Today’s blog will hopefully show you that your money doesn’t have to dictate you happiness. It can be hard to have financial goals or a lifestyle change to achieve those goals, when the people who you spend time with don’t share those same ambitions.
The struggle is real, I get it.
But just because some of your friends don’t stick to a budget, spend a huge amount, or have a bigger income than you in general, doesn’t mean you have to admit defeat and give into their ways of spending. It also doesn’t mean you have to stop seeing each other altogether! It might be a little harder, but all good things are worth the struggle right?
Let’s crack on with it!
You Have Outstanding Debt
It may be OK to spend a heap of cash on entertaining yourself, but when you have an outstanding debt, you may need to think twice. Since lenders charge a premium amount in the interest for even small amounts, you are better off paying your debt as fast as you can, even if this involves a small penalty for paying faster than the agreed term. Ever heard of someone suggesting to get a loan to clear your credit card debt? It may be a trope, but if it’s too good to be true, then it generally is. If you were to believe some of the promotions flying around car dealer forecourts, you could be driving away in a brand new BMW for as little as €326 a month as Kearys of Cork promises. The truth of course, is a little different. Don’t be fooled by great offers on loans vs credit interest rates and check your credit card statements. What is the money spent on? If so, re-think your budget now and avoid paying interest rates in the future by controlling your spending. This is the only way to gain financial stability.
Make Saving Automatic
Have the amount you want to save taken out automatically from your checking account and transferred to a saving account. If you’re automatically saving, you don’t feel guilty with every ‘unnecessary’ expense. Start a savings policy and you will be gifted a €100 contribution to your new savings plan
No matter, what are you aiming for? What are your saving goals? Whether you are planning to buy a new house, a new car, the holiday of a life-time, or saving for a ‘rainy day’ – you can make your dreams a reality with regular savings. With this Savings Plus plan, save as little as €75 per month potentially grow your investment. As a 23 year old I have just recently set up this plan recognizing that the banks are giving little to no interest. It just makes sense for me as it gets me actively saving so when I want to make the move onto the property ladder I can do that – improving my chance for mortgage approval showing that I’m a regular saver. This account is easy access so if you and your friends decide to go on last minute holiday to Ibiza Alpha’s got you covered with this plan.
You Have Work or Study to Do
Going out and splashing cash when you know there is a project needs attention at work or an assignment due is a bad idea. I am not suggesting you put extra work hours without being paid, but I don’t need to tell you that often going an extra mile at work can land you a bonus or a promotion and with that increased bank balance and future opportunities. The same goes for studying. The more you know, the more you are valued in the workplace. So before you drag your feet to a pub or cinema this weekend, review your week and see what can do with few touches/emails/notes?
So if you still decide to go out as there is just no good reason to stay at home and no free events. Be sensible at least it is possible to have a Great Social Life on a Budget.
If you want help cutting back on your spending make sure to sign up for our free newsletter below that helps you do just that.