we can save money in the long term. And how exactly do we that effectively?
David Rankin has over 10 years of professional financial experience working as an award-winning bank manager and he’s also founder of personal budgeting service Sort My Money. He says healthy financial habits are the key to money mastery and he has shared his top 10 go-for-your-life spends.
1. Discount supermarkets
For most of us, groceries account for the lion’s share of our day-to-day outgoings. If we handed over this much money for anything else, we would think very carefully about who we gave it to. The ‘Aldi effect’ is rapidly becoming a recognised way of dramatically reducing your food bill. Spend up big at your local discounter, top up at a full-price outlet and don’t set foot in a supermarket for another seven days. If you’re looking for just one take-away from this article, you don’t need to read any further!
2. A 0% balance transfer credit card
Banks are falling over themselves to create an interest-free environment to help you to repay your debt. Is this too good to be true? It doesn’t have to be. What the banks actually want is for you to bring your credit card balance along with your bad habits over to them, so they can clean up on late repayment fees and the like. By hiding your new card away in a shoe box and maxing those 0% repayments, though, you too can be laughing all the way to the bank!