I want to present to you a challenge. I challenge you to find out how much you can save per week by introducing new habits (or getting rid of some). I’m giving you 3 (21 days makes or breaks a habit right?) weeks and I want you to see the difference in your weekly budgets. How are you going to do this? Let me give you some tips…
- Track your expenses
If you haven’t already subscribed, click that button! We’ll send you a free, pre-formatted budgeting spreadsheet where you can track all your daily expenses. Depending on your lifestyle, you may need to slightly adjust the expense column. You’ll start to see exactly where all your money is being spent and how much you’re able to save a week because in this case, ignorance is not bliss.
- Ditch the cards, use cash
Unless you use your credit card for everything because you have a reward program, start using cash. Withdraw a certain amount at the start of the week and stick to that budget! With each purchase you’ll start to become more aware of your spending habits.
- Introduce a ‘Spend-free’ day
Choose a day – any day…make it spend-free! Commitment is key.
- Do you really need that expensive phone plan?
Yes, having the latest model of phone is a concept that is now drilled into us millennials. Once your contract ends, hello new ‘free’ phone! So, what happens to your old one? With those new fancy models, comes even more expensive contracts. I’ve recently just ended my phone plan, and because I’m always on WIFI at home and work, I barely use my data. I used to spend $82 a month and now I’m spending $30, and pretty much getting a better deal! So, do yourself a favour and rethink this expense.
- Write your shopping list before you enter the supermarket
Impulse shopping, I know it all too well. It catches you at moments of vulnerability and hits your bank account hard. If you want to stop over-spending at the supermarket, take 10 minutes out of your day to write down EXACTLY what you need and stick to it!
- Love me some homemade
We are busy people and sometimes (more often than not) we make that an excuse to eat out. Try and limit yourself to once a week and meal prep for your other meals. You’ll be surprised at how much money you will save.
- Switch off, and unplug
To help save that little bit extra on your electricity bill, switch off your devices and unplug from the wall. If you weren’t aware, a small amount of electricity is still running if you leave the power switch on at the wall.
3 weeks! That’s all. Write down your goals, be sure to subscribe so you can start using our budgeting spread sheet to track your expenses and let us know if you’ve ended up saving more than usual.