For those people who love to shop and keep up the latest trends, it can be difficult to control your monthly finances. With platforms such as online shopping and click and collect, it has never been easier to spend money on clothing that we probably shouldn’t. However, no-one likes to see their bank account diminished in the first few seconds of getting paid, and so here are some top tips on controlling your finances and resisting the urge to shop until you drop.
Start a Monthly Budget
Monthly budgeting is the key to understanding how much money you should be spending and how much you need to set aside for bills and other monthly assets. The best way to do this is by creating a simple chart that splits your pay-check into multiple different sections such as rent, bills, and spending money. This will allow you to indulge in a few luxury purchases each month without feeling as if you can’t afford the necessities. This is also a good way to save money, leaving you with extra cash that you can transfer straight to your savings account.
Spread out Purchases
Although it might be tempting to splurge all your money on pay-day, spreading your purchases across the month will mean that you are financially ready for spontaneous purchases if they occur, from your washing machine breaking down to that new dress you’ve seen in the window of your favourite shop. Spreading the cost of these over weeks will also enable you to save more money as it is more likely that you will only spend money on what you want rather than on impromptu purchases that you will regret later. This method works even better if you get paid weekly or fortnightly, as this will mean that your bank account will not diminish quite as fast as usual.
Leave Credit Cards at Home
To stop the temptation of buying spontaneously, leaving your credit and debit cards at home is an excellent deterrent, meaning that you cannot physically make purchases that you do not need. This is especially important if you are going to the shops or to somewhere that might encourage luxury purchases, such as fairs or markets. If you need to make necessary purchases such as food and travel expenses, deleting your quick payment methods such as contactless and Apple Pay is another way to stem your expenditure by making it less easy for you to spend money, ensuring that you think about the money you are spending.
Don’t go Window Shopping
However, if you know that these tips will not stop you spending money, take away any temptation by staying away from the shops completely. This will stop you window shopping or wanting material items that were not noted in your monthly budget. If you feel the need to shop, however, and if avoiding the shops completely is unrealistic, look for sales in high street brands, especially at the end of the season.
Sales normally have reductions on their seasonal clothes between 10 and 75% of the original price, meaning that you can get the clothes you have had your eye on all winter for under half the price. Charity shops also sometimes have a great selection of good quality clothes, and some charity shops now even have a designer section, where you can see everything from branded jackets to dresses for only a couple of pounds.
Online shopping can also save you money as it will allow you to find exactly what you want and keep an eye on your spending – there are also usually online exclusive deals wherein you can get clothes on sale and items that are not usually in shops, allowing you to purchase luxury items without putting stress onto your bank account.
If you have read these tips too late, you can take out a personal loan to help you to consolidate your debt. You can find the best online personal loans for 2018 through loan search websites that compare the best companies for your needs. These allow you to find a loan that can save you money through one organized payment rather than through multiple credit card companies.
Therefore, you can keep control of your finances even when it may seem too late. Additionally, by using our handy tips, you will be able to organize and assess your finances and expenditure in the coming months, allowing you to avoid any unwanted debts or credit card payments.