I actually feel like Bec from Confessions of a Shopaholic when she was writing about financial advice while being thousands of dollars in debt, writing this post. Because, I have turned into a terrible saver. Being a blogger has many perks, but some of the pitfalls can include overspending and falling into consumerism/ marketing traps. As someone with (almost) a degree in business (marketing), you’d think i’d be smarter than this. Well, no. I’m only human, and a sucker for pretty things and smart branding.
But then again, I think to myself. Ashley, you’ve successfully saved before. You can do it again. I purchased my first car with my own money. So, here are a few tips I followed to make it through previous spending bans to reach a savings goal, which worked.
1. Be mindful of what you already have.
As much as its a lot of fun to buy things and have that great rush of adrenaline rush through my entire body from buying a pretty thing. But, when does it become too much? Do I really need 7 different rose gold brush holders? In reality, no, I don’t. But, I do have these 7 different rose gold brush holders. Or 15 of the same shaded warm eyeshadow palettes.
I know, it feels almost liberating to find this cheap, cute brush holder for only $10, then buy an extra 3, when you’ve then bought $40 worth of affordable finds that you already have at home that are super similar, leaving you feeling guilty.
It’s then time to take a step back and think about (a) can I really afford this? (b) Do I really need this? (c) will this bring me joy?
2. Unsubscribe! Switch off.
I am a sucker for signing up to a mailing list for a discount, then getting sent a 1000 emails marketing other sales, which I again, fall victim to. I have learnt it is best to switch off & unsubscribe. If I don’t know about a sale, I most likely won’t buy, and then I won’t experience FOMO.
3. Have a seperate bank account for savings that is harder to access & that accumulates interest.
My Dad actually took away my card to one of my savings account because I’d ALWAYS touch it, and then it wasn’t really considered a savings account anymore (because I had $0 money).
Since he took it away, It’s been much harder for me to touch the money. Literally, the only way I can touch it is if I transfer from that account to the other AND they’re different banks so it can take up to 3 working days to come through. And by then, I usually over what I wanted to buy (usually). 😉
Also, do a little bit of research on interest building saving accounts. If you’ve got a sum of money that will just be sitting in an account for a while, its best to make a little bit extra off it. Banks like ING Direct (If you’re Australian) have really good interest accounts.
4. Have a goal.
In the next couple of years, I want to purchase my own home. Whether it be an apartment or house, I want to have an asset thats all mine. I probably would of been able to reach this goal a hella lot quicker If I didn’t spend a lot of my money on unnecessary decor and makeup.
My goal for this is to saved 80% of my pay check every week, and then the last week of the month I use that pay check to pay off my bills. I am in a position where it is easier to save as I live at home.
5. Create an anti-haul list.
Create a list of all the things you wanted to purchase and the reasons why you really don’t need them. You will feel very liberated when shutting down a potential impulse purchase.
Thank you to Em for introducing this to me. I will post my anti-haul up soon, but in the mean time, here is Emily’s. You can thank her later.
6. Sell/ donate things you no longer need & declutter.
It’s always refreshing to de-clutter your space and sell the things you don’t use anymore or haven’t even touched. I often do this with things I have purchased myself such as makeup thats in good quality and clothes that I do not use anymore.
Being a beauty blogger, I do get sent a lot of free products for editorial consideration, which I would never sell, because, you just don’t do that. I do donate a lot of makeup & skin care that hasn’t been used to charity.
Facebook now have a ‘marketplace’ on the iPhone app where you can list products to sell in your area. I have sold a number of things through there. You just have to remember to do it safely, and If you’re doing it electronically, always do it through Paypal. There are also numerous Facebook groups that do Buy and Sells, and there is eBay, Gumtree and much more.
7. Treat yo self.
And just to finish off; I will probably never stop buying pretty things, but I will make a solid effort to be more mindful in what I buy. I am a makeup collector and a blogger, so I do require fresh content to review for my followers. 🙂
I just want to make sure other girls and guys out there are mindful before they spend, do their research before buying and not have any guilt. You buy something because you want it and you feel that it will bring you some sort of joy and happiness.
If you have any tips, please share in the comments below. I’d love to read them!