Wednesday, June 5, 2019

I saved $500 in May compared to April just by changing a few spending habits

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In April, I set myself a bit of a savings goal to set aside some money to buy a better car (which I will likely do in the coming year or two), as my current one is having a few issues, due to it being old and not being driven much by its previous owners. So I'm really just preparing myself for the future.

So, I also used this as an incentive to just be a bit tighter on my spending, just generally (I am a bit tight on it anyway, but I just felt like being a bit tougher on myself).

For context, I'm 24F, still living at home while I am completing my undergrad degree in Australia, and am working casually at a decent paying job roughly 20hr/week.

So I set myself the goal for the month of May:

  • only spend money on essential groceries (and really cut down on the special treats)
  • No having breakfast/lunch/dinner out (I adopted the 'YOU HAVE FOOD AT HOME' voiceover in my head) - unless I had no food at home that I could bring in to uni, but then I would still be careful on what I spend
  • Only spending money on social outings (but still being restrictive here) - for one occasion (a workmate's farewell dinner), I withdrew $100 cash so I could better limit my spending.
  • No spending money on clothes, other material things I don't really need (a mentality I sort of already adopt, but I still cut down).
  • And obviously needing to pay for regular monthly payments (can't avoid those, unfortunately)

I calculated my expenditure for both the months of April and May (including regular monthly payments), and in April I spent about $1250, and in May I spent about $750 - a whopping saving of $500! And just by being a bit more frugal!

It's really given me perspective on how powerful changing a few spending habits can be! And I highly encourage anyone that is able to, to really think about your spending habits and make a few small changes that fit into your lifestyle, so you can still enjoy life.

Now that I look back through my post, it kinda looks like one of those annoying spam comment things haha

Submitted June 05, 2019 at 09:01PM by ozlass1111

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