Saving money is a hard task – there is no doubt about it. You may have started budgeting many years ago and it may have been a great success OR like many, you struggle to budget. Budgeting is hard for so many reasons but for some, it’s just that fundamental inability to resist temptation and say no. No to those shoes that you don’t need but really, really want. No to the golf clubs on offer that you suddenly think you need despite the fact that the golf clubs in your garage are absolutely fine.
Let’s talk about how you can resist the temptation to spend.
Understanding the feels
Spending feels good at the time but your bank balance can quickly erase those temporarily feel good feelings. Why does spending feel so good? The answer can be found in the way our brain reacts to the act of spending. It’s been reported by researchers from the University of Minnesota and Texas A&M University that luxury goods, expensive meals and even pricey tropical excursions can help provide happiness. So, it’s important to understand that you’re not alone when you feel happier after spending. This is normal. Know that these feelings are great but it’s also great to live comfortably until your next payday.
Splurge V save
Of course, there is a time to spend. Everyone deserves a treat now and again. If you have budgeted correctly, you’ll understand when the time is right to spend and when it’s time to hold on tight to those pennies. Budgeting doesn’t have to mean spreadsheets and calculators at the ready, there are budgeting apps that can help you define what you’re spending most on. These apps may be able to help you understand when it’s a good time to splurge, versus when it’s a good time to save.
Time to audit
In order to understand what you need, it’s a great idea to understand what you have. Far too often we put things into storage, the garage or the back of the wardrobe and forget all about them. How many of us are guilty of having clothing that still has the tags on? It’s not just clothing either, we often put away sporting equipment or tools to make space and all of a sudden we forget we have these things. It’s time to do a life audit – start room by room and take it one step at a time. The benefit of finding out what you have is that you can sell what you don’t need or want anymore or Facebook Marketplace or Gumtree and make some extra cash easily.
Hobbies and habits
We end up spending more when we go shopping more. Seems like a fairly easy connection to make, right? But some of us go shopping out of boredom, or as a social event with friends and family. Sometimes, we just go shopping to get out of the house on a Saturday morning. Think about better ways to spend your weekend, get a new hobby or spend some time outdoors. New habits make it easier to reduce spend and could help you save your hard earned cash.
Count to 5
Yep. Taking just 5 seconds to consider if you actually need that purchase can make all the difference. Ask yourself if you need it? How will it make a difference to your life? It takes just a few seconds to answer these questions and ultimately, counting to 5 can help you save some serious cash.
Learning when to spend and when to save is a fine art, we know. If for some reason you find yourself in a bit of a pickle and in need of some funds, Nimble can help. Nimble offers quick online loans for if you need a stress-free way to borrow money. Whether it’s for starting a new home renovation or for fixing a leaky tap, we’ve got you covered. Apply now to see whether you’re eligible.
Disclaimer: Please note this content is provided as general information only and does not take into account your objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The above post refers to application software (“App, Apps”) that is not affiliated or associated with Nimble. We do not have any control or responsibility over the content of the Apps. Use of the Apps may be subject to further terms and conditions imposed by the App provider, the owner of the mobile operating system and/or other related parties. The above links belong to a variety of websites and not Nimble, so clicking on, and using them, will take you away from Nimble’s website meaning we’ve got no control or responsibility over the content. Nimble does not endorse and is not affiliated or associated in any way whatsoever to the businesses named in this blog post. The information contained in this article is correct at the date of publication.