Prices are really starting to rise so keeping your spending in check is more important than ever. 83% of adults in the UK reported an increase in living costs in March 2022.
So where do you start? Budgeting is usually the first thing people think of doing, but even with a large budget, some areas may become tight. That's why it's crucial to shop around and make sure you're getting the best deal available, particularly on your everyday expenses.
There are lots of things which one can do in order to keep costs down and reduce impulsive spending. Here are some tips:
Consider if you can actually afford it - stopping to contemplate if you can afford the thing you desire may stop you from making impulsive purchases.
Recognize your priorities - why not budget for a few items you know you can't live without? Dont forget your rent and other necessities. You can also consider enjoyment like like vacations, and entertainment.
Write it down - knowing what you plan on buying gives you a goal, and creating a list to check off stops you from purchasing additional items. This could save you money the next time you go grocery shopping - also get a clubcard!
Don't shop while hungry - Buying hungry leads to impulsive buying of more products and this is exactly what you do not want to do.
Ask yourself if you really need it - if money isn't a problem, then perhaps asking oneself if you really need it will help you decide whether or not to buy something.
Apply the 48-hour rule -Online shopping can be dangerous: if you're considering buying something, put it in your cart and leave it there for 48 hours. If you want to buy it after that, you know you really want it so go ahead. You've saved money if you've abandoned it! Some retailers also offer discounts for abandoned carts so it can be a good money-saving strategy.
Other things you can do:
Try a no-spend day - if you set aside one day a week to attempt not to spend any money, you may be able to reduce your weekly expenses more than you think.
Invest - Inflation is set to breach 10% by the end of the year. It may now be more important than ever to start, or continue, putting your long-term savings in the stock market so your hard-earned cash doesn't lose its relative value & buying power. (With investment, your capital is at risk).