…It’s a very good place to start! So, here I am – I’ve made the decision to take ownership of my finances and reduce waste – step 1 done. However, now it’s a matter of putting that into action and I’m learning it’s easier than it sounds. It’s rather easy to simply say “stop spending money and save it instead” – but when you’ve a lifetime of bad habits to change, starting off with a solid plan is going to be key to my success. Sure, I’ll make some mistakes along the way – but hey, nobody’s perfect…
So first things first – where is my money going? I know for sure that I am spending far too much at the supermarket, we are a 2 person household and could easily host a banquet at any given moment. One thing I recognise is that this is simply not necessary and I don’t need to keep an Armageddon-style stock of fresh food in the kitchen. This will be a huge area of focus for me in my journey. One that I hope we will all take some tips from. But where does the rest of the money go to and why do I struggle to make it safely to payday every month…?
Taking a brief look at the breakout of my spending on my banking app for last month (AIB’s app has a great way of breaking down your spending behaviour over various periods of time) – I am initially amused, then very quickly annoyed. There is only a 60 cent remainder when comparing the Money In with the Money Out. So, with the exception of a very small amount going to an online savings account, a grand total of 60 cent was saved last month!!! If I keep this trend up, I’ll be just about able to afford a cheap tent from Lidl to enjoy my retirement. If that’s not the wake up call I needed to see, then I don’t know what else could do it!
So, though it may not seem like I am making great progress, I am now a lot more aware of how dire my saving habits have become and even more determined to make some serious changes. My immediate next tasks I am setting out for myself now are:
- Review every single debit from my bank account to actually see where it’s all going
- Using the knowledge gained from above, identify where I can make cutbacks
This is obviously the start of a huge journey for me and I’m hoping to learn some really great tips and tricks to help me, and all of you too, along the way. In some ways, deep down, I know those tips and tricks already – it will be more about putting them into practice, setting my savings goals and cutting out waste.
Stay tuned to hear how I get on with my tasks! I really hope to keep you all on this journey with me!