How to Treat Yourself on a Budget

This time of year is all about giving, but it can be tempting to gift yourself a few bits and pieces as well. When money is tight, this can be difficult so I thought I'd share a few tips I've picked up!

1. Think carefully about your purchases. Don't impulse buy. How much use will you get out of this item? For how long will it make you happy? For example, I recently bought some Doc Martens that I wear regularly and will last me a lifetime, however I did not buy another Christmas jumper this year as I already have one and you can only wear it for a short period each year.
2. Prioritise. If you want a couple of things, choose one to buy now and wait until next pay day for the other. Or just buy the one that you prefer and leave the other.
3. Wait for good discounts! My Doc Martens were 20% off at the time, and things regularly go in the sale. If it's not a necessary purchase it can wait until you get a better deal.
4. Ask for things you want for Christmas rather than just saying 'I don't mind what I get!'. That way, gifts for you are easier and you get things you want rather than just another bath set. (I'm not knocking a bath set, I love them. Just that if you want something ask for it!).
5. See if you can spread the cost. I don't personally do this, as I prefer to save but many of my friends use Klarna (not an ad, just an example) and things like that to make shopping easier.
6. Do your finances/budgeting properly so that if you buy something expensive you don't run out of money! I know this is boring but this is important. For tips on this you can read my blog post about it here.
7. Keep the receipt! If you feel guilty about buying something or change your mind, take it back.
8. Do some research. You may find this item cheaper elsewhere.

Budgeting Tips

As a student or anyone on a low wage job it can be difficult to afford such luxuries as rent and food, so it is important to budget your money effectively. It won't work unless you find a method that works for you, so I have included the pros and cons of each tip to make it easier for you to choose one. Let me know if you have any methods that work well for you!

Get a Budgeting Card (Such as a Monzo Card):

This is NOT an ad, I just love Monzo. It allows you to set budgets for each month including a total spend and categories such as groceries, meals out, utilities and shopping. I personally like it because I can transfer a small amount each week to stick to instead of having loads of money at the start of the month and none at the end. The only disadvantage to this method is that you have to pay to get over a certain amount of cash out each month, so if you like to use cash then this is not for you.

Use Cash:

Again this method is great for restricting your weekly spend, but it's is easy to lose cash, you end up with loose change and you can't shop online with it.

Make a Spreadsheet or Write Down Where you Spend Money:

This is good for showing you where your money goes, and therefore identifying where you need to cut down but not so much for restricting your outgoings in the first place. As you personally input the data, it can also be prone to mistakes.

Make a Savings Account:

This can be a good option if you have a student loan, so get most of your money in a lump sum. You can use your savings account to put aside the money you need for rent and bills etc, so you only spend what's left over after that. The problem with this is it may not help you put aside money for things like a food shop, which can vary in price.

Limit Food Shops:

This is more of a way to save money than budget it, but if you buy your food in one go and freeze what you don't need straight away then you won't be tempted to spend a little extra on snacks etc. that you don't need. Similarly, unsubscribe from email lists to avoid temptation, but do subscribe to student discount websites!

Use Prepaid Grocery Cards:

This can be especially good if your parents give you money for uni, as it removes the temptation to spend that money on other stuff.

Like I said, let me know if you have any other ways of budgeting, or saving, as I'm always looking to save money! I hope this post has been helpful to at least some of you.