My daughter is struggling a bit with money at the moment. She spent too much at Christmas, like many of us. She has been talking about getting a second job to give herself a bit of extra cash. I have suggested that if she changed some of her regular spending habits she would be able to cope on her salary. In fact, it would be like getting a pay rise and she wouldn’t necessarily need a second job!
She probably won’t take all of my advice, but if she just does some of this she will have more money in her purse.
No1: for so many reasons as well as financial -give up smoking!! A pack of 20 cigarettes costs around £9.60!! She smokes three packs a week. Saving: £1500 pa.
No2: start taking in a packed lunch. She spends about £5 a day, five days a week. She could make her own for about a pound a day. Saving : £1200 pa.
No 3: stick to a weekly food budget. Write a shopping list and a meal plan. She currently spends about £50 a week. I think she can save at least £10 on this. Saving: £520 pa.
No4: stop buying makeup. She has so much so she needs to buy nothing until it is all used. I’m guessing she spends at least £10 a month on this but possibly a lot more! A conservative estimate of savings: £520 pa.
I’m not going to suggest buying no new clothes as she doesn’t buy many and they are often second hand. I’m also not going to suggest she stops going to the pub at the weekend. She only goes once a week and she is 25! A girl needs to have some fun.
But if she did all of the above she would have an extra £3740 a year. That’s another £70 odd a week in her pocket, which is probably more than she would earn taking on a second job.
Many of us could rethink our spending habits and give ourselves a pay rise. What about you?