Mo’ money, mo’ money! 💸
Saving money has been at the forefront of my mind a lot in the last year. Switching jobs around, and quitting one with not much of back up plan (good for mental health, bad for bank balance) has meant I’ve spent the last 9 months or so being a bit more careful.
Main monthly savings
I’ve managed to build myself up a little nest egg using the ‘Days of the Month’ method, which I saw floating around Pinterest a while ago; this is where I put away £100 a month plus an additional £1 for each day in the month, e.g. February was £128, January was £131 etc. In addition to the money I had put away before adding that element to it, it’s pretty satisfying to see it tick along and is definitely something I would recommend. I do have this on direct debit but it’s essentially saving an extra £1 a day, which is certainly do-able for me when put like that. It also means that at that current rate, I’ll have over £1,500 by January 2018, though I also plan on adding to it more once I’m a little more settled in this new job, which I only started last month.
I must admit, I have become a little obsessed with my ‘Outgoings’ spreadsheet and find myself tinkering with it a few times a week to ensure it’s accurate. In terms of bigger payments and making sure I know how much is going out, it’s been really useful to see everything all in one place. Knowing exactly how much I have leftover, even when it comes to one-off emergency or luxury payments has been key to keeping on top of my savings goals.
My inner nerd really, really enjoyed putting in the formulas that allow it to know what’s carried over and what to add up and take away. It’s a pretty simple spreadsheet but I’ve made a template that you can download here and have a play with if you’re that way inclined. Make sure to check out the formulas beforehand so that it all runs smoothly. 😉
Saving in the background
I’ve seen a few personal finance apps floating around for a while now, in fact, around the same sort of time that I discovered Plum, I was browsing The Dainty Squid and saw Kaylah had posted about her saving experiences with Digit.
Plum is an automated savings chatbot that monitors your spending habits and adjusts your savings accordingly. Securely linked to your bank account, it learns as you spend and so far I couldn’t be happier with it. On top of all that, it’s also pretty cute in that it sends you Facebook messages when you reach certain milestones.
Since I started using it back in the middle of January, I’ve managed to squirrel away just over £30. Totally not a big deal but I kind of like that it’s taking extra money that I don’t have to think about. I guess I was a little sceptical at first but learning about their encryption policies and the fact I have access to that money any time I need to puts my mind at ease and makes me feel like it’s just a regular savings account – albeit a much more futuristic, talkative one.
I don’t think I’d be down for using every app like this going but Plum is a nice, gentle introduction and it’s really easy to get started right away. 💰
Inspiration and Motivation 🙇
As I said before, I don’t have a particular motivation for saving other than generally wanting to be a slightly more responsible grown up but, as with other lifestyle changes, the very beginning did feel like a bit of a slog. However, in this instance, I’ve felt that it’s nothing a quick browse of Refinery29’s Money Diaries can’t fix.
Comparing the spends of different ladies from a variety of industries in a range of pay brackets, it’s really interesting to see how people prioritise things and has allowed me to reflect on myself a bit. The most recent post from a Junior Doctor based in Stoke-on-Trent had me really thinking. So many of these girls seem to be spending almost £10 a day on lunch and lattes and then wonder why there’s little left in the pot, so I can’t say I wasn’t surprised at reading about someone who earns almost triple what I do who spends a fraction of the amount, and is saving for a house and who gives her fiancé money for his petrol. What a smart cookie. 🍪
Silly Buzzfeed listicles like their 15 Charts For Anyone Trying to Be a Better Adult also help.
Like, honestly, spend your money on whatever you like, but as this is something that’s been on my mind and I had a spark of inspiration to write about it, I figured now was as good a time as any to share what’s been going on. I know money can be a bit of a funny subject but if you’re in a similar situation where you’d like to build up more of a rainy day fund, I hope these ideas might allow you to consider ways in which you can change your spending habits to achieve whatever goal you have in mind.
[*]This post contains referral links relating to Plum’s ‘Refer a Friend’ scheme. All views are unrelated to this and my own.