Talking about money always seems to be a bit of an awkward topic, and talking about money problems can feel even worse. It’s funny how it can be such a hush hush subject, when it is something that we all have to deal with on a daily, weekly, monthly and yearly basis.
Something that I would like to discus is living more intentionally with money. I think that there are so many people looking at ways to earn/make/have more money in their lives, however, if we live a life filled with intention, I think that a large proportion of money issues can be dealt with.
Now, I am no financial advisor, and I am also not trying to suggest that there is only one way to look after your finances. However, I do believe that one way to ensure that you are financially stable is to be more intentional with your spending habits.
GET IN CONTROL OF YOUR FINANCES
The first piece of advice that I would offer in order to live more intentionally with money is to get in control. By this I mean, work out exactly how much money you own, how much money you have coming in and keep a track of where it is at all times.
I’m not suggesting that you withdraw all of your cash and hide it in a suitcase under our bed with a cctv camera set on it…! But what I would suggest is signing up to online banking. For example, I have three bank accounts; one current account, which I get paid into, one savings account and one account that I keep all of my blogging money in. By having online banking and the apps on my phone, I can easily keep in control of my spending habits, as I always know where my money is and how much I have.
SET UP SOME SORT OF BUDGET
Another way to becoming intentional with your money and spending habits is to take some time to work out a budget and stick to it. I don’t mean for it to sound so restrictive, but if you work out how much money is going out each month, sometimes it makes you think twice about where your money is actually going. So write a list of all of your outgoings and see what’s left.
My list for example would look like this:
Rent
Bills
Food
Gym Membership
National Trust Membership
Netflix Membership
Once all of my outgoings have been added together, I then know how much money I have to play with for the rest of the month. This way I can put some money into my savings account each month and be left with everyday spending money and I never buy or treat myself to anything until I know that I have covered all of my outgoings.
BEING FINANCIALLY INDEPENDENT
This is something that I would strongly recommend if you want to make an effort to live more intentionally with your money. I believe that being in control of your own money is key in being financially stable.
James and I have been together for almost ten years and have lived together for four. We have always kept our finances separate and think that in doing so, it keeps up financially independent and it is therefore something that we never argue about. We have a joint account that we both pay into each month to cover the cost of bills/rent etc., but apart from that, the money we each earn is our own. It ensures that all of my financial decisions are my own and it allows me to spend my money in a way that I see fit. I appreciate this isn’t something for everyone but it definitely works for us.
THINK BEFORE YOU BUY
So you can create all of your budgets, be financially independent and know where all of your money is. However, living more intentionally with money isn’t all about saving, it’s about thinking before you buy.
Asking yourself simple questions such as ‘Do I need this new lipstick?’, ‘Can I wait until I get home to have a coffee?’, ‘Do I need to buy lunch for work today?’. All of these things may only cost a couple of pounds, but they will soon add up by the end of the month. Asking yourself if you need/want/must buy something before hand is living more intentionally and it’s surprising how much you say no, once you’ve taken a step back.
DO SOME RESEARCH & ASK FOR HELP
If you are really struggling in terms of becoming financially stable, or you want to find out more about setting up budgets or being more intentional when it comes to spending, the best thing to do is a little bit of research. Above is just my opinion on how things have worked for me, and it is just one way of doing things. There is plenty of advice online about finances, and there is certainly no reason for you to live in debt or have to worry about being financially unstable.
Giffgaff have recently put together a gameplan with tones of amazing advice to help you on your way to financial stability. Whether you are a student in debt, a new home owner, a married couple or just wanting to save up for a big expense, they have absolutely tones of advice available on their website.
xxx
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